NovaBay Total Other Income Expense Net vs Total Operating Expenses Analysis

The correlation between NovaBay Pharmaceuticals' Total Other Income Expense Net and Total Operating Expenses is 0.23. Overlapping area represents the amount of variation of Total Other Income Expense Net that can explain the historical movement of Total Operating Expenses in the same time period over historical financial statements of NovaBay Pharmaceuticals, assuming nothing else is changed. The correlation between historical values of NovaBay Pharmaceuticals' Total Other Income Expense Net and Total Operating Expenses is a relative statistical measure of the degree to which these accounts tend to move together. The correlation coefficient measures the extent to which Total Other Income Expense Net of NovaBay Pharmaceuticals are associated (or correlated) with its Total Operating Expenses. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when Total Operating Expenses has no effect on the direction of Total Other Income Expense Net i.e., NovaBay Pharmaceuticals' Total Other Income Expense Net and Total Operating Expenses go up and down completely randomly.