Full Press Release Details
TherapeuticsMD Announces First Quarter 2021 Financial Results
- 1Q21 total net revenue increased to $19.9 million -
- 1Q21 total net product revenue increased 60% to $19.6 million compared to 1Q20 -
- ANNOVERA prescriptions continue to grow with increasing consumer support and acceptance -
- Further strengthened ANNOVERA patent family through June 2039
- Significantly improved average net revenue per unit for IMVEXXY to $61 and BIJUVA to $69 -
-vitaCare s divesture process continues in an effort to unlock
- Conference call scheduled for 8:30 a.m. ET today -
BOCA RATON, Fla. May 6, 2021 TherapeuticsMD, Inc. (NASDAQ:
TXMD), an innovative, leading women s healthcare Company, today reported financial results for the first quarter ended March 31, 2021.
am pleased with our ongoing execution across the organization, which is in-line with our 2021 operating plan led by ANNOVERA, which performed well in a challenging environment. Our financial performance
continues to improve year-over-year. Both menopausal products, IMVEXXY and BIJUVA, had record net revenue per unit. We are also pleased to report that three new ANNOVERA patents were obtained, strengthening durability and extending exclusivity
through June 2039. The Company won its appeal for the new low-dose BIJUVA 0.5/100 with the FDA. We are confident that these milestones, together with our existing and new commercial strategies, will continue
to deliver strong growth throughout 2021, said Robert G. Finizio, Chief Executive Officer of TherapeuticsMD.
First Quarter Review
Total net product revenue for the first quarter of 2021 increased 60% to $19.6 million compared to the first quarter of 2020. When compared to the fourth
quarter of 2020, total net product revenue decreased by 13% for the first quarter of 2021.
ANNOVERA (segesterone acetate and ethinyl estradiol vaginal
IMVEXXY (estradiol vaginal inserts)
Cost of Goods Sold/Gross Margin
Expense, Net Loss and Related Information
The Company continues the vitaCare divestiture process to unlock shareholder value. The Company believes vitaCare is creating a significant revenue opportunity
with two new live customers, a third scheduled to launch in the fourth quarter, and a pipeline with approximately twenty potential new deals. vitaCare continues to build its foundation to become a free-standing entity in a rapidly growing
sector with no established leader.
Conference Call and Webcast Details
TherapeuticsMD will host a conference call and live audio webcast today at 8:30 a.m. ET to discuss these financial results and provide a business update.
| Date: | Thursday, May 6, 2021 | |
| Time: | 8:30 a.m. ET | |
| Telephone Access (US): | 866-665-9531 | |
| Telephone Access (International): | 724-987-6977 | |
| Access Code for All Callers: | 5683435 |
A live webcast and audio archive for the event may be accessed on the home page or from the Investors &
Media section of the TherapeuticsMD website at www.therapeuticsmd.com. Please connect to the website prior to the start of the presentation to ensure adequate time for any software downloads that may be necessary to listen to the webcast. A
replay of the webcast will be archived on the website for at least 30 days. In addition, a digital recording of the conference call will be available for replay beginning two hours after the call s completion and for at least 30 days with the dial-in 855-859-2056 or international 404-537-3406 and
Conference ID: 5683435.
Please see the Full Prescribing Information, including indication and Boxed WARNING, for each TherapeuticsMD product as follows:
Forward-Looking Statements
press release by TherapeuticsMD, Inc. may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to TherapeuticsMD s objectives, plans and strategies as well as statements, other
than historical facts, that address activities, events or developments that the company intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as
believes, hopes, may, anticipates, should, intends, plans, will, expects, estimates, projects,
positioned, strategy and similar expressions and are based on assumptions and assessments made in light of management s experience and perception of historical trends, current conditions, expected future developments and
other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and the company undertakes no duty to update or revise any such statements, whether as a result of new
information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of the company s control. Important factors that could cause
actual results, developments and business decisions to differ materially from forward-looking statements are described in the sections titled Risk Factors in the company s filings with the Securities and Exchange Commission,
including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as reports on Form 8-K, and
include the following: the effects of the COVID-19 pandemic; the company s ability to maintain or increase sales of its products; the company s ability to develop and commercialize IMVEXXY , ANNOVERA , and BIJUVA and obtain additional financing necessary therefor;
whether the company will be able to comply with the covenants and conditions under its term loan facility; whether the company will be able to successfully divest its vitaCare business and how the proceeds that may be generated by any such
divestiture will be utilized; the potential of adverse side effects or other safety risks that could adversely affect the commercialization of the company s current or future approved products or
preclude the approval of the company s future drug candidates; whether the FDA will approve the lower dose of BIJUVA; the company s ability to protect its intellectual property,
including with respect to the Paragraph IV notice letters the company received regarding IMVEXXY and BIJUVA; the length, cost and uncertain results of future clinical trials; the company s reliance on third parties to conduct its manufacturing,
research and development and clinical trials; the ability of the company s licensees to commercialize and distribute the company s products; the ability of the company s marketing contractors to market ANNOVERA; the availability of
reimbursement from government authorities and health insurance companies for the company s products; the impact of product liability lawsuits; the influence of extensive and costly government regulation; the volatility of the trading price of
the company s common stock and the concentration of power in its stock ownership.
- Financial Statements to Follow
TherapeuticsMD, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except per share data)
| March 31, | December 31, | |||||||
| 2021 | 2020 | |||||||
| (Unaudited) | ||||||||
| Assets: | ||||||||
| Current assets: | ||||||||
| Cash | $ | 137,617 | $ | 80,486 | ||||
| Accounts receivable, net of allowance for credit losses of $1,231 and $1,118 as of March 31, 2021 and December 31, 2020, respectively | 33,719 | 32,382 | ||||||
| Inventory | 7,346 | 7,993 | ||||||
| Prepaid and other current assets | 8,360 | 7,543 | ||||||
| Total current assets | 187,042 | 128,404 | ||||||
| Fixed assets, net | 1,812 | 1,942 | ||||||
| License rights and other intangible assets, net | 40,994 | 41,445 | ||||||
| Right of use assets | 9,205 | 9,566 | ||||||
| Other non-current assets | 253 | 253 | ||||||
| Total assets | $ | 239,306 | $ | 181,610 | ||||
| Liabilities and stockholders equity (deficit): | ||||||||
| Current liabilities: | ||||||||
| Current maturities of long-term debt | $ | 5,000 | $ | |||||
| Accounts payable | 10,310 | 21,068 | ||||||
| Accrued expenses and other current liabilities | 45,974 | 38,170 | ||||||
| Total current liabilities | 61,284 | 59,238 | ||||||
| Long-term debt, net | 178,970 | 237,698 | ||||||
| Operating lease liabilities | 8,530 | 8,675 | ||||||
| Total liabilities | 248,784 | 305,611 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders equity (deficit): | ||||||||
| Preferred stock, par value $0.001; 10,000 shares authorized, none issued | ||||||||
| Common stock, par value $0.001; 600,000 shares authorized, 393,190 and 299,765 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 393 | 300 | ||||||
| Additional paid-in capital | 908,457 | 754,644 | ||||||
| Accumulated deficit | (918,328 | ) | (878,945 | ) | ||||
| Total stockholders deficit | (9,478 | ) | (124,001 | ) | ||||
| Total liabilities and stockholders equity (deficit) | $ | 239,306 | $ | 181,610 |
TherapeuticsMD, Inc.
Consolidated Statements of Operations
(Unaudited - in thousands, except per share data)
| Three Months Ended | ||||||||||||
| March 31, | December 31, | |||||||||||
| 2021 | 2020 | 2020 | ||||||||||
| Product revenue, net | $ | 19,632 | $ | 12,251 | $ | 22,577 | ||||||
| License revenue | 234 | |||||||||||
| Total revenue, net | 19,866 | 12,251 | 22,577 | |||||||||
| Cost of goods sold | 4,687 | 2,715 | 5,581 | |||||||||
| Gross profit | 15,179 | 9,536 | 16,996 | |||||||||
| Operating expenses: | ||||||||||||
| Selling, general and administrative | 42,407 | 57,189 | 49,210 | |||||||||
| Research and development | 2,050 | 3,269 | 2,394 | |||||||||
| Total operating expenses | 44,457 | 60,458 | 51,604 | |||||||||
| Loss from operations | (29,278 | ) | (50,922 | ) | (34,608 | ) | ||||||
| Other (expense) income: | ||||||||||||
| Interest expense and other financing costs | (10,227 | ) | (6,262 | ) | (7,613 | ) | ||||||
| Other income, net | 122 | 335 | 133 | |||||||||
| Other (expense), net | (10,105 | ) | (5,927 | ) | (7,480 | ) | ||||||
| Loss before income taxes | (39,383 | ) | (56,849 | ) | (42,088 | ) | ||||||
| Provision for income taxes | ||||||||||||
| Net loss | $ | (39,383 | ) | $ | (56,849 | ) | $ | (42,088 | ) | |||
| Loss per common share, basic and diluted | $ | (0.11 | ) | $ | (0.21 | ) | $ | (0.15 | ) | |||
| Weighted average common shares, basic and diluted | 347,219 | 271,460 | 286,607 |
TherapeuticsMD, Inc.
Consolidated Statements of Cash Flows
(Unaudited - in thousands, except per share data)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2021 | 2020 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (39,383 | ) | $ | (56,849 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 1,019 | 1,008 | ||||||
| Charges (credits) to provision for doubtful accounts | 230 | (123 | ) | |||||
| Inventory charge | 502 | 136 | ||||||
| Debt financing fees | 1,272 | 320 | ||||||
| Non-cash operating lease expense | 216 | 352 | ||||||
| Share-based compensation | 2,957 | 2,366 | ||||||
| Impairment of other intangible assets and operating lease | ||||||||
| Changes in operating assets and liabilities | ||||||||
| Accounts receivable | (1,567 | ) | 3,855 | |||||
| Inventory | 145 | (2,883 | ) | |||||
| Prepaid and other current assets | (817 | ) | 4,436 | |||||
| Other assets | ||||||||
| Accounts payable | (10,758 | ) | 9,533 | |||||
| Accrued expenses and other current liabilities | 7,804 | (1,262 | ) | |||||
| Total adjustments | 1,003 | 17,738 | ||||||
| Net cash used in operating activities | (38,380 | ) | (39,111 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Payment of patent related costs | (375 | ) | (422 | ) | ||||
| Purchase of fixed assets | (63 | ) | (21 | ) | ||||
| Net cash used in investing activities | (438 | ) | (443 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from sale of common stock, net of costs | 150,899 | |||||||
| Proceeds from exercise of options and warrants | 50 | 72 | ||||||
| Repayments of debt | (50,000 | ) | ||||||
| Borrowings of debt | 50,000 | |||||||
| Payment of debt financing fees | (5,000 | ) | (1,250 | ) | ||||
| Net cash provided by financing activities | 95,949 | 48,822 | ||||||
| Net increase in cash | 57,131 | 9,268 | ||||||
| Cash, beginning of period | 80,486 | 160,830 | ||||||
| Cash, end of period | $ | 137,617 | $ | 170,098 | ||||
| Supplemental disclosure of cash flow information Interest paid | $ | 8,955 | $ | 5,893 |
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561-961-1900, ext. 2088
In-Site Communications, Inc.