EVOFEM Biosciences Inc. (NASDAQ: EVFM), a commercial stage pharmaceutical company shows a downfall in its stock after the company reported its Q4 and full year 2020 results. The company aims to develop such products which can address the unfulfilled needs in women’s sexual and reproductive health.
EVOFEM Biosciences has launched its first commercial product Phexxi, which is made for prevention of pregnancy. It is the first and only hormone-free prescription vaginal get that has been approved in USA. Another of EVOFEM’s lead product is EVO100 which functions to prevent urogenital Chlamydia trachomatis and Neisseria gonorrhea infection in women.
What is happening?
EVOFEM Q4 results of 2020 are lower than what analysts had expected. The earning per share EPS of $0.50 misses by $0.14. Also, the revenue is recorded as $0.17M which was expected to be $1.52M.
The loss in revenue was caused by heavy utilization of the Phexxi co-pay assistance program followed with fixed costs primarily associated with distributor fees on around 3300 shipments of Phexxi in the fourth quarter. This gross-to-net adjustment resulted in approximately $170,000 of net product sales.
As per the fourth quarter results of the company, it had $48.9M of unrestricted and $22.6M of restricted cash, the values were better in September-quarter results of the company with $86.7M unrestricted and $0.3M of restricted cash.
The company has announced that the management will attend the upcoming H.C Wainwright Global life science conference in which they are going to explain about the commercialization of its new product, Phexxi (non-hormonal and should only be used when there is need to control child birth). The presentation will be available on March, 9.