NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY), a biopharmaceutical company focusing on commercializing Avenova® for the domestic eye care market, reports net sales of $1.8 million for the three months ended June 30, 2019. Avenova sales for the second quarter of 2019 were $1.6 million, a 9% increase from the first quarter of 2019.
“The increase in Avenova sales over the prior quarter is particularly impressive given the 67% reduction we made to our salesforce in March as part of a strategic shift to address the trend toward high-deductible health plans,” said Justin Hall, President and CEO. “Our ability to grow Avenova sales reflects success with our strategy of deploying the remaining 15 sales representatives in territories identified as having significant prescription volume along with favorable reimbursement.
“We also benefitted from the expansion of our partner pharmacy program, under which we sell Avenova at pre-negotiated unit prices and significantly reduce the negative impact of rebates. I’m pleased to report that this channel accounted for nearly half of all Avenova units sold in the second quarter, up from about one-quarter in the first quarter,” he added. “We also introduced our new Avenova Direct channel whereby we are selling prescription-strength Avenova directly to customers on Amazon. We expect the greatest growth opportunity to come from this channel.
“While Avenova sales grew for the quarter, we reduced operating expenses by 47% from the first quarter. This is a huge testament to the dedication of the NovaBay team,” said Hall.
NovaBay will report full financial results for the second quarter of 2019 after market close on Thursday, August 8, 2019 and will hold an investment community conference call that day beginning at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss the Company’s financial and operational results and to answer questions. Shareholders and other interested parties may participate in the conference call by dialing 800-608-8202 from within the U.S. or 702-495-1913 from outside the U.S., with the conference identification number 6067542.
A live webcast of the call will be available at http://novabay.com/investors/events and will be archived for 90 days. A replay of the call will be available beginning two hours after the call ends through 11:59 p.m. Eastern time August 26, 2019 by dialing 855-859-2056 from within the U.S. or 404-537-3406 from outside the U.S., and entering the conference identification number 6067542. – Bio Space