NEXGEL Projects Strong Revenue Growth for Second Half of 2024

Nexgel

LANGHORNE, PANEXGEL, Inc. (NASDAQ: NXGL) announced preliminary, unaudited revenue figures for the second quarter of 2024 and provided optimistic revenue guidance for the third and fourth quarters.

The company anticipates second-quarter revenue to hit $1.4 million, reflecting a 20% increase from the same period last year and a 10% sequential rise. For the third quarter, NEXGEL projects revenue of $2.2 million, marking an 83% year-over-year increase. The fourth quarter is expected to see revenue jump to $2.6 million, up 140% from the previous year.

CEO Adam Levy highlighted the company’s performance despite challenges. “We are pleased to deliver record revenue for the second quarter of 2024 in spite of lower-than-normal revenues at CG Converting and Packaging due to our move into our newly expanded facility,” he said.

Levy also pointed to promising trends in the second half of the year. New customer relationships with large global corporations have driven growth in contract manufacturing. Additionally, NEXGEL’s consumer products, such as Silly George’s Pop-On Lash product line, released in May, have seen strong demand.

While projections for the third and fourth quarters do not yet include any revenue from a relationship with AbbVie, the expected growth positions NEXGEL well for achieving positive cash flow from operations.

NEXGEL’s robust revenue outlook underscores its strategic expansion and market penetration efforts, indicating a bright future for the company’s financial health and operational success.

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