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TherapeuticsMD Reports First Quarter 2013 Financial Results



  TherapeuticsMD Reports First Quarter 2013 Financial Results

Business Wire

BOCA RATON, Fla. -- May 8, 2013

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 months ended March 31, 2013.

First Quarter and Subsequent Highlights:

  * Net revenue for the quarter ended March 31, 2013 was $1.5 million compared
    with approximately $722,000 in the first quarter of 2012;
  * Net loss improved to $6.4 million for the quarter ended March 31, 2013
    compared with a net loss of $13.3 million in the first quarter of 2012;
  * Cash and cash equivalents were $38.8 million at March 31, 2013, compared
    with $1.6 million at December 31, 2012;
  * The Company generated approximately $48.5 million in net proceeds through
    the issuance and sale of approximately 31.4 million shares of TXMD common
    stock in an underwritten public offering, which includes net proceeds of
    approximately $3.1 million from the issuance and sale of approximately 2.0
    million shares to cover over-allotments; and
  * TXMD common stock commenced trading on the NYSE MKT on April 23, 2013.

“With our newly strengthened balance sheet, NYSE MKT listing, and strong
portfolio of bioidentical hormone therapy product candidates, we believe
TherapeuticsMD is well positioned for success as we execute our strategy to
become a leader in the women’s healthcare field,” said Robert G. Finizio,
Chief Executive Officer.

“We look forward to initiating pivotal Phase III clinical trials with two of
our bioidentical hormone therapy product candidates, 17β estradiol/
progesterone combination and lower dose oral progesterone, which we believe
can achieve equivalent efficacy at lower doses of active compound and lower
cost to patients versus currently available products. We expect to file an IND
application for an additional hormone therapy candidate, a novel estradiol
suppository, later this year.”

First Quarter Results

Net revenue for the first quarter of 2013 totaled $1.5 million, compared with
net revenue of approximately $722,000 for the year ago quarter. The increase
of approximately $815,000, or 113%, was directly attributable to an increase
in sales territories, sales people and new prescription products. Cost of
goods sold increased by approximately $44,000, or 13%, for the three months
ended March 31, 2013 compared with the prior year quarter. Research and
development expenses increased to $1.6 million during the first quarter of
2013 compared with approximately $400,000 in the first quarter of 2012, due to
costs incurred for the development of our new hormone replacement therapy and
prescription prenatal products. Selling, general and administrative expenses
increased to $4.5 million during the first quarter of 2013 compared with $2.8
million in the first quarter of 2012. As a result, our operating loss was $4.9
million in the first quarter of 2013 compared with $2.9 million in the first
quarter of 2012.

Other non-operating expenses decreased by approximately $9.0 million for the
first quarter of 2013 compared with the comparable quarter in 2012. This
decrease resulted primarily from a loss on extinguishment of debt incurred
during 2012, partially offset by an increase in amortization of debt discount
of approximately $1.0 million and amortization of financing costs of
approximately $300,000.

As a result, net loss for the first quarter of 2013 was $6.4 million, or $0.06
per basic and diluted share, compared with a net loss of $13.3 million, or
$0.16 per basic and diluted share, in the first quarter of 2012.

Cash and cash equivalents increased to $38.8 million at March 31, 2013.

About Hormone Therapy

Hormone therapy (HT) is the administration of hormones to supplement a lack of
naturally occurring hormones. HT options include natural, bioidentical, and
non-bioidentical (conjugated) hormones. HT is projected to be the largest
growth segment in the overall women’s health market. The potential market for
pharmacy-compounded, bioidentical hormone therapy products is estimated to be
approximately $1.5 billion per year.

About TherapeuticsMD, INC.

TherapeuticsMD, Inc. is a women’s healthcare company focused on developing and
commercializing products targeted exclusively for women. We manufacture and
distribute branded and generic prescription prenatal vitamins, as well as
over-the-counter (OTC) vitamins and cosmetics, under our vitaMedMD^® and
BocaGreenMD™ brands. We are currently developing advanced hormone therapy
pharmaceutical products designed to alleviate the symptoms of and reduce the
health risks resulting from menopause-related hormone deficiencies. We are
also evaluating various other potential indications for our hormone
technology, including oral contraception, preterm birth, vulvar and vaginal
atrophy, and premature ovarian failure. More information is available at the
following websites: www.therapeuticsmd.com, www.vitamedmd.com,
www.vitamedmdrx.com, and www.bocagreenmd.com.

vitaMedMD^® is a registered trademark and TherapeuticsMD™ and BocaGreenMD™ are
trademarks of TherapeuticsMD, Inc.

Except for the historical information contained herein, the matters set forth
in this press release, including statements regarding the Company’s belief
that it is well positioned for success as it executes its strategy to become a
leader in the women’s healthcare field, the Company’s expectations with
respect to the timing of the Company’s planned clinical trials, the Company’s
belief that it can achieve equivalent efficacy at lower doses of active
compound and lower cost to patients versus currently available products, and
the Company’s expectations with respect to the timing of filing an IND
application, are forward-looking statements within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and uncertainties that
may cause actual results to differ materially, including but not limited to:
timely and successful completion of clinical studies and the results thereof;
challenges and costs inherent in product marketing; the risks and
uncertainties associated with economic and market conditions; risks and
uncertainties associated with TherapeuticsMD’s business and finances in
general; and other risks detailed in TherapeuticsMD’s filings with the U.S.
Securities and Exchange Commission including its annual report on Form 10-K
filed on March 12, 2013, reports on Form 10-Q and Form 8-K, and other such
filings. These forward-looking statements are based on current information
that may change. Investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. All forward-looking statements are qualified in their entirety by
this cautionary statement, and TherapeuticsMD undertakes no obligation to
revise or update any forward-looking statement to reflect events or
circumstances after the issuance of this press release.

THERAPEUTICSMD, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 
                                           March 31, 2013    December 31, 2012
                                           (Unaudited)
ASSETS
Current Assets:
  Cash                                     $ 38,779,563      $  1,553,474
  Accounts receivable, net of allowance
  for doubtful accounts
  of $63,843 and $42,048, respectively       602,824            606,641
  Inventory                                  1,337,870          1,615,210
  Other current assets                       2,175,520          751,938       
  Total current assets                       42,895,777         4,527,263     
                                                              
Fixed assets, net                            83,875             65,673        
                                                              
Other Assets:
  Prepaid consulting expense                 863,523            953,655
  Intangible assets                          317,250            239,555
  Security deposit                           31,949             31,949        
  Total other assets                         1,212,722          1,225,159     
                                                              
  Total assets                             $ 44,192,374      $  5,818,095     
                                                              
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)
Current Liabilities:
  Accounts payable                         $ 1,840,811       $  1,641,366
  Deferred revenue                           1,142,373          1,144,752
  Other current liabilities                  1,144,918          725,870
  Line of credit                             100,000            -
  Accrued interest                           21,595             -             
  Total current liabilities                  4,249,697          3,511,988     
                                                              
Long-Term Liabilities:
  Notes payable, net of debt discount of     -                  3,589,167
  $0 and $1,102,680, respectively
  Accrued interest                           -                  150,068       
  Total long-term liabilities                -                  3,739,235     
                                                              
  Total liabilities                          4,249,697          7,251,223     
                                                              
Commitments and Contingencies
                                                              
Stockholders' Equity (Deficit):
  Preferred stock - par value $0.001;
  10,000,000 shares authorized;
  no shares issued and outstanding           -                  -
  Common stock - par value $0.001;
  250,000,000 shares authorized;
  129,196,747 and 99,784,982 issued and      129,196            99,785
  outstanding, respectively
  Additional paid-in capital                 98,302,447         50,580,400
  Accumulated deficit                        (58,488,966 )      (52,113,313  )
  Total stockholders' equity (deficit)       39,942,677         (1,433,128   )
                                                              
  Total liabilities and stockholders'      $ 44,192,374      $  5,818,095     
  equity (deficit)
 

THERAPEUTICSMD, INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                                         
                                        Three Months Ended
                                        March 31,
                                        2013              2012
                                        (Unaudited)       (Unaudited)
                                                           
Revenues, net                           $ 1,537,195       $ 721,692
                                                           
Cost of goods sold                        380,346           336,124      
                                                           
Gross profit                              1,156,849         385,568      
                                                           
Operating expenses:
   Sales, general, and administration     4,526,582         2,827,050
   Research and development               1,565,201         411,961
   Depreciation and amortization          7,957             14,578       
   Total operating expense                6,099,740         3,253,589    
                                                           
Operating loss                            (4,942,891  )     (2,868,021  )
                                                           
Other income (expense)
   Interest expense                       (1,165,831  )     (101,973    )
   Financing costs                        (263,987    )     -
   Loan guaranty costs                    (2,944      )     (11,745     )
   Loss on extinguishment of debt         -                 (10,307,864 )
   Total other income (expense)           (1,432,762  )     (10,421,582 )
                                                           
Loss before taxes                         (6,375,653  )     (13,289,603 )
                                                           
Provision for income taxes                -                 -            
                                                           
Net loss                                $ (6,375,653  )   $ (13,289,603 )
                                                           
Loss per share, basic and diluted:
                                                           
Net loss per share, basic and diluted   $ (0.06       )   $ (0.16       )
                                                           
Weighted average number of common
   shares outstanding                     103,052,956       84,556,216   
 

THERAPEUTICSMD, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
                                              Three Months Ended
                                              March 31,
                                              2013             2012
                                              (Unaudited)      (Unaudited)
                                                                
CASH FLOWS FROM OPERATING ACTIVITES
  Net loss                                    $ (6,375,653 )   $ (13,289,603 )
  Adjustments to reconcile net loss to net
  cash flows used in
  operating activities:
  Depreciation                                  4,703            7,008
  Amortization of intangible assets             3,254            7,570
  Provision for doubtful accounts               21,795           -
  Amortization of debt discount                 1,102,680        53,292
  Stock based compensation                      609,030          88,585
  Amortization of deferred financing costs      263,987          -
  Stock based expense for services              112,306          55,371
  Loan guaranty costs                           2,944            11,745
  Loss on debt extinguishment                   -                10,307,864
  Changes in operating assets and
  liabilities:
  Accounts receivable                           (17,978    )     (85,332     )
  Inventory                                     277,340          45,410
  Other current assets                          (731       )     51,970
  Accounts payable                              199,445          301,246
  Accrued interest                              (128,473   )     45,749
  Accrued expenses and other current            419,048          (52,860     )
  liabilities
  Deferred revenue                              (2,379     )     -            
                                                                
  Net cash flows used in operating              (3,508,682 )     (2,451,985  )
  activities
                                                                
CASH FLOWS FROM INVESTING ACTIVITIES
  Patent costs, net of abandoned costs          (80,949    )     (12,101     )
  Purchase of property and equipment            (22,905    )     (32,386     )
                                                                
  Net cash flows used in investing              (103,854   )     (44,487     )
  activities
                                                                
CASH FLOWS FROM FINANCING ACTIVITIES
  Proceeds from revolving credit note           400,000          -
  Repayment of revolving credit note            (400,000   )     -
  Proceeds from sale of common stock, net       45,430,472       -
  Proceeds from notes and loans payable         100,000          2,400,000
  Repayment of notes payable                    (4,691,847 )     (779        )
  Proceeds from exercise of warrants            -                165,999      
                                                                
  Net cash flows provided by financing          40,838,625       2,565,220    
  activities
                                                                
  Increase in cash                              37,226,089       68,748
  Cash, beginning of period                     1,553,474        126,421      
  Cash, end of period                         $ 38,779,563     $ 195,169      
                                                                
  SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
                                                                
  Cash paid for interest                      $ 191,258        $ 2,112        
                                                                
  Cash paid for income taxes                  $ -              $ -            
                                                                
  SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:
                                                                
  Warrants issued for financing               $ 1,711,956      $ -            

Contact:

TherapeuticsMD, Inc.
Dan Cartwright, 561-961-1930
Chief Financial Officer
Dan.Cartwright@TherapeuticsMD.com
or
Investor Relations:
Lisa M. Wilson, 917-543-9932
In-Site Communications
lwilson@insitecony.com
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