Business
TherapeuticsMD® Announces Third Quarter 2020 Financial Results
Significant growth in net revenue, net revenue per unit and prescriptions across product portfolio Total net revenue increased 80% to $19.3 million compared
About this update from Therapeuticsmd, Inc.
[{"type":"text","content":"\nSignificant growth in net revenue, net revenue per unit and prescriptions across product portfolio\n\nTotal net revenue increased 80% to $19.3 million compared to 2Q20\n\nANNOVERA® net revenue increased 250% for 3Q20 compared to 2Q20\n\nMenopausal products achieved double digit growth in new and total prescriptions for 3Q20 compared to 2Q20\n\nReduced 3Q20 cash burn by $22 million compared to 2Q20\n\nProcess to divest vitaCare Prescription Services underway that could generate non-dilutive proceeds\n\nSixth Street reduces minimum cash requirement from $60 million to $45 million through year end\n\nConference 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 third quarter ended September 30, 2020.\n\n“We delivered a strong quarter that resulted in record growth across our product portfolio in the midst of a pandemic and beat net revenue consensus estimates for the sixth quarter in a row,” said Robert G. Finizio, Chief Executive Officer of TherapeuticsMD. “During the quarter, we significantly reduced our operating expenses and cash burn.”\n\nThird Quarter 2020 Summary\n\n\nTotal net revenue increased 80% to $19.3 million for the third quarter of 2020 as compared to $10.7 million for the second quarter of 2020.\n\n\nProduct net revenue from product sales to wholesalers and pharmacies increased 62% to $17.3 million for the third quarter of 2020 as compared to $10.7 million for the second quarter of 2020.\n\n\nLicense revenue of $2 million from Knight Therapeutics, Inc. was recognized in the third quarter of 2020 as a result the approval by Health Canada of IMVEXXY and BIJUVA® for commercial sale in Canada.\n\n\n\n\nTotal operating expenses, excluding non-cash items, decreased by $11.0 million to $37.1 million for the third quarter of 2020 as compared to $48.1 million for the second quarter of 2020.\n\n\nANNOVERA® (segesterone acetate and ethinyl estradiol vaginal system)\n\n\nANNOVERA net product revenue increased 250% to $6.4 million for the third quarter of 2020 as compared to $1.8 million for the second quarter of 2020. Net revenue per unit, calculated from sales to wholesalers and pharmacies, was $1,339 for the third quarter of 2020.\n\n\nApproximately 5,200 ANNOVERA presc...