Losses Reduce For NovaBay Pharmaceuticals Inc. (NYSEMKT:NBY)
NovaBay Pharmaceuticals Inc. (NYSEMKT:NBY) reported financial, clinical and operational results and updates for the first quarter of 2014. NovaBay continues to operate at a loss, although the loss is smaller than the one reported in the same quarter last year.
NovaBay Pharmaceuticals First Quarter 2014 Financial Results
For the first quarter of 2014, NovaBay Pharmaceuticals reported a net loss of $3.6 million, $0.08 EPS loss. This is slightly lower the net loss of $4.0 million or $0.11 net loss per share, reported by the Company for the first quarter in 2013.
NovaBay Pharmaceuticals Inc. (NYSEMKT:NBY) reported sales revenue of $188,000 for the quarter, as compared to $63,000 for the same quarter last year. NovaBay’s license and collaboration revenues were down to $0.3 million, as compared to almost $1.0 million for the same quarter last year.
The company’s EPS loss of $0.08 for the first quarter 2014 is three cents lower than the analyst consensus estimate of $0.11 loss per share. The revenue, however, is far lower than the $490,000 that analysts had estimated the company would report.
Clinical and Operational Update for NovaBay Pharmaceuticals
NovaBay Pharmaceuticals Inc. (NYSEMKT:NBY) announced that it introduced Advanced i-Lid™ Cleanser, a new eye care product. Ron Najafi, Ph.D., chairman and CEO of NovaBay Pharmaceuticals, said the product aids a vexing problem for ophthalmologists and optometrists.
Najafi also noted that they have secured marketing and distribution partnerships for NeutroPhase Skin and Wound Cleanser not only in the U.S., but also in China, South Korea and other parts of Southeast Asia. He said they expect to add agreements for other regions in the future.
“I am also pleased to report that we have now enrolled over 500 patients in our global Phase 2b conjunctivitis study and expect to announce results in mid-2014,” added Najafi.