Evofem Q1 net product revenue up 37% to $5.8M; operating loss down 88%; reaffirms path to EBITDA break-even

Evofem Biosciences, Inc.

Phexxi net product sales $5.8M (+37% YoY); total operating expenses $9.4M (-72% YoY).
Loss from operations decreased 88% to $3.6M; net loss $(2.4)M ($1.85/share) vs $(32.0)M ($360.25/share).
Cash at March 31: $1.5M (restricted+unrestricted) down from $4.8M; on track for quarterly EBITDA break-even by year-end 2023.
Appointed Ivy Zhang as CFO effective April 13, 2023; effectuated reverse stock split on May 18, 2023.
Filed patent infringement suit against Padagis on June 1, 2023; triggers 30-month FDA stay on generic Phexxi approval.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Evofem Biosciences, Inc. reported first quarter of 2023 results: revenue $5.8 million, net income $(2.4) million, EPS $(1.85) per share. Guidance reaffirmed.

Period: first quarter of 2023
Revenue: $5.8 million
Net income: $(2.4) million
EPS: $(1.85) per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

contraceptive gel, Phexxi ® (lactic acid, citric acid and potassium bitartrate) . Highlights for and since the quarter include: ● Increased Phexxi net product sales 37% to $5.8 million. ● Reduced total operating expenses 72% to $9.4 million. ○ Implemented measures in March 2023 to further decrease operating expenses. ● Loss from operations decreased 88% to

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Source: SEC EDGAR

accession 0001493152-23-021642

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