NEXGEL (NASDAQ:NXGL) Inc has announced that it fiscal 2022 revenue rose 32% year over year to $2.05 million, which the company attributed primarily to an increase in contract manufacturing and branded consumer products.
The provider of ultra-gentle, high-water-content hydrogels also realized a 3,100% improvement in its gross profit margin for the year to approximately 12.5%, which NEXGEL (NASDAQ:NXGL) anticipates will continue to improve due to both increased revenue against fixed facility expenses and larger production runs on commercially-proven products.
“We are pleased to surpass $2 million in full-year revenue for 2022, a 32% year-over-year increase, driven primarily by a 34.7% increase in contract manufacturing and a 67.0% increase in branded consumer products,” NEXGEL (NASDAQ:NXGL) CEO Adam Levy said in a statement.
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“At year-end, we had over $6.6 million of cash and securities, providing us with ample working capital to execute on our growth plans and operate our business plan through 2025,” he added.
Levy also noted that as NEXGEL continues through 2023, the company anticipates its investments in R&D and joint ventures, new product launches, and partnerships will generate further year-over-year revenue growth.
NEXGEL added that its net loss for the year ended December 31, 2022, widened to $4.75 million from $4.31 million during 2021.
NEXGEL is a leading provider of ultra-gentle, high-water-content hydrogels for healthcare and consumer applications. Based in Langhorne, Pennsylvania, the company has developed and manufactured electron-beam, cross-linked hydrogels for over two decades.
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