This past week, the Evofem Biosciences Inc (NASDAQ:EVFM) stock was in the middle of a strong selloff and ended the week with a decline of 12%. On Friday alone, the stock recorded a decline of 7%. It should be noted that last week the company had announced its financial results for the quarter and the six month period, both of which ended on June 30, 2021.
The Chief Executive Officer of the company Saundra Pelletier noted that Evofem managed to record ‘strong and sustainable growth’ in its Phexxi prescriptions business in the second quarter. She went on to add that the momentum gained in the second quarter could help the company in speeding up its growth in the coming months.
She also said that the celebrity campaign to be launched next month is also expected to be a factor in future growth. In the second quarter, the company recorded a 52% rise in its subscriber phase on a sequential basis from the first quarter of 2021.
In addition to that, as many as 7700 healthcare professionals prescribed Phexxi since its launch. It goes without saying that it was a strong performance from Evofem but investors did not seem to have been impressed.