EMERYVILLE, Calif.—NovaBay Pharmaceuticals, Inc. (NYSE American: NBY), a biopharmaceutical company developing products for the eyecare market, has announced financial results for the three and six months ended June 30, 2024. Total revenue for the second quarter of 2024 was $2.4 million compared with $3.5 million in the second quarter last year. Net sales for the second quarter of 2024 were derived predominantly from sale of eyecare products, the company said, which increased 8 percent over the prior year due to more Avenova-branded products sold through online channels.

“Revenue growth was driven by higher Avenova sales through online channels, including an expanded subscription customer base,” said Justin Hall, CEO of NovaBay. “The number of Subscribe & Save customers on Amazon.com increased 16 percent during the first half of the year. In fact, subscriber sales on Amazon.com and Avenova.com accounted for approximately 24 percent of all online Avenova sales year to date.
 
"These recurring sales create predictable revenue, provide a strong foundation for future growth and allow us to efficiently manage our sales and marketing spend, which decreased 13 percent for the quarter," Hall added. "These repeat sales also give us confidence in achieving our goal of 2024 net revenue from our eyecare business of approximately $10.0 million."

Gross margin on net sales for the second quarter of 2024 was 66 percent, compared with 49 percent for the second quarter of 2023, with the improvement primarily due to product mix, the company said. Net loss for the second quarter of 2024 was $1.6 million, compared with a net loss of $4.0 million for the second quarter of 2023, which included a $2.0 million non-cash increase to accumulated deficit due to an adjustment to the preferred stock conversion price.

Total revenue for the six months ended June 30, 2024, was reported at $5.0 million, compared with $5.9 million for the six months ended June 30, 2023. Gross margin on net sales for the first half of 2024 increased to 67 percent from 57 percent for the first half of 2023.

Net loss for the first half of 2024 was $5.2 million, compared with a net loss for the first half of 2023 of $5.8 million. NovaBay had cash and cash equivalents of $0.8 million as of June 30, 2024, compared with $2.9 million as of December 31, 2023, the company stated. In July 2024, the company completed an underwritten public offering, raising gross proceeds of $3.9 million.