EMERYVILLE, Calif. – NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY) has reported a preliminary net revenue of $2.6 million for the first quarter of 2024, marking a 13% increase from the same period last year. The growth is primarily attributed to the company’s direct-to-consumer social media marketing programs for its lead product, Avenova Antimicrobial Lid & Lash Solution.

The company’s CEO, Justin Hall, noted the success in driving revenue growth while simultaneously reducing marketing spend. The approach relies on e-marketing strategies that engage eyecare professionals to share their experiences and recommendations for Avenova with potential customers. Hall emphasized the effectiveness of these social media programs in establishing consumer trust in the Avenova brand.

In addition to the revenue growth, NovaBay announced the expansion of its Avenova Ambassador initiative. This omni-channel, influencer-based social media program involves collaborations with medical influencers, including optometrists and ophthalmologists, referred to as Avenova Docfluencers.

The initiative also includes partnerships with consumer-based influencers in the beauty, health, and wellness sectors. The program aims to reach new customers and build brand awareness and loyalty through various social media channels and email campaigns.

Avenova is often prescribed by eyecare professionals for conditions like blepharitis and dry-eye disease and can be purchased by consumers through online platforms, including Amazon.com (NASDAQ:). The product is designed to kill a broad spectrum of bacteria without irritation, making it safe for regular use.

NovaBay’s portfolio also includes other products for dry eye treatment, such as the Avenova Eye Health Support supplement, Avenova Lubricating Eye Drops, Avenova Warm Eye Compress, and the i-Chek by Avenova for eyelid health monitoring.

The information reported is based on a press release statement from NovaBay Pharmaceuticals, Inc.

InvestingPro Insights

In the wake of NovaBay® Pharmaceuticals’ encouraging announcement of increased net revenue for Q1 2024, a deeper analysis through InvestingPro data and tips reveals a nuanced picture of the company’s financial health and stock performance. The company’s revenue for the last twelve months as of Q4 2023 stood at $14.73 million USD, with a modest revenue growth of 2.24%. This aligns with the recent uptick in sales reported in the press release. Despite the positive revenue growth, the gross profit margin was a robust 53.61%, indicating a strong ability to convert sales into profit.

However, the company’s stock has experienced significant volatility, as indicated by a one-month price total return of -34.21% and a staggering one-year price total return of -94.8%. These figures highlight the challenges faced by investors and underscore the stock’s high-risk profile. The InvestingPro Tips suggest that NovaBay is trading at a low revenue valuation multiple and has been quickly burning through cash, which may be of concern to potential investors.

Moreover, analysts following NovaBay have expressed skepticism about the company’s profitability in the near term, with no dividends being paid to shareholders. The company operates with a moderate level of debt, which could impact its financial flexibility. With these considerations in mind, investors can access a comprehensive list of 14 additional InvestingPro Tips by visiting https://www.investing.com/pro/NBY. For those looking to delve deeper into NovaBay’s financial metrics and stock analysis, a yearly or biyearly Pro and Pro+ subscription is available at a discounted rate using the coupon code PRONEWS24.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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شركة النمر هي شركة متخصصة في تصميم وادارة المواقع الالكترونية والارشفة وكتابة المحتوى والتسويق الالكتروني وتقدم العديد من خدمات حلول المواقع الالكترونية والتطبيقات وهي شركة رسمية ومسجلة منذ عام 2015.

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