TherapeuticsMD Announces Fourth Quarter 2021 Financial Results

Research, News, and Market Data on TherapeuticsMD

– Reached definitive agreement to fully divest vitaCare business unit enabling greater focus on achieving leadership position in women’s healthcare –
– Amended credit terms with 
Sixth Street in support of a new capitalization plan –
– Conference call scheduled for 
8:30 a.m. ET today –

BOCA RATON, Fla.–(BUSINESS WIRE)–Mar. 10, 2022– 
TherapeuticsMD, Inc. (“TXMD” or the “Company”) (NASDAQ: TXMD), an innovative, leading women’s healthcare company, today reported financial results for the fourth quarter ended 
December 31, 2021.

“We spent the past three months executing on four key priorities set forth last quarter, and today we announced that we have accomplished two of them. With the definitive agreement to fully divest our vitaCare business unit, TXMD will emerge as a more focused company aimed at empowering women of all ages through better and affordable healthcare. Amending our credit terms is, in our view, the most prudent way to achieve the necessary financial flexibility to complete the announced sale of vitaCare and ultimately refinance our existing credit facility,” said Hugh O’Dowd, CEO of 
TherapeuticsMD.

“Demand for our flagship product, ANNOVERA®, continues to grow. We are working to ensure ample supply and drive towards uninterrupted access to this important contraceptive. We are excited about our future, and believe we are on a pathway towards serving women as they navigate their healthcare needs,” concluded O’Dowd.

Fourth Quarter 2021 Financial Results and Business Highlights

ANNOVERA (segesterone acetate and ethinyl estradiol vaginal system)

• ANNOVERA net product revenue of 
  $7.8 million for the fourth quarter of 2021 decreased by 
  $1.3 million compared to 
  $9.1 million for the fourth quarter of 2020.
• Approximately 9,315 ANNOVERA prescriptions were dispensed to patients during the fourth quarter of 2021, an increase of 11% from the third quarter of 2021, and 57% from the fourth quarter of 2020.
• Over 10,750 healthcare providers (HCPs) prescribed ANNOVERA during the fourth quarter, of which nearly 1,300 were new writers.
  • Growth in prescribers of approximately 119% over fourth quarter of 2020.

IMVEXXY^® (estradiol vaginal inserts)

• IMVEXXY net product revenue of 
  $6.7 million for the fourth quarter of 2021 decreased by 
  $2.2 million compared to 
  $8.8 million for the fourth quarter of 2020.
• Approximately 109,300 IMVEXXY prescriptions were dispensed to patients during the fourth quarter of 2021.

BIJUVA^® (estradiol and progesterone) capsules

• BIJUVA net product revenue of 
  $2.7 million for the fourth quarter of 2021 increased by 
  $0.4 million compared to 
  $2.2 million for the fourth quarter of 2020.
• BIJUVA net product revenue for the fourth quarter of 2021 includes 
  $0.7 million of export sales through our international licensing and supply agreement with 
  Theramex HQ UK Limited.

Cost of Goods Sold and Gross Margin

• Cost of goods was 
  $4.7 million with product gross margin of 75% for the fourth quarter of 2022 compared to 
  $5.6 million with product gross margin of 75% for the fourth quarter of 2020.

Operating Expense, Net Loss and Related Information

• Total operating expense of 
  $49.3 million for the fourth quarter of 2021 decreased by 
  $2.3 million compared to 
  $51.6 million for the fourth quarter of 2020. Included in total operating expense for the fourth quarter of 2021 was 
  $5.1 million of severance related expenses recorded for a former executive. Without the executive severance, operating expense for the fourth quarter of 2021 would have been 
  $44.3 million, a decrease of 
  $7.3 million compared to the fourth quarter of 2020.
• Net loss for the fourth quarter of 2021 was 
  $43.0 million, or 
  $0.10 per basic and diluted share, compared to net loss for the fourth quarter of 2020 of 
  $42.1 million, or 
  $0.15 per basic and diluted share. Without the executive severance, net loss for the fourth quarter of 2021 would have been 
  $37.9 million, or 
  $0.09 per basic and diluted share.

Balance Sheet

• As of 
  December 31, 2021, the Company’s cash on hand totaled 
  $65.1 million, compared with 
  $80.5 million as of 
  December 31, 2020.
• For 2021, the Company received 
  $184.1 million in net proceeds from its at-the-market and underwritten equity offerings.
• As of 
  December 31, 2021, the remaining outstanding principal amount under the Company’s Financing Agreement was 
  $200.0 million, which reflects a repayment of 
  $50.0 million of principal during 2021.

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.

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: 6988467.

Please see the Full Prescribing Information, including indication and Boxed WARNING, for each 
TherapeuticsMD product as follows:

• IMVEXXY (estradiol vaginal inserts) at https://imvexxy.com/pi.pdf
• BIJUVA (estradiol and progesterone) capsules at https://www.bijuva.com/pi.pdf
• ANNOVERA (segesterone acetate and ethinyl estradiol vaginal system) at www.annovera.com/pi.pdf

Forward-Looking Statements

This 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; whether the company will be able to successfully divest its vitaCare business and how the proceeds that may be generated by such divestiture will be utilized; 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 and the company’s ability to refinance such facility; the effects of supply chain issues on the supply of the company’s products; 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 manufacturing supplement for ANNOVERA; 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 impact of leadership transitions; 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 –

James D’Arecca
Chief Financial Officer
561-961-1900

Lisa M. Wilson

In-Site Communications, Inc.
212-452-2793
[email protected]

Source: 
TherapeuticsMD, Inc.