Welcome to our dedicated page for Novabay Pharma news (Ticker: NBY), a resource for investors and traders seeking the latest updates and insights on Novabay Pharma stock.
NovaBay Pharmaceuticals, Inc. (NYSE American: NBY) generates frequent news related to corporate strategy, asset sales, stockholder actions, and exchange listing matters. Historically focused on scientifically created and clinically proven eyecare, wound care, and skin care products, NovaBay’s recent headlines have centered on the Avenova eyecare brand and significant changes to its business structure.
News coverage for NovaBay has included announcements about the completion of the sale of its Avenova eyecare business and related assets to PRN Physician Recommended Nutriceuticals, LLC. The company has reported that this asset sale represented substantially all of its assets and required stockholder approval at special meetings. These developments are important for understanding how NovaBay has monetized its historical operating business and redirected value to stockholders.
Another major category of news involves stockholder meetings and proposals. NovaBay has issued multiple press releases about special meetings and reconvened meetings where stockholders were asked to vote on the sale of the Avenova business and on a Plan of Complete Liquidation and Dissolution. Later communications describe stockholder approval of the Dissolution proposal and the Board’s decision to evaluate alternative strategic options, including mergers, reverse mergers, strategic partnerships, and licensing transactions.
More recent items highlight an investment transaction involving Series D and Series E non-voting convertible preferred stock, the declaration of a one-time special cash dividend, and NovaBay’s disclosure that it regained compliance with NYSE American continued listing standards. Investors following NBY news can track updates on these capital structure changes, special dividend mechanics, and any future post-investment transaction the company may pursue. This news page offers a consolidated view of NovaBay’s press releases and related coverage, providing context on how its strategic direction and corporate actions are evolving over time.
NovaBay Pharmaceuticals has signed a definitive agreement to sell its Avenova assets to PRN Physician Recommended Nutriceuticals for $9.5 million in cash. The transaction, approved by NovaBay's board of directors, is expected to close in Q4 2024, subject to stockholder approval and other customary conditions.
CEO Justin Hall expressed satisfaction with the deal, stating that it allows stockholders to realize the value created by Avenova over the past decade. He believes PRN, with its network of over 5,000 eyecare professionals, is an ideal home for the brand. The sale requires approval from a majority of NovaBay stockholders and will be sought through proxy solicitation.
Following the sale, NovaBay plans to liquidate remaining assets, satisfy obligations, and distribute available proceeds to stockholders.
NovaBay Pharmaceuticals (NYSE American: NBY) reported Q2 2024 financial results, highlighting an 8% increase in eyecare product revenue driven by higher Avenova sales through online channels. The company saw a 16% growth in Amazon Subscribe & Save customers during H1 2024, with subscriber sales accounting for 24% of all online Avenova sales year-to-date. Sales and marketing expenses decreased by 13%, reflecting efficient digital marketing optimization. NovaBay's Q2 2024 total net sales were $2.4 million, with a gross margin of 66%. The company reported a net loss of $1.6 million, or $1.37 per share. Post-quarter, NovaBay completed a $3.9 million financing to strengthen its balance sheet.
NovaBay Pharmaceuticals (NYSE American: NBY) has announced its upcoming second quarter 2024 financial results conference call, scheduled for August 13, 2024, after market close. The call will begin at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). Investors can pre-register for the call or dial in directly. A live webcast will be available on the company's website, and a replay will be accessible until September 3, 2024. This event provides an opportunity for investors to gain insights into NovaBay's financial performance and future outlook.
NovaBay Pharmaceuticals (NYSE American: NBY) reported record sales of Avenova eyecare products during Amazon Prime Day 2024. Sales were 17% higher compared to Prime Day 2023 and 40% up from Prime Day 2022. CEO Justin Hall attributed the success to discounts on high-quality Avenova products, attracting both repeat and new customers.
NovaBay offers a full portfolio of dry eye products, including Avenova Lid & Lash Solution, Lubricating Eye Drops, Warm Eye Compress, and i-Chek for eyelid health monitoring. The company aims to become a one-stop destination for the 25 million Americans suffering from dry eye disease, addressing the rising prevalence and multifactorial nature of the condition.
NovaBay Pharmaceuticals (NYSE American: NBY) has closed its previously announced underwritten public offering, raising approximately $3.87 million in gross proceeds. The offering included common stock, pre-funded warrants, and three series of warrants (F-1, F-2, and F-3). The combined public offering price was $1.10 per share of common stock and accompanying warrants, and $1.09 for each pre-funded warrant and accompanying warrants. Ladenburg Thalmann & Co. Inc. acted as the sole bookrunning manager. NovaBay intends to use the net proceeds to redeem outstanding convertible debentures and for working capital and general corporate purposes.
NovaBay Pharmaceuticals (NYSE American: NBY) has announced the pricing of a $3.5 million underwritten public offering. The offering includes 3,200,380 shares of common stock (or pre-funded warrants) and three series of warrants (F-1, F-2, and F-3) at a combined public offering price of $1.10 per share. Each warrant series allows the purchase of up to 3,200,380 additional shares. Ladenburg Thalmann & Co. Inc. is acting as the sole bookrunning manager. The company plans to use the proceeds to redeem outstanding convertible debentures and for working capital. The offering is expected to close around July 29, 2024, subject to customary conditions.
NovaBay Pharmaceuticals (NYSE American: NBY) is offering 20% discounts on Avenova eyecare products and bundles during Amazon Prime Day on July 16-17, 2024. This event coincides with National Dry Eye Awareness Month, targeting a condition affecting 25 million Americans. CEO Justin Hall notes that Prime Day has been highly productive for NovaBay in the past, allowing loyal customers to stock up and new users to try their products.
The company's Avenova Subscribe & Save customers on Amazon, their largest sales channel, have increased by 123% since early 2022. NovaBay offers a full portfolio of scientifically developed products for at-home dry eye treatment, including Lid & Lash Solution, Lubricating Eye Drops, Warm Eye Compress, and the i-Chek monitor.
NovaBay Pharmaceuticals (NYSE American: NBY) reported preliminary net revenue of $2.4 million for Q2 2024 and $5.0 million for H1 2024, mainly from eyecare products. Eyecare revenue grew 9% over the same periods in 2023, driven by higher online sales. The number of Avenova subscribers on Amazon surged 64% since early 2023 and 123% since 2022. NovaBay anticipates 2024 eyecare revenue of around $10 million. CEO Justin Hall highlighted the importance of loyal Amazon and Avenova.com subscribers, who accounted for 23% of online Avenova sales in H1 2024. The subscriber base increased by 16% in the first half of 2024. NovaBay's digital marketing strategies have been cost-efficient, leading to projected lower sales and marketing expenses despite revenue growth.
NovaBay Pharmaceuticals and Eyenovia have started joint promotional activities to market NovaBay's Avenova® Antimicrobial Lid & Lash Solution and Eyenovia's MydCombi™ for mydriasis to large ophthalmic surgery centers. Eyenovia's salesforce will promote Avenova, while NovaBay prepares for Eyenovia's upcoming launch of Clobetasol Propionate Ophthalmic Suspension, 0.05% in August 2024. This partnership aims to enhance market presence and awareness for both companies' products, leveraging NovaBay's established network of eyecare professionals. Prescription Avenova is available through EyenoviaRx.com and Avenova.com, with the non-prescription version on Amazon.com.
NovaBay Pharmaceuticals announces special promotions on Avenova eyecare products for National Dry Eye Awareness Month in July. The company aims to educate the public about dry eye disease, which affects 25 million people in the U.S. Customers can avail a 15% discount and free shipping on Avenova products through Amazon.com and Avenova.com. Special offers are also available for eyecare professionals, particularly those using intense pulsed light (IPL) and thermal pulsation treatments. Avenova's range includes sprays, eye drops, warm compresses, dietary supplements, and health monitors, all designed to provide relief from dry eye symptoms.
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