Novabay Pharmaceuticals ( (NBY) ) has released its Q3 earnings. Here is a breakdown of the information Novabay Pharmaceuticals presented to its investors.
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NovaBay Pharmaceuticals, Inc. is a Delaware-based company specializing in the development and sale of scientifically-created and clinically-proven eyecare and wound care products, with its flagship product being the Avenova Antimicrobial Lid and Lash Solution. The company also had a skincare segment through its former subsidiary DERMAdoctor, which has been divested.
In its latest earnings report, NovaBay Pharmaceuticals disclosed financial results for the third quarter of 2024, highlighting a decline in both quarterly and nine-month sales compared to the previous year. The company reported a net loss attributable to common stockholders, with significant decreases in cash and cash equivalents, reflecting continued financial challenges.
Key financial metrics revealed that NovaBay’s product revenue decreased to $2.424 million for the quarter, with a net loss from continuing operations of $1.212 million. The company also announced a strategic transaction involving the sale of its Avenova brand and assets, with the potential to optimize shareholder value through a planned dissolution if approved by stockholders.
Looking ahead, NovaBay’s management is focused on navigating through its financial difficulties by pursuing strategic transactions, including the planned asset sale and dissolution. The company continues to explore various funding options to address its liquidity needs, with a special stockholder meeting scheduled to discuss these future plans.
