NEXGEL Reports Record Fourth Quarter and Full Year 2024 Financial Results
NEXGEL (NASDAQ: NXGL) reported strong financial results for Q4 and full year 2024. Q4 revenue reached $3.04 million, up 181% year-over-year, while full-year revenue hit $8.69 million, increasing 112% compared to 2023.
Key Q4 metrics include gross profit of $1.13 million (37.2% margin) and net loss of $0.85 million. Full-year 2024 showed gross profit of $2.75 million (31.6% margin) with a net loss of $3.28 million. The company achieved over 100% revenue growth for the third consecutive year.
Notable developments include first shipments of SilverSeal® to Cintas, successful growth of the Silly George brand from $2M to $5M+ annual revenue, and partnership with STADA to launch Histasolv in North America. The company projects 2025 revenue guidance of $13 million and expects to achieve positive EBITDA during the year.
NEXGEL (NASDAQ: NXGL) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. Il fatturato del Q4 ha raggiunto i 3,04 milioni di dollari, con un aumento del 181% rispetto all'anno precedente, mentre il fatturato dell'intero anno ha toccato gli 8,69 milioni di dollari, in crescita del 112% rispetto al 2023.
I principali indicatori del Q4 includono un profitto lordo di 1,13 milioni di dollari (margine del 37,2%) e una perdita netta di 0,85 milioni di dollari. Per l'intero anno 2024, il profitto lordo è stato di 2,75 milioni di dollari (margine del 31,6%) con una perdita netta di 3,28 milioni di dollari. L'azienda ha raggiunto una crescita del fatturato superiore al 100% per il terzo anno consecutivo.
Sviluppi notevoli includono le prime spedizioni di SilverSeal® a Cintas, la crescita di successo del marchio Silly George da 2 milioni a oltre 5 milioni di dollari di fatturato annuale, e la partnership con STADA per lanciare Histasolv in Nord America. L'azienda prevede un fatturato guida per il 2025 di 13 milioni di dollari e si aspetta di raggiungere un EBITDA positivo durante l'anno.
NEXGEL (NASDAQ: NXGL) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Los ingresos del Q4 alcanzaron los 3,04 millones de dólares, un aumento del 181% interanual, mientras que los ingresos del año completo alcanzaron los 8,69 millones de dólares, lo que representa un incremento del 112% en comparación con 2023.
Las métricas clave del Q4 incluyen una ganancia bruta de 1,13 millones de dólares (margen del 37,2%) y una pérdida neta de 0,85 millones de dólares. Para el año completo 2024, se mostró una ganancia bruta de 2,75 millones de dólares (margen del 31,6%) con una pérdida neta de 3,28 millones de dólares. La empresa logró un crecimiento de ingresos superior al 100% por tercer año consecutivo.
Desarrollos notables incluyen los primeros envíos de SilverSeal® a Cintas, el crecimiento exitoso de la marca Silly George de 2 millones a más de 5 millones de dólares en ingresos anuales, y la asociación con STADA para lanzar Histasolv en América del Norte. La empresa proyecta una guía de ingresos de 13 millones de dólares para 2025 y espera lograr un EBITDA positivo durante el año.
NEXGEL (NASDAQ: NXGL)은 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 4분기 매출은 304만 달러에 달하며, 전년 대비 181% 증가했으며, 전체 연도 매출은 869만 달러에 도달하여 2023년 대비 112% 증가했습니다.
4분기의 주요 지표로는 113만 달러의 총 이익(37.2% 마진)과 85만 달러의 순손실이 포함됩니다. 2024년 전체 연도는 275만 달러의 총 이익(31.6% 마진)과 328만 달러의 순손실을 기록했습니다. 이 회사는 3년 연속 100% 이상의 매출 성장을 달성했습니다.
주요 개발 사항으로는 Cintas에 대한 SilverSeal®의 첫 배송, Silly George 브랜드의 연간 매출이 200만 달러에서 500만 달러 이상으로 성장한 것, 그리고 STADA와 협력하여 북미에서 Histasolv를 출시한 것이 포함됩니다. 이 회사는 2025년 매출 가이드를 1300만 달러로 예상하며, 올해 긍정적인 EBITDA를 달성할 것으로 기대하고 있습니다.
NEXGEL (NASDAQ: NXGL) a rapporté de solides résultats financiers pour le quatrième trimestre et l'année entière 2024. Le chiffre d'affaires du Q4 a atteint 3,04 millions de dollars, en hausse de 181 % par rapport à l'année précédente, tandis que le chiffre d'affaires annuel a atteint 8,69 millions de dollars, augmentant de 112 % par rapport à 2023.
Les indicateurs clés du Q4 incluent un bénéfice brut de 1,13 million de dollars (marge de 37,2 %) et une perte nette de 0,85 million de dollars. Pour l'année entière 2024, le bénéfice brut s'est élevé à 2,75 millions de dollars (marge de 31,6 %) avec une perte nette de 3,28 millions de dollars. L'entreprise a atteint une croissance des revenus de plus de 100 % pour la troisième année consécutive.
Les développements notables comprennent les premières expéditions de SilverSeal® à Cintas, la croissance réussie de la marque Silly George de 2 millions à plus de 5 millions de dollars de chiffre d'affaires annuel, et le partenariat avec STADA pour lancer Histasolv en Amérique du Nord. L'entreprise prévoit une prévision de chiffre d'affaires de 13 millions de dollars pour 2025 et s'attend à atteindre un EBITDA positif au cours de l'année.
NEXGEL (NASDAQ: NXGL) hat starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Der Umsatz im Q4 erreichte 3,04 Millionen Dollar, was einem Anstieg von 181% im Vergleich zum Vorjahr entspricht, während der Gesamtjahresumsatz 8,69 Millionen Dollar betrug, was einer Steigerung von 112% im Vergleich zu 2023 entspricht.
Wichtige Kennzahlen für das Q4 umfassen einen Bruttogewinn von 1,13 Millionen Dollar (37,2% Marge) und einen Nettoverlust von 0,85 Millionen Dollar. Für das gesamte Jahr 2024 wurde ein Bruttogewinn von 2,75 Millionen Dollar (31,6% Marge) bei einem Nettoverlust von 3,28 Millionen Dollar erzielt. Das Unternehmen erzielte im dritten Jahr in Folge ein Umsatzwachstum von über 100%.
Bemerkenswerte Entwicklungen umfassen die ersten Lieferungen von SilverSeal® an Cintas, das erfolgreiche Wachstum der Marke Silly George von 2 Millionen auf über 5 Millionen Dollar Jahresumsatz und die Partnerschaft mit STADA zur Einführung von Histasolv in Nordamerika. Das Unternehmen prognostiziert eine Umsatzprognose von 13 Millionen Dollar für 2025 und erwartet, im Laufe des Jahres ein positives EBITDA zu erzielen.
- Revenue grew 181% YoY in Q4 2024 to $3.04M
- Full-year revenue increased 112% to $8.69M
- Gross profit margin improved significantly to 37.2% in Q4 2024 from 8.7% in Q4 2023
- Silly George brand revenue grew from $2M to $5M+ annually
- Secured supply agreement with Cintas for SilverSeal®
- Projects $13M revenue for 2025 with positive EBITDA expected
- Net loss increased to $3.28M in 2024 from $3.16M in 2023
- Q4 2024 included $0.24M one-time inventory write-off
- Adjusted EBITDA remained negative at -$2.43M for 2024
- Operating expenses increased significantly YoY
Insights
NEXGEL's Q4 and full-year 2024 results demonstrate exceptional revenue growth with significant margin expansion. The company achieved
The gross margin improvement is particularly notable, expanding from
With
The projected Q1 2025 revenue of at least
Fourth quarter 2024 revenue totaled
Full year 2024 revenue totaled
Over
Company issues revenue guidance of
LANGHORNE, Pa., March 24, 2025 (GLOBE NEWSWIRE) -- NEXGEL, Inc. (“NEXGEL” or the “Company”) (NASDAQ: “NXGL”), a leading provider of ultra-gentle, high-water-content hydrogel products for healthcare and consumer applications, today announced record fourth quarter and full year financial results for the period ending December 31, 2024.
Fourth Quarter 2024 Financial Highlights:
- Net Revenue was
$3.04 million , compared to$1.08 million in Q4 2023 and$2.94 million in Q3 2024. - Gross Profit was
$1.13 million , compared to$0.09 million in Q4 2023 and$1.28 million in Q3 2024. - Gross Profit Margin was
37.2% , compared to8.7% in Q4 2023 and43.6% in Q3 2024. - Net loss for Q4 2024was
$0.85 million , compared to$1.10 million in Q4 2023 and$0.69 million in Q3 2024. Q4 2024 includes a non-recurring one-time inventory write off of$0.24 million . - EBITDA1, a non-GAAP financial measure, was (
$0.73) million in Q4 2024, compared to EBITDA of ($0.97) million in Q4 2023 and an EBITDA of ($0.49) million in Q3 2024. - Adjusted EBITDA1, a non-GAAP financial measure, was (
$0.62) million in Q4 2024, compared to Adjusted EBITDA of ($0.88) million in Q4 2023 and Adjusted EBITDA of ($0.35) million in Q3 2024.
Full Year 2024 Financial Highlights:
- Net Revenue was
$8.69 million , compared to$4.09 million in 2023. - Gross Profit was
$2.75 million , compared to$0.37 million in 2023. - Gross Profit Margin was
31.6% , compared to9.2% in 2023. - Net loss was
$3.28 million , compared to$3.16 million in 2023. - EBITDA1, a non-GAAP financial measure, was (
$2.76) million , compared to EBITDA of ($2.92) million in 2023. - Adjusted EBITDA1 loss, a non-GAAP financial measure, was (
$2.43) million , compared to EBITDA ($2.80) million in 2023. - Cash as of December 31, 2024, was
$1.81 million .
“The fourth quarter and full year 2024 were record periods for NEXGEL across all our key financial measures. We successfully grew full year and fourth quarter revenue over
Mr. Levy continued, “As we look into the first quarter 2025, which is seasonally our weakest of the year, we expect revenue to be at least
2024 Operating Highlights:
- Revenue growth of over
100% year-over-year for third consecutive year. - Acquired international beauty brand, Silly George, and successfully grew sales from an initial
$2 million annual revenue run rate to over$5.0 million and growing. - Announced supply agreement with Cintas for SilverSeal®, which began generating revenue during the fourth quarter of 2024.
- Partnered with STADA to launch leading European DAO enzyme supplement, Histasolv, in North America, which began generating revenue during the fourth quarter of 2024.
- Initiated institutional review board study with Innovative Optics US in accordance with FDA for hydrogel application during laser hair removal with expected data soon.
Fourth Quarter and Full Year 2024 Financial Results
For the fourth quarter of 2024, revenue totaled
Cost of revenues totaled
Gross profit totaled
Selling, general and administrative expenses totaled
EBITDA1, a non-GAAP financial measure, totaled (
Adjusted EBITDA1, a non-GAAP financial measure, totaled (
Net loss for the fourth quarter of 2024 was
As of December 31, 2024, the Company had a cash balance of approximately
As of March 24, 2025, NEXGEL had 7,654,038 shares of common stock outstanding.
1. EBITDA and Adjusted EBITDA are a non-GAAP measures described in the section titled Non-GAAP Financial Measures” below and reconciled to the most directly comparable GAAP measures at the end of this release.
Fourth Quarter and Full Year 2024 Financial Results Conference Call
Date: March 24, 2025
Time: 4:30 p.m. ET
Live Call: 1-800-245-3047 (U.S. Toll Free) or 1-203-518-9765 (International)
Webcast: Events and Presentations
For interested individuals unable to join the conference call, a replay will be available through April 3, 2025, by dialing 1-844-512-2921 (U.S. Toll Free) or 1-412-317-6671 (International). Participants must use the following code to access the replay of the call: 11158402. An archive of the webcast will also be available for 90 days.
About NEXGEL, INC.
NEXGEL is a leading provider of healthcare, beauty, and over-the-counter (OTC) products including ultra-gentle, high-water-content hydrogels. Based in Langhorne, Pa., the Company has developed and manufactured electron-beam, cross-linked hydrogels for over two decades. NEXGEL brands include SilverSeal®, Hexagels®, Turfguard®, Kenkoderm® and Silly George®. Additionally, NEXGEL has strategic contract manufacturing relationships with leading consumer healthcare companies.
Non-GAAP Financial Measures
Certain Non-GAAP financial measures are included in this press release. In the calculation of these measures, the Company excludes certain items, such as amortization of intangible assets, stock-based compensation, tax impact of adjustments, other unusual items and discrete items impacting income tax expense. The Company believes that excluding such items provides investors and management with a representation of the Company's core operating performance and with information useful in assessing its prospects for the future and underlying trends in the Company's operating expenditures and continuing operations. Management uses such Non-GAAP measures to evaluate financial results and manage operations. The release and the attachments to this release provide a reconciliation of each of the Non-GAAP measures referred to in this release to the most directly comparable GAAP measure. The Non-GAAP financial measures are not meant to be considered a substitute for the corresponding GAAP financial statements and investors should evaluate them carefully. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies.
Forward-Looking Statement
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “prospects,” “outlook,” and similar words or expressions, or future or conditional verbs, such as “will,” “should,” “would,” “may,” and “could,” are generally forward-looking in nature and not historical facts, including, without limitation, our expectation that our revenue will be at least
Investor Contacts:
Valter Pinto, Managing Director
KCSA Strategic Communications
212.896.1254
Nexgel@kcsa.com
NEXGEL, INC
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
| December 31, 2024 | December 31, 2023 | |||||||
| ASSETS: | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 1,807 | $ | 2,700 | ||||
| Accounts receivable, net | 933 | 633 | ||||||
| Inventory | 1,751 | 1,319 | ||||||
| Prepaid expenses and other current assets | 623 | 400 | ||||||
| Total current assets | 5,114 | 5,052 | ||||||
| Goodwill | 1,128 | 1,128 | ||||||
| Intangibles, net | 807 | 326 | ||||||
| Property and equipment, net | 2,211 | 1,499 | ||||||
| Operating lease - right of use asset | 1,628 | 1,855 | ||||||
| Other assets | 95 | 95 | ||||||
| Total assets | $ | 10,983 | $ | 9,955 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 761 | $ | 579 | ||||
| Accounts payable – related party | 531 | 654 | ||||||
| Accrued expenses and other current liabilities | 310 | 398 | ||||||
| Deferred revenue | 179 | 20 | ||||||
| Current portion of note payable | 97 | 80 | ||||||
| Warrant liability | 118 | 146 | ||||||
| Contingent consideration liability | 178 | 439 | ||||||
| Finance lease liability, short term | 59 | - | ||||||
| Operating lease liability, current portion | 237 | 233 | ||||||
| Total current liabilities | 2,470 | 2,549 | ||||||
| Operating lease liability, net of current portion | 1,538 | 1,727 | ||||||
| Finance lease liability, long term | 307 | - | ||||||
| Notes payable, net of current portion | 588 | 513 | ||||||
| Total liabilities | 4,903 | 4,789 | ||||||
| Commitments and Contingencies (Note 17) | ||||||||
| STOCKHOLDERS’ EQUITY | ||||||||
| Preferred stock, par value | - | - | ||||||
| Common stock, par value | 8 | 6 | ||||||
| Additional paid-in capital | 23,743 | 19,406 | ||||||
| Accumulated deficit | (17,996 | ) | (14,715 | ) | ||||
| Total NexGel stockholders’ equity | 5,755 | 4,697 | ||||||
| Non-controlling interest in joint venture | 325 | 469 | ||||||
| Total stockholders’ equity | 6,080 | 5,166 | ||||||
| Total liabilities and stockholders’ equity | $ | 10,983 | $ | 9,955 | ||||
NEXGEL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
| Year Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenues, net | $ | 8,688 | $ | 4,089 | ||||
| Cost of revenues | 5,940 | 3,715 | ||||||
| Gross profit | 2,748 | 374 | ||||||
| Operating expenses | ||||||||
| Research and development | 78 | 103 | ||||||
| Selling, general and administrative | 6,224 | 3,748 | ||||||
| Total operating expenses | 6,302 | 3,851 | ||||||
| Loss from operations | (3,554 | ) | (3,477 | ) | ||||
| Other income (expense) | ||||||||
| Change in fair value of warrant liability, net of warrant modification expense | 28 | 96 | ||||||
| Realized gain on investments in marketable securities | 68 | 191 | ||||||
| Interest expense, net | (81 | ) | (15 | ) | ||||
| Change in fair value of contingent consideration | (18 | ) | - | |||||
| Other expense | (4 | ) | (2 | ) | ||||
| Other income | 98 | 19 | ||||||
| Total other income (expense), net | 91 | 289 | ||||||
| Loss before income taxes | (3,463 | ) | (3,188 | ) | ||||
| Income tax expense | - | - | ||||||
| Net loss | (3,463 | ) | (3,188 | ) | ||||
| Less: Loss attributable to non-controlling interest in joint venture | 182 | 31 | ||||||
| Net loss attributable to NexGel stockholders | $ | (3,281 | ) | $ | (3,157 | ) | ||
| Net loss per common share – basic and diluted | $ | (0.50 | ) | $ | (0.56 | ) | ||
| Weighted average shares used in computing net loss per common share – basic and diluted | 6,511,574 | 5,671,842 | ||||||
NEXGEL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | |||||||||
| 2024 | 2023 | ||||||||
| Operating Activities | |||||||||
| Net loss | $ | (3,281 | ) | $ | (3,157 | ) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||
| Loss attributable to non-controlling interest in joint venture | (182 | ) | (31 | ) | |||||
| Depreciation and amortization | 436 | 226 | |||||||
| Share-based compensation | 367 | 217 | |||||||
| Realized gain on investment in marketable securities | (68 | ) | (191 | ) | |||||
| Change in fair value of warrant liability | (28 | ) | (125 | ) | |||||
| Change in fair value of contingent consideration | 18 | - | |||||||
| Amortization of right of use asset | 42 | 217 | |||||||
| Warrant modification expense | - | 29 | |||||||
| Changes in operating assets and liabilities: | |||||||||
| Accounts receivable, net | (300 | ) | (411 | ) | |||||
| Inventory | (432 | ) | (760 | ) | |||||
| Prepaid expenses and other current assets | (223 | ) | (260 | ) | |||||
| Accounts payable | 182 | 314 | |||||||
| Accounts payable – related party | (123 | ) | 654 | ||||||
| Accrued expenses and other current liabilities | (434 | ) | 22 | ||||||
| Deferred revenue | 159 | 20 | |||||||
| Net Cash Used in Operating Activities | (3,867 | ) | (3,236 | ) | |||||
| Investing Activities | |||||||||
| Purchases of equipment | (443 | ) | (696 | ) | |||||
| Investment in subsidiary | (400 | ) | (547 | ) | |||||
| Proceeds from sales of marketable securities | 68 | 5,699 | |||||||
| Net Cash Provided by (Used in) Investing Activities | (775 | ) | 4,456 | ||||||
| Financing Activities | |||||||||
| Principal payments on operating lease liability | - | (175 | ) | ||||||
| Proceeds from notes payable | - | 315 | |||||||
| Payment of contingent consideration | (279 | ) | - | ||||||
| Proceeds from rights offering | 3,772 | - | |||||||
| Principal payments of notes payable | (77 | ) | (6 | ) | |||||
| Proceeds from non-controlling interest | 38 | - | |||||||
| Principal payment of financing lease liability | (50 | ) | - | ||||||
| Proceeds from margin line of credit | 345 | 245 | |||||||
| Net Cash Provided by Financing Activities | 3,749 | 379 | |||||||
| Net Increase (Decrease) in Cash | (893 | ) | 1,599 | ||||||
| Cash – Beginning of year | 2,700 | 1,101 | |||||||
| Cash – End of year | $ | 1,807 | $ | 2,700 | |||||
| Supplemental Non-cash Investing and Financing Activities | |||||||||
| Shares issued in conjunction with asset acquisition | $ | 200 | $ | - | |||||
| Property and equipment financed under notes payable | $ | 169 | $ | - | |||||
| Property and equipment financed under financing leases | $ | 416 | $ | ||||||
| Property and equipment contributed as capital investment to JV | $ | - | $ | 500 | |||||
| ROU asset and operating lease liabilities recognized upon consolidation of JV | $ | - | $ | 334 | |||||
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(in thousands, except per share amounts)
CALCULATION OF EBITDA & ADJUSTED EBITDA
| Three Months Ended September 30, | Three Months Ended December 31, | |||||||||||
| 2024 | 2024 | 2023 | ||||||||||
| Amount | Amount | Amount | ||||||||||
| Net (loss) income: | $ | (754 | ) | $ | (824 | ) | $ | (1,187 | ) | |||
| Less: Loss (income) attributable to non-controlling interest in joint venture | 61 | (26 | ) | 89 | ||||||||
| Net loss attributable to NexGel stockholders | (693 | ) | (850 | ) | (1,098 | ) | ||||||
| Adjustments: | ||||||||||||
| Depreciation and amortization | 184 | 108 | 123 | |||||||||
| Interest expense, net | 20 | 16 | 3 | |||||||||
| EBITDA | (489 | ) | (726 | ) | (972 | ) | ||||||
| Change in warrant liability(1) | (11 | ) | 9 | - | ||||||||
| Share-based compensation expense(2) | 153 | 96 | 97 | |||||||||
| Adjusted EBITDA: | $ | (347 | ) | $ | (621 | ) | $ | (875 | ) | |||
| Year Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Amount | Amount | |||||||
| Net (loss) income: | $ | (3,463 | ) | $ | (3,188 | ) | ||
| Less: Loss (income) attributable to non-controlling interest in joint venture | 182 | 31 | ||||||
| Net loss attributable to NexGel stockholders | (3,281 | ) | (3,157 | ) | ||||
| Adjustments: | ||||||||
| Depreciation and amortization | 436 | 226 | ||||||
| Interest expense, net | 81 | 15 | ||||||
| EBITDA | (2,764 | ) | (2,916 | ) | ||||
| Change in warrant liability(1) | (28 | ) | (96 | ) | ||||
| Share-based compensation expense(2) | 367 | 217 | ||||||
| Adjusted EBITDA: | $ | (2,425 | ) | $ | (2,795 | ) | ||
| (1 | ) | This adjustment gives effect to non-cash warrant liability changes incurred during the periods. | |
| (2 | ) | The adjustments represent share-based compensation expense related to awards of stock options, restricted stock units, or common stock in exchange for services. Although we expect to continue to award stock in exchange for services, the amount of non-cash stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects. |
FAQ
What was NEXGEL's (NXGL) revenue growth in Q4 2024?
How much revenue does NEXGEL (NXGL) expect to generate in 2025?
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How did NEXGEL's (NXGL) Silly George brand perform after acquisition?
What was NEXGEL's (NXGL) cash position at the end of 2024?
