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Evofem Biosciences Announces Strong Preliminary Results for the First Quarter of 2023
Evofem Biosciences Announces Strong Preliminary Results for the First Quarter of 2023.
About this update from Evofem Biosciences, Inc.
[{"type":"text","content":"\n\n\n\nEvofem Biosciences Announces Strong Preliminary Results for the First 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 Strong Preliminary Results for the First Quarter of 2023\nPR Newswire\nSAN DIEGO, June 1, 2023\n\n\n\nIncreased net product revenue more than 35% in the first quarter of 2023 vs. prior year quarter\nReduced operating expenses more than 70% \nDecreased loss from operations more than 85%\nReaffirms path to positive EDITDA\nSAN DIEGO, June 1, 2023 /PRNewswire/ -- Evofem Biosciences, Inc. (OTCQB: EVFMD) today announced strong preliminary results for the first quarter of 2023, including robust growth in net product sales of its hormone-free prescription contraceptive gel, Phexxi® (lactic acid, citric acid and potassium bitartrate).\n\n \n \n \n \n \n \n\n \nIncreased Phexxi net product sales more than 35% to approximately $5.8 million in Q1 2023, versus $4.3 million in Q1 2022.Reduced total operating expenses more than 70% to approximately $9.4 million, versus $33.2 million in Q1 2022.Decreased loss from operations by more than 85% to approximately $3.6 million, versus a loss of $28.9 million in Q1 2022.On track to be EBITDA break-even on a quarterly basis by year-end 2023.Regained compliance with certain debt covenants through a shareholder-approved reverse split on May 18, 2023.\"In the first quarter of 2023, we implemented additional and significant cost-cutting measures to align expenses with the revenue needed to move the Company forward. Our strong results this quarter demonstrate the effectiveness of this strategy. Due to our past, focused marketing efforts, we have the benefit of a committed, loyal prescriber and patient base\" said Saundra Pelletier, CEO of Evofem Biosciences.\n\"Our lean, focused team again delivered solid Phexxi sales through a combination of targeted promotion to the right healthcare providers in covered territories, improved coverage for Phexxi with payers nationwide, and lower utilization of the Phexxi co-pay card which directly reflec...