Shares of the biopharmaceutical company Evofem Biosciences, Inc., (NASDAQ: EVFM) have been sinking in the early trades today. The stock was buoying at $2.205 dropping -$1.065 or -32.569% as of 10:02 a.m. EST. The fall came because of the financial results that missed the earnings estimates.
What the company has missed?
Even if you’re not actively in crypto, you deserve to know what’s actually going on...
Because while leading assets such as Bitcoin (BTC) and Ethereum (ETH) are climbing in value, a select group of public “crypto stocks” are surging right along with them. More importantly, these stocks are outpacing the returns these leading crypto assets aren already producing.
Click here to get the full story… along with our long list of backdoor Bitcoin strategies. It’s free.
The commercial-stage biopharmaceutical company EVoFem Biosciences is committed to the development and commercialization of innovative products that address women’s unmet sexual and reproductive health needs. Hormone-free, female-controlled contraception and protection against certain sexually transmitted infections (STIs) are also on its product list.
Company’s first commercial product, Phexxi, untill now, has been the first hormone-free vaginal gel that has been approved for use as a preventative device in the United States. Its lead product candidate, EVO100, is being evaluated in an ongoing Phase 3 trial as a treatment for urogenital Chlamydia trachomatis and Neisseria gonorrhoeae infection in women.
Evofem yesterday released report of its financial results for the three- and twelve-month periods ended December 31, 2020 after close of the market.
- Net product sales of $168,000 were recorded for Evofem’s fourth quarter of 2020, which was the first quarter of its full product sales since the launch of its Phexxi product on September 8, 2020.
- In the four quarter of 2020, the net loss was -$40.6 million, or -$0.50 per share, compared to the year-ago period’s net loss of -$12.7 million, or -$0.27 per share.
- This quarterly loss was not only came 220% more than the corresponding quarter loss but also missed the analysts’ estimate of $0.35 per share loss by 38.90%.
- In absence of any net product sales for the full year 2019, that for the 2020 was $446,000.
- Based on a comparison of full year 2019 with full year 2020, the net loss for the full year 2020 was -$142.3 million, or -$2.12 per share compared with -$80.0 million, or -$1.99 per share.