Evofem Biosciences, Inc. (EVFM), a biopharmaceutical company, announced its first-quarter 2021 financial results after which the EVFM stock price saw a push of 14.75% to reach $1.40 a share as of this writing. Evofem stock was gloomy during the previous trading session and went down by 5.43% at closing. Let’s briefly analyze the financial results of EVFM stock.
Financial Results:
- EVFM stock generated net revenue of $1.1 million in the reported quarter which represents a breathtaking increase of 550% as compared to net revenue of $0.2 million in the fourth quarter of 2020.
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- Total operating expenses of the Evofem stock were totaled $46.0 million in the first quarter of 2021 which include $0.5 million cost of goods sold, $7.3 million research and development costs,$30.5 million selling and marketing costs, and $7.7 million general and administrative costs.
- Total other expenses for the EVFM stock were $1.3 million in the first three months of 2020 which mainly comprises of $0.1 million change in fair value due to mark to market adjustments and $1.1 million accrued interest expense for 2020 issued convertible notes.
- EVFM stock suffered $46.2 million, or $0.56 per share net loss attributable to the common stockholder in the first quarter of 2021 while it was 19.1 million, or $0.40 per share in the fourth quarter of 2020.
- As of March 31, 2020, Evofem stock had cash and cash equivalents of $45.3 million.Moreover $18.6 million restricted cash was also available for use at that time.
Recent Developments and Upcoming Milestones:
- Evofem launched direct-to-consumer market campaign “Get Phexxi” on February 14, 2021.
- The “Get Phexxi” campaign was exceptional as more than 5000 healthcare providers have prescribed Phexxi to date which resulted in the 83% increased Phexxi prescriptions from February to March.
- Pivotal Phase 3 clinical trial for the evaluation of EVO100 will complete the enrollment by the end of 2021. Moreover, EVO100 met its primary and secondary efficacy endpoints in Phase 2b/3 AMPREVENCE clinical trial.
- Data collected from the Phase 3 AMPOWER trial of Phexxi was presented in April 2021 at National Community Oncology Dispensing Association (NCODA) and American College of Obstetricians and Gynecologists (ACOG).
- Evofem will record net proceeds of $4.2 million resulting from the over-allotment option in April, in the second quarter of 2021.
Conclusion:
Investors are responding to the positive first-quarter financial 2021 results of EVFM stock. Evofem’s campaign “Get Phexxi” contributed a lot to the revenue growth for the first three months of 2021. Hence investors need to keep an eye on this stock.