There is no fundamental reason why NBY stock soared 1.94% in the pre-market trading session at the price of $0.622. NovaBay Pharmaceuticals, Inc. is a leading biopharmaceutical company. It manufactures and commercializes high-quality, differentiated, and anti-infective consumer products.
NBY Distributed Zocular Dry Eye Products
On 19th August 2021, NBY signed a commercial agreement with Okra Limited. As per the agreement, the company will distribute its Zocular dry eye products to NovaBay’s physician-dispensed sales channel. The Zocular products are designed to clear Demodex, scurf, and residue from eyelids. The Zocular Eyelid Technology is a 10-minute clinical procedure that provides dramatic, immediate, and lasting results for patients with dry eyes. The products contain both easy-to-use in-office and at-home treatment options. The products are well tolerated by patients as they do not require capital equipment or topical anesthetic.
CEO of NBY, Justin Hall, remarked that they had been searching for additional dry eye products to add to their commercial sales channels. The Zocular products are designed with a novel, powerful technology to address inflammation at the eyelid margin. The products are the perfect complement to Avenova and are ideal for eyecare specialists seeking effective treatment for patients dealing with dry eye. Avenova is the only clinically proven lid antimicrobial spray to reduce the bacterial load on skin surfaces around the eyes. Both Avenova and Zocular at-home products are perfectly safe for daily use, he added.
NBY Published 2021 Financial Results
On 12th August 2021, NBY reported financial results for the three and six months ended on 30th June 2021.
Second Quarter Financial Results
NBY reported net product revenue of $2.1 million for the second quarter of 2021. Net product revenue was $4.0 million for the second quarter of 2020. Avenova’s revenue for the second quarter of 2021 was $1.9 million. It is 65% up from $1.1 million for the second quarter of the previous year. The gross margin on total net sales was 71% for the second quarter ended 30th June 2021. The gross margin on total net sales was 49% high in the same quarter of 2020. Net loss was $1.9 million, or $0.04 per share, for the second quarter of 2021. The net loss was $4.5 million, or $0.15 per share, for the second quarter of 2020.
Six Month Financial Results
NBY reported net product revenue of $3.9 million for the six months ended 30th June 2021. Net product revenue was $5.9 million for the six months ended on 30th June 2020. The gross margin on net product revenue was 73% for the first half of 2021, compared with 55% for the same period of 2020. The net loss for the six months ended on 30th June 2021 was $3.4 million, or $0.08 per share. Net loss was $6.1 million, or $0.21 per share, for the six months ended 30th June 2020.
