Increased net product revenue more than
35% in the first quarter of 2023 vs. prior year
quarter
Reduced operating expenses more than
70%
Decreased loss from operations more than
85%
Reaffirms path to positive
EDITDA
SAN
DIEGO, June 1, 2023 /PRNewswire/ -- Evofem
Biosciences, Inc. (OTCQB: EVFMD) today announced strong preliminary
results for the first quarter of 2023, including robust growth in
net product sales of its hormone-free prescription contraceptive
gel, Phexxi® (lactic acid, citric acid and potassium
bitartrate).
- Increased Phexxi net product sales more than 35% to
approximately $5.8 million in Q1
2023, versus $4.3 million in Q1
2022.
- Reduced total operating expenses more than 70% to approximately
$9.4 million, versus $33.2 million in Q1 2022.
- Decreased loss from operations by more than 85% to
approximately $3.6 million, versus a
loss of $28.9 million in Q1
2022.
- On track to be EBITDA break-even on a quarterly basis by
year-end 2023.
- Regained compliance with certain debt covenants through a
shareholder-approved reverse split on May
18, 2023.
"In the first quarter of 2023, we implemented additional and
significant cost-cutting measures to align expenses with the
revenue needed to move the Company forward. Our strong results this
quarter demonstrate the effectiveness of this strategy. Due to our
past, focused marketing efforts, we have the benefit of a
committed, loyal prescriber and patient base" said Saundra Pelletier, CEO of Evofem
Biosciences.
"Our lean, focused team again delivered solid Phexxi sales
through a combination of targeted promotion to the right healthcare
providers in covered territories, improved coverage for Phexxi with
payers nationwide, and lower utilization of the Phexxi co-pay card
which directly reflects those coverage improvements. Continued
execution of this strategy will enable us to reach EBITDA
break-even on a quarterly basis this year and to achieve positive
cashflow in 2024," Pelletier concluded.
The Company expects to report unaudited results for the three
months ended March 31, 2023, in
mid-June.
About Evofem Biosciences
Evofem Biosciences, Inc., is developing and commercializing
innovative products to address unmet needs in women's sexual and
reproductive health. The Company's first FDA-approved product,
Phexxi® (lactic acid, citric acid and potassium bitartrate), is
a hormone-free, on-demand prescription contraceptive vaginal
gel. It comes in a box of 12 pre-filled applicators and is applied
0-60 minutes before each act of sex. Learn more at phexxi.com
and evofem.com.
Phexxi® is a registered trademark of Evofem Biosciences,
Inc.
Forward-Looking Statements
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 related to the Company's
anticipated financial performance. You are cautioned not to place
undue reliance on these forward-looking statements, which are
current 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 are disclosed in the Company's SEC filings, including
its Annual Report on Form 10-K for the year ended December 31,
2022 filed with the SEC on April 27, 2023 and any
subsequent filings. All forward-looking statements are expressly
qualified in their entirety by such factors. The Company does not
undertake any duty to update any forward-looking statement except
as required by law.
Contact
Amy Raskopf
Evofem Biosciences, Inc.
araskopf@evofem.com
(917) 673-5775
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SOURCE Evofem Biosciences, Inc.
