Exhibit
99.1
Evofem
Biosciences Announces Strong Preliminary Results for the First Quarter of 2023
Increased
net product revenue more than 35%
in
the first quarter of 2023 vs. prior year quarter
Reduced
operating expenses more than 70%
Decreased
loss from operations more than 85%
Reaffirms
path to positive EDITDA
SAN
DIEGO, CA, June 1, 2023 —Evofem Biosciences, Inc. (OTCQB: EVFMD) today announced strong preliminary results for the first quarter
of 2023, including robust growth in net product sales of its hormone-free prescription contraceptive gel, Phexxi®
(lactic acid, citric acid and potassium bitartrate).
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Increased
Phexxi net product sales more than 35% to approximately $5.8 million in Q1 2023, versus $4.3 million in Q1 2022. |
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Reduced
total operating expenses more than 70% to approximately $9.4 million, versus $33.2 million in Q1 2022. |
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|
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Decreased
loss from operations by more than 85% to approximately $3.6 million, versus a loss of $28.9 million in Q1 2022. |
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|
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On
track to be EBITDA break-even on a quarterly basis by year-end 2023. |
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Regained
compliance with certain debt covenants through a shareholder-approved reverse split on May 18, 2023. |
“In
the first quarter of 2023, we implemented additional and significant cost-cutting measures to align expenses with the revenue needed
to move the Company forward. Our strong results this quarter demonstrate the effectiveness of this strategy. Due to our past, focused
marketing efforts, we have the benefit of a committed, loyal prescriber and patient base” said Saundra Pelletier, CEO of Evofem
Biosciences.
“Our
lean, focused team again delivered solid Phexxi sales through a combination of targeted promotion to the right healthcare providers in
covered territories, improved coverage for Phexxi with payers nationwide, and lower utilization of the Phexxi co-pay card which directly
reflects those coverage improvements. Continued execution of this strategy will enable us to reach EBITDA break-even on a quarterly basis
this year and to achieve positive cashflow in 2024,” Pelletier concluded.
The
Company expects to report unaudited results for the three months ended March 31, 2023, in mid-June.
About
Evofem Biosciences
Evofem
Biosciences, Inc., is developing and commercializing innovative products to address unmet needs in women’s sexual and reproductive
health. The Company’s first FDA-approved product, Phexxi® (lactic acid, citric acid and potassium bitartrate), is
a hormone-free, on-demand prescription contraceptive vaginal gel. It comes in a box of 12 pre-filled applicators and is applied 0-60
minutes before each act of sex. Learn more at phexxi.com and evofem.com.
Phexxi®
is a registered trademark of Evofem Biosciences, Inc.
Forward-Looking
Statements
This
press release includes “forward-looking statements” within the meaning of the safe harbor for forward-looking statements
provided by Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995
including, without limitation, statements related to the Company’s anticipated financial performance. You are cautioned not to
place undue reliance on these forward-looking statements, which are current only as of the date of this press release. Each of these
forward-looking statements involves risks and uncertainties. Important factors that could cause actual results to differ materially from
those discussed or implied in the forward-looking statements are disclosed in the Company’s SEC filings, including its Annual Report
on Form 10-K for the year ended December 31, 2022 filed with the SEC on April 27, 2023 and any subsequent filings. All forward-looking
statements are expressly qualified in their entirety by such factors. The Company does not undertake any duty to update any forward-looking
statement except as required by law.
Contact
Amy
Raskopf
Evofem
Biosciences, Inc.
araskopf@evofem.com
(917)
673-5775
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