NEXGEL, INC. NXGL
water content, electron beam cross-linked, aqueous polymer hydrogels, or gels, used for wound care, medical diagnostics, transdermal drug
delivery and cosmetics. We specialize in custom gels by capitalizing on proprietary manufacturing technologies. We distribute our products
as a contract manufacturer, supplying our gels to third parties who incorporate them into their own products. We also have a line of branded
consumer products sold direct to consumers and custom and white label opportunities, which focuses on combining our gels with proprietary
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.4M | $8.7M | $4.1M | $2.0M | $1.6M | $674.0K | $717.0K | $2.2M | — |
| Cost of revenue | $6.9M | $5.9M | $3.7M | $1.8M | $1.5M | $965.0K | $854.0K | $1.7M | — |
| Gross profit | $4.5M | $2.7M | $374.0K | $256.0K | $8.0K | -$291.0K | -$137.0K | $514.0K | — |
| R&D | $2.0K | $78.0K | $103.0K | $367.0K | $31.0K | — | — | — | — |
| SG&A | $7.9M | $6.2M | $3.7M | $3.2M | $2.5M | $2.0M | $1.8M | $2.4M | — |
| Total operating expenses | $7.9M | $6.3M | $3.9M | $3.6M | $2.6M | $2.0M | $1.8M | $2.4M | — |
| Operating income | -$3.4M | -$3.6M | -$3.5M | -$3.3M | -$2.6M | -$2.3M | -$1.9M | -$1.9M | — |
| Interest expense | $34.0K | $81.0K | $15.0K | $1.3M | — | — | — | — | — |
| Pre-tax income | -$2.9M | -$3.5M | -$3.2M | -$4.7M | -$4.3M | -$2.3M | -$1.9M | — | — |
| Income tax | — | — | — | $0 | $0 | $0 | $0 | — | — |
| Net income | -$3.0M | -$3.3M | -$3.2M | -$4.7M | -$4.3M | -$2.3M | -$1.9M | -$1.9M | — |
| EPS, basic | -0.38 | -0.50 | -0.56 | -0.85 | -1.45 | -1.05 | -0.14 | -0.38 | — |
| EPS, diluted | -0.38 | -0.50 | -0.56 | -0.85 | -1.45 | -1.05 | -0.14 | -0.38 | — |
| Shares, diluted (wtd. avg.) | $7.9M | $6.5M | $5.7M | $5.6M | $3.0M | $2.3M | $13.6M | $5.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | — | — | — | — | $13.3M | $32.0K | $261.0K | $0 | — |
| Short-term investments | — | — | — | $5.5M | — | — | — | — | — |
| Receivables | $673.0K | $933.0K | $633.0K | $222.0K | $209.0K | $73.0K | $102.0K | $34.0K | — |
| Inventory | $2.1M | $1.8M | $1.3M | $502.0K | $291.0K | $233.0K | $113.0K | $101.0K | — |
| Total current assets | $4.3M | $5.1M | $5.1M | $7.5M | $13.9M | $363.0K | $513.0K | $361.0K | — |
| Property, plant and equipment | $2.0M | $2.2M | $1.5M | $721.0K | $723.0K | $553.0K | $282.0K | $200.0K | — |
| Goodwill | $1.1M | $1.1M | $1.1M | $311.0K | $311.0K | $311.0K | $0 | — | — |
| Other intangibles | $681.0K | $807.0K | $326.0K | $20.0K | $33.0K | $47.0K | $0 | — | — |
| Total assets | $10.5M | $11.0M | $10.0M | $10.4M | $17.0M | $2.3M | $1.9M | $739.0K | — |
| Accounts payable | — | — | $1.2M | $265.0K | $254.0K | $658.0K | $510.0K | $157.0K | — |
| Short-term debt | — | — | $245.0K | — | — | — | — | — | — |
| Total current liabilities | $3.0M | $2.5M | $2.5M | $859.0K | $2.9M | $1.3M | $800.0K | $407.0K | — |
| Long-term debt | $588.0K | $685.0K | $593.0K | $283.0K | — | $127.4K | — | — | — |
| Total liabilities | $5.6M | $4.9M | $4.8M | $2.7M | $4.9M | $2.2M | $1.5M | $458.0K | — |
| Retained earnings | -$21.0M | -$18.0M | -$14.7M | -$11.6M | -$6.8M | -$2.5M | -$238.0K | $0 | — |
| Total equity | $4.5M | $5.8M | $5.2M | $7.6M | $12.1M | $71.0K | $380.0K | $281.0K | $625.0K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.3M | -$3.9M | -$3.2M | -$3.0M | -$2.8M | -$1.8M | -$1.8M | -$1.5M | — |
| Depreciation and amortisation | $450.0K | $436.0K | $226.0K | $112.0K | $113.0K | $50.0K | $67.0K | $322.0K | — |
| Stock-based compensation | $654.0K | $367.0K | $217.0K | $298.0K | $285.0K | $232.0K | $4.0K | $0 | — |
| Capital expenditure | $68.0K | $443.0K | $696.0K | $96.0K | $269.0K | $312.0K | $0 | — | — |
| Investing cash flow | -$68.0K | -$775.0K | $4.5M | -$5.6M | -$269.0K | -$312.0K | $0 | — | — |
| Financing cash flow | $630.0K | $3.7M | $379.0K | -$3.7M | $16.3M | $1.9M | $2.1M | $1.5M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-020692.
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