NovaBay Pharmaceuticals, Inc. (NYSE MKT:NBY) Q2 2020 Earnings Conference Call - Final Transcript
Aug 06, 2020 • 04:30 pm ET
Welcome to the NovaBay Pharmaceuticals Conference Call. [Operator Instructions] As a reminder, this conference is being recorded August 6, 2020.
I would now like to turn the conference over to Yvonne Briggs. Please go ahead, ma'am.
Thank you. This is Yvonne Briggs with LHA. Thank you for participating in today's call. Joining me from NovaBay Pharmaceutical are Justin Hall, President and Chief Executive Officer; and Andrew Jones, the Company's Chief Financial Officer.
I would like to remind listeners that comments made during this call by management will include forward-looking statements within the meaning of federal securities law. These forward-looking statements involve risks and uncertainties that could cause actual results to be materially different from any anticipated results. In particular, there is significant uncertainty about the duration and potential impact of the COVID-19 pandemic. This means that results could change at any time and the contemplated impact of COVID-19 on NovaBay's operations and financial results, and its outlook is the best estimate based on the information available for today's discussion. For a list and description of risks and uncertainties, please review NovaBay's filings with the Securities and Exchange Commission at sec.gov. Furthermore, the contents of this conference call contains information that is accurate only as of the date of the live broadcast today, August 6, 2020. NovaBay undertakes no obligation to revise or update any statements to reflect events or circumstances except as required by law.
And now, I'd like to turn over the call to Justin Hall. Justin?
Thank you, Yvonne. Good afternoon, everyone, and thank you for joining us. Today, I'm very proud to share with you our second quarter results. At a time when many businesses struggled, we not only survived but thrived. We're reporting strong financial results for the second quarter with revenue of $4 million, up 122% over the prior year period, while narrowing our operating loss by 22%. We have also strengthened our cash balance significantly giving us financial security in a time of general uncertainty. Our strategic move a year ago to create a direct-to-consumer sales channel proved key to supporting year-over-year growth in unit volume. This channel allowed customers to order Avenova during the pandemic without ever leaving their homes and without a prescription while physician offices were largely closed and patient visits to eye care specialists virtually stopped.
Second quarter revenue growth was driven by our ability to capitalize on our international health network to supply KN95 masks beginning in the early months of the pandemic when personal protective equipment was in short supply. Our team here in NovaBay demonstrated great agility in quickly creating the infrastructure to offer these masks with timely order fulfillment.
As the COVID-19 pandemic continues, it's particularly gratifying to announce the results from a highly reputable independent laboratory confirming that Avenova kills the COVID-19 virus. Since Avenova's inception, we have known it to be a very powerful anti-microbial spray solution effective against all types of pathogens, including a wide variety of viruses, bacteria and fungi. Now we have