TherapeuticsMD, Inc. Q1 FY2022 earnings call

• CEO Hugh O'Dowd mentioned reviewing 2022 priorities including retail surrounding ANNOVERA manufacturing supply challenges, net product revenue for Q1 was $19.3 million, ANNOVERA supply challenges peaked in Q1 2022 with incremental improvement expected, and paused offering 2022 full year EBITDA breakeven guidance until clarity on capital structure and FDA feedback on manufacturing supplement. • Interim CFO Michael Donegan noted completion of vitaCare divestiture, received ~$138.5 million cash payment net of holdbacks, may receive up to $7 million earn-out, used $120 million of proceeds to pay down loan. • CCO Mark Glickman discussed optimizing sales targeting, call activity improvement, ANNOVERA demand despite inventory challenges with expected improvement in Q2, IMVEXXY prescriptions improved in March after strategic realignment, BIJUVA saw uptick in March with commercial responsiveness, and belief new commercial plan is paying off.

Net product revenue for the first quarter was $19.3 million compared to $18.7 million in the fourth quarter of 2021. Total net revenue declined 2.7% to $19.3 million in Q1 2022 compared to $19.9 million in Q1 2021. Sales of ANNOVERA were $8.5 million in Q1 2022, a decrease of $200,000 or 2.7% compared to Q1 2021, but an increase of $700,000 or 8.7% compared to Q4 2021. IMVEXXY net revenue was $7 million in Q1 2022, flat compared to Q1 2021 but up $300,000 or 4.5% compared to Q4 2021. Sales of BIJUVA were $2.6 million in Q1 2022, an increase of $100,000 or 4.7% compared to Q1 2021 but a decrease of $100,000 or 4.5% compared to Q4 2021. Total license and service revenue in Q1 2022 was $400,000 compared to $200,000 in Q1 2021, and up $300,000 compared to Q4 2021.

• Paused offering 2022 full year guidance until clarity regarding capital structure and receive feedback from the FDA on pending manufacturing supplement.

• ANNOVERA manufacturing and supply challenges impacted revenue. • Nonoperating expenses increased $12.7 million in Q1 2022 compared to Q1 2021 due to March 2022 amendment to financing agreement causing higher amortization of deferred financing costs and loss on extinguishment of debt.