EMERYVILLE, Calif. – NovaBay Pharmaceuticals, Inc. (NYSE American: NBY) has announced a significant uptick in sales for its Avenova-branded eyecare products on Amazon.com (NASDAQ:), marking consecutive monthly sales records in March and April 2024. The company reported a sales increase of over 20% in April 2024 compared to the same period last year.
The growth in sales follows the implementation of enhanced marketing strategies and a narrowed focus on eyecare products. NovaBay’s CEO, Justin Hall, attributed the sales records to the quality of Avenova products and the efficiency of the marketing programs. He also noted the potential for further growth given the projected expansion of the U.S. dry eye disease treatment market, which is expected to approach $5 billion by 2030.
Avenova is positioned as a leading product in the treatment of conditions like blepharitis and dry eye disease, available over the counter. The product range includes the Avenova Antimicrobial Lid & Lash Solution, which is the top doctor-recommended lid and lash cleanser, as well as other products designed to complement the standard dry-eye treatment regimen.
NovaBay’s Avenova line comprises multiple products, including lubricating eye drops, a warm eye compress, an antioxidant-rich dietary supplement with omega-3 oils, and the i-Chek for monitoring eyelid health. The company also offers a prescription-only amniotic tissue product, Avenova Allograft, through eyecare professionals in the U.S.
While the company’s press release contains forward-looking statements about its future expectations, these are subject to risks and uncertainties that could cause actual results to differ materially. Investors are cautioned to consider the risk factors detailed in NovaBay’s latest SEC filings.
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This news is based on a press release statement from NovaBay Pharmaceuticals, Inc.
InvestingPro Insights
Amidst NovaBay Pharmaceuticals’ recent announcement of increased sales for its Avenova products on Amazon, the company’s financial health and market performance provide additional context for investors.
According to real-time data from InvestingPro, NovaBay has been trading at a low revenue valuation multiple, with a Price/Book ratio of 0.81 as of the last twelve months ending Q4 2023. This could indicate that the company’s stock is potentially undervalued relative to its book value, offering an intriguing point…
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