• Continued evaluation of strategic alternatives
Boca Raton, Florida, March 29, 2024–(BUSINESS WIRE)–TherapeuticsMD, Inc. (“TherapeuticsMD” or the “Company”) (NASDAQ: TXMD), which owns pharmaceutical royalty rights, today announced its financial results for the year ended December 31, 2023. has been reported. .
“We continue to explore various strategic alternatives with the goal of maximizing value for our shareholders,” said Marlan D. Walker, CEO of TherapeuticsMD.
Full year 2023 financial results
Net income (loss) from continuing operations
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Net income from continuing operations for 2022 was $1.1 million, or $0.12 per basic share and $0.11 per diluted common share, while net loss from continuing operations was $7.7 million, or Basic and diluted common stock was $0.74 per share.
License and service income from continuing operations
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Total license royalties under the main license agreement for the year ending December 31, 2023 were approximately $4.5 million. This amount includes a total of $3 million in minimum royalties paid under the main license agreement. We recognize license revenue only for amounts in excess of the aggregate minimum royalties earned under the Maine License Agreement. Our net license royalty income is allocated and reported in revenue, net income and other income based on the percentage of sales from each of our licensed products. The Company recognized $1.3 million in net revenue related to net license royalties and approximately $0.5 million in other revenue during the year ended December 31, 2023 based on sales of licensed products.
Total operating expenses from continuing operations
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Total operating expenses from continuing operations in 2023 were $9.8 million , a decrease of $57.6 million , or 85.4%, compared to 2022 . This was primarily due to lower general and administrative expenses as the Company's business transitioned from a commercial pharmaceutical business to a royalty business. -Based business.
Evaluating strategic alternatives
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We continue to evaluate various strategic alternatives, including, but not limited to, acquisitions, mergers, other business combinations, asset sales or other strategic transactions involving us. Although the Company is exploring potential strategic alternatives, there can be no assurance as to the transaction, the success of these efforts, or the form or timing of such results. The Company has not set a timeline for completion of this exploration process and does not plan to disclose further developments until such disclosure is determined to be appropriate or necessary.
Balance sheet
About TherapeuticsMD
TherapeuticsMD was previously a women's health care company with a mission to create and commercialize innovative products that support women throughout their lives, from pregnancy prevention to menopause. In December 2022, the company changed its business to a pharmaceutical royalty company that primarily collects royalties from licensees. The Company does not currently engage in research and development or commercial operations.
Forward-looking statements
This press release by TherapeuticsMD, Inc. may contain forward-looking statements. Forward-looking statements include statements regarding TherapeuticsMD's objectives, plans and strategies, including, but not limited to, the exploration of potential strategic alternatives, including acquisitions, mergers and other business combinations, and divestitures. This may include, but is not limited to. the evaluation of assets or other strategic transactions and the completion of such review processes, as well as any activities, events or developments that the Company intends, expects, plans, believes or that have or may occur; Statements other than historical facts addressed. future. These statements often include words such as “believe,” “expect,” “may,” “anticipate,” “should,” “intend,” “plan,” and “anticipate.” , “expect,” “estimate,” and other terms. These are “projects,” “positioning,” “strategy” and similar expressions, and management's experience and perception of historical trends, current conditions, anticipated future developments, and other factors as it deems appropriate. Based on assumptions and evaluations made. The forward-looking statements in this press release are made as of the date of this press release, and the Company may update or revise such statements, whether as a result of new information, future events or otherwise. No obligation. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are beyond our control. Important factors that could cause actual results, developments and business decisions to differ materially from those in forward-looking statements include the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10; as described in the section entitled “Risk Factors” of the filing. -K and Form 10-Q quarterly reports, and Form 8-K reports include: the success of corporate licensees in commercializing products licensed and acquired from TherapeuticsMD; the Company's success in reducing its operations and the Company's ability to obtain the additional financing necessary therefor and the reduction in costs associated therewith, including adjustments to the net working capital purchased as part of the Mayne Pharma Transaction; whether it is successful or not. Whether the company is successful in identifying strategic paths to create additional shareholder value. the Company's ability to maintain its NASDAQ listing; Impact of Product Liability Litigation. The impact of leadership turnover. and the volatility of the trading price of the Company's common stock.
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contact address
Marlan D. Walker
chief executive officer
561-961-1900
IR@TherapeuticsMD.com
Lisa M. Wilson
Insight Communications Co., Ltd.
212-452-2793
lwilson@insitecony.com
