Evofem Q2 net product sales fall 59% to $2.5M; reduces operating expenses 68%

Evofem Biosciences, Inc.

2023-Q2 EPS reported -$6.60 revenue$8,267,000

Net product sales $2.5M, down 59% YoY; $1.6M in product returns of short-dated shelf life impacted revenue.
Total operating expenses decreased 68% to $9.8M; selling & marketing down 82% to $2.2M.
Net loss improved to $8.6M ($5.43/share) from $124.1M loss ($580.48/share) in prior year Q2.
Cash at June 30, 2023: $0.6M, down from $4.8M at Dec 31, 2022; raised $1.0M in July and $0.5M in August via convertible notes.
Filed Series E-1 Preferred Stock; investors exchanged $1.8M notes for 1,800 shares convertible at $0.40 per share.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Evofem Biosciences, Inc. reported the three and six months ended June 30, 2023 results: revenue $2.5 million, net income $8.6 million, EPS $(5.43) per share. Guidance reaffirmed.

Period: the three and six months ended June 30, 2023
Revenue: $2.5 million
Net income: $8.6 million
EPS: $(5.43) per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

and we remain on track to deliver our third consecutive year of Phexxi net sales growth.” Financial Results For the three months ended June 30, 2023, net product sales were $2.5 million compared to $6.0 million in the prior year period. The 59% decrease was primarily due to lower Phexxi ® (lactic acid, citric acid and potassium bitartrate) ex-factory unit

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Evofem Biosciences, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-028670

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