The following is a summary of the NEXGEL, Inc. (NXGL) Q1 2024 Earnings Call Transcript:
Financial Performance:
NEXGEL reported Q1 revenue of approximately $1.27 million, up by 104% year-over-year, exceeding guidance.
The company's gross profit margin reached around 22%, a remarkable step up from the negative gross margin in the same period of the previous year.
Total revenue rose approximately 17% sequentially, supported by a 57% increase in the consumer branded product segment.
As of March 31, 2024, NEXGEL's cash balance was $2.4 million, buoyed by a $1 million registered direct offering led by insiders.
Business Progress:
NEXGEL has made strategic investments in capacity expansion and new equipment, and has put in place measures to meet European compliance requirements - all geared towards significant growth in 2024.
The company has doubled the square footage in its CG Converting and Packaging manufacturing facility, with minimal additional capital spending needed to complete this project targeted for summer.
Quarterly revenue growth was aided by the broadening of NEXGEL's product portfolio via its Kenkoderm acquisition.
NEXGEL is gearing up to commercialize its first European products later this summer through its partnership with STADA, after gaining MDR compliance.
More details: NexGel IR
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