The biotech company Evofem Biosciences Inc. (OTC:EVFM), which is focused on innovative women’s health products, is best known for having developed the Phexxi vaginal gel. On March 27, the company hit the newswires after it announced its financial results for the fourth fiscal quarter and the fiscal year, both of which ended on December 31, 2023. It could be a good move for investors to take a closer look at some of the major highlights from the financial results. In 2023, the company generated net product sales for Phexxi to the tune of $18.2 million.
That reflected an impressive jump in sales from the previous year since there had been a reduction in field force by as much as 73%. Additionally, the company had not provided any growth capital for 2023 either. In 2023, sales and market expenses made up 64% of net sales, which marked a major improvement for Evofem Biosciences when compared to the previous years. The losses suffered from operations improved by as much as 79% in 2022. Another major development for Evofem Biosciences in 2023 was the signing of a definitive agreement by way of which it would be acquired by Aditxt Inc.
In the news release, the company revealed that it believed that the planned acquisition would be a major opportunity for Evofem Biosciences to speed up its growth as a subsidiary unit of Aditxt. It would help the company turn into a women’s health entity offering a range of products. It was noted that both companies were working diligently in order to close the transaction at some point in the first half of 2024. Saundra Pelletier, the Chief Executive Officer of Evofem Biosciences, noted that the improvement in loss from operations and higher revenue growth were both a demonstration of the strength of the company’s sales team.
