$2.85 Million, an Increase of Approximately 133% Year-Over-Year and 98% Sequentially
NEXGEL, Inc. (“NEXGEL” or the “Company”) (NASDAQ: “NXGL”), a leading provider of medical and over-the-counter (OTC) products including ultra-gentle, high-water-content hydrogels for healthcare and consumer applications, today announced preliminary, unaudited expected record revenue for the third quarter 2024 of approximately $2.85 million, an increase of approximately 133% year-over-year and approximately 98% quarter-over-quarter, respectively, as well as an increase of approximately 30% over the Company’s previously issued July third quarter revenue guidance of $2.20 million.
“We are pleased to announce yet another record revenue quarter, surpassing our internal forecasts in both branded consumer products and contract manufacturing,” said Adam Levy, NEXGEL’s CEO. “Our branded consumer product sales have seen significant growth year-over-year and quarter-over-quarter in all three brands led by our beauty brand Silly George. Additionally, our contract manufacturing segment has returned to more normalized revenue levels following our recent expansion initiatives, which included doubling our square footage and installing state-of-the-art automated machinery and related clean room facilities. We anticipate continued positive momentum will carry into the fourth quarter during which our first order of SilverSeal will also be delivered to Cintas.”
NEXGEL will report its financial results for the third quarter 2024 on or before November 14, 2024 and will host a conference call the same day.
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