Business

Evofem stock surges 27% as Phexxi sales pick up Q/Q, net loss narrows; affirms outlook

Rolled newspaper with the headline Quarterly Results

shattered

Evofem Life Sciences (NASDAQ:EVFM) stock soared ~31% Postal Market on Aug. 4 after narrowing its second-quarter net loss and the women’s health company confirming its fiscal 22 product sales outlook.

Net sales of birth control vaginal gel Phexxi increased +42% to US$6 million in the second quarter Q/Q. The company announced this The increase reflects higher ex-factory sales and lower gross-to-net adjustments of 40% for Q2 2022.

“We expect continued growth to be driven by our sales and marketing initiatives and expansion of market access as payers and PBM continue to incorporate Phexxi into their formulations without restrictions to comply with federal guidelines,” said Saundra Pelletier, CEO of Evofem .

The company also looks forward to reporting data from a Phase 3 study of Phexxi in the prevention of chlamydia and gonorrhea in October, Pelletier noted.

Net loss from operations improved 16% Q/Q to -$24.4 million. Total operating expenses decreased to $30.5 million compared to $33.2 million in the first quarter of 2022.

As of June 30, the Company had $19.9 million in unrestricted cash and $1.6 million in restricted cash, compared to $7.7 million in unrestricted cash and $5.1 million Restricted cash on December 31, 2021.

outlook:

Evofem continues to expect net product sales in the range of $30-$35 million for FY22, a growth of +264% to +325% Y/Y. Consensus estimate of revenue for 2022 is $31.34 million.

The company added that the gross-to-net ratio is expected to be 40% or more, trending down in the second half of 2022.

Evofem noted that it remains on track to meet its goal of reducing costs by $50 million by 2022; Total operating expenses for the first half of 2022 were $25.3 million lower than the same period last year.

EVFM +26.95% to $1.14 after market close on Aug. 4

https://seekingalpha.com/news/3867933-evofem-stock-surges-27-as-phexxi-sales-pick-up-qq-net-loss-narrows-affirms-outlook?utm_source=feed_news_all&utm_medium=referral Evofem stock surges 27% as Phexxi sales pick up Q/Q, net loss narrows; affirms outlook

Russell Falcon

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