Sramana Mitra: How much business are you doing in China? What percentage of your revenue comes from China right now? Peter Mann: This year, we’re planning to do $10 million. I would say 40% would be in China this year.
Sramana Mitra: Where is your contract manufacturer in the US? Peter Mann: They’re in Connecticut. Sramana Mitra: Are you selling the new product in the US only? Peter Mann: We sell in the US, Canada, and China.
Sramana Mitra: It’s mostly paid search-based customer acquisition – PPC? Peter Mann: That’s how we started. We have a brand that no one has ever heard before. It’s hard to get started and so PPC is the quick way to get up and going. It’s expensive, though. We’re trying to have PR and some other
Peter Mann: Initially, I started with a couple of factories in China and started with those products to get the business started. These were mostly Chinese developed products that I adjusted and branded. It wasn’t really manufactured from the ground-up by us. Shortly thereafter, I started looking at air purifiers. In its simplest form, it’s
Peter Mann: Shortly after that, the Gulf War began and so we were sent over the Red Sea for about six months. That was a changing event for me. I got married a year out of college. We got married very young. I missed the last six months of the pregnancy and I missed the
Sramana Mitra: You gave a presentation to a group of universities explaining that there’s something that you wanted to do and they resonated with that. Could you explain what that pitch was? Don Kassner: We got up and showed what we were doing at Andrew Jackson University with this remote proctoring product that we had
Sramana:Where you able to use those contracts to obtain working capital financing? Adam Miller: We did two things. Our CFO, Perry Wallack, and I became obsessed with a metric called operating profits also known as operating yields.
SM: Give me an overview of DeVry Inc. businesses from a revenue point of view. DH: Last year DeVry Inc. did $1.46B in revenue. $989M of that was DeVry University including Keller Graduate School of Management. Our medical and healthcare segment, which includes Ross, Chamberlain, Apollo College and Career Western College, reported $363 million.