Therapeuticsmd, Inc. · NASDAQ:TXMD
Therapeuticsmd — Investor Presentation (June 2020)
35 slides from Therapeuticsmd's investor presentation, June 2020
Slide 1: Building the Premier Women's Health Company
Ju n e 2020 Building the Premier Women’s Health Company
Slide 2: Forward-Looking Statements
Fo r wa rd - L o o k i n g S tate m e nt s 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
Slide 3: 1Q20 Highlights
TherapeuticsMD’ my 2 For Fler. For Life. 1Q20 Highlights
Slide 4: COVID-19 Strategic Overview
COVID-19 Strategic Overview 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 break
Slide 5: Portfolio Strategic Focus
Portfolio Strategic Focus § 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 no
Slide 6: 1Q20 Accomplishments and Trends
1Q20 Accomplishments and Trends
Slide 7: Met or Beat Wall Street Net Revenue Consensus for Last 4 Quarters
TherapeuticsMD Met or Beat Wallstreet Net Revenue Consensus for the Last 4 Quarters Actual Total Net Product Revenue Wall Street Avg. Net Revenue Concensus ANNOVERA $2.3M Q1 2020 $12,250,657 ANNOVERA $5.8M from initial stocking $15,901,680 Q4 2019 $8,213,341 Q3 2019 $6,078,865 Q2 2019 § ANNOVERA: Pa
Slide 8: 1Q 2020 Key Performance Metrics
1Q 2020 Key Performance Metrics A N N O V E R A ® (segesterone acetate and ethinyl estradiol vaginal system) § 1Q20 net revenue: ~$2.3M § 1Q20 total prescriptions (TRx) to patient1: 2,361 § During February soft launch, Sales Reps promoted to 10 prescribers per territory and generated monthly TRx of
Slide 9: 1Q20 Key Metrics: ANNOVERA
1Q20 Key Metrics: ANNOVERA ANNOVERA Full Launch Month Interrupted by COVID-19 M O N T H LY TRx COVID-19 Impact/ 1000 966 Paused Launch 900 800 724 700 671 600 500 400 300 200 100 0 Source: Symphony JAN FEB MAR Sales Reps promoted to 10 Sales Reps to target all prescribers per territory prescribers p
Slide 10: 1Q 2020 Key Performance Metrics: BIJUVA
1Q 2020 Key Performance Metrics B I J U VA ® (estradiol and progesterone) capsules § 1Q20 net revenue: ~$1.1M § 1Q TRx to patients1: ~26,000 § 1Q20 net revenue per unit2: ~$43 § Overall adjudication rate: ~51% § # HCPs with TRx: ~5,000 § Pausing BIJUVA promotional activities enhances funding for ANN
Slide 11: Current Payer Coverage by Channel
Current Payer Coverage by Channel Coverage Target Coverage June 2020 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% • Earlier Unrestricted Medicaid access than e
Slide 12: Finance Update
TherapeuticsMD /- = For Fler. For Life. Finance Update
Slide 13: Financial Results: Comparison Q1 2020 to Q4 2019
Financial Results: Comparison Q1 2020 to Q4 2019 Comparison of Key Financial Statement Items 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 T
Slide 14: Corporate Wide Cost Reductions in Total Operating Expenses
Corporate Wide Cost Reductions in Total Operating Expenses § Expect 2Q20 total operating expenses to be $45.5M - $47.5M §Defer $10M in marketing spend primarily related to media § Expect total operating expenses in 3Q20 and 4Q20 to be approximately $40M or less1 § We believe these actions will conti
Slide 15: Previous Sales Structure Supporting All Three Products
Previous Sales Structure Supporting All Three Products 140 Sales Reps 30-40 Sales Reps 1 2 3 1 2 15
Slide 16: Current Sales Team and Distribution Channels
Current Sales Team and Distribution Channels 120-130 Sales Reps 1 2 § 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: Distribution Channels § Eliminating menopausal sales force
Slide 17: Advantages to Pausing BIJUVA
Advantages to Pausing BIJUVA • 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 partner
Slide 18: Update to TPG Sixth Street Loan Covenants
Update to TPG Sixth Street Loan Covenants § 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 q
Slide 19: Product Overview and Plans to Drive Revenue Inflection Point
Product Overview and Plans to Drive Revenue Inflection Point
Slide 20: Strategic Overview
Strategic Overview 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 2
Slide 21: ANNOVERA: Well Positioned for Fast Uptake When Full Plans Deployed
ANNOVERA: Well Positioned for Fast Uptake When Full Plans Deployed Contraception: Largest Full Sales Force Plans and Broad Availability will Women’s Health Category Consumer Advertising Allow Growth Across will Quickly Accelerate Contraception Channels at $5B Ramp § ~500,000 U.S. prescribers 1Q20 Ef
Slide 22: ANNOVERA Compelling Now and Post COVID-19
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 patients have
Slide 23: IMVEXXY's Unique Product Attributes
IMVEXXY’s Unique Product Attributes § 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 § Low
Slide 24: IMVEXXY Continues to Gain Momentum
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) 40% IMVEXXY - March 10.8% market share of TRx 31.75% - Support of high writer base and 30% expansion of productive write
Slide 25: BIJUVA Targeted Focus Until 0.5/100 Launch is Funded
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) patients §
Slide 26: 2020 Post COVID-19 Outlook
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 to capital
Slide 27: Market Opportunity
Market Opportunity 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 ANNOVERA Comparison to other Branded Products1 § NuvaRing 201
Slide 28: The Power of a Women's Health Portfolio
The Power of a Women’s Health Portfolio Prenatal Vitamins CONTRACEPTION/ DYSPAREUNIA PRENATAL VASOMOTOR CONTRACEPTION FAMILY PLANNING - (Vulvar & Vaginal CARE SYMPTOMS PERIMENOPAUSE Atrophy) REPRODUCTIVE HEALTH MENOPAUSE MANAGEMENT 28
Slide 29: Appendix
TherapeuticsMD For Fler. For Life. Appendix
Slide 30: ANNOVERA Update of Patent Strategy
ANNOVERA Update of Patent Strategy § 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 cla
Slide 31: 1Q20 Key Metrics: ANNOVERA
1Q20 Key Metrics: ANNOVERA 1Q 2020 4Q 2019 ANNOVERA Full Launch Month Net Revenue ~$2.3M ~$5.8M Interrupted by COVID-19 M O N T H LY TRx TRx to patients 2,361 1,095 COVID-19 Impact/ Average Net $1,350 $1,350 1000 966 Paused Launch Revenue / Unit 900 # Prescribers w/ TRx 1,140 540 800 724 700 671 600
Slide 32: 1Q Key Metrics: IMVEXXY
1Q Key Metrics: IMVEXXY 1Q 2020 4Q 2019 IMVEXXY TRx Net Revenue ~$6.4M ~$6.35M M O N T H LY TR x TRx to patients 134,000 123,300 50 46.25 Average Net Revenue $48 $51 43.89 44.27 / Unit 40 # Prescribers w/ TRx 17,000 16,500 30 Thousands § Patient demand increased Q over Q § Not as heavily impacted by
Slide 33: 1Q Key Metrics: BIJUVA
1Q Key Metrics: BIJUVA 1Q 2020 4Q 2019 BIJUVA TRx Continued to Ramp Net Revenue ~$1.1M ~$1.2M Throughout the Quarter TRx to patients ~26,000 ~21,600 M O N T H LY TR x Average Net Revenue $43 $56 10 9.62 / Unit 8.43 8.92 # Prescribers w/ TRx 5,000 5,500 8 Thousands 6 § Overall adjudication rate Q1: ~
Slide 34: Payor Progress: ANNOVERA
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 - A
Slide 35: Payor Progress: Menopausal Products
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* acces