TherapeuticsMD(TXMD) - 2022 Q1 - Earnings Call Transcript

Financial Data and Key Metrics Changes - The company's net product revenue for Q1 2022 was $19.3 million, a slight increase of 3.5% compared to$ 18.7 million in Q4 2021, but a decrease of 2.7% from $19.9 million in Q1 2021 [8][12] - Gross profit for Q1 2022 was$ 14.5 million, down 4.7% from Q1 2021, but up 3.8% from Q4 2021 [18] - Selling and marketing costs decreased by 21.3% year-over-year to $18.9 million, and general and administrative costs increased by 11% to$ 20.4 million compared to Q1 2021 [19][20] Business Line Data and Key Metrics Changes - ANNOVERA sales were $8.5 million in Q1 2022, down 2.7% from Q1 2021, but up 8.7% from Q4 2021 [13][14] - IMVEXXY net revenue remained flat at$ 7 million compared to Q1 2021, but increased by 4.5% from Q4 2021 [14] - BIJUVA sales increased by 4.7% year-over-year to $2.6 million, but decreased by 4.5% quarter-over-quarter [15] Market Data and Key Metrics Changes - Total quarterly prescriptions for ANNOVERA increased by 27% compared to Q1 2021, despite supply challenges [29] - The company is seeing early improvements in demand for IMVEXXY and BIJUVA following strategic realignments [30][32] Company Strategy and Development Direction - The company is focused on optimizing sales targeting and leveraging all three product assets effectively [26] - There is an emphasis on building inventory for ANNOVERA to meet growing demand, with expectations of improved manufacturing in Q2 2022 [28][29] - The management believes that the new commercial plan is yielding positive results, with increased sales productivity and robust demand for products [33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that ANNOVERA supply challenges peaked in Q1 2022 and expects incremental improvement as the year progresses [8] - The company has paused offering full-year guidance for 2022 until clarity on capital structure and FDA feedback is received [9] Other Important Information - The company completed the$ 150 million divestiture of vitaCare, receiving approximately $138.5 million in cash [11] - Net cash used in operating activities was$ 29.5 million for Q1 2022, with $30.4 million in cash as of March 31, 2022 [25] Q&A Session Summary Question: What are the expectations for ANNOVERA's supply challenges? - Management believes that supply challenges peaked in Q1 2022 and anticipates improvements in manufacturing throughout Q2 [8][29] Question: How is the company addressing sales productivity? - The company is focusing on optimizing sales targeting and leveraging all three product assets effectively, which has already shown positive results [26][33]