NovaBay Pharma (NBY) Reports Q3 Loss of $0.11, Revenues Miss

NovaBay Pharma (NYSE: NBY) reported Q3 EPS of ($0.11), versus $0.00 reported last year. Revenue for the quarter came in at $3.14 million versus the consensus estimate of $3.83 million.

“We achieved quarterly revenue growth on a sequential basis, as anticipated, driven primarily by deploying sales representatives to territories we’ve identified as having favorable health plan coverage, as well as by initial contributions from sales representatives we hired mid-year,” said Jack McGovern, NovaBay Interim CEO and CFO. “We also saw a modest improvement in net product revenue per unit compared with the second quarter as more patients satisfied their 2018 health plan deductibles.

“We are executing on a strategy to support improved per-unit revenue by engaging specialty pharmacy providers as new channel partners,” he added. These channels will allow us to significantly improve the overall patient experience. We have contracted with two such providers to date, with more expected by year end.

“We expect net sales for the fourth quarter of 2018 to be higher than the third quarter and anticipate returning to double-digit year-over-year growth in 2019. Our optimism is based on improving productivity from our sales representatives, a more focused marketing message to our providers and on expectations for higher per-unit revenue through our new channel partners,” concluded McGovern.

For earnings history and earnings-related data on NovaBay Pharma (NBY) click here.

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