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TherapeuticsMD Announces First Quarter 2023 Financial Results
BOCA RATON, Fla.--(BUSINESS WIRE)-- TherapeuticsMD, Inc. (“TherapeuticsMD” or the “Company”) (NASDAQ: TXMD), a company that owns rights to pharmaceutical
About this update from Therapeuticsmd, Inc.
[{"type":"text","content":" BOCA RATON, Fla.--(BUSINESS WIRE)--\nTherapeuticsMD, Inc. (“TherapeuticsMD” or the “Company”) (NASDAQ: TXMD), a company that owns rights to pharmaceutical royalties, today reported financial results for the first quarter ended March 31, 2023.\n\n\nFirst Quarter 2023 Financial Results\n\n\nNet Loss from Continuing Operations\n\n\n\nNet loss from continuing operations was $2.3 million for the quarter ended March 31, 2023, or $0.24 per basic and diluted common share, compared to a net loss from continuing operations of $17.9 million, or $2.08 per basic and diluted common share, for the comparable period in 2022.\n\n\n\nLicense and Service Revenues from Continuing Operations\n\n\n\nLicense and service revenues from continuing operations, which are revenues related to license agreements, were $0.4 million for the quarter ended March 31, 2023, compared to $0.7 million in license and service revenue related to sales to other licensees for the first quarter of 2022. This decrease was due to a decrease in sales to licensees as a result of the Company’s transformation and transition from a manufacturing and commercialization business to a royalty-based business, partially offset by the license revenue recognized during the first quarter from the Mayne License Agreement.\n\n\n\nTotal Operating Expenses from Continuing Operations\n\n\n\nTotal operating expenses from continuing operations for the first quarter of 2023 were $3.1 million, a decrease of $14.8 million, or 82.8%, compared to the first quarter of 2022. This decrease was due to the transition of our business from a manufacturing and commercialization business to a royalty-based business with limited infrastructure.\n\n\n\nDiscontinued Operations\n\n\n\nNet loss from discontinued operations was $1.3 million for the quarter ended March 31, 2023, or $0.13 per basic and diluted common share, compared to a net loss from discontinued operations of $31.1 million, or $3.62 per basic and diluted common share, for the comparable period in 2022.\n\n\n\nThe Company continues to wind down its former commercial operations and to focus on reducing costs.\n\n\nAbout TherapeuticsMD\n\n\nTherapeuticsMD was previously a women’s healthcare company with a mission of creating and commercializing innovative products to support the lifespan of women from pregnancy prevention through menopause. In Decembe...