Exhibit 99.1
TherapeuticsMD Announces First Quarter 2023 Financial Results
BOCA RATON, Fla. – May 15, 2023 – TherapeuticsMD, Inc. (“TherapeuticsMD” or the “Company”) (NASDAQ: TXMD), a company that owns rights to pharmaceutical royalties, today reported financial results for the first quarter ended March 31, 2023.
First Quarter 2023 Financial Results
Net Loss from Continuing Operations
| | • | | Net loss from continuing operations was $2.3 million for the quarter ended March 31, 2023, or $0.24 per basic and diluted common share, compared to a net loss from continuing operations of $17.9 million, or $2.08 per basic and diluted common share, for the comparable period in 2022. |
License and Service Revenues from Continuing Operations
| | • | | License and service revenues from continuing operations, which are revenues related to license agreements, were $0.4 million for the quarter ended March 31, 2023, compared to $0.7 million in license and service revenue related to sales to other licensees for the first quarter of 2022. This decrease was due to a decrease in sales to licensees as a result of the Company’s transformation and transition from a manufacturing and commercialization business to a royalty-based business, partially offset by the license revenue recognized during the first quarter from the Mayne License Agreement. |
Total Operating Expenses from Continuing Operations
| | • | | Total operating expenses from continuing operations for the first quarter of 2023 were $3.1 million, a decrease of $14.8 million, or 82.8%, compared to the first quarter of 2022. This decrease was due to the transition of our business from a manufacturing and commercialization business to a royalty-based business with limited infrastructure. |
Discontinued Operations
| | • | | Net loss from discontinued operations was $1.3 million for the quarter ended March 31, 2023, or $0.13 per basic and diluted common share, compared to a net loss from discontinued operations of $31.1 million, or $3.62 per basic and diluted common share, for the comparable period in 2022. |
The Company continues to wind down its former commercial operations and to focus on reducing costs.
About TherapeuticsMD
TherapeuticsMD was previously a women’s healthcare company with a mission of creating and commercializing innovative products to support the lifespan of women from pregnancy prevention through menopause. In December 2022, the Company changed its business to become a pharmaceutical royalty company, primarily collecting royalties from its licensees. The Company is no longer engaging in research and development or commercial operations.
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
