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Evofem Biosciences Inc. (EVFM) stock declined during pre-market, here’s what’s happening?

Evofem Biosciences Inc. (NASDAQ: EVFM) stock soared by 12.94% at last close however the EVFM stock price plunged by 1.25% in the pre-market trading. Evofem Biosciences is a company that develops and sells novel medicines and product candidates to meet unfulfilled needs of women related to sexual and reproductive health, such as hormone-free, woman-controlled contraception and protection against certain sexually transmitted illnesses.

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EVFM stock’ Current Update

In Q4 of 2021, Evofem Biosciences forecasted strong prescription and total revenue growth.

  • Phexxi (lactic acid, citric acid, and potassium bitartrate) total monthly prescriptions (TRx) are expected to approach 30,000 in the fourth quarter of 2021, indicating a 70 percent increase over third-quarter TRx levels.
  • From debut to year-end 2021, the company hopes that more than 57,000 women will opt for Phexxi, with nearly 24,000 in the fourth quarter alone.

Phexxi is a prescription vaginal gel that is free of hormones and can be used on-demand. In September 2021, Evofem began its celebrity “House Rules” direct-to-consumer (DTC) campaign, starring actress Annie Murphy, to raise Phexxi awareness within its potential customers and accelerate prescription growth.

Management Remarks

CEO, Saundra Pelletier said that net revenues are expected to climb by more than 50% over the previous quarter. They feel this demonstrates that non-hormonal birth control is becoming the quality of care for women. The continuing performance of their team to build on the excellent base of Phexxi users and prescribers will ensure a good finish in 2021.

The gross-to-net ratio should continue to increase for shareholders. They aim to complete or exceed the prevailing analyst consensus estimate of net revenue in the fourth quarter, thanks to the growing demand for Phexxi. They’re also working hard to lower their quarterly net cash burn rate, which they estimate to drop by at least $10 million from Q3 levels by the fourth quarter of 2021.

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