Novabay Pharmaceuticals Down 22.01% To $0.11 After Earnings Beat

Wednesday, March 27, 2024 - Novabay Pharmaceuticals (NBY) reported upside earnings and revenues today.

Novabay Pharmaceuticals's earnings came in at an EPS loss of $0.21 per share, 30.00% higher than estimates for an EPS loss of $0.3 per share. The firm's loss per share narrowed by 86% since reporting a loss of $1.47 per share a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Analyst projections for Novabay Pharmaceuticals revenue came in at a consensus of $3.4 million. Fourth-Quarter revenues surpassed estimates for $3.7 million by $327 thousand (10%). The company achieved 2% growth year-over-year compared to the firm's revenue of $3.6 million from the year-ago quarter. The higher earnings growth relative to revenue signals Novabay Pharmaceuticals has improved its profit margin.

The stock is down 22.01% to $0.11 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Novabay Pharmaceuticals has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 2, putting Novabay Pharmaceuticals in the bottom 25% of stocks. The firm was recently trading at a 52-week low of $0.12 on February 7, 2024 and set a 52-week high on April 21, 2023 at $1.95.

NovaBay Pharmaceuticals Inc is a biopharmaceutical company that develops and sells scientifically-created and clinically-proven eyecare and skincare products. Its leading product, Avenova Antimicrobial Lid and Lash Solution (Avenova Spray), is proven in laboratory testing to have broad antimicrobial properties as it removes foreign material including microorganisms and debris from the skin around the eye, including the eyelid. Avenova Spray is available direct to consumers through online distribution channels and is also often prescribed and dispensed by eyecare professionals for blepharitis and dry-eye disease.