Business
TherapeuticsMD Announces Third Quarter 2021 Financial Results
- Quarterly total net product revenue of $24.5 million, an increase of 41.1% over Q3 2020 - - ANNOVERA® TRx of 8,351, an increase of 62.7% over Q3 2020 - -
About this update from Therapeuticsmd, Inc.
[{"type":"text","content":"\n- Quarterly total net product revenue of $24.5 million, an increase of 41.1% over Q3 2020 -\n\n- ANNOVERA® TRx of 8,351, an increase of 62.7% over Q3 2020 -\n\n- Cost savings initiative to reduce SG&A by $40 million in 2022; anticipated additional savings of approximately $20 million annualized tied to the divestiture of vitaCare -\n\n- Hugh O’Dowd, President, to become Chief Executive Officer; Robert Finizio appointed Vice Chair of the Board -\n\n- Conference call scheduled for 8:30 a.m. ET today -\n\n BOCA RATON, Fla.--(BUSINESS WIRE)--\nTherapeuticsMD, Inc. (“TXMD” or the “Company”) (NASDAQ: TXMD), an innovative, leading women’s healthcare company, today reported financial results for the third quarter ended September 30, 2021. In addition, today the Company announced a significant cost savings initiative designed to reduce its annual costs in 2022 by at least $40 million. This figure does not include savings from, or the costs associated with, the divestiture of vitaCare, which are estimated at approximately $20 million annually.\n\n“We have made significant changes to our business strategy, which we believe will help us achieve our goal of EBITDA breakeven in the second half of 2022. Specifically, we put a cost savings plan in place and we have implemented a more concerted focus on healthcare professionals. These refinements are already yielding results, as evidenced by the steady progress made during the third quarter, notably the strong year-over-year growth in ANNOVERA prescriptions,” said Hugh O’Dowd, President of TherapeuticsMD.\n\n“I would like to thank Rob for his leadership and vision in creating an innovative healthcare company with products that benefit women across their lifecycles. I would also like to formally welcome Mark Glickman as our Chief Commercial Officer. His commercial acumen is already having a positive impact on our day-to-day operations. Looking ahead, I am confident that we can reduce our annual expenses significantly, deliver value to shareholders, and most importantly, bring our high-quality products to the women who need them,” concluded O’Dowd.\n\nThird Quarter 2021 Financial Results and Business Highlights\n\nNet Product Revenue (in thousands)\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\nSeptember 30,\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n...