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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.
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NEXGEL reported a 32% year-over-year revenue increase, reaching $2.05 million for 2022, driven by 34.7% growth in contract manufacturing and a 67.0% rise in branded consumer products. By year-end, the company had over $6.6 million in cash and securities, ensuring operational stability through 2025. Despite a slight revenue dip in Q4 2022, NEXGEL launched innovative products like Turfguard and expanded its joint ventures. The gross profit margin improved significantly to approximately 12.5%, a 3,100% increase from the previous year. However, a net loss of $4.75 million was reported for 2022, with expectations of reduced interest expenses in the coming year.
NEXGEL announced it will release its financial results for Q4 and full year 2022 on March 27, 2023, after market close.
The company specializes in high-water-content hydrogel products for healthcare and consumer applications, having developed over 200 unique formulations.
A conference call will follow the earnings release at 4:30 PM ET that day, accessible via live call or webcast. A replay will be available until April 3, 2023.
Investors can find more information on NEXGEL’s Investor Relations website.
NEXGEL, a provider of hydrogel products, has partnered with former lacrosse player Greg Gurenlian to address turf burn injuries through their innovative product, Turfguard. This hydrogel dressing aims to soothe turf burn while protecting athletic wounds, offering athletes a medical-grade solution to pain and infection risk. Gurenlian, with extensive experience in lacrosse, emphasizes the urgency of proper treatment for turf burn issues. Turfguard patches, FDA cleared, maintain a moist wound environment and offer cooling relief, now available for purchase on Amazon.com.
NEXGEL (NASDAQ: NXGL, NXGLW) announced a strategic acquisition of a 50% interest in CG Converting and Packaging, LLC, a joint venture with C.G. Laboratories Inc. This initiative, effective March 1, 2023, aims to enhance capacity, improve margins, and streamline supply chain operations. CG Labs has been a long-time customer and is profitable, making this acquisition beneficial. NEXGEL will invest $500,000 in the JV to upgrade facilities and equipment. The partnership is expected to yield significant synergies, facilitating the onboarding of new customers and combined marketing efforts.