Evofem Biosciences Inc. (NASDAQ: EVFM) has announced its financial results for the quarter and nine months ended September 30, 2021.
Evofem reported net sales of $1.7 million as Phexxi gained traction.
In the third quarter, the company reported $1.7 million in net sales from Phexxxi. Also, during the quarter, Evofem reported ex-factory sales growth driving a 29% increase in gross revenues. Loss from operations was $43.4 million. Marketing and selling costs were up 125 due to higher media expenses associated with the “House Rules” DTC marketing campaign. As a result, net loss attributable to shareholders was $74.1 million or $0.48 per share. The company ended the quarter with cash and equivalents of $14.9 million and restricted cash of $9 million.
The company’s CEO, Saundra Pelletier, stated, “We are extremely excited by the initial results of our celebrity DTC campaign, which is driving an increase in awareness of Phexxi among our target audience and substantial growth in prescriptions filled. As we continue to reach more women who have had similarly negative experiences with hormonal contraception, it remains our priority to ensure that all women have access to Phexxi as a non-hormonal birth control option.”
Pelletier added, “We have achieved the goal of the first phase of our marketing strategy, to build a strong foundation of Phexxi prescribers and users. With the maturity of our marketing approach, we expect to reduce operating expenses by approximately $50 million in 2022.”
Phexxi seeing increased uptake following the launch of “House Rules” DTC
The company launched a national direct-to-consumer campaign, “House Rules,” with popular spokeswoman Annie Murphy seeking to expand awareness and boost uptake of hormone-free contraceptive, Phexxi vaginal gel. As a result, there was a 94% growth in new prescriptions with 81% growth in total prescriptions, while dispenses units were up 82% following the launch of “House Rules.”
During the third quarter of 2021, more than 19,000 Phexxi prescriptions were filled, and more than 21,000 units were dispensed to patients, an increase of 48 percent and 44 percent, respectively, over the second quarter of 2021.