NovaBay Pharmaceuticals (NYSE:NBY) reported a growth of 10% YoY in Q4 2020 revenues to $1.9 million. Its full-year revenues are $9.9 million (up 51% YoY).
Demonstrates impressive performance
CEO of NovaBay, Justin Hall, said the company posted record results in Q4 2020 mainly on the backdrop of online orders and sales through physician-dispensed channels. In 2020, the company reported an impressive growth of 51% by tapping the global health supply network to market PPE (personal protection equipment). NovaBay reduced its loss in Q4 2020 to $1.8 million (improved 94.4% YoY).
Focuses on the beauty market
NovaBay focuses on the beauty market in 2021 to achieve growth.
The company will market CelleRx Clinical Reset and Avenova this year. It rolled out Avenova in CVS stores across the US. The products are also available at its online store.
NovaBay also unveils digital marketing programs for CelleRx Clinical Reset and Avenova. Hall said the company strengthened its balance sheet through various actions like reducing spending, raising capital, and closing debt in 2020. It has a cash balance of $12 million to fund its operations for the next year also.
Besides organic growth, NovaBay also plans to improve business by licensing/ acquiring skincare and ophthalmic products.
Avenova Warm Eye Compress
NovaBay introduced its innovative product Avenova® Warm Eye Compress, at prominent online stores and its online store. The product will provide relief from symptoms associated with dry eyes.
The heated eye compress, which is reusable, can also relieve patients from symptoms related to blepharitis, chalazion, styes, and meibomian gland disease. Hall said several people are suffering from dry eyes because they cannot produce sufficient lubrication in their eyes.
NovaBay’s Avenova Warm Eye Compress lubricates and hydrates the eyes and expels debris and bacteria. It keeps your eyes rejuvenated and refreshed.
Warm Eye compress can be used together with clinically proven Avenova lid and lash spray to restore natural defenses. It produces more tears by stimulating meibomian glands.
It ensures the flow of natural oils in the eyes and boosts blood circulation, and relaxes your eyes. You need to heat the eye compress for 15 to 20 seconds in microwave open and keep it on your closed eyelids for best results.