Evofem Biosciences Inc (OTCMKTS:EVFM) Stock On Radar After Earnings Update

Evofem Biosciences Inc (OTCMKTS:EVFM) is best known for having developed the product Phexxi and back on April 28 it had announced its financial results for the fiscal year ended on December 31, 2022. It may be a good time for investors to take a look at some of the key highlights.

Trading Data

On Friday, EVFM stock fell 5.24% to $0.0199 with 4.22 million shares, compared to its average volume 3.78 million shares. The stock moved within a range of $0.0190 – 0.0300 after opening trade at $0.0255.

Evofem Biosciences Reports Year-End 2022 Financial Results and Provides Corporate Update

The sales of Phexxi soared by 104% to hit $16.8 million in 2022 and since January 1, 2023 the product had gained coverage to more than 22.1 million new lives. More importantly, in excess of 80% of the claims for Phexxi got approved as per the most current data ending February 2023.

The total operating expenses for 2022 had been cut down by $74.1 million from 2021 and the company managed to surpass its initial goal of reducing operating expenses by $50 million in 2022. In the month of March this year, Evofem put in place additional measures which were going to further reduce operating expenses.

The company aims to be EBITDA break even by the end of 2023. Effective April 13, 2023, Evofem had appointed a new Chief Financial Officer and Secretary in the form of Ivy Zhang.