NovaBay Pharma Reports USD 2.4 Million in Q2 Revenue

NovaBay Pharmaceuticals, a leading biopharmaceutical firm, delcares preliminary net revenue for the second quarter of 2024 of USD 2.4 million and for the first half of 2024 of $5.0 million, primarily derived from the firm's eyecare products.

Net revenue from the biopharmaceutical firm's products rised by 9% for both the second quarter and the first half of 2024 over the corresponding periods in 2023. The company also anticipates 2024 net revenue from their eyecare products to be around $10 million.“The increase in eyecare net revenue so far this year was driven by higher sales of Avenova-branded products through online channels. We benefitted from growth in Avenova sales due to our loyal Amazon and Avenova.com subscribers with our subscriber base accounting for approximately 23% of all online Avenova revenue for the first half of this year,” said Justin Hall, CEO of NovaBay.

“Growth in our subscriber base is critical to our business success because these loyal customers generate consistent sales that we can build upon through our cost-efficient digital marketing programs. In fact, even with this year’s expected revenue growth, we anticipate a slight year-over-year decline in sales and marketing expenses,” he added. “Our ability to consistently grow our base underscores our belief that first-time consumers who use our high-quality Avenova products typically return as satisfied repeat customers. This further supports NovaBay’s strategic focus on the large, growing U.S. dry eye market.”

NovaBay is a growing product Avenova Antimicrobial Lid & Lash Solution is often prescribed by eyecare professionals for blepharitis and dry eye disease. It is Manufactured in the U.S, Avenova spray is formulated with NovaBay's patented, proprietary, stable and pure form of hypochlorous acid.