Evofem Clocks 42% Growth For Its On-Demand Birth Control Product

Evofem Clocks 42% Growth For Its On-Demand Birth Control Product
  • 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.

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