— 42% growth in net sales of Phexxi® products (lactic acid, citric acid and potassium bitartrate) quarter over quarter —
— Reduction of operating expenses by 8% and improvement of operating losses by 16% —
– The Phase 3 registration trial evaluating Phexxi for the prevention of chlamydia and gonorrhea has been completed; well on its way to reporting frontline data October 2022 —
— Conference call scheduled for 5:00 pm ET today —
SAN DIEGO, August 4, 2022 /PRNewswire/ — Evofem Biosciences, Inc., (Nasdaq: EVFM) (“Evofem” or the “Company”), today reported financial results for the three and six month periods ended June 30, 2022 and affirmed full-year 2022 guidance.
Evofem Biosciences (Nasdaq: EVFM) (PRNewsfoto/Evofem Biosciences, Inc.)
“We are pleased to report another consecutive quarter of improved operating results: strong revenue growth, lower operating expenses and improved operating losses,” he said. Saundra Pelletier, CEO of Evofem. “We expect continued growth to be driven by our sales and marketing initiatives as well as expanding market access as payers and PBMs continue to add Phexxi to their unrestricted formularies to meet guidelines federal”.
“We look forward to reading first-line data in October from our phase 3 registration trial evaluating Phexxi for the prevention of chlamydia and gonorrhea,” added Pelletier. “With no approved prescription drugs to prevent these sexually transmitted infections, we believe these potential new indications represent a significant upside for shareholders beyond the 7.9 billion dollars US contraceptive market that we continue to penetrate more and more with Phexxi for hormone-free contraceptives.”
Second quarter and recent highlights:
Increased sales of Phexxi® products (lactic acid, citric acid and potassium bitartrate) by 42% to 6.0 million dollars for the second quarter of 2022 vs. first quarter of 2022.
Increased Phexxi access and approved claim rate through wins with health insurance plans and pharmacy benefit managers (PBMs), including a long-term contract with one of the nation’s largest PBMs, Phexxi added in its unrestricted form.
The US government clarified that it will enforce federal law requiring group health plans and health insurance issuers to cover contraception at no cost to participants.
The Nasdaq Stock Market LLC hearings panel modified its decision to accept the company’s request to continue trading shares of its common stock on the Nasdaq Stock Market without completing a reverse split of shares, as long as the company can demonstrate a closing offer price of at least $1.00 by action August 8, 2022 and each subsequent day through August 22, 2022.
Closed the second quarter with 19.9 million dollars in unrestricted cash i 1.6 million dollars in restricted cash.
The story continues
Financial results of the second quarter
For the past three months June 30, 2022net sales of Phexxi products increased to 6.0 million dollarsan increase of 42% compared to 4.3 million dollars during the past three months March 31, 2022. The increase reflects higher ex-factory sales and lower gross-to-net adjustments of 40% for the second quarter of 2022.
Total operating expenses decreased by 8% a 30.5 million dollars for the second quarter of 2022, compared to 33.2 million dollars in the first quarter of 2022.
Research and development costs were 7.7 million dollarscompared to 10.4 million dollars in the first quarter of 2022, reflecting lower clinical trial expenses as women exited the Phase 3 registration trial of Phexxi for the prevention of chlamydia and gonorrhea in women. The subject’s last visit was late July 2022.
Selling and marketing costs were reduced to 12.3 million dollarscompared to 12.7 million dollars in the first quarter of 2022.
General and administrative expenses increased to 9.1 million dollarscompared to 9.0 million dollars in the first quarter of 2022.
As a result, the operating loss improved by 16% a 24.4 million dollars during the past three months June 30, 2022compared to an operating loss of 28.9 million dollars during the past three months March 31, 2022.
On June 30, 2022, the Company had 19.9 million dollars in unrestricted cash i $1.6 million in restricted cash, compared to 7.7 million dollars of unrestricted cash i 5.1 million dollars of cash restricted to December 31, 2021.
In the second quarter of 2022, Evofem collected net income of approx $18.1 million from the sale and issuance of ordinary shares, common warrants and pre-financed warrants from a public offering subscribed to May 2022 and approximately 2.0 million dollars of the company’s equity credit line. During the second quarter and during August 3, 2022received Evofem 22.4 million dollars of the exercise of the common orders that were issued in the May 2022 subscribed public offer. The shares outstanding were 82,449,214 August 3, 2022.
i will leave continues to expect net product sales in the range of $30 a 35 million dollars for its 2022 fiscal year, which represents growth of 264% to 325% year-over-year. Gross/net is expected to be 40% or more, with a downward trend in the second half of the year. The company is still on track to achieve its goal of reducing costs 50 million dollars in 2022; total operating expenses were 25.3 million dollars lower in the first half of 2022 compared to the same period last year.
As previously announced, the Company will host a conference call to discuss its second quarter 2022 financial results and business outlook as follows:
Please connect to the webcast at least 15 minutes prior to the start of the call to download any software that may be required. If participating by phone, please dial approximately 15 minutes prior to the start of the call.
About Evofem Biosciences, Inc.
i will leave Biosciences, Inc., (Nasdaq: EVFM) is developing and commercializing innovative products to address unmet needs in women’s sexual and reproductive health, including hormone-free female-controlled contraception and protection against chlamydia and gonorrhea The company’s first FDA-approved product, Phexxi® (lactic acid, citric acid and potassium bitartrate), is a contraceptive vaginal gel without hormones and on demand. It comes in a box of 12 pre-filled applicators and is applied from 0 to 60 minutes before each sexual act. The company expects to report front-line data to October 2022 from his registry Phase 3 EVOGUARD evaluation of clinical trials Phexi for two possible new indications: prevention of chlamydia and prevention of gonorrhea in women. More information at sorry.how i i will leave.how.
Phexxi® is a registered trademark of Evofem Biosciences.
This press release includes “forward-looking statements,” within the meaning of the safe harbor for forward-looking statements provided by Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 , including, without limitation, statements, evaluations and judgments relating to the potential growth, continued development of Phexi for new indications, including related timelines, first-line data releases and FDA submissions, and future sales growth of Phexi and the Company generally, any financial guidance and the Company’s ability to maintain the share price of its common stock at Nasdaq Capital market. A number of factors could cause actual results to differ materially from those discussed or implied in the forward-looking statements, and you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Important factors that could cause actual results to differ materially from those discussed or implied in the forward-looking statements, or that could impair the value of i will leave Biosciences’ assets and businesses are shown in the company’s SEC filings, including its Annual Report on Form 10-K for the year ended. December 31, 2021filed with the SEC on March 10, 2022 and its quarterly report on Form 10-Q filed with the SEC May 10, 2022. All forward-looking statements are expressly qualified in their entirety by these factors. The Company undertakes no duty to update any forward-looking statement, except as required by law. This press release contains estimates and other statistical data made by independent parties and the Company about the size and growth of the market and other data about its industry. These data involve a number of assumptions and limitations, and you are cautioned not to place undue weight on these estimates.
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SOURCE Evofem Biosciences, Inc.