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Tuesday, May 30, 2023

NovaBay Pharmaceuticals, Inc. (NBY) shares are inclining in aftermarket? Why did it happen?

NovaBay Pharmaceuticals, Inc. (NBY) saw an increase of 6.87% in the aftermarket. However, the last trading session closed at $0.6082 with a decline of 0.59%.

NBY to Distribute Zocular Dry Eye Products

NBY announced a partnership with Okra Limited to market their Zocular dry eye medicines on 19th August 2021.

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Okra Limited CEO Peter Pham, MD, a board-certified ophthalmologist, developed the Zocular line of products, which are all complimentary to Avenova. They’re made with ZokrexTM, a proprietary technology that uses activated natural okra polysaccharide complexes to remove Demodex, scurf, and residue from eyelashes softly and effectively.

Easy-to-use in-office and at-home treatment alternatives are available with Zocular products. The ZocuKit for ZEST is a 10-minute in-office treatment that has been clinically proved to offer patients with dry eye relief that is dramatic, rapid, and long-lasting. ZEST does not require any special equipment or a topical anesthetic, and patients tolerate it well.

Second Quarter 2021 Financial Results

NBY reported second-quarter 2021 financial results on 12th August 2021.  In the second quarter of 2021, net product revenue was $2.1 million. However, Avenova’s revenue for the second quarter of 2021 was $1.9 million.

As our customers continue their general trend toward online shopping, the rise represents a larger number of OTC units sold. In the second quarter of 2021, the gross margin on total net sales was 71%, compared to 49% in the second quarter of 2020.

Furthermore, operating costs were $3.4 million in the second quarter of 2021, compared to $3.0 million in the same period in 2020. Sales and marketing expenses in the second quarter of 2021 were $1.8 million, up from $1.4 million in the second quarter of 2020, with the rise largely offset by decreased sales employee headcount owing to greater digital advertising costs.

NBY Partners with Harrow Health’s ImprimisRx to Promote Prescription Avenova

On 19th July 2021, NBY announced that it has partnered with Harrow Health’s ImprimisRx. NBY will receive nationwide sales, marketing, and distribution assistance for its FDA-cleared 0.01 percent hypochlorous acid. Avenova is an antibacterial lid and lashes treatment that can help manage a variety of chronic eye diseases.

Moreover, Avenova targets a huge and fast-increasing dry eye market. It’s the only lid and lashes spray containing NovaBay’s proprietary pure hypochlorous acid.

It’s safe and mild enough to use every day. Lastly, Ophthalmologists and optometrists usually prescribe Avenova before and after cataracts and Lasik operations.

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