Key insights
- NEXGEL (NXGL) appointed Dave Hazard as VP of Sales for its BIONX Surgical division. The company's stock is near its 52-week low, and it recently received a Nasdaq deficiency notice for trading below $1.00. While analysts predict profitability this year, the negative news outweighs the positive appointment, suggesting a slightly bearish short-term outlook.
LANGHORNE, Pa. - NEXGEL, Inc. (NASDAQ:NXGL) announced today the appointment of Dave Hazard as Vice President of Sales for its BIONX Surgical division, according to a press release statement. The appointment comes as the company trades near its 52-week low of $0.56, with shares down 79% over the past year.
Hazard brings over 13 years of sales leadership experience in orthopedics, spine, and biologics sectors. He most recently spent four years at Nuo Therapeutics, Inc., where he commercialized Aurix wound care PRP products. During his tenure there, he built a salesforce of more than 400 representatives and secured Smith+Nephew as a white label partner for the Centrio product line.
Prior to Nuo Therapeutics, Hazard served as Regional Manager of Orthobiologics at Arthrex for more than five years, leading a biologics business that generated over $50 million in annual revenue across orthopedic and sports medicine specialties. Arthrex is a current strategic partner of BIONX Surgical. He also spent 13 years in orthopedic and spine sales at Arthrex, Stryker, and Smith+Nephew.
NEXGEL is a provider of healthcare, beauty, and over-the-counter products, including hydrogel products for healthcare and consumer applications. The company is based in Langhorne, Pennsylvania, and has manufactured electron-beam, cross-linked hydrogels for over two decades. With a market cap of $5.13 million and revenue of $11.42 million, analysts predict the company will be profitable this year. InvestingPro data suggests the stock may be undervalued at current levels.
The BIONX Surgical division was formed through a recent acquisition, though specific details about the acquisition were not provided in the announcement.
In other recent news, NexGel, Inc. announced it received a deficiency letter from the Nasdaq Listing Qualifications Department. The letter indicated that the company’s common stock had closed below the minimum $1.00 per share requirement for the past 30 consecutive business days. This notice was issued under Nasdaq Listing Rule 5550(a)(2), which sets the minimum bid price standard for continued listing on the Nasdaq Capital Market. NexGel stated that this deficiency letter does not have an immediate effect on its listing status. The company’s common stock will continue to trade on the Nasdaq Capital Market under its current symbol. These developments are part of the recent updates concerning NexGel.
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