STOCK TITAN

NovaBay Pharmaceuticals Reports Third Quarter 2024 Financial Results

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Negative)
Tags

NovaBay Pharmaceuticals released its financial results for Q3 2024, highlighting a 14% increase in online Avenova sales and a 25% reduction in sales and marketing expenses. Total net sales for the quarter were $2.4 million, primarily from eyecare products. The gross margin was 65%, down from 67% in Q3 2023. Sales and marketing expenses decreased to $0.9 million, while general and administrative expenses increased to $1.7 million due to higher legal costs. The company reported a net loss of $2.2 million, or $0.60 per share, compared to a net loss of $1.8 million, or $13.11 per share, in Q3 2023.

For the first nine months of 2024, total net sales were $7.5 million, down from $8.4 million in the same period of 2023. The gross margin improved to 67% from 60%. Sales and marketing expenses decreased by 18%, while G&A expenses increased by 28%. The net loss for the nine months was $7.4 million, or $3.97 per share, compared to $7.5 million, or $79.58 per share, in the same period of 2023. The company had $0.8 million in cash and cash equivalents as of September 30, 2024, compared to $2.9 million as of December 31, 2023.

NovaBay Pharmaceuticals ha rilasciato i risultati finanziari per il terzo trimestre del 2024, evidenziando un aumento del 14% nelle vendite online di Avenova e una riduzione del 25% delle spese di vendita e marketing. Le vendite nette totali per il trimestre sono state di 2,4 milioni di dollari, principalmente dai prodotti per la cura degli occhi. Il margine lordo è stato del 65%, in calo rispetto al 67% del Q3 2023. Le spese per vendite e marketing sono scese a 0,9 milioni di dollari, mentre le spese generali e amministrative sono aumentate a 1,7 milioni di dollari a causa dei costi legali più elevati. L'azienda ha riportato una perdita netta di 2,2 milioni di dollari, ovvero 0,60 dollari per azione, rispetto a una perdita netta di 1,8 milioni di dollari, ovvero 13,11 dollari per azione, nel Q3 2023.

Per i primi nove mesi del 2024, le vendite nette totali sono state di 7,5 milioni di dollari, in calo rispetto agli 8,4 milioni di dollari nello stesso periodo del 2023. Il margine lordo è migliorato al 67% dal 60%. Le spese di vendita e marketing sono diminuite del 18%, mentre le spese generali e amministrative sono aumentate del 28%. La perdita netta per i nove mesi è stata di 7,4 milioni di dollari, ovvero 3,97 dollari per azione, rispetto ai 7,5 milioni di dollari, ovvero 79,58 dollari per azione, nello stesso periodo del 2023. L'azienda aveva 0,8 milioni di dollari in contante e equivalenti di cassa al 30 settembre 2024, rispetto ai 2,9 milioni di dollari al 31 dicembre 2023.

NovaBay Pharmaceuticals publicó sus resultados financieros para el tercer trimestre de 2024, destacando un aumento del 14% en las ventas en línea de Avenova y una reducción del 25% en los gastos de ventas y marketing. Las ventas netas totales para el trimestre fueron de 2,4 millones de dólares, principalmente de productos para el cuidado ocular. El margen bruto fue del 65%, bajando del 67% en el Q3 de 2023. Los gastos de ventas y marketing disminuyeron a 0,9 millones de dólares, mientras que los gastos generales y administrativos aumentaron a 1,7 millones de dólares debido a mayores costos legales. La compañía reportó una pérdida neta de 2,2 millones de dólares, o 0,60 dólares por acción, en comparación con una pérdida neta de 1,8 millones de dólares, o 13,11 dólares por acción, en el Q3 de 2023.

Durante los primeros nueve meses de 2024, las ventas netas totales fueron de 7,5 millones de dólares, bajando de 8,4 millones de dólares en el mismo período de 2023. El margen bruto mejoró al 67% desde el 60%. Los gastos de ventas y marketing disminuyeron un 18%, mientras que los gastos G&A aumentaron un 28%. La pérdida neta de los nueve meses fue de 7,4 millones de dólares, o 3,97 dólares por acción, en comparación con 7,5 millones de dólares, o 79,58 dólares por acción, en el mismo período de 2023. La compañía tenía 0,8 millones de dólares en efectivo y equivalentes de efectivo al 30 de septiembre de 2024, en comparación con 2,9 millones de dólares al 31 de diciembre de 2023.

NovaBay Pharmaceuticals는 2024년 3분기 재무 결과를 발표하며 온라인 Avenova 판매가 14% 증가했다고 강조하고 판매 및 마케팅 비용이 25% 감소했다고 알렸습니다. 이번 분기의 총 순매출은 240만 달러로, 주로 안과 제품에서 발생했습니다. 총 마진은 65%로, 2023년 3분기 67%에서 감소했습니다. 판매 및 마케팅 비용은 90만 달러로 줄어든 반면, 일반 관리 비용은 법률 비용 증가로 인해 170만 달러로 증가했습니다. 이 회사는 220만 달러의 순손실을 보고했으며, 이는 주당 0.60 달러에 해당하며, 2023년 3분기의 180만 달러 순손실, 주당 13.11 달러와 비교됩니다.

2024년의 처음 아홉 개 월 동안, 총 순매출은 750만 달러로, 2023년 같은 기간의 840만 달러에서 감소했습니다. 총 마진은 60%에서 67%로 개선되었습니다. 판매 및 마케팅 비용은 18% 감소했으며, 일반 관리 비용은 28% 증가했습니다. 아홉 개 월 동안의 순손실은 740만 달러로 주당 3.97 달러이며, 2023년 동기간의 750만 달러, 주당 79.58 달러와 비교됩니다. 이 회사는 2024년 9월 30일 기준으로 현금 및 현금성 자산이 80만 달러였으며, 2023년 12월 31일의 290만 달러와 비교됩니다.

NovaBay Pharmaceuticals a publié ses résultats financiers pour le troisième trimestre 2024, mettant en évidence une augmentation de 14 % des ventes en ligne d'Avenova et une réduction de 25 % des dépenses de vente et de marketing. Le chiffre d'affaires net total pour le trimestre s'est élevé à 2,4 millions de dollars, principalement grâce aux produits de soins oculaires. La marge brute était de 65 %, en baisse par rapport à 67 % au T3 2023. Les dépenses de vente et de marketing ont diminué à 0,9 million de dollars, tandis que les dépenses générales et administratives ont augmenté à 1,7 million de dollars en raison d'une hausse des coûts juridiques. L'entreprise a rapporté une perte nette de 2,2 millions de dollars, soit 0,60 dollar par action, contre une perte nette de 1,8 million de dollars, soit 13,11 dollars par action, au T3 2023.

Pour les neuf premiers mois de 2024, le chiffre d'affaires net total s'est établi à 7,5 millions de dollars, en baisse par rapport à 8,4 millions de dollars au cours de la même période de 2023. La marge brute s'est améliorée pour atteindre 67 % contre 60 %. Les dépenses de vente et de marketing ont diminué de 18 %, tandis que les dépenses générales et administratives ont augmenté de 28 %. La perte nette pour les neuf mois a été de 7,4 millions de dollars, soit 3,97 dollars par action, contre 7,5 millions de dollars, soit 79,58 dollars par action, pendant la même période de 2023. L'entreprise disposait de 0,8 million de dollars en liquidités et équivalents de liquidités au 30 septembre 2024, contre 2,9 millions de dollars au 31 décembre 2023.

NovaBay Pharmaceuticals veröffentlichte seine Finanzergebnisse für das 3. Quartal 2024 und hob eine 14%ige Steigerung der Online-Verkäufe von Avenova sowie eine 25%ige Reduzierung der Vertriebs- und Marketingausgaben hervor. Der Nettoumsatz für das Quartal betrug 2,4 Millionen Dollar, hauptsächlich aus Augenpflegeprodukten. Die Bruttomarge lag bei 65%, was einem Rückgang von 67% im Q3 2023 entspricht. Die Vertriebs- und Marketingausgaben sanken auf 0,9 Millionen Dollar, während die allgemeinen und administrativen Ausgaben aufgrund höherer Rechtskosten auf 1,7 Millionen Dollar stiegen. Das Unternehmen meldete einen Nettoverlust von 2,2 Millionen Dollar oder 0,60 Dollar pro Aktie, verglichen mit einem Nettoverlust von 1,8 Millionen Dollar oder 13,11 Dollar pro Aktie im Q3 2023.

Für die ersten neun Monate des Jahres 2024 betrugen die Nettoumsätze 7,5 Millionen Dollar, ein Rückgang von 8,4 Millionen Dollar im gleichen Zeitraum 2023. Die Bruttomarge verbesserte sich auf 67% von 60%. Die Vertriebs- und Marketingausgaben sanken um 18%, während die allgemeinen und administrativen Ausgaben um 28% stiegen. Der Nettoverlust für die neun Monate betrug 7,4 Millionen Dollar oder 3,97 Dollar pro Aktie, verglichen mit 7,5 Millionen Dollar oder 79,58 Dollar pro Aktie im gleichen Zeitraum 2023. Das Unternehmen verfügte am 30. September 2024 über 0,8 Millionen Dollar in Bargeld und liquiden Mitteln, verglichen mit 2,9 Millionen Dollar am 31. Dezember 2023.

Positive
  • 14% increase in online Avenova sales for Q3 2024.
  • 25% reduction in sales and marketing expenses for Q3 2024.
  • Gross margin improved to 67% for the first nine months of 2024.
Negative
  • Total net sales decreased to $2.4 million for Q3 2024 compared to $2.5 million in Q3 2023.
  • General and administrative expenses increased to $1.7 million in Q3 2024.
  • Net loss increased to $2.2 million for Q3 2024 compared to $1.8 million in Q3 2023.
  • Total net sales for the first nine months of 2024 decreased to $7.5 million from $8.4 million in the same period of 2023.
  • Cash and cash equivalents decreased to $0.8 million as of September 30, 2024, from $2.9 million as of December 31, 2023.
  • Online Avenova® sales increase 14% for the quarter and 19% for the nine months
  • Sales and marketing expenses declined 25% for the quarter and 18% for the nine months reflecting digital marketing optimization

EMERYVILLE, Calif.--(BUSINESS WIRE)-- NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY) reports financial results for the three and nine months ended September 30, 2024.

“Avenova sales through the online channel for the quarter increased 14% over the prior year, while we reduced our marketing spend by 25% in the same period as we further optimized our highly efficient digital marketing programs,” said Justin Hall, CEO of NovaBay. “We saw continued momentum in Avenova online sales into the current quarter. Sales through Amazon in October continued to be strong with a successful Prime Day event.”

Financial results for the three and nine months ended September 30, 2024 and 2023 do not include results from DERMAdoctor, which was divested on March 25, 2024 and is accounted for in discontinued operations. Financial information about discontinued operations is available under “Divestiture and Discontinued Operations” in the Company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2024, which will be filed with the Securities and Exchange Commission (the “SEC”) later today.

Third Quarter Financial Results

Total sales, net for the third quarter of 2024 were $2.4 million. Essentially all net sales for the quarter were derived from sales of eyecare products. Total sales, net for the third quarter of 2023 were $2.5 million, which included $2.4 million from sales of eyecare products and $0.1 million from sales of wound care products.

Gross margin on net sales for the third quarter of 2024 was 65%, compared with 67% for the third quarter of 2023, with the change primarily due to changes in the product mix.

Sales and marketing expenses for the third quarter of 2024 were $0.9 million, a 25% decrease from $1.3 million for the prior-year period, reflecting continued efficiencies in digital advertising and lower consulting costs. General and administrative (G&A) expenses for the third quarter of 2024 were $1.7 million, compared with $1.1 million for the third quarter of 2023, with the increase due to higher legal costs.

Accretion of interest and amortization of discounts on convertible notes for the third quarter of 2024 was $0.1 million, compared with $0.7 million for the third quarter of 2023.

Net loss attributable to common stockholders for the third quarter of 2024 was $2.2 million, or $0.60 per share. This compares with a net loss attributable to common stockholders for the third quarter of 2023 of $1.8 million, or $13.11 per share.

Nine Month Financial Results

Total sales, net for the nine months ended September 30, 2024 were $7.5 million, compared with $8.4 million for the nine months ended September 30, 2023.

Gross margin on net sales for the first nine months of 2024 was 67%, compared with 60% for the first nine months of 2023.

For the nine months ended September 30, 2024, sales and marketing expenses decreased 18% and G&A expenses increased 28%, both compared with the nine months ended September 30, 2023.

Net loss attributable to common stockholders for the first nine months of 2024 was $7.4 million, or $3.97 per share, compared with a net loss attributable to common stockholders for the first nine months of 2023 of $7.5 million, or $79.58 per share.

NovaBay had cash and cash equivalents of $0.8 million as of September 30, 2024, compared with $2.9 million as of December 31, 2023. In July 2024, the Company completed an underwritten public offering raising gross proceeds of $3.9 million.

About NovaBay Pharmaceuticals, Inc.

NovaBay's leading product Avenova® Lid & Lash Cleansing Spray is often recommended by eyecare professionals for blepharitis and dry eye disease. Manufactured in the U.S., Avenova spray is formulated with NovaBay's patented, proprietary, stable and pure form of hypochlorous acid. All Avenova products are available directly to consumers through online distribution channels such as Amazon.com and Avenova.com.

Forward-Looking Statements

This release contains information about management's view of the Company's future expectations, plans and prospects that constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historic or current facts. Such forward-looking statements are based upon management’s current expectations, assumptions, estimates, projections and beliefs. These statements include, but are not limited to, statements regarding our business strategies, including pursuing an asset sale of our Avenova business and a potential dissolution and liquidation of the Company, the expected timing of, our ability to complete, and the financial and business impact and effect of, such asset sale and/or such dissolution and liquidation, including with respect to distributions in connection with the dissolution and liquidation, and the impact and outlook for the Company’s Avenova products and business, as well as generally the Company’s expected future financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or achievements to be materially different and adverse from those expressed in or implied by these forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, risks and uncertainties relating to the Company’s ability to, and the time it may take to, obtain stockholder approval of the asset sale and plan of dissolution, the Company’s ability to continue as a going concern while the asset sale and dissolution/liquidation are in process and other factors not within our control that may make the completion of the asset sale impossible or more difficult. Other risks relating to NovaBay’s business, including risks that could cause results to differ materially from those projected in the forward-looking statements in this press release, are detailed in the Company’s latest Form 10-K/Q filings and registration statements, as may be amended from time to time, and are further described in the definitive proxy statement that the Company filed with the SEC on October 16, 2024 (as may be supplemented), especially under the heading “Risk Factors.” The forward-looking statements in this release speak only as of this date, and the Company disclaims any intent or obligation to revise or update publicly any forward-looking statement except as required by law.

Socialize and Stay Informed on NovaBays Progress
Like us on Facebook
Follow us on X
Connect with NovaBay on LinkedIn
Visit NovaBay’s Website

Avenova Purchasing Information
For NovaBay Avenova purchasing information:
Please call 800-890-0329 or email sales@avenova.com
Avenova.com

Financial tables follow

NOVABAY PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value amounts)

 

 

 

 

September 30,

2024

 

December 31,

2023

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

776

 

 

$

2,924

 

Accounts receivable, net of allowance for credit losses ($3 at September 30, 2024 and December 31, 2023)

 

 

704

 

 

 

680

 

Inventory, net of allowance for excess and obsolete inventory and lower of cost or estimated net realizable value adjustments ($126 and $264 at September 30, 2024 and December 31, 2023, respectively)

 

 

473

 

 

 

564

 

Prepaid expenses and other current assets

 

 

326

 

 

 

256

 

Current assets, discontinued operations

 

 

 

 

 

2,730

 

Total current assets

 

 

2,279

 

 

 

7,154

 

Operating lease right-of-use assets

 

 

1,042

 

 

 

1,296

 

Property and equipment, net

 

 

61

 

 

 

87

 

Other assets

 

 

495

 

 

 

478

 

Other assets, discontinued operations

 

 

 

 

 

19

 

TOTAL ASSETS

 

$

3,877

 

 

$

9,034

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

396

 

 

$

906

 

Accrued liabilities

 

 

1,147

 

 

 

1,169

 

Secured Convertible Notes, net of discounts

 

 

 

 

 

1,137

 

Unsecured Convertible Notes, net of discounts

 

 

51

 

 

 

 

Operating lease liabilities

 

 

390

 

 

 

368

 

Current liabilities, discontinued operations

 

 

 

 

 

698

 

Total current liabilities

 

 

1,984

 

 

 

4,278

 

Warrant liabilities

 

 

 

 

 

334

 

Operating lease liabilities-non-current

 

 

821

 

 

 

1,108

 

Total liabilities

 

 

2,805

 

 

 

5,720

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value; 5,000 shares authorized;

 

 

 

 

 

 

 

 

Series B Preferred Stock; 1 and 6 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively

 

 

6

 

 

 

275

 

Series C Preferred Stock; 0 and 1 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively

 

 

 

 

 

1,675

 

Common stock, $0.01 par value; 150,000 shares authorized, 4,885 and 321 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively*

 

 

49

 

 

 

3

 

Additional paid-in capital*

 

 

183,262

 

 

 

176,210

 

Accumulated deficit

 

 

(182,245

)

 

 

(174,849

)

Total stockholders’ equity

 

 

1,072

 

 

 

3,314

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

3,877

 

 

$

9,034

 

*

After giving retroactive effect to a 1-for-35 Reverse Stock Split that became effective May 30, 2024.

NOVABAY PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

 

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2024

 

2023

 

2024

 

2023

Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue, net

 

$

2,424

 

 

$

2,471

 

 

$

7,435

 

 

$

8,326

 

Other revenue, net

 

 

17

 

 

 

10

 

 

 

37

 

 

 

28

 

Total sales, net

 

 

2,441

 

 

 

2,481

 

 

 

7,472

 

 

 

8,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

848

 

 

 

819

 

 

 

2,493

 

 

 

3,353

 

Gross profit

 

 

1,593

 

 

 

1,662

 

 

 

4,979

 

 

 

5,001

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

4

 

 

 

4

 

 

 

32

 

 

 

36

 

Sales and marketing

 

 

947

 

 

 

1,263

 

 

 

3,021

 

 

 

3,674

 

General and administrative

 

 

1,703

 

 

 

1,093

 

 

 

5,611

 

 

 

4,385

 

Loss on divestiture of subsidiary

 

 

 

 

 

 

 

 

865

 

 

 

 

Total operating expenses

 

 

2,654

 

 

 

2,360

 

 

 

9,529

 

 

 

8,095

 

Operating loss

 

 

(1,061

)

 

 

(698

)

 

 

(4,550

)

 

 

(3,094

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash gain on changes in fair value of warrant liabilities

 

 

 

 

 

 

 

 

114

 

 

 

216

 

Non-cash (loss) gain on change in fair value of embedded derivative liability

 

 

 

 

 

 

 

 

(18

)

 

 

40

 

Accretion of interest and amortization of discounts on convertible notes

 

 

(138

)

 

 

(655

)

 

 

(871

)

 

 

(1,156

)

Extinguishment of Secured Convertible Notes

 

 

(13

)

 

 

 

 

 

(13

)

 

 

 

Other expense, net

 

 

 

 

 

 

 

 

(549

)

 

 

(432

)

Net loss from continuing operations

 

 

(1,212

)

 

 

(1,353

)

 

 

(5,887

)

 

 

(4,426

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss from discontinued operations

 

 

 

 

 

(404

)

 

 

(124

)

 

 

(1,106

)

Net loss

 

 

(1,212

)

 

 

(1,757

)

 

 

(6,011

)

 

 

(5,532

)

Less: Increase to accumulated deficit due to adjustment to common stock warrant exercise price

 

 

(1,005

)

 

 

 

 

 

(1,005

)

 

 

 

Less: Increase to accumulated deficit due to adjustment to Preferred Stock conversion price

 

 

 

 

 

 

 

 

(380

)

 

 

(1,996

)

Net loss attributable to common stockholders

 

$

(2,217

)

 

$

(1,757

)

 

$

(7,396

)

 

$

(7,528

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share from continuing operations*

 

$

(0.60

)

 

$

(10.10

)

 

$

(3.90

)

 

$

(67.89

)

Net loss per share from discontinued operations*

 

 

 

 

 

(3.01

)

 

 

(0.07

)

 

 

(11.69

)

Net loss per share attributable to common stockholders (basic and diluted)*

 

$

(0.60

)

 

$

(13.11

)

 

$

(3.97

)

 

$

(79.58

)

Weighted-average shares of common stock outstanding used in computing net loss per share of common stock (basic and diluted)*

 

 

3,710

 

 

 

134

 

 

 

1,863

 

 

 

95

 

*

After giving retroactive effect to a 1-for-35 Reverse Stock Split that became effective May 30, 2024.

 

NovaBay Contact

Justin Hall

Chief Executive Officer and General Counsel

510-899-8800

jhall@novabay.com

Investor Contact

Alliance Advisors IR

Jody Cain

310-691-7100

jcain@allianceadvisors.com

Source: NovaBay Pharmaceuticals, Inc.

FAQ

What were NovaBay Pharmaceuticals' Q3 2024 financial results?

NovaBay Pharmaceuticals reported a net loss of $2.2 million, or $0.60 per share, with total net sales of $2.4 million, primarily from eyecare products.

How much did online Avenova sales increase in Q3 2024?

Online Avenova sales increased by 14% in Q3 2024.

What was the gross margin for NovaBay in Q3 2024?

The gross margin for NovaBay in Q3 2024 was 65%, down from 67% in Q3 2023.

How much did NovaBay reduce its sales and marketing expenses in Q3 2024?

NovaBay reduced its sales and marketing expenses by 25% in Q3 2024.

What was NovaBay's cash position as of September 30, 2024?

NovaBay had $0.8 million in cash and cash equivalents as of September 30, 2024.

NovaBay Pharmaceuticals, Inc.

NYSE:NBY

NBY Rankings

NBY Latest News

NBY Stock Data

3.33M
4.88M
0.02%
2.18%
15.64%
Biotechnology
Pharmaceutical Preparations
Link
United States of America
EMERYVILLE