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FOR IMMEDIATE RELEASE
TherapeuticsMD Announces First Quarter 2020 Financial Results
- 1Q20 total net product revenue of $12.3 million exceeded Wall Street consensus-
- Significantly reducing operating expenses, while maintaining goal of achieving EBITDA breakeven in 2021-
-In discussions with TPG Sixth Street Partners to defer the scheduled start of quarterly revenue
covenants due to COVID-19-
-First Orange Book listed patent for ANNOVERA® issued providing potential extended exclusivity to 2039-
-Strengthened board of directors with diverse industry veterans-
- Conference call scheduled for 8:30 a.m. ET today -
BOCA RATON, Fla. – May 6, 2020 – TherapeuticsMD, Inc. (NASDAQ: TXMD), an innovative, leading women’s healthcare Company, today reported financial results for the first quarter ended March 31, 2020.
“I would like to thank our team for delivering a successful quarter during a challenging time. We have made significant progress across the business,” said Robert G. Finizio, Chief Executive Officer of TherapeuticsMD. “We delivered a solid quarter in revenue. Recently, we extended the value of our lead asset, ANNOVERA, with the first Orange Book listed patent, and revised our strategic priorities and significantly reduced our operating cost structure, bringing us closer to achieving EBITDA break even in 2021.”
First Quarter & Recent Highlights
|•||The Company continued to evaluate its strategy and commercial infrastructure as the impact of COVID-19 persisted. Our strategy remains the same: to drive revenues by prioritizing ANNOVERA® (segesterone acetate and ethinyl estradiol vaginal system) as the lead product, IMVEXXY® (estradiol vaginal inserts) in the second position and BIJUVA® (estradiol and progesterone) in the third position. The Company’s approach is straightforward, reallocate resources towards those products and initiatives that drive the fastest revenue growth, while reducing overall operating expenses. Total operating expenses excluding non-cash items for the first quarter of 2020 were approximately $57.5 million. The Company has initiated measures to reduce its operating expenses for the second quarter by approximately $10 million to $12 million and plans to further reduce total operating expenses to approximately $40 million or below for the third and fourth quarters of 2020. The Company’s goal still remains to achieve EBITDA break even in 2021.|
|•||Due to the uncertainty created by COIVD-19 and its impact, the Company has been in discussions with TPG Sixth Street Partners (“Sixth Street”) regarding the revenue covenants in the loan document. The Company is working with Sixth Street to defer the scheduled start of the quarterly revenue covenant for two to three quarters to reflect the impact of COVID-19. Sixth Street has expressed preliminary support and while there is currently no final agreement or obligation, they understand the importance of flexibility for our Company at this time.|
|•||Net product revenue for the first quarter of 2020 was $12.3 million. The Company anticipated that net revenue would be lower in the first quarter of 2020 compared to fourth quarter of 2019 due to the impact of high deductible insurance plans resetting.|
|•||The COVID-19 pandemic had an impact on all of the Company’s product revenue with the sales force being out of the field for about four weeks of the quarter. In particular, the full commercial launch of ANNOVERA was paused on March 1, 2020 as the Company deferred sales and marketing initiatives due to lack of access to healthcare providers and a shift of patients’ focus during the pandemic.|
|•||ANNOVERA net revenue of $2.3 million for the first quarter of 2020. Total prescriptions sold to patients doubled for the first quarter of 2020 over the fourth quarter of 2019. Patient demand was greater than the wholesale orders for the first quarter of 2020, reducing inventory with our distributors. Net revenue per unit, calculated from sales to wholesalers and pharmacies, for the first quarter 2020 was approximately $1,350.|
The following information was filed by Therapeuticsmd, Inc. (TXMD) on Wednesday, May 6, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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