TherapeuticsMD, Inc. (NYSE MKT: TXMD), a women’s healthcare company focused on developing and commercializing products targeted exclusively for women, today announced financial results for the three and six-month periods ended June 30, 2013.
Second Quarter Highlights:
- Net revenue for the quarter ended June 30, 2013 was $2.1 million compared with $819 thousand in the second quarter of 2012;
- Net loss improved to $6.0 million for the quarter ended June 30, 2013 compared with a net loss of $11.9 million in the second quarter of 2012;
- On June 10, 2013, the U.S. Food and Drug Administration (FDA) accepted the Company’s Investigational New Drug (IND) application for TX 12-004HR, a vulvar and vaginal atrophy product; and
- TXMD was added to the Russell 2000 ® on June 28, 2013.
Robert G. Finizio, Co-Founder and Chief Executive Officer, stated, “With the FDA’s acceptance of the IND application for TX 12-004HR, we are now positioned to move three product candidates into late-stage clinical trials. We remain on track to initiate pivotal Phase III clinical trials for our bioidentical, 17β estradiol/progesterone combination and lower-dose oral progesterone product candidates in the second half of this year. We are presently conducting pharmacokinetic studies with TX 12-004HR and expect to initiate a Phase III clinical trial early next year.”
Second Quarter ResultsNet revenue for the second quarter of 2013 totaled $2.1 million compared with net revenue of $819 thousand for the year ago quarter. The increase of $1.3 million, or 154%, was directly attributable to an increase in sales territories, sales people and new prescription products. Cost of goods sold increased by $92 thousand, or 25%, for the three months ended June 30, 2013 compared with the prior year quarter. Research and development expense increased to $1.7 million during the second quarter of 2013 compared with $833 thousand in the second quarter of 2012, due to costs incurred in the development of our new hormone replacement therapy and prescription prenatal products. Sales, general and administrative expenses increased to $5.5 million during the second quarter of 2013 compared with $3.6 million in the second quarter of 2012. As a result, our operating loss was $5.6 million in the second quarter of 2013 compared with $4.0 million in the second quarter of 2012.