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?
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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.