EMERYVILLE, Calif.—NovaBay Pharmaceuticals, Inc., (NYSE American: NBY) a developer of eyecare, skin care and wound care products, has reported its financial results for the three months ended March 31, 2024. Net product sales for the first quarter of 2024 were $2.6 million, an increase of 13 percent from $2.3 million for the prior-year period. Financial results for the first quarters of 2024 and 2023 do not include results from DERMAdoctor, which was divested on March 25, 2024 and is accounted for in discontinued operations, the company stated.

“Net product sales growth of 13 percent versus the prior year was driven by higher sales of Avenova-branded products through online channels and by sales of branded wound care products,” said Justin Hall, chief executive officer of NovaBay. “During the quarter, ordered sales for Avenova products on Amazon.com, our most important sales channel, hit new all-time records in March and again in April. We achieved these records by further optimizing our highly efficient digital marketing programs while reducing our sales and marketing spend, which declined by 15 percent versus the prior year.

“NovaBay is operating under a streamlined business model primarily focused on the large and growing eyecare market, with creative marketing programs that are resonating well with online customers,” he added. “We are working to build upon this growth by introducing new and enhanced digital media programs to cost-efficiently support our loyal customer base and reach new prospective customers.”

Net loss for the first quarter of 2024 was $3.6 million compared with a net loss for the first quarter of 2023 of $1.7 million, according to the announcement. Gross margin on net product revenue for the first quarters of 2024 and 2023 remained consistent at 68 percent.

Sales and marketing expenses for the first quarter of 2024 were $1.1 million, a 15 percent decrease from $1.2 million for the prior-year period, reflecting continued lower digital advertising and related consulting costs, the company stated. NovaBay had cash and cash equivalents of $1.8 million as of March 31, 2024, compared with $2.9 million as of December 31, 2023.