TXMD - Earnings call transcript Q1 2020

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Operator

Good morning, ladies and gentlemen. Thank you for joining us for the TherapeuticsMD First Quarter 2020 Financial Results Conference Call.

Following prepared remarks from the company, we will open the call for questions.

I would like to turn the conference over to our TherapeuticsMD's Vice President of Investor Relations, Nichol Ochsner. Nichol?

Nichol Ochsner

everyone. morning, Good joining financial for to our discuss Thank and today's business quarter results update. first you call This morning, TherapeuticsMD quarter issued a press release financial announcing results. our first therapeuticsmd.com Media The the release is on company's press available Investors section. website, and the in On Chief Finizio; Halkuff; Commercial Robert Executive Chief Performance and from Officer. today's Krassan, Officer, our TherapeuticsMD call Mitchell Chief Officer, are and Strategy Dawn Dan to travel due attend this Cartwright, our call Chief Financial Officer is not able to limitations.

press filed reports statements. call Such audio update everyone that which based statements certain today, made of may webcast in also for I obligation be current like from conference assumes and of and forward-looking our statements that are the upon can to some with Investors remind replay recording information based these no results would the there section number contemplated and be and Actual website. factors available will risks, our realized. such differ be forward-looking results be assurance during are materially statements due and conference quarterly statements the are in of a change. this and expectations, will These may today's in An to identified as TherapeuticsMD the circumstances online forward-looking company statements Media on annual, no company's other available call and release the statements SEC. to to

the archived XXXX. call of who X, to this those replay may webcast, benefit the or held listening For on and be was May recorded the

to With Rob Finizio. that, CEO, TherapeuticsMD's over I'll the call turn

Robert Finizio

us morning's our return call, successfully in the strategic a path performance reach start breakeven XXXX. thank navigate you financial metrics, putting to for our Nichol. to on to revenue today's strategic COVID-XX results and On QX with joining Thanks, will trajectory, pre-COVID-XX to and Good this and call. EBITDA our approach I plan overview, review morning

our it's and X, achievable. strategic, it's to Turning approach slide is highly focused

our of net developed path revenue products, and provider to a three data expenses Now reduce on all have and patient, resources. overall we that we have our reallocate

to been on emerging online positioned our COVID-XX are have retail the we to trends that market channels. by Next, distribution capitalize drive growth and with accelerated

short IMVEXXY. on Last, we our exclusively and ANNOVERA the term, strategy have focused be to in adjusted

are Turning to to because focus product the expectations. plan reduce our internal of net reception to of our in that per ANNOVERA positive revenue considerably and the we going VVA we have our majority is to By continues that develop and our and full pause costs is our it COVID-XX. BIJUVA-related will of initiatives, traction of remain now promotional the unit X, amongst priority activities slide organizational trajectory. category. primary able these the year due drive been promotion To second population has gained and fastest-growing fund the results as are a support BIJUVA, revenue ahead IMVEXXY prescribing market to a pausing

will cover cost reductions the I in later XXXX presentation. for the rest of our operating expected

cover impact finally, that presentation. this have companies, delivery are detail opened accordingly. options. a utilizing ourselves in believe Partners well for TPG will covenants. industry's and has capitalize with pharmacies telehealth, to and nimble and on recognizes leaders to relationships we've retail we COVID-XX the trends. to positioned accelerated a we been adapt accelerated and we with potential our therefore, COVID's our revenue on emerging these in trends Sixth the around are online home We discussions developing Street These organization adjustment technology pride being areas And I emerging minimum revenue more later

will significantly expand. In the COVID-XX, addition, given believe to the job we losses population due Medicaid

for have year. significant Medicaid we As our you this coverage will portfolio gained today, see

in late pick shareholder growing our While TherapeuticsMD business believe is value. global navigate challenge, left emerge positioned of this achieve well and the up that I unknown, long-term February, to off is goals from to of the duration health where the unprecedented crisis prices we

metrics the quarter. versus $XX.X the X, have ended of to first fourth Wall million. very Street This move consecutive consensus. consensus Wall let's performance the quarter. that quarter is for $XX.X On team's revenue the this Now we at slide million I'm for total the proud of now Street net quarter beaten

As net quarter quarter. from for the we quarterly down previously guided, first fourth revenue is the

in fourth full-scale channel initial fourth first for as distribution quarter build the to As revenue net a sold the the the the restocking for we quarter saw outpaced this prepared units of first and patients of the into double from XXXX. launch includes a the ANNOVERA reminder, in quarter, We for demand quarter.

across demand fourth industry's revenue products heavily to and the by resets COVID-XX in expectations increased pandemic annual insurance occurring even and In fact, on with quarter compared March. quarter the patient the all outperformed impacted

For more the full results our release and XX-Q. and QX performance our about press refer details first quarter please to XXXX

Officer to review I'd call metrics. our key Krassan, now turn Mitch like to some Strategy over the Chief to

Mitchell Krassan

to like our Thank each key now metrics review would of you Rob. for brands. I

Let's quarter, of the was start an with unit, fourth adjudication XXX%. approximately ANNOVERA slide with X. this consistent delivered $X,XXX and revenue quarter net In per which rate of on had we we

first ANNOVERA XX% had X,XXX quarter from patients prescriptions are and zero to of total in Additionally, patients we paying X,XXX a co-pay of the providers.

slide X. to move Please

by in ANNOVERA planned quarter Our occurred of that COVID-XX. a interrupted was launch

January unit we you can soft the As total achieved launch in growth on February. our and during slide, see

and to However, lack in commercial restricted of mind full we March, launch. experienced pause share the us consumer prompting provider a access

and received see right be early and occur to of chart, QX. in the consumer can portion to in believe ANNOVERA's February resumed this ANNOVERA impacted the the provider Moving can engagement full reception campaign patients. We sales you March when January of how strong ANNOVERA

the established Despite first slide IMVEXXY continued to it a XX. quarter, business. during on grow move COVID-XX, Let's of to more as has base

XXX,XXX revenue rate resets slightly the The net was that for the in net approximately unit fourth prescriptions achieved million Calculated overall industry the of quarter annually due insurance first XX%. adjudication to IMVEXXY Specifically, the down IMVEXXY of to total $XX impact quarter. sold revenue with quarter. $X.X per patients was from in

In population. addition, third the quarter had writing percentage in XX,XXX targeted of a we providers the significant prescribing

on beginning the continue we consumer launch, to focus As done of we since refills. have

For those over therapy. our increases X.X on IMVEXXY XXXX, have ago, focus fills ensures lifetime patient. over averaged acquisition starting dollars the patient they fills. six average who This our In on harder was value it refills patients one fills per the started since of as work year

revenue move let's approximately solid patients million on prescriptions net growth Finally, XX,XXX approximately to fourth In over of $X.X units. total quarter, This achieved XX. quarter. to the BIJUVA first the slide we with of represents

impact caused unit X,XXX for from overall decline the calculated industry-wide quarter a per $XX, the by a resets. The rate of was insurance approximately writing providers revenue the was XX% quarter. The first BIJUVA adjudication net during quarter fourth again prescription with

the turn to over I call would back Rob. now like to

Robert Finizio

Thank you, Mitch.

payor access January BIJUVA revenue XX. to with the of of XXXX first progress quarter uptake per adjudication payor on and Moving IMVEXXY In and its net in XXXX, unit. ANNOVERA slide continued passing coverage, fast

formulary addition, In Department in be to we are added available we being military early May. and the for and are bases will Defense to XX Title of sold X entities

fall that prescribe XXXX. universities in will the of expectation Our to adopt begin and is

XX coverage say well a and XX% We co-pay progress in -- represents that without the make to opportunity in for states. is continue XX% zero growth even to $X of space. believe co-pay Medicaid market the XXth coverage we the happy I'm for ANNOVERA contraceptive patients which ANNOVERA XX% of now commercial approximately category. positioned has Medicaid, in Finally, with

We continue the category. have discussions XXth the positive about to with FDA

QX, did business. portfolio. Moving on We do three of the but XX% at the start book D let's of to in IMVEXXY the menopause to commercial XX, expect with IMVEXXY. major preferred with Part any gain major On not providers for slide Medicare remains status. adds still access payor two gain

states we to to that D see still explore options with decisions, a average COVID-XX Since delaying and unrestricted access co-pay January $X Medicaid we come but IMVEXXY In to we if continue or payers with further addition, added of understand has less. terms. can Part is these XX

are to with on less. states, Medicaid remaining advanced discussions commercial unrestricted January we a payers. few Since unrestricted co-pay and we with now at also in Moving $X BIJUVA. remains of with a access access or XX% BIJUVA X, top XX

to turn Let's XX. slide

the structure. to adjusted Given have of we the we're uncertainty offices the impact expense to seeing and around COVID, access our length providers'

Our preserves for approach expenses not our ANNOVERA related decrease expenses for operating creating organization the for This the across us and XXXX. look in to funding areas near-term and keeping revenue. EBITDA year, to BIJUVA the breakeven on was and to lowers to IMVEXXY, post-COVID-XX path

On trajectory portfolio. slide in XX, the strongly we continue to of long-term believe our

term. on impact the don't However, short the of like others, complete have visibility we

We have assumptions. made however, the following

more limited level First, lockstep likely regain as will offices and access returned in continue a during to the to reopen states May we providers' to access to quarter. in doctors' to third offices the normal expect access be and

investment ANNOVERA. to live third the in campaign early plans launch for commercial reengagement reactivate our UNAPOLOGETICALLY the including around to a of as plan consumer of up IMVEXXY called force sales consumer currently we the opens and country. access Second, quarter our model Accelerated

the to In a QX plan. of in reengagement line in with revenue have our impact and a in we able due our term being early COVID-XX QX full expect near growth trajectory regaining commercial to

XX. Moving to slide

year. the for reduce of Given our on remainder to the the expected impact expenses worked have net we as revenue mentioned

The operating launch. to ANNOVERA related $XX.X expense first for a one-time quarter preparing of expense the includes million

other took We marketing expect than quickly reduce to lower we of to costs. the deferment million first to $XX million $XX expenses be through second quarter and quarter spend measures

our we are making, we quarter. in become third operating allow both or positioning and $XX quarter per these us actions expenses less cuts With the to will to reduce million to expect the while cost the believe approximately be additional still EBITDA in fourth XXXX. breakeven us burn cash We

impact On Sixth covenants created its Street slide with by regarding TXMD our uncertainty in document. loan to revenue Partners business, Due the and has our discussions XX. in been COVID-XX the on

our working are covenants the three to reflect to the defer to of of start with for impact scheduled quarters revenue quarterly Street Sixth two We COVID-XX.

has and understands our company continued their given We importance the Sixth of preliminary for for company. pandemic. the it support our Street flexibility of appreciate expressed support

now our half of the Dawn? Dawn over to turn for plans call the to year. I'd like discuss to back the

Dawn Halkuff

Rob. Thank you,

strategic You changes have due results now COVID-XX. and seen to quarter our strong the cost first and

before Now the up each for I discuss brands can in pick to with February, of and growth forward our believe COVID-XX. path we we would we trajectory why saw the like

ANNOVERA that fast Let's plans believe fully We XX. on Slide our deployed will we start see are uptake. once with

the big women. $X on market, Starting contraception and the this shares prescribers left, is column billion gains. is where women's health the ANNOVERA walk billion. Within Let's why. are XX market the drive U.S. million at $X which small simply, through in the category Stated is largest XXX,XXX with that a

Moving middle column. the to

the QX, strong January in focus reception and with Although, we in have with sales ANNOVERA was given had proof-of-success In writing the we had prescribers limited February. X,XXX we only and on consumer providers market, total on ANNOVERA calling first limited prescriptions. result was with the impact XX time XXXX the and seen limited to had COVID-XX our quarter leading This spend. representatives the

will exponential XXX to providers see representative In focus. on the and each that the representatives quarter ANNOVERA number call expect of from impact providers growth on we in with the third will to Sales will ANNOVERA as investment. primary see focus XXX with the

plan is our In an to traction. that impactful called campaign addition, which launch ANNOVERA, campaign UNAPOLOGETICALLY gain we consumer quickly should

the over the third Moving right. to column to

addition to ANNOVERA partners. consumer efforts and campaign, growth In through sales our multiple grow channels will from force and media our

such BIO-IGNITE online PillPack. First to chains pharmacies is like Walgreens our through as our widespread pharmacies community independent large and program availability

prescribe patients Simple to Second, for such access we platforms deliver Health on birth and online and Club control the directly patients. are as emerging product both Pill that ensuring

the these world within including is important telemedicine. and in contraception is category growing COVID-XX an Telemedicine fast platforms

access We in trend are well XXXX. a on is saw it patient positioned channel this through we to and deliver started working as

universities; which XX XX Third, public to includes includes the is bases. military with and approved; for XXXB order military X; women health, states ANNOVERA which Medicaid last available Title at

success market, partners, be of the to our will to large multiple access in I we of pickup pre-COVID-XX. a planned ability saw QX regain we channels and the in all our a reasons, third and and believe quarter, drive of trajectory For these launch early able through proof grow

Turning to XX. slide

patient because is because it is had growth needs with trajectory accelerate focus and understand it a will is that base why ANNOVERA we positioned a and limited with product post-COVID-XX. the now believe well I I provider reason is Another of strong our

are worth ANNOVERA women for this a and it procedures time one who a procedure. do elective your not a a you pay want The insurance changes. covers that offers if majority or during get also to is Specifically, ANNOVERA long-lasting zero can of option delivered your to women a out even pocket year be door. situation and year's for want protection for substitute procedure good unable of

slide ANNOVERA of to patent a Book intellectual The copy. patent ANNOVERA recently label, ANNOVERA. through listed to the The would for of generic Book protection issuance We this Orange XX. patent the providing Moving elements patent announced need which for OXX the XXXX. first claims property protection strengthens listed Orange

see robust protection multilayered can slide, patent we that through to will have you approach translate the we As on a believe XXXX.

Let's XX. move slide on on IMVEXXY to

you left-hand with Premarin Share of fastest-growing gains As expense IMVEXXY side share and see can we market XX.X% the on the ended the product market. total prescriptions. on of chart, the the March are at of is

of Our continue writers. for base plan to of to our and forward high productive the IMVEXXY expansion is on focus writers

and to In depth the XX% consumer came new we focus drop-off of brand. and the our no new of about support of writing, activating goal COVID-XX, to QX, writers on despite provider in ask To the had will we continue of to number writers the breadth the prescriptions a from IMVEXXY.

already among at about expand VVA intent women half will a media approach healthcare with the Consumer continued the from now have suffering back IMVEXXY to year. efforts of proactive a gain activities ask share yielded to XX%. Our in support professional

let's steady growth. of had focus quarter-over-quarter non-personal promotion. through BIJUVA Finally, maintaining the on writer will on focus slide on base limited we XX. our remainder by BIJUVA, BIJUVA to the supported XXXX turn With

continue In E+P BIJUVA pharmacists support patients. program as BIO-IGNITE report of will they compounding recommend to would we to addition, partner one-third their our

if to We in -- a with potential prepare launch early internal in will the XXXX continue for resources launch X.X/XXX for approved.

call now like Rob. back to the turn would to over I

Robert Finizio

Dawn. Thanks,

leading our to members Karen Bisaro diverse like a group newest They and of Gail I'd that significant Board veterans value to health welcome three are end, care Paul delivered team we Naughton, Before have Ling. already challenging the very difficult I presentation. a have and due and the creating this throughout quickly organization. this we to also for and discussed results thank the great to adapting want through pandemic quarter

create goal have create the we've believe us to needed cost We lead containment momentum had that with our revenue our TPG strategic of containment cost will positive To our close, a ultimate and will that negotiations developed plan coupled strategy optionality profitability. we to four in best been the consistent plans our we've growth shareholder leading of over place trend EBITDA breakeven structure. to will continue capital a of in past and reflective goal have believe the value that quarters long-term We XXXX. delivering the

call up to questions. for like I'd the Now, open

Operator

Cantor Louise first the question Fitzgerald. line Thank Instructions] you. your [Operator And on of Chen with

Jennifer Kim

on for Chen. you. Thank two Hi. I This is have Jennifer Kim Louise questions.

you in any previously revenue original that give color more your first could I covenants? The is the guidance. regarding know said you those considered were revenue

deferring quarters, quarters original it that So million $XXX range revenue I'm you're that reach also the than in three to thinking, by be later two imply anticipated? to does could three two million if to $XX

early second marketing the expectations question if year. my the the color is, or second in in I'm Is you. your how this reductions it are you to total wondering quarter, well, but less? know I quarter. for spend million that decrease you translates you expected then for of give OpEx million and And could ANNOVERA as mentioned, $XX support where to those of from? And or IMVEXXY coming expect $XX Thank more launch full like is around third guess R&D of looks delayed spend I

Robert Finizio

Sure.

So best we'll with a number to I'll as your we then of them TPG one take the question, address and second can. there's facets first

of the during as call, quarterly TPG, discussions into scheduled covenants we're with to we discussed look, the active defer the So, XXXX. start in revenue

we it's doesn't have any And you it than want to around that. right jump an can open we now. make to more I so hope sense get ongoing just dialogue given any detail into details, So, understand, into an that, discussion, don't other

you OpEx, want do Mitch, the As that? take to far as

Mitchell Krassan

Sure.

we're structure we reduce first To cutting look operating use if of we've overall $X the was to a planning you quick there there, XX%. approximately at got our currently As discussed, to And then by we quarter spend. operating lead about from reference very and included to million in doing down expenses, this revenue IMVEXXY funds how total XX% million about non-recurring at that $XX we We our number. meet focused trajectory ample staying roughly pulling goals. as dollars the plan get of the organization have through products, that some to on ANNOVERA so on BIJUVA, to by cost look

Robert Finizio

Thanks. Great.

Jennifer Kim

you. Thank

Operator

Our & with next Ku Stacy from of Cowen Company. question is line the

Stacy Ku

Congratulations my Thanks morning. on Good the for taking questions. progress.

Robert Finizio

you. Hi, Stacy. Thank

Stacy Ku

potential some on impact. and COVID-XX Just questions

for What follow telemedicine, and advantages up. are existing been force on your a I or the sales have on what your few First patient success? percentage far? that base, has disadvantages And And is process converted telemedicine, in commentary to the over experienced so converting? has the any of

Robert Finizio

with want of that. might Sure. to base take Dawn Yes. I'll touch and some that

at there's space partners growth working, where quarters of look as two from. as talked where in have this, the to can we So is been about, now. happened online ways the for as number be, well a a just pharmacy with It of right? We you space, coming prescribing that's lot

actually glad asked So you that question. I'm

dev our Pill of that's they're this is all of which part really, just and and really they're -- Club, start and a ANNOVERA PlushCare, done So mention, which of others we up a them very is with gotten shift. biz well Amazon growing can and Amazon quickly. pulled really team think growing a number has Dawn

access what interactions York Other and limited Jersey physicians again places has face-to-face New with And launches, become it's actually not to starting the tight. to and it are doing before. but field open the and like reps states like are as South areas the the Arizona, up, New really, Florida back was in really and having

the get mind a we've detailing and rep We're are and lunch remote a where done, ready. up In share host been can staffed and still doctor. being those lunches remotely situations, a of

for But expected to time we have place going. things keep but infrastructure the not for this in it's and as did face-to-face, COVID a as been hit. we have long preparing effective again Now, to never

from we expect rest internal the May standpoint tight. of And to do an pretty through expectation QX stay

warm-up our start will as and marketing our trajectory June a campaigns in then with think that Does be reinitiating Unapologetically early early I month help? as July QX. or well and ANNOVERA to face-to-face IMVEXXY

Stacy Ku

of you to NuvaRing? guess, naive? then, other coming your to that one Who's Just the of idea from from a I focus switching get understand better What Who's where terms the understanding Have percentage, And better are from, an going last of switches in does. That say, control? on are trying coming focusing question patients forms of to are where from efforts. pills? trends ANNOVERA. you let's are coming gotten guys birth

Dawn Halkuff

it's Sure. Hi, Dawn. Stacy,

we essentially, So, are the the is largest on early you know ANNOVERA, as with segment. pill

adopting first And so, that this form. that less other certain we more that going are given certainly be getting are knew from people quite that NuvaRing we're on. form, always where few we're people are seeing also likely some but pills their that switching actually than healthcare naive. seeing that from early ring quickly, comfort was the it with We are their trend, professionals to And that there're a writing products

all advantage opportunities. we're of taking So those

Robert Finizio

Great.

Stacy Ku

Thanks so much.

Operator

from Your of with is Samimy next Stifel. line question the Annabel

Annabel Samimy

taking for question. Thanks guys. my Hi,

Robert Finizio

Hi, Annabel.

Annabel Samimy

am for channels cetera. So that? PillPack, going some Then structure I might leverage model you might PlushCare can to know be this some just How are sell. these I Is help et channels? Could follow-ups. understand, And through different distribution trying ability I us have new how accessing the you you? understand these potentially a cuts to cost forward? I alternative guess leveraging of your you're hamper how

Robert Finizio

Sure. Yeah.

be Dawn first? do to it'd and you hybrid between a I answer. go to think I want Dawn,

Dawn Halkuff

Sure. to force the first, will I sales mean, go side. I maybe,

is sales with Annabel right? it's patients for to way these wanted the So their first mention access I medication. other So another thing, exist force, channels just that to

IMVEXXY to right profitability and a goal now to that. to get only best are and way get ANNOVERA our is So

we'll going BIJUVA So about with as quarter. back own force a sales having that, force fourth with its we the sales in to – the reminder be talking were back

the which of which XXX, So about. a on one force about been of back reduced size allows we've cost to and we're talking go going to IMVEXXY, sales gets ANNOVERA focused some effectiveness us to

Robert Finizio

said. Well

funds to this Annabel, BIJUVA pausing reduction IMVEXXY that as create So, resources operating look cost and and ANNOVERA. it creates still at fully by

force that and not around lot sales So but the the costs it other a paused. been just of goes with also BIJUVA support has

we us giving So, itself that by resources the need. is

have until years up three, Now, is, going turn the that be it look two back year. we we trade-off year in on on. where it until pick like year will that BIJUVA there and back we're out really would But turn still not to a

plan EBITDA year We lower are and so. profitability driving to definitely in all breakeven revenue costs those doesn't of or this towards And the allows really trajectory or the us affect in expenses first operating XXXX.

we as think to both of it's So possible. profitability best worlds, fast it get although, the as will us

Annabel Samimy

had? you you I any missed progress If Okay. versus declining? know, made if talk been coverage coverage that to Great. So, and any quo you've And improving can earlier. the about changes everything changes there's then any I or there and is with if Medicare. comments status don't quo status

Robert Finizio

Yeah.

So everything is improving.

we've So lot. a done

starting up and XX% to of co-pay. So, zero XX% ANNOVERA have those coverage we're with a patients

growth – is at it's control due layoffs grow. the that size it's So just given ANNOVERA the Medicaid XX% right? birth and to going going We are market job to market great, The of straight we all the just of with that the COVID of which think market Medicaid is that. is XX% and market, –

we the states environment. in picked up Medicaid So last have since XX spoke we

there. Part waiting the for two us about of clearly, behind positive again, for D really force D happen. Part So get very are D that but to with slowed ahead good you start there the and And ANNOVERA COVID when any on or IMVEXXY very down. adding it's do has that We we the to category did – payers add being we still they yet. full for for not IMVEXXY. feel Part focus process are IMVEXXY When three in payers

players, access no for We've XX and probably names $X at less. or you'd added IMVEXXY of smaller BIJUVA, co-pay a as of that As far big know. states we've Medicaid also number added the a

and we progress, our feel is moving really forward nothing do. look we good Everything is going So, about backwards.

Annabel Samimy

back Okay. queue. in the Great. I'll get Thanks.

Robert Finizio

problem. you. Thank No

Operator

of Instructions] Doug from line [Operator Wainwright. with the is question H.C. Tsao next Your

Doug Tsao

the Hi. Good morning. Thanks for taking question.

you maybe some Rob you're bit seeing the little enhance I type given year could market some obviously think a in But dynamics potentially just given ring about would just that Just last that COVID-XX, would of talk of end how which maybe of of affecting the the is product? launch the and the landscape? of also characteristics generics NuvaRing the of for the the at

Robert Finizio

Thanks. Yeah.

So NuvaRing. the then ring including COVID the ANNOVERA, The overall of pretty was the market to specifically generics line and up market, synergies around around well.

If pay well you for lose your get job market and as for you can their every the throughout you year. right, Most to get it And less you free, lose don't $X your month, ANNOVERA. lasts or a insurance now want patients pill Medicaid nothing the and for it and insurance. with

that on and to long-acting, something doctors want fits patients can't very put well. is do they For elective that it surgeries

seems them. cycle. look cycles to So because we procedure to that really long-acting in a offer more a favor have they that rings they're really have have an weeks. just COVID. this the is data The to physicians are we at where lot now three we it impact. with that women the trends people without short option having other XX and a certainly and go, resonates control as ANNOVERA's And for Everywhere as that NuvaRing, don't surgical disposable generic see for It's be opposed ring, lasts really lasting don't with

users NuvaRing pill well that are a of of IUD, that a have users switching number surprise is over. as which come number So as and we've in a got

the is or And then data of We much have the to rate. out so the user types, we expect on try quarter as in drawing a further them ANNOVERA. stronger next continuation user go experience street for the to amount and what the

Doug Tsao

just maybe Rob as And follow-up. a then

given consumer how or some really on that back front of you not works business? Just model, marketing pause plans? in that some with spoke why Why the consumer about outreach necessarily and press ahead maybe those of the of other pull telemedicine some areas things and this product

Robert Finizio

things. Two Yes.

point. one, so will great Dawn and that myself So answer

rate So expensive. at found right, best mind company our spend on what the up the time spend, standpoint, the our in when we was very the from early it's interests wasn't share from pandemic death during going because getting

there's anybody them and money, PillClub is are spending partners of our as advertising their they spend And a is and definitely leave their user line. left that But PillPack as they're it our to there's for what don't PlushCare, to or others either product are company our bottom care up, others definitely their and going hit out here number promote pill want well partners. they model -- doesn't our way I and

real a you Dawn anything? to it's want do add synergy for So us.

Dawn Halkuff

Yeah.

there that there, spend time would was of only started we put into the to visibility the when thing complete here, be out think I we wanted we add and the all we is last going out consistent. first the of to put this make and have didn't it mentioned to length that that sure we money

the spend. of it to out with we just harder able share said will as pause partners. these a force so for a being when little And the of very will be there, commercial us. and given it couple through to a including made was to use Rob to put that it knew the decision able of that was some knew given other live months sales other the ago, And we better do we volumes we It go model be work back continue levers mind elsewhere, that about and

Doug Tsao

Okay, great. so Thank you much.

Robert Finizio

Doug. Thanks,

Operator

Your of from next line Demir Capital. Ahu Noble question the with is

Ahu Demir

progress. for two have on very and the question congrats taking Thank questions. morning, Good much you my I team.

you do you on telehealth a much forward? see the side, expectations with some restrictions. sales on is growth? could larger one, some First the Did the color have? how coverage And impact you quarter what are and my if second we've second seen provide growth as And moving trajectory active question users

Robert Finizio

that you Yeah. asked Thank Ahu question. you. glad I'm this is And Rob.

the see it look could ANNOVERA COVID. on had put by and not for at reception volumes, we up. you we the in guidance COVID monthly beat if data out of our January was as you So clarity February happened the straight with But if

time each had we're only rep first XXX sales we rep the for XXX going you full to in up. gone for have campaign to ANNOVERA to in each on doctors our and where their territory, everybody doctors both XX their call remind and In straight up to on all IMVEXXY reception launch the want would have I March, of think advertisement territories. calling

money would quarter. had We We can't the even we to stronger -- had have a spend twice.

So of was which right the after taking week training, office saw the February. we and fear closings national mind the last when COVID the share exactly sales

most only samples. So and by offices offices doing the and second closed were week remote dropping March, -- the visits of

we on to had So the pause put ANNOVERA.

turn when expectation this early all up marketing rep of up, resources growth we on was July, additional calling which where XX channels can these really the and left trajectory that up. in pick and each with doctors February hadn't opens only back on off we all that our is again started So these

Dawn Halkuff

I'll telehealth of take maybe the that question. portion And

So couple things a of there.

using First is mentioned we're now when what but talking of right of need working the Rob to you are all, number telehealth. understand telemedicine, also doctors we're partners all that with,

driving of be And door volume. that be so your to ANNOVERA our fact a the can lot delivered virtually can prescribed so it's

tell volume emerging exact can the it we you the these through that increasing. can't week-on-week technology right monitor now Now I you while been new that that's I going and amount tell has companies,

And so it's traction. gaining definitely

certainly look at which that If to wave there a will already moving out and continue report telemedicine, was you every industry is grow.

Ahu Demir

much. very Thanks right. All

Robert Finizio

you. Thank

Operator

of Flanders line Dana with Guggenheim. is Your next from question the

Dana Flanders

impacted have little on had for profitability And I for progress on durability one, that couple. the listed how first BIO-IGNITE? just long-term Rob. what surprised other I on IMVEXXY, that the questions. do IMVEXXY Is generic missed very the what's IMVEXXY on drugs BIJUVA, overall that bit term if when this, balance a timing seeing second apologies just product? just Hey, are ANNOVERA, D? you turn Part us and I good deciding kind much is for a but in you on patent good specific, IMVEXXY. you you an elaborate Orange And get product's third as about I My for My a when can to for you you're outlook? kind a on and update question delay filer Hi. see on factor for is of you you you just Is can Is the you maybe well? Thank decide of or little reason more decisions of for to focus when thinking the that and one, the ANNOVERA. was Book profitability? just reach what's how on versus know the what's near my just back see

those franchises. you. just durability about So of discuss the both maybe overall and you're patent can you Thank of kind how state of thinking

Robert Finizio

it, got sure Dana. We You will.

seen it's folks, an for Ds, haven't I you I would in you non-estrogen perspective we class, might we're estrogen the tell Part From that been three see about, good with feel ones the So tell the don't COVID-related. confident -- the adds, the changes have the any I'd of the at of adds, for I two major estrogen but all. there

my that But hard belief, in and are will or that these something not the it's Part offices just that the to focus extreme COVID it's now. And I out TXMD, we up it as do right feel good get the get there is, we IMVEXXY of two D of -- all three think players. with look, given will circumstances loosen not confident major open plans up. as having on to to So to focus. It's or specific and

think have that. not We reason no to

that, As sounds to far a value When on, in we pause, turn why so did factors. back the as it that's sense and there's it BIJUVA goes like it we of the you creating. makes what couple it

the overwhelming is we as a longer. slower, it, sooner. resources, this, that growth. calling that think have is factor a off. their the on go these and how resources significant trajectory get and marketing we're can long fast reps the how growth goes us confident there. take but could XX, additional I up growth If in date dose, that's November we drive could first which and And BIJUVA in essence, Look, to also in launch If as territory it the campaigns would it X.X/XXX, takes second we it PDUFA well putting go certainly believe, where the left we the has with right entire do little pick So that to it bit

path these is EBITDA the for to in a XXXX, got goal get two breakeven But we've clear and only products there. us

about for exclusivity protects that say the patent our listed us IP to it's first far the is that, ANNOVERA protects Book asset rather durability until patent Orange just label. one on its IMVEXXY. Dana, that or single under and As The had and I that as ANNOVERA gave XXXX. Orange that's that Book want protection not thing

listable already an are six patent. utility all office for another have here and Those on. Orange We patents filed additional with patent working Book

So of protection. there's a lot

healthy that's of that like for very situation think So and the durability ANNOVERA. I we a

And it's it so IMVEXXY paradigm think great speak if a goes, IMVEXXY. all. filed that As just But I there That's quickly. is comes product. litigating where I can look, at any far as a mean leave on I look matter at can't on just that. I

clear the just that. try money of the create which see and people generic. IMVEXXY, investors patents and of is And spend to value the of value that think TXMD demonstration a the I I outside of to a think family of overturn the some

Dana Flanders

Okay, thank you.

Robert Finizio

thank Yes, you.

Operator

you. time, this to there at Rob. turn no And questions. are back call the further over Thank I'll

Robert Finizio

Thank And to will very hoping everybody great time, difficult get for I the team want the here through thank and a and challenging in this work hope I we in safe stays out -- it quarter. there everyone you. up warm during summer. things for

Operator

meeting. does today's Thank conclude you. That

disconnect. now may You

TherapeuticsMD (TXMD) 6 May 202020 Q1 Earnings call transcript