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NovaBay posts quarterly loss

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NovaBay Pharmaceuticals reported a net loss of $2.2 million, or $0.13 per share, in the first quarter of 2018 compared with a net loss of $4 million, or $0.26 per share, in the first quarter of 2017, according to a press release.

Net sales were $2.9 million compared with $3.7 million a year ago.

General and administrative costs decreased from $3.1 million last year to $1.6 million this year, which was attributed to lower stock-based compensation expense and lower professional services and consulting fees.

Research and development costs decreased from $62,000 to $46,000 for the quarter.

The company had cash and cash equivalents of $8.3 million as of March 31.