Evofem Clocks 42% Growth For Its On-Demand Birth Control Product - Evofem Biosciences (OTC:EVFM)

Evofem Biosciences Inc's EVFM Q2 Phexxi sales increased 42% Y/Y to $6.0 million, reflecting higher ex-factory sales and lower gross-to-net adjustments of 40%.
The company's operating expense was reduced by 8% to $30 million and improved loss from operations by 16% to $(24) million.
The U.S. government clarified that it would enforce federal law requiring group health plans and health insurance issuers to cover contraception at no cost to participants.
In June, Evofem announced an agreement with a pharmacy benefit manager to ensure most women covered by this plan can fill their Phexxi prescriptions for pregnancy prevention without restrictions such as prior authorization or step therapy.
Phexxi is an on-demand method of birth control in a non-hormonal gel form.
In Q2, Evofem raised approximately $18.1 million in net proceeds via stock offering.
Evofem held $19.9 million in unrestricted cash and $1.6 million in restricted cash.
Evofem expects FY22 net product sales of $30 - $35 million, representing 264% - 325% Y/Y growth.
Gross-to-net is expected to be 40% or better, trending toward the lower in the year's second half.
The company remains on track to reduce costs by $50 million in 2022.
Price Action: EVFM shares are up 10.2% at $0.99 during the premarket session on the last check Friday.