Today’s significant increase in the value of NEXGEL, Inc.’s (NASDAQ: NXGL) shares might be ascribed to the company’s pre-announcement of expected record sales. According to the most recent market data, NXGL shares are now trading at $2.73, up 13.75%. This increase is a result of market confidence after preliminary, unaudited revenue forecasts were disclosed.
Outstanding Year-Over-Year Increase
NEXGEL (NXGL) expects to generate around $2.85 million in sales during the third quarter of 2024. This number represents a significant growth of around 98% from quarter to quarter and roughly 133% from year to year.
Additionally, this predicted revenue is a 30% higher adjustment from the company’s previously released projection of $2.20 million. Based on these anticipated outcomes, NEXGEL is poised to achieve yet another quarter of record breaking earnings, exceeding internal projections in both its contract manufacturing and branded consumer products sectors.
Strong Performance in Consumer Products
The growth in NEXGEL’s branded consumer products is noteworthy, particularly in its beauty brand, Silly George. Sales across all three brands have demonstrated significant improvement both year-over-year and quarter-over-quarter.
Additionally, the company’s contract manufacturing segment has returned to more normalized revenue levels following strategic expansion initiatives, which included an increase in operational space and the installation of advanced automated machinery and clean room facilities.
Strategic Leadership Expansion
In conjunction with its revenue growth, NEXGEL has strengthened its leadership by appointing Kip Crecca to its Scientific Advisory Board. With over two decades of experience in medical device sales and management, Mr. Crecca’s expertise is expected to be invaluable as NEXGEL advances its medical device and healthcare programs.
Currently serving as the Vice President of North America Sales at MicroSurgical Technology, he has held various sales leadership roles at several prominent companies. This appointment aligns with NEXGEL’s commitment to fostering innovation and growth in its healthcare initiatives, ultimately enhancing patient outcomes through advanced hydrogel solutions.
