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NexGel, Inc. reports company developments tied to its hydrogel-based healthcare, beauty, and over-the-counter product business. The company manufactures high-water-content, electron-beam cross-linked aqueous polymer hydrogels used in wound care, medical diagnostics, transdermal drug delivery and cosmetics, and its updates commonly cover operating results, product and technology applications, contract manufacturing, and consumer health and beauty activity.
Recurring news also includes material agreements, financing and capital-structure actions, shareholder voting matters, and corporate actions involving drug-delivery assets and regenerative biomaterial product opportunities. These announcements frame NexGel as an operating medical and consumer products company built around hydrogel manufacturing technologies.
NEXGEL has partnered with STADA Arzneimittel AG to launch Histasolv, a leading Diamine Oxidase (DAO) enzyme supplement, in North America. Histasolv, known as DAOSIN in Europe, generates over $10 million annually in Europe, treating histamine food intolerance. NEXGEL will start direct-to-consumer sales in Q3 2024. The product's unique formulation ensures high potency, addressing migraines, gut issues, and skin conditions caused by histamine intolerance. STADA, a top European healthcare company, aims to strengthen its North American presence through this partnership. Both companies express confidence in the collaborative potential and future expansion opportunities.
NEXGEL (NASDAQ: NXGL) has acquired Silly George, an international beauty brand specializing in eye and eyelash products, for $400,000 in cash, $200,000 in NEXGEL common stock, and a 4-year net profit earn out. Silly George, with a revenue run rate of approximately $2 million, offers a range of products including non-toxic eyelash extensions and lash serums, predominantly sold direct-to-consumer and on Amazon in the U.S., U.K., Australia, and the Netherlands. The acquisition is expected to add $2 million in annual revenue and provides operational synergies through marketing optimization and expense overlap. Silly George's strong social media presence and customer database will also offer cross-selling opportunities for NEXGEL's portfolio. CEO Adam Levy highlighted the acquisition as a strategic move towards profitability, leveraging synergies and expanding their product portfolio in the health and beauty sector.
NEXGEL (NASDAQ: NXGL) announced its financial results for Q1 2024, reporting a 104% YoY revenue increase to $1.27 million, driven by 58% growth in contract manufacturing and 178% in consumer branded products. The gross profit for Q1 2024 was $277,000, up from a loss of $57,000 in Q1 2023. However, the company reported a net loss of $905,000, up from $807,000 in the same period last year. NEXGEL is investing in significant growth opportunities, including expanding its Texas facility and launching products in Europe. The company ended the quarter with a cash balance of $2.4 million.
NEXGEL, Inc. will report its first quarter 2024 financial results on May 13th, followed by a conference call at 4:30 P.M. ET. The company is a leading provider of medical and over-the-counter products, including hydrogels for healthcare and consumer applications.
NEXGEL, Inc. will be presenting at the Aegis Capital Virtual Conference on May 9, 2024. The company specializes in medical and OTC products, such as hydrogels, for healthcare and consumer use. The CEO, Adam Levy, will be the speaker at the conference.
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