Agile Therapeutics Inc (NASDAQ:AGRX) beaten earnings estimates

Agile Therapeutics Inc (NASDAQ:AGRX) stock fell 0.59% (As on May 13, 11:34:49 AM UTC-4, Source: Google Finance) from the end of the fourth quarter 2021 to the end of the first quarter 2022, after the company’s Total cycles dispensed grew 29%, Total prescriptions (TRx) grew 27%, New prescriptions (NRx) grew 22%, Refills (RRx) grew 31% and Total prescribers grew 26%. AGRX in the first quarter of FY 22 has reported the adjusted loss per share of $3.78, beating the analysts’ estimates for the adjusted earnings per share by 5 cents. In the first quarter 2022, the Company realized net product sales revenue was of $1.8 million. As of March 31, 2022, the Company had $3.7 million of cash and cash equivalents, compared to $19.1 million of cash and cash equivalents as of the end of the fourth quarter 2021.

During the first quarter of 2022, the Company focused on initiating and mobilizing the Afaxys partnership and believes it is beginning to contribute to Twirla revenue into April and May 2022. The Company expects that the alliance with Afaxys can continue to drive non-retail growth throughout 2022. The Company is focused on growing the Twirla brand in California, the largest U.S. market for contraceptives, through preferred positioning on Medi-Cal formulary. The Company is beginning to see an increase in Twirla market share and Twirla prescribers in California, both of which it believes are attributable to the existing sales team and advertising via both general and targeted media. In January 2022, the Company launched a co-promotion program with Afaxys, through their group purchasing organization (GPO), which primarily provides services to the non-retail channel, and Afaxys Pharma, which has potential access to over 25,000 accounts, including college and university student health centers and Planned Parenthoods.

Moreover, in late March 2022, the Company launched its first connected TV (or CTV) advertisement, focusing on women in the targeted Twirla age demographic of 18-24 years in states that have large markets for contraceptives and potentially strong commercial coverage for Twirla. Further, the company has no plans to further leverage the Company and additional funds will not be added under the debt facility. In January 2022, the Company paid back $5 million to Perceptive, reducing its outstanding debt to $15 million. In the second quarter 2022, the Company plans to make another payment of $5 million in principal to Perceptive in exchange for relief on financial covenants.

Additionally, the Company has announced a 1-for-40 reverse stock split of its common shares

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