This transaction was conducted under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell stocks. Following this sale, Robert holds 144,553 shares of NexGel. For deeper insights into insider transactions and comprehensive analysis, InvestingPro subscribers can access detailed Fair Value metrics and 8 additional ProTips about NXGL's financial health and market position. For deeper insights into insider transactions and comprehensive analysis, InvestingPro subscribers can access detailed Fair Value metrics and 8 additional ProTips about NXGL's financial health and market position. This transaction was conducted under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell stocks. Following this sale, Robert holds 144,553 shares of NexGel.
In other recent news, NEXGEL, the specialty hydrogel producer, has reported a significant increase in revenue for the third quarter of 2024. The company's revenue reached a record $2.94 million, marking a 141% year-over-year increase, driven by the acquisition of the Silly George brand and a robust performance in contract manufacturing. Despite this, NEXGEL reported a net loss of $754,000, an increase from the previous year's loss of $552,000.
Major contracts with Cintas (NASDAQ:CTAS) and AbbVie (NYSE:ABBV) are expected to improve cash flow in the following quarters. The company also launched Histasolv in collaboration with STADA and entered a distribution agreement with Cintas for SilverSeal. A human trial for a hydrogel application in laser hair removal is currently in progress, with results expected in the fourth quarter of 2024.
NEXGEL anticipates exceeding $3 million in revenue in the fourth quarter of 2024, and expects potential revenue from the laser hair removal study in the first half of 2025. In addition, expansion of product distribution in Europe and the U.S. is underway, with products expected in stores by 2025. These are recent developments reflecting the company's ongoing growth initiatives and strategic partnerships.
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