Evofem Bioscienc Stock Price, News & Analysis

Evofem Biosciences (OTCQB: EVFM) reported its financial results for the year ended December 31, 2022, highlighting significant growth and cost reduction efforts. Key points include:

1. Net product sales of Phexxi doubled to $16.8 million in 2022, a 104% increase from the previous year.

2. Total operating expenses were reduced by $74.1 million (42%) compared to 2021, exceeding the company's $50 million cost reduction goal.

3. Phexxi coverage expanded to over 22.1 million new lives since January 1, 2023, with more than 80% of claims now being approved.

4. The company is targeting EBITDA break-even by year-end 2023 through further cost-cutting measures implemented in March 2023.

5. Net loss improved to $(78.0) million, or $(1.34) per share, compared to $(206.2) million, or $(23.63) per share, in 2021.

Evofem Biosciences, Inc. (OTCQB: EVFM) announced the appointment of Ivy Zhang as Chief Financial Officer (CFO) and Secretary, effective April 13, 2023. Ms. Zhang will oversee financial planning, accounting, and treasury functions while reporting to CEO Saundra Pelletier. With over 14 years of financial experience, including previous roles at Ernst & Young and SeaSpine Holdings, Ms. Zhang aims to drive financial operations as the company seeks to achieve EBITDA breakeven on a quarterly basis by year-end 2023. This transition follows the interim tenure of Albert Altro. Ms. Zhang expressed enthusiasm about joining a dedicated leadership team amid restructuring efforts to bolster Phexxi®, the company's contraceptive product.

Evofem Biosciences has secured improved coverage for its hormone-free contraceptive Phexxi in New York, benefiting over 5.8 million lives. This update follows the state's transition to a single Preferred Drug List as of April 1, 2023, which eliminates the need for Prior Authorization. Year-to-date, Evofem has successfully gained coverage for a total of 22.1 million lives nationally. In Q1 2023, enhancements included coverage from Mississippi Medicaid, Indiana State Medicaid, and notable Blue Cross Blue Shield plans, among others. Phexxi serves as an innovative solution in women's reproductive health, applied just before sexual activity.

Evofem Biosciences (OTC-PINK:EVFM) announced significant cost reduction measures to achieve cash flow break-even by year-end 2023. These measures include a 39% reduction in payroll expenses, with a 40% cut in CEO salary and 20% for other executives. The company will consolidate three sales territories and eliminate eight positions, including the Chief Commercial Officer, effective March 17, 2023. Despite the difficult nature of these cuts, CEO Saundra Pelletier emphasized their necessity for long-term success and continued support for their hormone-free contraceptive product, Phexxi.

Evofem Biosciences (OTC-PINK: EVFM) announced the appointment of Albert Altro as Interim Chief Financial Officer, succeeding Jay File, who is leaving for other opportunities. Mr. Altro brings over 25 years of experience in financial management and corporate restructuring. His expertise is expected to guide the company’s fiscal strategy, aiming to enhance shareholder value.

CEO Saundra Pelletier expressed confidence in Mr. Altro's ability to lead the company’s financial direction. Evofem focuses on women's sexual and reproductive health, with its flagship product being Phexxi, a hormone-free contraceptive.