Business
NEXGEL Reports First Quarter 2022 Financial Results
First quarter 2022 revenue increased 48% YoY to $396 Thousand Company launched two new consumer OTC products using its HYDROGEL Technology: The MEDAGEL
About this update from Nexgel, Inc
[{"type":"text","content":"First quarter 2022 revenue increased 48% YoY to $396 Thousand\nCompany launched two new consumer OTC products using its HYDROGEL Technology: The MEDAGEL ClearComfort Hydrogel Patch and The MEDAGEL Bug Bite Relief Patch \n LANGHORNE, Pa., May 12, 2022 /PRNewswire/ -- NEXGEL, Inc. (\"NEXGEL\" or the \"Company\") (NASDAQ: \"NXGL\"), a leading provider of ultra-gentle, high-water-content hydrogel products for healthcare and consumer applications, today announced its financial results for the first quarter ended March 31, 2022. \n\n \n \n \n \n \n \n\n \nAdam Levy, NEXGEL Chief Executive Officer, commented, \"We are pleased with our financial results for the quarter. We have remained focused on our growth strategy within each of our core business segments - branded products, contract manufacturing, and medical devices. Our consumer segment had a strong start to the year with the launch of two new OTC products, The MEDAGEL ClearComfort Hydrogel Patch and The MEDAGEL Bug Bite Relief Patch. MEDAGEL now has 10 SKUs available on Amazon, and the products continue to be a steady contributor to our revenue growth. In our contract manufacturing segment, we are making progress on growing the business through our new offering that allows OTC brands to leverage our hydrogel products for line extensions for their products. We are making progress with this strategy and are focused on expanding the business. Lastly, we remain committed our medical device segment and continue to make advancements on our first product, NEXDrape, which is in the research and development phase. We expect our revenue growth year-over-year trend to continue for the foreseeable future.\"\nFirst Quarter 2022 Financial Highlights\nRevenue for the three months ended March 31, 2022, was $396 thousand, an increase of $129 thousand, or 48%, when compared to $267 thousand for the three months ended March 31, 2021. The increase in our overall revenue was due to sales growth of new products as well as our initiatives in branded consumer products.\nGross loss for the first quarter of 2022 was $22 thousand, compared to a gross loss of $42 thousand for the three months ended March 31, 2021.\nCost of revenues increased by $109 thousand, or 35%, to $418 thousand for the three months ended March 31, 2022, as compared to $309 thousand for the three months ended March 31, 2021. The increa...