Evofem slumps 16% on bigger loss than expected

Evofem Biosciences

16/11/2021 13:21

** Vaginal gel manufacturer Evofem Biosciences Inc's shares
 EVFM.O  slump 16% to 55.8 cents premarket - set for worst pct
fall in nearly six months
    ** Reports Q3 adjusted loss of 48 cents per share, bigger
than cons. estimate of 35 cents, as per Refinitiv IBES data
 urn:newsml:reuters.com:*:nASA02SUR
    ** Brokerages Piper Sandler, Stifel and H.C Wainwright all
cut PT to $2 from $2.5-5.0
    ** The 29% growth in gross revenue of EVFM's vaginal gel
Phexxi is "a far cry from underlying product demand" as access
issues remain barrier to improving sales - Stifel
    ** "With costs far exceeding revenues, and cash of ~$24 mln,
EVFM has implemented a cost reduction plan of $50 mln savings
next year, but the runaway is short (to 1Q22)" - brokerage 
    ** All three brokerages covering EVFM rate the stock "buy"
or higher
    ** Up to Monday's close, stock had fallen 72% YTD

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com;))