Evofem Delivers Third Consecutive Year of
Phexxi Net Sales Growth
Total Operating Expense Reduced More Than
60% from 2022 Levels
SAN
DIEGO, Feb. 1, 2024 /PRNewswire/ -- Evofem
Biosciences, Inc. (OTCQB: EVFM) today announced strong preliminary,
unaudited results for fiscal 2023, including record net sales of
Phexxi® (lactic acid, citric acid, and potassium
bitartrate), its hormone-free contraceptive gel, and the Company's
lowest total operating expenses since becoming a commercial stage
company in 2020.
- Achieved preliminary net product sales in the range of
$18.1 to $18.3
million in 2023, an impressive increase compared to 2022
given the 73% reduction in field force and absence of growth
capital in 2023.
- Company reached a key milestone with net product sales higher
than sales and marketing expense for 2023.
- Reduced total operating expense by more than 60% from 2022
levels.
- Improved loss from operations by more than 75% versus 2022
levels.
"Strong consumer demand for Phexxi and the expansion of coverage
and reimbursement enabled us to achieve our third consecutive year
of revenue growth," said Saundra
Pelletier, CEO of Evofem Biosciences. "We delivered more
than $18 million in net sales for
2023 despite ongoing austerity measures that whittled our sales
force down to just 16 and permitted no investment in growing the
brand. Our growth testifies to the strength and persistence of
Evofem's current team as well as the loyal users and
prescribers of Phexxi nationwide."
In December 2023, Evofem, a
commercial stage women's health innovator, entered into a
definitive agreement to be acquired by Aditxt, Inc. (Nasdaq: ADTX),
which Evofem believes is a compelling opportunity to accelerate its
growth trajectory, as a subsidiary of Aditxt, into a multi-product
women's health franchise. The companies are working toward a
mid-2024 close.
Evofem expects to report full results for the three- and
twelve-month periods ended December 31, 2023, in mid-March 2024.
About Evofem Biosciences
Evofem Biosciences, Inc.,
(OTCQB: EVFM) is commercializing innovative products to address
unmet needs in women's sexual and reproductive health. The
Company's first FDA-approved product,
Phexxi® (lactic acid, citric acid, and potassium
bitartrate), is a hormone-free, on-demand prescription
contraceptive vaginal gel. It comes in a box of 12 pre-filled
applicators and is applied 0-60 minutes before each act of sex.
Learn more at phexxi.com and evofem.com.
Phexxi® is a registered trademark of Evofem Biosciences,
Inc.
Forward-Looking Statements
This press release includes
"forward-looking statements," within the meaning of the safe harbor
for forward-looking statements provided by Section 21E of the
Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995, including, without
limitation, to Evofem's expected financial results for 2023
including net sales growth, the result of gross-to-net
improvements, and operating expenses; statements, evaluations and
judgments related to, among other things, demand for Phexxi; and
closing of the contemplated Aditxt transaction and timing thereof.
You are cautioned not to place undue reliance on these
forward-looking statements, which are current only as of the date
of this press release. Each of these forward-looking statements
involves risks and uncertainties. Important factors that could
cause actual results to differ materially from those discussed or
implied in the forward-looking statements are disclosed in the
Company's SEC filings, including its Annual Report on Form 10-K for
the year ended December 31, 2022
filed with the SEC on April 27, 2023,
Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 filed with the SEC on
November 14, 2023 and any subsequent
filings. All forward-looking statements are expressly qualified in
their entirety by such factors. The Company does not undertake any
duty to update any forward-looking statement except as required by
law.
Investor Contact
Amy
Raskopf
Evofem Biosciences, Inc.
araskopf@evofem.com
Mobile: (917) 673-5775
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SOURCE Evofem Biosciences, Inc.