Therapeuticsmd, Inc. · NASDAQ:TXMD
Therapeuticsmd — Investor Presentation (June 2020)
35 slides from Therapeuticsmd's investor presentation, Jun 23, 2020
Slide 1: Building the Premier Women's Health Company
Building the Premier Women’s Health Company June 2020
Slide 2: Forward-Looking Statements
2 Forward - Looking Statements This presentation by TherapeuticsMD, Inc . (referred to as “we,” “our,” or “the Company”) may contain forward - looking statements . Forward - looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, as well a
Slide 3: Highlights
TherapeuticsMD’ . . For Her: For Life. 120 Highlights
Slide 4: COVID-19 Strategic Overview
4 Our approach is strategic, highly focused and achievable: ▪ Now that we have patient, provider and net revenue data on all 3 of our products, we have developed a path to reduce overall expenses and reallocate our resources that maintains our goal of achieving EBITDA breakeven in 2021 ▪ We believe
Slide 5: Portfolio Strategic Focus
5 ▪ ANNOVERA will remain our primary focus because of the positive market reception and net revenue per unit results that are a full year ahead of our internal expectations ▪ IMVEXXY is our second priority as it has gained traction amongst the prescribing population and is now the fastest growing pr
Slide 6: 1Q20 Accomplishments and Trends
1Q20 Accomplishments and Trends
Slide 7: Met or Beat Wall Street Net Revenue Consensus for Last 4 Quarters
7 TherapeuticsMD Met or Beat Wallstreet Net Revenue Consensus for the Last 4 Quarters * Wall Street Consensus Estimate per “ estimize ” $6,078,865 $8,213,341 $15,901,680 $12,250,657 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Actual Total Net Product Revenue Wall Street Avg. Net Revenue Concensus ANNOVERA $2.3M
Slide 8: 1Q 2020 Key Performance Metrics: IMVEXXY and ANNOVERA
8 1Q 2020 Key Performance Metrics IMVEXXY ® (estradiol vaginal inserts) ANNOVERA ® ( segesterone acetate and ethinyl estradiol vaginal system) 1 Source: Symphony 2 Average net revenue per unit calculated from sales to wholesalers and pharmacies ▪ 1Q20 net revenue: ~$2.3M ▪ 1Q20 total prescriptions (
Slide 9: 1Q20 Key Metrics: ANNOVERA
9 1Q20 Key Metrics: ANNOVERA ANNOVERA Full Launch Month Interrupted by COVID - 19 671 966 724 0 100 200 300 400 500 600 700 800 900 1000 JAN FEB MAR MONTHLY TR x COVID - 19 Impact/ Paused Launch Source: Symphony Sales Reps to target all prescribers per territory Sales Reps promoted to 10 prescribers
Slide 10: 1Q 2020 Key Performance Metrics: BIJUVA
10 1Q 2020 Key Performance Metrics BIJUVA ® (estradiol and progesterone) capsules 1 Source: Symphony 2 Average net revenue per unit calculated from sales to wholesalers and pharmacies ▪ 1Q20 net revenue: ~$1.1M ▪ 1Q TRx to patients 1 : ~26,000 ▪ 1Q20 net revenue per unit 2 : ~$43 ▪ Overall adjudicat
Slide 11: Current Payer Coverage by Channel
11 Coverage June 2020 Target Coverage Year - end 2020 ANNOVERA Commercial 66% UR, 78%* 80%* Medicaid 46% 60% Department of Defense On Formulary On Formulary IMVEXXY Commercial 72% 75% Part D 37%+ 70% BIJUVA Commercial 66% 75% Current Payer Coverage by Channel Source: MMIT 6_1 _20 *Annovera coverage
Slide 12: Finance Update
TherapeuticsMD’ . . For Her: For Life. Finance Update
Slide 13: Comparison of Key Financial Statement Items
13 Financial Results: Comparison Q1 2020 to Q4 2019 Q1 2020 Q4 2019 Balance Sheet Cash $170,100,000 $160,830,000 Working Capital $150,349,000 $153,354,000 Long - term Debt $243,429,000 $194,635,000 Income Statement Product Revenue, Net $12,251,000 $15,902,000 Total Operating Expenses $60,458,000 $57
Slide 14: Corporate Wide Cost Reductions in Total Operating Expenses
14 Corporate Wide Cost Reductions in Total Operating Expenses 1 Spend of ~$40M per quarter in total operating expenses excluding non - cash items ▪ Expect 2Q20 total operating expenses to be $45.5M - $47.5M ▪ Defer $10M in marketing spend primarily related to media ▪ Expect total operating expenses
Slide 15: Previous Sales Structure Supporting All Three Products
15 Previous Sales Structure Supporting All Three Products 140 Sales Reps 30 - 40 Sales Reps 1 2 3 1 2
Slide 16: Current Sales Team and Distribution Channels
16 Current Sales Team and Distribution Channels 120 - 130 Sales Reps ▪ ANNOVERA is positioned as the lead product ▪ IMVEXXY is positioned as second detail ▪ BIJUVA promotional activities to be paused to create cost savings from the following: ▪ Eliminating menopausal sales force ▪ Reducing medical a
Slide 17: Advantages to Pausing BIJUVA
17 • A laser - focused sales force to drive market adoption of ANNOVERA and IMVEXXY • Pausing BIJUVA promotional activities enhances funding for ANNOVERA and IMVEXXY post COVID - 19 • Reduces operating expense and will not delay goal of EBITDA break even in 2021 • Using partners to increase patient
Slide 18: Update to TPG Sixth Street Loan Covenants
18 ▪ Due to the uncertainty created by COVID - 19 and its impact on our business, TXMD has been in discussions with Sixth Street Partners regarding the revenue covenants in the loan document ▪ We are working with Sixth Street to defer the scheduled start of the quarterly revenue covenant to reflect
Slide 19: Product Overview and Plans to Drive Revenue Inflection Point
Product Overview and Plans to Drive Revenue Inflection Point
Slide 20: Strategic Overview
20 Our approach is strategic, highly focused and achievable: ▪ Now that we have patient, provider and net revenue data on all 3 of our products, we have developed a path to reduce overall expenses and reallocate our resources that maintains our goal of achieving EBITDA breakeven in 2021 ▪ We believe
Slide 21: ANNOVERA: Well Positioned for Fast Uptake
21 ANNOVERA: Well Positioned for Fast Uptake When Full Plans Deployed Contraception: Largest Women’s Health Category at $5B Full Sales Force Plans and Consumer Advertising will Quickly Accelerate Ramp Broad Availability will Allow Growth Across Contraception Channels Retail/ Community Pharmacies Onl
Slide 22: ANNOVERA Compelling Now and Post COVID-19
22 ANNOVERA Compelling Now and Post COVID - 19 ▪ One year’s worth of contraceptive protection ▪ Good option for women who want a long - lasting option and do not want a procedure or cannot get access to a procedure ▪ Covers women for a year even if their insurance situation changes ▪ ~77% of patient
Slide 23: IMVEXXY's Unique Product Attributes
23 ▪ Indicated for moderate to severe dyspareunia, a symptom of VVA, due to menopause ▪ Small, digitally inserted, softgel vaginal insert that dissolves completely ▪ Easy to use without the need for an applicator ▪ Mess - free administration ▪ Use any - time of day ▪ L owest approved doses of estrad
Slide 24: IMVEXXY Continues to Gain Momentum
24 IMVEXXY Continues to Gain Momentum IMVEXXY is the fastest growing product in the VVA market and share gains vs. Premarin GROWTH PERCENTAGE YEAR OVER YEAR (March 2019 – March 2020) 31.75% - 8.03% -10% 0% 10% 20% 30% 40% IMVEXXY ESTRACE B&G INTRAROSA ESTRING VAGIFEM B&G OSPHENA PREMARIN VC - March
Slide 25: BIJUVA Targeted Focus Until 0.5/100 Launch is Funded
25 BIJUVA Targeted Focus Until 0.5/100 Launch is Funded ▪ Focus on current writer base through remainder of 2020 ▪ Non - personal promotion ▪ Focus on current Bio - ignite partners ▪ Compounding pharmacists report that they would recommend BIJUVA for 1/3 of their estradiol and progesterone (E+P) pat
Slide 26: 2020 Post COVID-19 Outlook
26 2020 Post COVID - 19 Outlook ▪ Currently regaining access to doctors’ offices in lock step as the states reopen ‒ We expect office access to expand and accelerate during 2Q and normalize during 3Q ‒ 2Q20 revenue will be impacted due to COVID - 19 • We believe ANNOVERA and IMVEXXY are positioned t
Slide 27: Total Addressable Birth Control Market
27 Total Addressable Birth Control Market NRx : 28M Average Net Revenue / Unit 1.0% 1.5% 2.0% 2.5% $1,000 $280M $420M $560M $700M $1,250 $350M $525M $700M $875M $1,500 $420M $630M $840M $1.05B $1,750 $490M $735M $980M $1.2B Percent of Market Based on Patient Count of 2.3M and 4 fills per year Averag
Slide 28: The Power of a Women's Health Portfolio
28 CONTRACEPTION PRENATAL CARE CONTRACEPTION/ FAMILY PLANNING - PERIMENOPAUSE VASOMOTOR SYMPTOMS DYSPAREUNIA (Vulvar & Vaginal Atrophy) REPRODUCTIVE HEALTH MENOPAUSE MANAGEMENT Prenatal Vitamins The Power of a Women’s Health Portfolio
Slide 29: Appendix
TherapeuticsMD’ For Her: For Life. Appendix
Slide 30: ANNOVERA Update of Patent Strategy
30 ▪ On April 28, 2020, the USPTO issued the first Orange Book listable patent for ANNOVERA ‒ US Patent No 10,632,066 will expire February 2039 ‒ On March 29, 2020, TherapeuticsMD filed FDA Form 3542 to have the ‘066 patent listed in the Orange Book ‒ The ‘066 patent claims elements of the ANNOVERA
Slide 31: 1Q20 Key Metrics: ANNOVERA
31 1Q20 Key Metrics: ANNOVERA ▪ Patient demand more then doubled 1Q20 over 4Q19 and outpaced unit sales into the channel ▪ Adjudication rate: ~100% ▪ ~77% of ANNOVERA patients are paying $0 copay *Average net revenue per unit calculated from sales to wholesalers and pharmacies ANNOVERA Full Launch M
Slide 32: 1Q Key Metrics: IMVEXXY
32 1Q Key Metrics: IMVEXXY IMVEXXY TRx 43.89 44.27 46.25 0 10 20 30 40 50 JAN FEB MAR MONTHLY TRx Thousands Source: Symphony ▪ Patient demand increased Q over Q ▪ Not as heavily impacted by COVID - 19 ▪ Established base of business across writers and patients ▪ Overall adjudication rate (Q1): ~44% *
Slide 33: 1Q Key Metrics: BIJUVA
33 1Q Key Metrics: BIJUVA BIJUVA TRx Continued to Ramp Throughout the Quarter 8.43 8.92 9.62 0 2 4 6 8 10 JAN FEB MAR MONTHLY TRx Thousands Source: Symphony ▪ Overall adjudication rate Q1: ~51% ▪ Continued growth in patient demand quarter over quarter * Calculated Net Revenue per Unit = GAAP Net Rev
Slide 34: Payor Progress: ANNOVERA
34 Payor Progress: ANNOVERA ▪ Surpassed IMVEXXY and BIJUVA progress in January 2020 with payor coverage, adjudication, and net revenue per unit ▪ Public Health Expansion fast progress with our partners Afaxys and WSI - Added to formulary for Department of Defense and being sold to 92 military bases
Slide 35: Payor Progress: Menopausal Products
35 Payor Progress: Menopausal Products ▪ IMVEXXY Commercial access remains solid at 72% unrestricted ▪ Four of top eight Medicare Part D payors cover IMVEXXY ▪ COVID - 19 has slowed down the payor review process for Part D ▪ Since January 1st, IMVEXXY has added 20 states with unrestricted Medicaid*