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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