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Mar 31, 2023
Evofem Biosciences Q1 2023 Earnings Report
Reported year-end 2022 financial results, with net product sales more than doubling and operating expenses significantly reduced.
Key Takeaways
Evofem Biosciences reported a strong increase in net product sales for 2022, more than doubling compared to the previous year. The company also significantly reduced total operating expenses, exceeding its stated goal. However, they are still working towards achieving EBITDA break-even by the end of 2023.
Net product sales more than doubled in 2022 compared to the prior year.
Total operating expenses were reduced by $74.1 million in 2022 compared to 2021.
Evofem is targeting EBITDA break-even by year-end 2023.
Implemented measures in March 2023 to further reduce operating expenses, including a 39% reduction in payroll expenses.
Evofem Biosciences
Evofem Biosciences
Forward Guidance
Evofem Biosciences aims to achieve EBITDA break-even by year-end 2023. The company expects that net proceeds from recent financing activities, coupled with its liquidity resources as of December 31, 2022, anticipated Phexxi net revenues, cost reductions, and liquidity tactics, will fund its planned operations into the third quarter of 2023.
Positive Outlook
- Further increase Phexxi access
- Deliver their third consecutive year of Phexxi net revenue growth
- Achieve EBITDA break-even by the end of this year