Entrepreneur Romy Taormina created an acupressure-based, nausea relief band. Will it earn her a deal on
Shark Tank Psi Bands Update
- Entrepreneur: Romy Taormina
- Business: Acupressure band for nausea relief
- Ask: $250,000 for 10% equity
- Result: No deal
- Shark: None
Romy brought her acupressure, anti-nauseas relief bands called, Psi Bands to the tank. She shared that Psi Bands were mom-invented, patented, and FDA cleared.
An "O, Oprah Magazine" O Pick. Entrepreneur Magazine calls them a "strokes of genius." As seen on GMA, Shark Tank, NY Times, Women's Health Magazine, and more.
Romy rebutted that there have been clinical studies to show the efficacy of acupressure in nausea relief, remaining very careful not to say outright that it will cure everyone’s nausea. Robert moved on to the numbers, learning that Psi Bands had been selling since 2007, and sold over $1 million in the past twelve months.
The sharks were impressed until Romy followed it up with the fact that Psi Bands only netted 11% profit. Robert pointed out that it was low, but Romy disagreed. Barbara Corcoran began the investigation to determine why the profit was so low. She asked if Romy collected a salary, and she confirmed that she did in fact collect $100,000 annually to reward her hard work.
Robert asked about her margins, discovering that she was collecting 60% gross margin. By the numbers, Romy should have made $600,000 on the $1 million in sales and, after subtracting the $110,000 net profit and $100,000 salary, there was $400,000 unaccounted for. Robert asked where the $400,000 went.
Romy replied that it went to overhead, bookkeeping, rent, and utilities, but the sharks still sensed there was something amiss. Daymond John asked if Psi Bands had any debt, and Romy confirmed that they carried $600,000 in debt. As the sharks reacted, Romy urged them to consider that this $600,000 included “past deferred salaries” from previous years.
Robert could not contain his shock yet again and asked for a clarification. He wanted to confirm that Romy intended to pay herself for work she did years ago to make up for the early, less profitable stages of the business. Romy unflinchingly confirmed this for Robert, and with this revelation, Barbara went out.
Mark, known for his skepticism toward products making medical claims, was the next shark to drop out. Robert too had a major problem with the claim, and was the next shark to go out. Daymond, couldn’t get past her claim that the business was profitable since she carried debt. For this reason, he too was out.
Kevin O’Leary remained the last shark standing, and he was interested. He offered $250,000 for 40% equity– an offer that Mark immediately urged her to take– but Romy turned it down outright. When Kevin asked if she wanted to counter, she said they were too far apart. With that, Kevin was out and the pitch was over. What happened next for Romy? Keep reading our Psi Bands update to find out!
We have fantastic news to share in our Psi Bands update! As of 2023, Psi Bands are available in many major retail locations including CVS, Walgreens, Target, and more. Products are also available on the Psi Bands website, and on Amazon. Annual sales are estimated around $5 million.
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!