EMERYVILLE, Calif.—NovaBay Pharmaceuticals, Inc. (NYSE American: NBY) reported financial results for the three and 12 months ended December 31, 2023. Total sales, net for the fourth quarter of 2023 were $3.7 million, an increase of 2 percent from $3.6 million for the prior-year period, with the increase due to higher Avenova and wound care product sales. Net product revenue for the fourth quarter of 2023 included $2.8 million from the eyecare and wound care segment, and $0.9 million from the skincare segment. Total sales, net for 2023 were $14.7 million, an increase of 2 percent from $14.4 million for 2022, and included $11.2 million from the eyecare and wound care segment, and $3.6 million from the skin care segment.

“Quarterly revenue from our eyecare and wound care segment increased 10 percent versus the prior year, driven by higher Avenova sales through our physician dispensed and OTC channels, and by higher sales of our branded wound care products,” said Justin Hall, CEO of NovaBay. “Last year, we expanded our loyal customer base for Avenova with a 64 percent year-over-year increase in online subscription-based unit sales on Amazon.com and Avenova.com, our two most important OTC sales channels. We achieved this while reducing our sales and marketing spend by 17 percent for the year, including a 27 percent reduction for the quarter, by further leveraging our digital marketing expertise.

“Further, the declining sales from skin care products prompted the recent divestiture of DERMAdoctor, which reduces our operating expenses and better positions us to pursue strategic initiatives that have a greater potential for growth.”

He added, “We recently announced a co-promotion agreement with Eyenovia that capitalizes on our established relationships with eyecare professionals and are seeking additional strategic growth opportunities in the eyecare market.”

Net loss for the fourth quarter of 2023 was $9.2 million, which included a non-cash adjustment of $5.1 million due to the reset of preferred stock conversion prices. This compared with a net loss for the fourth quarter of 2022 of $8.2 million.

Net loss for full-year 2023 was $16.7 million, which included a non-cash increase to accumulated deficit due to adjustment to preferred stock conversion prices of $7.1 million. This compared with a net loss for 2022 of $16.3 million.

NovaBay had cash and cash equivalents of $3.1 million as of December 31, 2023, compared with $5.4 million as of December 31, 2022.