# NXGL earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/NXGL) · [Earnings tab](https://www.lopjlb.com/stock/NXGL?tab=earnings) Updated: 2026-08-17T04:00:29 Quarters analyzed: 8 ## Cross-quarter narrative Across eight earnings calls, NexGel evolved from a modest $1.44 M Q2‑2024 revenue base to a pro‑forma $35 M run‑rate after the BioNX acquisition. Early quarters emphasized integration of the Silly George acquisition, Texas facility expansion and contract manufacturing deals with Cintas and AbbVie, delivering record revenue growth and expanding gross margins to the mid‑40% range. Margin pressure returned in Q4‑2024 when Amazon commission re‑classification lowered gross margin, but subsequent quarters restored margin strength as high‑margin consumer products (Silly George, Kenkoderm) scaled and contract manufacturing utilization improved. Capital strategy shifted from small insider financings to a $13.8 M raise and a convertible‑note‑backed acquisition, supporting inventory, marketing and the $5.5 M strategic investment from Sequence LifeScience. Demand visibility sharpened with recurring Cintas re‑orders, iRhythm partnership and a pipeline of 510(k) devices, while consumer demand remained seasonal. The cash‑runway concern raised in Q4‑2024 did not reappear, suggesting resolution. The transformative Celularity wound‑care acquisition introduced the BioNX Surgical division, creating new margin buckets and positioning NexGel for sustained profitability and broader hospital penetration. ## Latest CallCard · Q1 NEXGEL closed BioNX acquisition, expects ~3x revenue to $35M pro forma; Q1 revenue flat at $2.65M; Silly George recovering; BioNX sales force ramping in May/June; added $500k/month operating run rate; three 510(k) devices in pipeline. **Guidance:** vague — Management provided pro forma expectation of ~$35M annual revenue (triple) and immediate accretivity post-BioNX close, but no formal quarterly or annual guidance issued. **Tone:** mgmt 0.6 · Q&A pressure 0.5 · divergence 0.3 Management highlights transformative acquisition, pro forma revenue tripling to $35M, immediate accretivity, strategic partnership with Sequence LifeScience, and strongest board/leadership ever. ### Demand visibility BioNX products in ~500 hospitals with reimbursement pathways; Silly George recovering; contract manufacturing and MEDAGEL growing; iRhythm steady; 510(k) pipeline adds future visibility but timing uncertain. BioNX portfolio has 6 commercial regenerative products approved in ~500 U.S. hospitals with existing reimbursement. Silly George sales normalized in April after weak Q4/Q1. STADA products growing (second launch delayed to mid-Feb by Amazon stickering). Tropoelastin products arriving in 60 days. iRhythm steady but not yet large. Contract manufacturing and MEDAGEL growth continuing. Three 510(k) devices targeted for 2026-2028 commercialization but clearance timing hard to pinpoint. ### Margins / costs SG&A increased due to BioNX acquisition costs and settled legal case; normalized monthly operating run rate ~$500k all-in for salaries, marketing, commissions; pro forma immediately accretive. Q1 SG&A elevated from BioNX acquisition costs and Kiss Nail Products legal case (now settled). New CFO Ian Blackman states approximate monthly run rate of $500,000 all-in for salaries, marketing and commissions for the expanded organization. Management claims pro forma immediate accretivity to profitability upon closing. ### Capital allocation Raised $13.8M ($8.8M cash + $5M convertible note) for BioNX acquisition and working capital; Sequence LifeScience invested $5.5M; offering nearly closed with final $1M from board members; cash on hand $1.8M as of May 15. Total financing of $13.8M comprised $8.8M cash and $5M convertible note delivered to Celularity. Sequence LifeScience led with $5.5M investment, replacing a financial lender with a strategic partner. Sequence CEO and COO joined board. Additional ~$1M from board members closing in days. Cash position $2.1M at March 31, $1.8M as of May 15. ## Quarter one-liners - **2026 Q1:** NEXGEL closed BioNX acquisition, expects ~3x revenue to $35M pro forma; Q1 revenue flat at $2.65M; Silly George recovering; BioNX sales force ramping in May/June; added $500k/month operating run rate; three 510(k) devices in pipeline. - **2025 Q4:** NEXGEL closes transformative acquisition of Celularity's degenerative wound segment, forming BioNX Surgical division, tripling revenue run-rate to ~$35M with immediate profitability accretion, backed by Sequence LifeScience strategic investment. - **2025 Q3:** NEXGEL Q3 revenue flat at $2.9M, gross margin improved to 42.4%, adj EBITDA loss narrowed to ~$354K; guiding FY25 $12-12.5M with record Q4 expected; contract manufacturing strong with iRhythm orders coming, consumer launches delayed but resolved; AbbVie partnership uncertain. - **2025 Q2:** NEXGEL Q2 revenue doubled to $2.9M with 43.6% gross margin; STADA $1M non-dilutive funding, iRhythm and Cintas partnerships expanding; guidance maintained at $13M revenue and positive EBITDA for 2025. - **2025 Q1:** NEXGEL Q1 revenue $2.81M (+121% YoY), gross margin 42.4%, maintains $13M FY guidance; AbbVie delay offset by contract manufacturing growth, STADA expansion, Silly George margin improvement. - **2024 Q4:** NEXGEL reports 112% YoY revenue growth to $8.69M in 2024, guides $13M+ in 2025 with positive EBITDA target, driven by contract manufacturing (Cintas, AbbVie) and consumer brands (Silly George, Kenkoderm), plus laser hair removal hydrogel study. - **2024 Q3:** NEXGEL posts record Q3 with $2.94M revenue (+141% YoY), 43.6% gross margin, nearing cash flow positive; Silly George at $5M run rate, Cintas and AbbVie partnerships ramping, laser hair removal study data due Q4. - **2024 Q2:** NEXGEL posts record Q2 revenue of $1.44M (+23% YoY) driven by Silly George acquisition; guides Q3 $2.2M, Q4 $2.6M; AbbVie RESONIC delayed to Q1 2025; Cintas SilverSeal deal starts Q4; insider-led $1.11M financing closed. ## Theme arcs - **Revenue growth** (improving): From $1.44 M in Q2‑2024 to $35 M pro‑forma after BioNX acquisition - **Gross margin dynamics** (improving): Peaked at 43.6% Q3‑2024, dipped to 37.2% Q4‑2024, then rebounded to low‑mid 40% range - **Demand visibility** (improving): Contract manufacturing deals (Cintas, AbbVie, iRhythm) became recurring; consumer demand seasonal but expanding - **Capital strategy** (improving): Series of financings grew from $1.1 M insider to $13.8 M acquisition funding and $5.5 M strategic investment - **Acquisition and new business lines** (new): 2025‑2026 BioNX Surgical division formed via Celularity wound‑care acquisition - **Product pipeline expansion** (new): Laser‑hair‑removal studies, 510(k) devices, and expanded Silly George/Kenkoderm lines ## Guidance path 2024 Q2:raised → 2024 Q3:maintained → 2024 Q4:maintained → 2025 Q1:maintained → 2025 Q2:maintained → 2025 Q3:lowered → 2025 Q4:vague → 2026 Q1:vague --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/NXGL`