Evofem Biosciences Inc

evofem.com

What Do They Do?

Sells PHEXX, a prescription contraceptive vaginal gel, and SOLOSEC, an oral treatment for bacterial vaginosis and trichomoniasis, to women and other people seeking sexual and reproductive health care.

How Do They Make Money?

Evofem sells PHEXX and SOLOSEC to wholesale distributors, retail pharmacies, mail-order specialty pharmacies and its UAE licensee; customers pay for product orders under terms typically ranging from 31 to 66 days.

FY2025 revenue

Who Are Their Customers?

U.S. sales flow through wholesale distributors, retail pharmacies and mail-order specialty pharmacies; the UAE licensee, Pharma 1, is also a customer.

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$2M.

Operating income, FY2025

17% of revenue

▲ Now profitable vs FY2024 (−$7.7M, −40%)

Net income, FY2025

2% of revenue

▲ Now profitable vs FY2024 (−$8.9M, −46%)

Free cash flow, FY2025

−10% of revenue

▼ −49% (Loss) vs FY2024 (−$3.9M, −20%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −45%; vs $4.8M in Q2 FY2025
Net income: ▲ +519% (Loss); vs −$1.8M in Q2 FY2025

Apr 30, 2026 Evofem signed an exclusive SOLOSEC distribution agreement for Sub-Saharan Africa Clovis Davis will lead distribution, promotion, marketing and sales of SOLOSEC in the territory.

Growing. Revenue grew 2.4x in 4 years, from $8.2M in FY2021 to $20.2M in FY2025, about 25% a year.

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