Overview
Evofem Q3 net sales rise 10% yr/yr to $5.0 mln
Company posts $1.0 mln operating income, reversing prior yr $2.4 mln loss
Operating expenses fall 42% yr/yr, aiding profit turnaround
Outlook
Company aims to reduce manufacturing costs by 50% for PHEXX and SOLOSEC
SOLOSEC submitted for marketing approval in the UAE
Company did not provide specific financial guidance for future periods
Result Drivers
SALES REBOUND - Sales increased 10% yr/yr due to strategic marketing and press coverage, per CEO Saundra Pelletier
COST REDUCTION - Co reduced manufacturing costs for PHEXX and SOLOSEC by 50%, facilitating entry into price-sensitive markets
OPERATING EXPENSES DROP - Operating expenses fell 42% yr/yr, driven by reduced general and administrative expenses and a one-time gain
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Sales | $4.95 mln | ||
Q3 Net Income | -$1.57 mln | ||
Q3 Income from Operations | $951,000 | ||
Q3 Operating Expenses | $4.001 mln | ||
Q3 Pretax Profit | -$1.57 mln |
Press Release: ID:nPn1gw3S9a
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)