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Evofem Biosciences Announces Preliminary Results for the Third Quarter of 2023
Evofem Biosciences Announces Preliminary Results for the Third Quarter of 2023.
About this update from Evofem Biosciences, Inc.
[{"type":"text","content":"\n\n\n\nEvofem Biosciences Announces Preliminary Results for the Third Quarter of 2023\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nEvofem Biosciences Announces Preliminary Results for the Third Quarter of 2023\nPR Newswire\nSAN DIEGO, Oct. 24, 2023\n\n\n\n— On track to achieve third consecutive year of net product sales growth —\n— Third consecutive quarter of favorable net product sales- to- sales and marketing expense ratio —\n—   Reduced loss from operations more than 80% vs. prior year quarter —\nSAN DIEGO, Oct. 24, 2023 /PRNewswire/ -- Evofem Biosciences, Inc. (OTCQB: EVFMD) (\"Evofem\") today announced preliminary results for the third quarter of 2023, including sequential growth in net product sales of its hormone-free prescription contraceptive gel, Phexxi® (lactic acid, citric acid and potassium bitartrate) and the positive impact of ongoing cost containment initiatives.\n\n \n \n \n \n \n \n\n \nPhexxi net product sales expected to be $5.0 to $5.2 million for the third quarter of 2023.Evofem remains on track to deliver its third consecutive year of net product sales growth.Selling and marketing expenses were more than 75% lower and total operating expenses were more than 65% lower in the third quarter of 2023 than the third quarter of 2022.Reduced loss from operations by more than 80% in the third quarter of 2023 as compared to the third quarter of 2022.\"For the third consecutive quarter, Evofem's net product sales surpassed our sales and marketing costs and we expect to report the Company's lowest quarterly operating loss to date, both of which testify to the successful execution of our strategy to deliver annual revenue growth with a lean, focused organization supporting our small but mighty sales team,\" said Saundra Pelletier, CEO of Evofem.\nNotable developments in the third quarter include the successful negotiation of a fourth amendment to Evofem's Securities Purchase and Security Agreement dated April 2020, as amended (the \"Fourth Amendment\"), ...