Q2 2024 NovaBay Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Eyecare product sales reached $4.8 million for the first half of 2024, showing strong growth.
- Sales and marketing expenses decreased by 13% compared to the previous year, indicating improved efficiency.
- Avenova Subscribe & Save customers on Amazon increased by 16% in the first six months of 2024.
- Gross margin on net product revenue improved to 66% in Q2 2024 from 49% in Q2 2023.
- Record Amazon Prime Day sales for Avenova products, with a 17% increase over Prime Day 2023.
- Total sales for Q2 2024 were $2.4 million, down from $3.5 million in Q2 2023.
- Net loss attributable to common stockholders for Q2 2024 was $1.6 million.
- Cash and cash equivalents were only $0.8 million as of June 30, 2024.
- Sales of wound care products, which contributed significantly in 2023, are expected to be lower in 2024.
- General and administrative expenses remained consistent at $1.6 million, showing no reduction.
Good day, and welcome to the NovaBay Pharmaceuticals second-quarter 2024 financial results conference call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Jody Cain, please go ahead.
This is Jody Cain with LHA. Thank you for participating in today's call. Joining me from NovaBay Pharmaceuticals are Justin Hall, Executive Officer and General Counsel; and Tommy Law, Interim Chief Financial Officer.
I'd like to remind listeners that comments made during this call by management will include forward-looking statements within the meaning of federal securities laws. These forward-looking statements involve risks and uncertainties that could cause actual results to be materially different from any anticipated results. In particular, there is uncertainty about circumstances beyond the company's control that impact the broader economy. This means that results could change at any time and the contemplated impact of such circumstances on
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