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NovaBay Pharmaceuticals, Inc. (symbol: NBY) is a pioneering biopharmaceutical company dedicated to the development, commercialization, and sale of non-antibiotic anti-infective products. The company's core focus lies in addressing the unmet therapeutic needs of the global eye care market. NovaBay has successfully introduced two distinct product categories: the Neutrox™ family of products and Aganocide® compounds.
The Neutrox™ family is spearheaded by Avenova™, a prescription lid and lash hygiene product designed for managing chronic eye conditions such as blepharitis and meibomian gland dysfunction, commonly known as dry eye syndrome. Affecting an estimated 30 million Americans, these conditions represent a substantial annual market potential, which NovaBay estimates to be around $500 million. Avenova is available for order in 90% of all pharmacies across the United States and is gaining market traction through its 35 medical direct sales representatives under veteran leadership.
Additionally, the Neutrox™ family includes NeutroPhase® for wound care and CellarX™ for dermatology applications. The Aganocide® compounds are led by Auriclosene™, further showcasing NovaBay's innovative approach to non-antibiotic therapies.
NovaBay's flagship product, Avenova Antimicrobial Lid and Lash Solution (Avenova Spray), is laboratory tested to possess broad antimicrobial properties. It effectively removes foreign material, including microorganisms and debris from the skin around the eye, making it a valuable tool for eyecare professionals to manage blepharitis and dry-eye disease. Avenova Spray is available to consumers both through online distribution channels and as a prescription product dispensed by eyecare professionals.
NovaBay Pharmaceuticals operates two main segments: Eyecare, and Wound Care and Skincare. This diversified approach allows the company to leverage its expertise in antimicrobial solutions across multiple therapeutic areas, thereby expanding its market reach and impact.
Financially, NovaBay continues to strengthen its market position through strategic partnerships and continuous innovation. The company's relentless pursuit of excellence in eyecare and skincare underscores its commitment to improving patient outcomes globally.
NovaBay Pharmaceuticals, Inc. (NYSE American: NBY) announced the acquisition of DERMAdoctor, enhancing its position in the skincare market. Avenova revenue increased by 16% year-over-year, with unit sales hitting an all-time high. The DERMAdoctor acquisition is expected to be accretive to earnings within a year, potentially doubling overall revenues. For Q3 2021, net product revenue was $1.8 million with an improved net loss of $2.3 million, or $0.05 per share. The company aims for profitability by the end of 2022, driven by strong growth in existing and new products.
NovaBay Pharmaceuticals (NBY) has completed its acquisition of DERMAdoctor, LLC, adding over 30 dermatologist-developed skincare products to its portfolio. This strategic move aims to generate synergies and drive growth across their combined businesses. An earnings call is scheduled for November 11, 2021, where the company will reveal third-quarter results and elaborate on the expected benefits from this acquisition. The firm is advised by Two Roads Advisors LLC during this transaction.
NovaBay Pharmaceuticals (NYSE American: NBY) has closed a $15.0 million private placement, enabling the acquisition of DERMAdoctor, LLC scheduled for November 5, 2021. CEO Justin Hall emphasized that this acquisition is pivotal for the company's strategy to diversify into the skincare market, leveraging DERMAdoctor's profitable track record and product pipeline. NovaBay aims to launch new products post-acquisition, enhancing its market position in dermatological products.
NovaBay Pharmaceuticals (NYSE American: NBY) announced a private placement to raise approximately $15 million by selling 15,000 shares of Series B Non-Voting Convertible Preferred Stock at $1,000 each, along with warrants for up to 37.5 million common shares at $0.53. This funding aims to finance the acquisition of DERMAdoctor, enhancing NovaBay's presence in the skincare market. The acquisition is expected to significantly increase the company's product offerings and approaches to profitability. The deal is set to close around November 2, 2021.
NovaBay Pharmaceuticals (NYSE American: NBY) has announced a conference call and webcast scheduled for September 29, 2021, at 4:30 p.m. ET to discuss its acquisition of DERMAdoctor. The event will include a slide presentation and is open for pre-registration. Participants can dial in from the U.S. or internationally to gain access. NovaBay focuses on anti-infective consumer products, while DERMAdoctor is recognized for its clinical skincare solutions. The call will also be archived for later accessibility until October 14, 2021.
NovaBay Pharmaceuticals, Inc. (NYSE American: NBY) will present at the H.C. Wainwright 23rd Annual Global Investment Conference from September 13-15, 2021. Management is optimistic about future growth through both organic expansion and strategic acquisitions. CEO Justin Hall emphasizes the company's commitment to leveraging its commercial expertise. NovaBay focuses on differentiated anti-infective products, including Avenova®, CelleRx® Clinical Reset™, and NeutroPhase®, which utilize patented hypochlorous acid formulations known for their non-toxic and irritation-free properties.
NovaBay Pharmaceuticals (NYSE American: NBY) has announced a distribution agreement with Okra Limited to sell Zocular dry eye products through its physician-dispensed sales channel. These products are designed to complement NovaBay's Avenova, which is clinically proven to reduce bacterial load on eyelids, addressing the underlying cause of bacterial dry eye. Zocular offers an in-office procedure called ZEST, along with at-home care products such as ZocuWipe and ZocuFoam, aimed at providing effective treatment for dry eye sufferers.
NovaBay Pharmaceuticals (NBY) reported a net product revenue of $2.1 million for Q2 2021, down from $4.0 million in Q2 2020, impacted by the absence of KN95 mask sales. However, Avenova revenue surged 65% year-over-year to $1.9 million. Gross margin improved to 71% from 49% due to higher Avenova sales. Operating expenses rose to $3.4 million from $3.0 million, driven by increased digital marketing costs. The net loss narrowed to $1.9 million ($0.04 per share) compared to $4.5 million ($0.15 per share) in Q2 2020. Cash reserves stood at $10.3 million as of June 30, 2021.
NovaBay Pharmaceuticals (NYSE American: NBY) will report its financial results for the three and six months ending June 30, 2021, after market close on August 12, 2021. The company will host a conference call for the investment community at 4:30 p.m. ET the same day. Participants can pre-register for the call to obtain a passcode and unique PIN for immediate access. The live webcast will also be available, with a replay accessible until September 2, 2021. NovaBay focuses on anti-infective consumer products, including the clinically proven Avenova spray.
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