NovaBay Pharmaceuticals Announces Preliminary 2018 Net Sales and Introduces 2019 Net Sales Guidance
January 07 2019 - 6:50AM
Business Wire
NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY), a
biopharmaceutical company focusing on commercializing prescription
Avenova® for the domestic eye care market, announces 2018 net sales
are expected to be $12.6 million to $12.7 million. The company also
introduces expectations for 2019 net sales to be approximately
$16.0 to $16.5 million, representing an increase of up to 30% over
2018.
“During 2018 we launched a number of refinements to our Avenova
commercial strategy as we gained experience from our initial
approach,” said Jack McGovern, NovaBay Interim CEO and CFO. “The
successful execution on these refinements gives us confidence in
returning to double-digit year-over-year sales growth in 2019 and
sustainable growth thereafter.
“Key drivers of our expected growth include engaging specialty
pharmacy providers as channel partners, which provides the dual
benefit of significantly improving the overall patient experience
and supporting higher per-unit revenue,” he added. “Avenova is sold
through these partners at pre-contracted prices. That allows us to
reduce rebating, which has been an issue as patient insurance
deductibles reset at the start of each benefit year. To date we’ve
contracted with five specialty pharmacy providers serving patients
in all important metro areas, and we are in active discussions with
several more.
“We also are advancing a strategy of expanding and upgrading our
salesforce, and deploying our sales representatives in territories
we’ve identified as having favorable health plan coverage to
improve per-unit revenue,” he added. “I’m pleased to report that
the seasoned sales representatives we hired in mid-2018 have become
increasingly productive as they gained tenure in their territories.
Last month, we hired 10 similarly highly qualified sales
representatives, bringing our salesforce to 49 at the close of
2018. We have plans to add six more reps by the end of the first
quarter of 2019.
“Importantly, Avenova faces ample room for growth,” said
McGovern. “Avenova is a proven product that addresses the large
underserved conditions of blepharitis and bacterial dry eye that,
together, represent about 85% of the dry eye market. We are
diligently working to educate ophthalmologists and optometrists
about the bacterial nature of most cases of dry eye. We strongly
believe that Avenova is the best product available to treat the
underlying cause of blepharitis and evaporative dry eye.”
About Avenova®
Avenova is an eye care product formulated with our proprietary,
stable and pure form of hypochlorous acid. It has proven in
laboratory testing to have broad antimicrobial properties as a
preservative in solution as it removes foreign material including
microorganisms and debris from the skin on the eyelids and lashes
without burning or stinging. Avenova is marketed to optometrists
and ophthalmologists throughout the U.S. by NovaBay’s direct
salesforce. It is accessible from more than 90% of retail
pharmacies in the U.S. through agreements with McKesson
Corporation, Cardinal Health and AmerisourceBergen.
About NovaBay Pharmaceuticals, Inc.: Going Beyond
Antibiotics®
NovaBay Pharmaceuticals, Inc. is a biopharmaceutical company
focusing on commercializing and developing its non-antibiotic
anti-infective products to address the unmet therapeutic needs of
the global, topical anti-infective market with its two distinct
product categories: the NEUTROX® family of products and the
AGANOCIDE® compounds. The Neutrox family of products includes
AVENOVA® for the eye care market, NEUTROPHASE® for wound care
market, and CELLERX® for the aesthetic dermatology market. The
Aganocide compounds, still under development, have target
applications in the dermatology and urology markets.
Forward-Looking Statements
This release contains forward-looking statements that are based
upon management's current expectations, assumptions, estimates,
projections and beliefs. These statements include, but are not
limited to, statements regarding our business strategies and future
focus, our estimated future revenue, and generally the Company’s
expected future financial results. Forward-looking statements can
be identified with words like (and variations of): “expect,” and
“believe.” These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
achievements to be materially different and adverse from those
expressed in or implied by the forward-looking
statements. Factors that might cause or contribute to such
differences include, but are not limited to, risks and
uncertainties relating to returning to double digit revenue growth,
the size of the potential market for our products, improving sales
rep productivity and product distribution, obtaining adequate
insurance reimbursement, and any potential regulatory
problems. Other risks relating to NovaBay’s business,
including risks that could cause results to differ materially from
those projected in the forward-looking statements in this press
release, are detailed in NovaBay's latest Form 10-Q/K filings with
the Securities and Exchange Commission, especially under the
heading "Risk Factors." The forward-looking statements in this
release speak only as of this date, and NovaBay disclaims any
intent or obligation to revise or update publicly any
forward-looking statement except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190107005312/en/
NovaBay ContactsFor NovaBay Avenova+ purchasing
information:Please call us toll free: 1-800-890-0329 or
email sales@avenova.comwww.Avenova.com
From the CompanyJack J. McGovernInterim Chief Executive
Officer and Chief Financial
Officer510-899-8800jmcgovern@novabay.com
Investor ContactLHA Investor RelationsJody
Cain310-691-7100Jcain@lhai.com
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