Business
NEXGEL Reports Fourth Quarter and Full Year 2022 Financial Results
2022 revenue increased 32% YoY to $2.05 million, while gross profit margin improved As of December 31, 2022, had over $6.6 million in cash and securities
About this update from Nexgel, Inc
[{"type":"text","content":"2022 revenue increased 32% YoY to $2.05 million, while gross profit margin improved As of December 31, 2022, had over $6.6 million in cash and securities which is sufficient to operate through 2025 LANGHORNE, Pa., March 27, 2023 (GLOBE NEWSWIRE) -- 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 financial results for the fourth quarter and full year ended December 31, 2022. Adam Levy, NEXGEL’s Chief Executive Officer, commented, “We are pleased to surpass $2 million in full year revenue for 2022, a 32% year-over-year increase, driven primarily by a 34.7% increase in contract manufacturing and a 67.0% increase in branded consumer products. At year-end, we had over $6.6 million of cash and securities, providing us with ample working capital to execute on our growth plans and operate our business plan through 2025.” Mr. Levy continued, “As we continue through 2023, we anticipate our investments in R&D and joint ventures, new product launches, and partnerships to generate further year-over-year revenue growth. Our team has continued to navigate a challenging macroeconomic backdrop by being disciplined with cash deployment, while continuing to execute a thoughtful, multi-pronged business strategy to drive our future growth.” Fourth Quarter 2022 Operational Highlights ●Launched Turfguard, a unique hydrogel dressing for soothing turf burn and protecting athletic wounds. Turfguard’s sterile silver patches, cleared by the U.S. Food and Drug Administration for use on turf burns, kills 99% of staph, MRSA, and strep. ●Reported positive results from proof-of-concept study comparing its diclofenac hydrogel patches designed to treat pain indications such as arthritis, joint pain, muscle aches and more against leading commercially available topical treatments. ●Developed a new, proprietary hydrogel eye patch to treat amblyopia, a type of poor vision that typically occurs in one or both eyes often referred to as lazy eye, that is much gentler on the skin and is manufactured without the use of harsh chemicals or painful adhesives. ●SAGE Journals’ Scars, Burns and Healing publication, a peer-reviewed journal that focuses on scar and burns research, published new data from a study evaluating the impact of NEX...