Business
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
About this update from Therapeuticsmd, Inc.
[{"type":"text","content":"\n- 1Q20 total net product revenue of $12.3 million exceeded Wall Street consensus -\n\n\n- Significantly reducing operating expenses, while maintaining goal of achieving EBITDA breakeven in 2021 -\n\n\n- In discussions with TPG Sixth Street Partners to defer the scheduled start of quarterly revenue covenants due to COVID-19 -\n\n\n- First Orange Book listed patent for ANNOVERA® issued providing potential extended exclusivity to 2039 -\n\n\n- Strengthened board of directors with diverse industry veterans -\n\n\n- Conference call scheduled for 8:30 a.m. ET today -\n\n BOCA RATON, Fla.--(BUSINESS WIRE)--\nTherapeuticsMD, Inc. (NASDAQ: TXMD), an innovative, leading women’s healthcare Company, today reported financial results for the first quarter ended March 31, 2020.\n\n\n“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.”\n\n\nFirst Quarter & Recent Highlights\n\n\n\nThe 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 2...