Nexgel, Inc. ( (NXGL) ) has released its Q3 earnings. Here is a breakdown of the information Nexgel, Inc. presented to its investors.
NexGel, Inc. is a company specializing in the production of high water content hydrogels used in various sectors including wound care, medical diagnostics, and skincare, with a focus on custom and proprietary gel technologies. In its latest earnings report, NexGel, Inc. highlights a significant increase in revenue, reporting $2.94 million for the third quarter of 2024, a substantial rise from $1.22 million in the same period last year. The company’s gross profit also improved, reaching $1.28 million compared to $344,000 in the third quarter of 2023. Despite these positive trends, NexGel continues to face net losses, recording a net loss of $754,000 for the quarter, although this is a slight improvement from the $552,000 loss in the same quarter last year. Operating expenses increased to $2.07 million from $956,000, mainly due to higher selling, general, and administrative costs. Moving forward, NexGel is focusing on expanding its customer base, exploring new product channels, and maintaining its contract manufacturing business to achieve long-term profitability. The company plans to leverage its in-house capabilities to develop more consumer products and explore potential strategic acquisitions.
