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NovaBay posts $1.6 million net loss in second quarter

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NovaBay Pharmaceuticals reported a net loss of $1.6 million, or $0.09 per share, in the second quarter of 2018 compared with a net loss of $1.7 million, or $0.11 per share, in 2017’s second quarter.

Net sales decreased from $4.1 million in 2017’s second quarter to $2.8 million in 2018’s second quarter. The company attributed the decrease to a delay “in hiring new sales representatives and increasing managed care coverage for Avenova,” according to a press release.

Sales and marketing expenses were $3 million compared with $3.4 million a year ago. General and administrative expenses were $1.4 million compared with $1.7 million.

The company had cash and cash equivalents totaling $6.8 million as of June 30.