Over the course of the past week, investors have flocked to the Evofem Biosciences Inc (NASDAQ:EVFM) stock and hence, it is no surprise that the stock managed to clock gains of 5% during the period.
While the gains may be quite notable, it is also necessary to keep in mind at the same time that there has been no news about the company at all during the past week. In this situation, it might be worthwhile to take a closer look at the company’s financial results for the second fiscal quarter and the six month period, both of which ended on June 30, 2021.
On August 12 Evofem announced that it product sales shot up by as much as 68% on a sequential basis and hit $1.9 million. In the quarter that ended on March 31, 2021, the product sales had been $1.1 million.
The company’s main product Phexxi was launched in September last year and hence, there were no revenues in the year ago period. More importantly, the total expenses also dropped from $46 million in the previous quarter to $43 million in the second quarter. Cost of good sold however went up to $0.8 million from $0.5 million.
