Shares of the NovaBay Pharmaceuticals, Inc. (NBY) stock rose in the premarket trading session today on October 20, 2021. NBY stock price saw a push of 8.08% to reach $0.59 a share at the time of this writing. The stock was also green in the previous trade and went up by 0.57% at closing. Let’s take a closer look at this stock.
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Investors are responding positively to the NBY stock however there is no specific news associated with increasing per-share price. No analysts’ upgrades or increased targeted per share price of the NBY stock has been reported in recent times. It seems that the interactions between investors in the social media platforms like Reddit, Twitter, and StockTwits are driving the stock price high in the stock market.
NBY stock acquired DERMAdoctor:
On September 28, 2021, NBY stock signed a definitive agreement to acquire DERMAdoctor, LLC along with its inventory, products, and intellectual property. The total purchase price for this acquisition was $15 million which consisted of $12.0 million in cash at closing and $3 million earnout payments upon achieving predetermined financial targets for the fiscal years 2022 and 2023. DERMAdoctor is engaged in the commercialization of dermatologist skincare products. The company’s product portfolio consists of more than 30 products.
Financial View of NBY stock:
- In the second quarter of 2021, NovaBey stock generated $2.1 million in net product revenue. The revenue decreased as compared to $4.0 million net product revenue in the second quarter of 2020. Net product revenue was $3.9 million for the first half of 2021
- Gross margins for Q2,2021 were 71% as compared to 49% in the second quarter of 2020. The stock reported a 73% gross margin for the first half of 2021.
- NovaBay stock spent $3.4 million in operating expenses and $1.8 million in sales and marketing expenses during the second quarter of 2021. Sales and marketing expenses increased by 16% in the first half of 2021.
- NBY stock suffered a net loss of $1.9 million, or $0.04 per share in the second quarter f 2021. Net loss for the first half of 2021 was $3.4 million, or $0.08 per share.
- NBY stock had $10.3 million in cash and cash equivalents by the end of the second quarter of 2021.
About NovaBay Pharmaceuticals, Inc:
NovaBay Pharmaceuticals, Inc is operating as a medical device company that is engaged in the development of eye care products in the United States and across the globe. Its products include Avenova a solution for cleansing and removing debris from the skin around the eye, CelleRx Clinical Reset, a facial spray. The company offers its products through distribution partners as well as through online sales channels. The company was founded in 2000 and is based in Emeryville, California.