NovaBay Pharmaceuticals Reports 2016 Second Quarter Financial Results
EMERYVILLE, Calif. -- NovaBay® Pharmaceuticals, Inc. (NYSE MKT: NBY), a biopharmaceutical company focusing on commercializing its prescription Avenova lid and lash hygiene product for the domestic eye care market, reports financial results for the three and six months ended June 30, 2016, and provides a business update.
“NovaBay achieved record Avenova sales of $2.6 million, representing a healthy 89% growth over first quarter and over a $10 million annualized run rate. We drove these gains by our focused execution on the higher margin prescription ophthalmology channel,” said Mark M. Sieczkarek, NovaBay’s President and CEO. “Our gross margin continues to expand as we increase our sales in this reimbursed channel. These improvements, in combination with the actions we took late last year to restructure the Company and reduce operating expenses, has lowered our cash burn by nearly 50%.
- Published: 12 August 2016
- Written by Editor