The following is a summary of the NovaBay Pharmaceuticals, Inc. (NBY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• NovaBay Pharmaceuticals reported Q1 2024 total sales of $2.6 million, a 12% increase over the previous year. Gross margin on net product revenue maintained at 68%.

• A rise in the eyecare business sales to $2.4 million from $2.2 million of the prior year, largely was due to Avenova product sales via online channels.

• Online sales channels recorded an 8% increase in sales, going beyond $2 million for the first time.

• The company was able to reduce marketing expenses by 15% due to its cost-efficient ad placement programs.

• However, the net loss attributable to common stockholders for Q1 2024 was $3.6 million or $0.15 per share.

Business Progress:

• An all-time high in ordered Avenova product sales via Amazon.com has been achieved in the past two months.

• NovaBay has strategically focused on the growing eyecare market particularly dry eye, and expects this market to grow from $3 billion in 2023 to $4.7 billion by 2030.

• The successful completion of the Eyenovia sales team training has taken place with the planned marketing of their co-promoted products in the third quarter.

• A broadening of digital marketing strategies is in progress. This involves the addition of text messages and targeted e-mails to enhance Avenova brand positioning.

More details: NovaBay Pharmaceuticals IR

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