Rolled newspaper with the headline Quarterly Results


Evofem Biosciences (NASDAQ:EVFM) stock soared ~31% post market on Aug. 4 after Q2 net loss narrowed and the women health company reaffirmed its FY22 product sales outlook.

Q2 net sales of birth control vaginal gel Phexxi grew +42% Q/Q to $6M. The company said the increase reflected higher ex-factory sales and lower gross-to-net adjustments of 40% for Q2 2022.

“We expect ongoing growth will be driven by our sales and marketing initiatives, as well as market access expansion as payers and PBMs continue to add Phexxi to their formularies with no restrictions to comply with federal guidance,” said Evofem CEO Saundra Pelletier.

The company was also looking forward to report data in October from a phase 3 trial of Phexxi to prevent chlamydia and gonorrhea, Pelletier noted.

Net loss from operations improved 16% Q/Q to -$24.4M. Total operating expenses decreased to $30.5M, compared to $33.2M in the Q1 2022.

At June 30, the company had $19.9M in unrestricted cash and $1.6M in restricted cash, compared to $7.7M of unrestricted cash and $5.1M of restricted cash at Dec. 31, 2021.


Evofem said it continues to expect net product sales in the range of $30M to $35M for FY22, a growth of +264% to +325% Y/Y. Consensus Revenue Estimate for 2022 is $31.34M.

The company added that gross-to-net is expected to be 40% or better, trending toward the lower in H2 2022.

Evofem noted that it remains on track to meet its goal of reducing costs by $50M in 2022; total operating expenses were $25.3M lower in H1 2022, compared to same period a year ago.

EVFM +26.95% to $1.14 post market Aug. 4

Image and article originally from Read the original article here.

By admin