NovaBay Pharma (NBY) Reports In-Line Q4 EPS, Revenues Miss
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NovaBay Pharma (NYSE: NBY) reported Q4 EPS of ($0.04), in-line with the analyst estimate of ($0.04). Revenue for the quarter came in at $1.9 million versus the consensus estimate of $2.48 million.
“Avenova unit sales for the fourth quarter reached a new record, driven primarily by online orders as well as through our physician dispensed channel,” said Justin Hall, President and CEO of NovaBay Pharmaceuticals. “Product revenue for the fourth quarter increased 10% over the prior year quarter. For the full year 2020, product revenue grew an impressive 51%, which included tapping our international health supply network early in the pandemic to sell personal protection equipment (PPE) while critically important product was in short supply.
“Our focus in 2021 is on growing sales of Avenova and CelleRx® Clinical Reset™, a breakthrough product in the beauty market, which we launched late last year,” he added. “This year we have already expanded access to Avenova, which is being rolled out to CVS stores across the U.S. and was recently made available on CVS.com. We also are introducing new digital marketing programs for Avenova and CelleRx Clinical Reset that combine innovative storytelling through multiple social channels, with real-time analytics, reporting and optimization.
“Through various actions we took last year, we strengthened and simplified our balance sheet, reduced our cash burn, raised operating capital and eliminated all major debt instruments. As a result, we believe our funds are sufficient to support current operations into 2022, including our new digital marketing programs,” Mr. Hall added. “In addition to organic growth, we continue to evaluate opportunities for revenue accretion through acquisition or licensing of ophthalmic and skincare products to expand our presence in these key markets.”
For earnings history and earnings-related data on NovaBay Pharma (NBY) click here.
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