Business
NEXGEL Reports Record Second Quarter 2024 Revenue of $1.44 Million
LANGHORNE, Pa., Aug. 14, 2024 (GLOBE NEWSWIRE) -- NEXGEL, Inc. (“NEXGEL” or the “Company”) (NASDAQ: “NXGL”), a leading provider of ultra-gentle,
About this update from Nexgel, Inc
[{"type":"text","content":"LANGHORNE, Pa., Aug. 14, 2024 (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 record second quarter 2024 revenue of $1.44 million and is reiterating revenue guidance for the 2024 third and fourth quarter of $2.2 million and $2.6 million, respectively. Adam Levy, NEXGEL’s Chief Executive Officer, commented, “The second quarter of 2024 was a record revenue quarter for the Company, totaling $1.44 million, an increase of 23.4% year-over-year and 13.7% sequentially. Branded consumer product revenue was a key growth driver during the quarter led by our Silly George brand, which contributed revenue for approximately half the quarter. At the time of closing on the acquisition, Silly George was on a revenue run rate of $2 million. In July alone Silly George sales were over $380,000 on Shopify only. We continue to be excited with this acquisition and revenue opportunities from our partnerships with STADA and Cintas in the back half of this year.” Second Quarter 2024 Business and Operational Highlights Acquired Silly George, an international beauty company with specialty in eye and eyelash consumer products.Announced the first product, Histasolv®, sold as DAOSIN® in Europe, to be distributed in partnership with STADA Arzneimittel AG (“STADA”) in North America.Signed agreement with Cintas Corporation, a leading provider of corporate identity uniforms, first aid and safety products and services to over 1 million businesses across North America, to distribute SilverSeal. Subsequent Events Issued revenue guidance for the third and fourth quarters of 2024 of $2.2 million and $2.6 million, an increase of 83% and 140% year-over-year, respectively.Closed on registered direct offering led by insiders for gross proceeds of approximately $1.11 million.In partnership with Innovative Optics, a leading supplier of safety products and person protective equipment for medical, surgical, and aesthetic healthcare facilities globally, initiated an institutional review board study on the benefits of hydrogel application during laser hair removal. Second Quarter 2024 Financial Highlights For the quarter ended June 30, 2024, revenue totaled $1.44 million, an increase of $273,000, or 23.4%, as compared t...