NovaBay Pharmaceuticals Q4 sales increased 146% to $3.8 million
This is an increase of more than 146% over the prior year and up at least 26% from the third quarter of 2016.
Total revenue for the full year of 2016 is expected to top $11.8 million, up more than 171% from 2015.
"I’m pleased to report a strong finish to an exceptional year of growth in Avenova sales," said Mark M. Sieczkarek, NovaBay’s chairman, president and CEO.
"We continued to execute on our channel strategy with least 77% of Avenova sales for the fourth quarter coming from the higher-margin prescription ophthalmology channel, up from only 30% in the fourth quarter of 2015.
"As a result of the shift in sales channel mix, we expect gross margin on Avenova product sales for the fourth quarter will exceed 85%.
"We completed 2016 with a strong balance sheet with approximately $9.5 million in cash and equivalents. This represents the highest cash balance we’ve reported in over two years.
"We are still finalizing the closing process for the quarter and will report at a later date on our objective of achieving positive adjusted cash flow from operations in December," he added.
"We have a positive outlook in 2017 for continued growth in Avenova prescriptions and sales," said Sieczkarek.
"We anticipate strong gross margin contribution from Avenova product sales as we grow Avenova sales through the prescription ophthalmology channel."
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