Q2 2022 Evofem Biosciences Inc Earnings Call
And.
Now I'll turn the call over to Amy's call. It will come by the Sciences Vice President of Investor Relations. Please go ahead.
Thank you, Mayor. Good afternoon, everyone. And what do the EvoFounds biotensives results tell for the fourth quarter of 2020? If you haven't done so already, I encourage you to access the funding to companies this call and the press release for the issued event, both of which may have found that EvoFound.com be in that sheet. Before we begin, I would like to remind you that Remarkham's call will contain more looking statements, which are made only as expected in August for 2020. For a more deep description of important risk factors that could cause our actual results that are from materially.
Please note our annual report on 10-K and as recently filed 10-Q. Also, we look at estimates and other statistical data made by independent parties and by the data relating to the market size and other data about our aid. This data also tells a number of assumptions and limitations and your own need not to give undue risk to such estimates. With that, I'll turn the call over to MLM CEO , Sandra Pelletier. Thank you, Amy. Thank you to everyone for joining us today. Today, we are reporting another strong quarter of improved operating results.
highlighted by a 42-inch increase in sexy net up fail. Reduced our total operating expenses by 8%. We narrowed our loss from operations to 16% and we expect further in Q3 and beyond driven by on penetration the $7.9 billion US contraceptive market. The $7.9 billion US contraceptive market.
For those who are new to EvoFAM and as an important reminder, our end of non-hermonal cognitive product, FACSI is the first and the old FCA-approved woman-to-product that did not impact a ovaries in any way. Nor does it prevent plantation of a fertilized day. With the growing awareness of FACSI and the concern amongst women of sustainable access exception, Edmund poised to capital on the current environment. With that, I will ask her CFOJ file, to refinance the results.
Thank you, Vera. Today we focus on the second quarter of 2022 results relative to the first quarter of 2022.
Product sales increased from 10 to 6 million by higher X factories.
Our growth was 40% for the second quarter of 2022, and we continue to expect you to remain about double or better. Total operating expenses decreased to 30.5 million. This was mainly driven by R&D costs for 7.7 million, and Q2, the decreased reflects costs of the Phase III trial as participants completed an executive study.
We expect R&D costs to come down to their quarter since the patient visit was completed in late July . R&D costs should be significantly lower in Q4 and beyond.
The marketing costs were $400 lower in Q2 while G&A costs were up $3,000 due to legal fees.
As a result of the higher revenue and lower auditing expenses.
The system offers 16% to $2.4 million.
We can expect 2022. Net product sales will be in a range of 30 to 35 million, with momentum building in the south of the year.
This represents 264% to 325% growth year over year.
We expect that will be 40% or better turning lower in the set of the year We remain on track to reduce cost by 50 million in 2022 Our operating expenses are $25.3 million lower in the first half of the year, same period of 2021.
We still expect to be cash flow breakeven on a quarterly basis no later than the end of 2023.
In the second quarter, we rate proceeds of 18 million from an underwritten public offering and to me and from our equity line of credit which were made in May.
Through August of 2022, we 22.4 million from the exercise of common warrants that were issued in the May Public offering.
At Q2, we had $9.9 million in undercash and $16 million in restricting.
Based on our current expectations, expectations, we believe we actually cash to fund this into Q4. This does not include a short non-delete of capital. For commercial alternatives, we are exploring and evaluating to an answer holder value like US co-market and co-promotion furnishings.
We continue our StereoGang compliance with the NASA Capital Market Minimum bin required. The NASA Capital Market Minimum bin required.
In May, we cut off a dollar for 10 trading days as a requirement of NASDAQ lists list. However, the panel took the unexpected step of disregarding FFF's achieve of this compliance milestone. Ultimately, the panel granted our for continued listing of shares on the NASDAQ habit without requiring a second reverse stock split provided the company is able to add a closing bid price of a dollar per share for a consecutive trading day by August 22nd.
Given our solid Q2 results, we hope for strong support from investors to our ongoing growth, for the current next Xbox
and believe EvoFM is a smart investment displayed at the current share price. And with that, I'll turn it on. And with that, I'll turn it on. And with that, I'll turn it on.
Building on what Jason.
Simple first, we have announced 16 POTA supplements that will favorably impact our business and its ability to deliver learned shareholder values. We have presented and published four new data sets that faxie to the medical community. The most enemies was demonstrating that they prevented 99% of pregnancies per ASSISX in the fee-empower clinical trial, which is resonating with herbiders and women alike. This should increase a translated prescription growth.
As an organization, Pro actively developed and launched a new birth control chart, all available methods to assist providers in patient contraceptive counseling.
We places a per outdated chart many UINs still had on their wall, which was developed to be a new contraceptive like sexy, kink it.
It assists healthcare providers to deliver passer care better and moreantling. Should incalalization trat to prescription with effectxy.
Media coverage of Out-Infecties, Spike Dramatins June , including People Magazine, BC News, and more. We partnered with A360 Media, placing expanded content in their really red entertainment and magazines on Elle as well, my media.
Before the sexy manuscript partnership, the sexy to decrease our cost up to 45.
extended sex life to four years.
A new patent was allowed covering sexy's cop matter and provide actions through at least 33 also strengths of our leadership and our Board of Directors. And our board of directors. And our Board of Directors.
We continue to secure a cover-exe with payers. The largest win in contract with one of the LUSPBMs in the nation that added faxie to an national tablet formulary with no restrictions. The LUSPBMs are the largest in the nation. The LUSPBMs are the largest in the nation. The LUSPBMs are the largest in the nation. The LUSPBMs are the largest in the nation. restrictions.
This is significant and we look forward to increased prescriptions among UVM's 28 million of them.
This agreement is also expected to save us upwards of $1 million a year by removing prior applications from BEXI prescriptions for this TVM. Each prior application was costing us $5 a process and we're delighted to remove costs from our operating system.
Our approved claim rate continued to increase to 22 and currently more than 70 percent of prescription claims are being approved. Every new agreement more women are able to refill their sexy chins and we look for positive impact that will hexi-growth.
The biggest catalyst that the market responded to was the Prames Court Roe Lakers' wave on GeForce.
We focus on contraception and this decision for tailwind to Evofem by increasing visibility among investors as well as consumers. This is a tremendous opportunity for our company.
Many of you have the stocks since that day. I want to welcome you. And for those I want us for a while and want to hear your continued support andbu to fulfill your support and build
another consecutive quarter of increasing net product sales and end operating loss. We are consistent in delivering growth quarter over quarter. Directly reflects recognition of innovative attributes among women and prescribers. Link traction with insurance.
Bigs, another strong border anchor, based on the current and the indicators, and an engine, we remain on track with CHEVE, our 2020 VNU guidance of 35 million. hurricane.
Following President's Executive Order, sharing access to reproductive health care, the U.S. Departments of Health, Human Services, Labor, Treasury, recipients clarifying the health plans it ensures must cover causes at no cost to individuals. The ACA guarantees coverage of women's preventative services, including free control and contraceptive care for all individuals covered dependent reproductive capacity.
This encompasses all conjures like FEXI approved, granted, and cleared by the FDA. So what is for Abilson? There's more plans covering FEXI at no cost to women.
It means them doing that with no restriction. It means less money's co-pay programs that increases the ability of every vaccine prescription. The increases the ability of every vaccine prescription.
Evelen's market access is having renewed with insurers and PBM that were previously compliant with these guidelines to advance the removal of impermissible barriers such as this claim denials and authorization letters to ensure that women have a sexy at no pocket cost
As a reminder,
There are 42.2 min potential vaccine in the United States. You see the drinks currently diamond- calorie vaccines seem to be a secondary vaccine for teachers. Is it not physically you
The total cut market is, I guess, to be $7.9 billion.
Every percent market share of the 42.4 percent market share represents significant net product sales for Evelson.
Those of you who are looking at the fitted is one of my favorites that are current of 290 superbox of 12C applicators.
Applying the Q2 growth to that of 40%. We have $106 and 40 bucks. If we're being derivative and women also the fexifper, each 1% market share equals 298 million fexifale. Out the reality is providers, 6 month prescription. So when women get 6% the fexifere year, each 1% market share equals 407 million fexifale. Each 1% market share equals 407 million fexifale.
Elbrose to net improves to percent, the X are even more favorite. And we also know a number of women that are getting far beyond on the prescription. The X is a number of women that are getting far beyond on the prescription.
Contrast is a profitable.
Period.
Naturally though, for a company with an FDA-approved proprietary product with no generic competition equivalent. The FDA-approved FDA-approved FDA-approved FDA-approved FDA-approved FDA-approved FDA-approved FDA-approved ? to clip on it.
Moving on to the product we expect to double our market opportunity, providing the skin upside for recent women is our abogardi. The product we expect to double our market opportunity is our abogardi.
Because free sexually is at risk for STI infection.
On May of this week, out of the last patient visit our registration based medical trial of the vaccine for the prevention of gonorrhea in women.
Success in STI patients would expand the opportunity beyond their reproductive years. Research has stated that two-thirds of current lubricant users would repair lubricant with Fexy if approved for the prevention of gonorrhea. Additional studies announced 49 million Americans use personal lubricants in 2022.
Twenty percent of the United States had an eye on any given day in 2018. The CDE made four million and one point six million new cases, India and Ghana re-averspace. And all of those occurred last. Infected teeth often unaware of don't seek treatment for their infections.
Committee has frequently reported back to your infection in the US. Almost 60 women infected with committee symptoms yet the leading causes of infertility in the US. To we know, is a me and financially daunting. There are no F-proved woman-contropolyctics to prevent these STI.
The city states it's all actually active, direct.
Here is the norm. Regardless of the accepted products women are choosing, they are still asked.
This wide market opportunity, shareholders and women bequendly. On track to report our IFA's 3-SETI data in October , we expect positive out would enable us to submit military applications today and the first 2023. These will be SND filing, seeking to add prevention of committee and gonorrhea and women to people. This is a broad market opportunity, and we expect positive out would enable us to submit military applications today and the first 2022. We expect positive out would enable us to submit military applications today and the first 2022. We expect positive out would enable us to submit our IFA's 3-SETI data in October ,
With a track designation for both the tent indications, receive FDA approval these indications in 2023. Receive FDA approval these indications in 2023.
I'd like to point out that our current valuation does not reflect the opportunity we are addressing meet in the $7 billion US contraceptive market. It does not factor in the near upside potential in F2.
We disperse an incriminating for the right investor, and we hope that we can count on your support.
With that, operators, open the call.
Ladies and gentlemen, if you'd like to ask, please press star. I'm going to begin to ask, please press star one.
One moment while we wait for questions. And we do have to. And now the first one is David and Tyler Chandler.
Hi, David.
Is that meats?
We can't hear you.
Hey, can you hear me now? Yeah, we can hear you now. OK, my position was on mute. So I joined, but you may have addressed the song, but the first part I had is the overt-terrant of Roe v. Wade who's hearing in the field in terms of just level of list and not just from practitioners, but also from patients.
That's number one. And then a different question on the, you know, the graph, which I always ask, but I need, and that is, you know, with the, the kind of thing and with the environment is, for the better, of course. How should we think about steady state beyond this year? Thanks.
Thank you, question. So I'll start my day to talk about Christmas?. So, so hearing in the field, any of you.
as you would expect.
There's a heightened sense of urgency, a Supreme Court decision on the board. We are hearing more interest from health care providers and wanting to meet with our sales team and wanting to know and understand higher offices that Evochem has. We all are having a lot of these, depending on their state, talking about my end-up being.
less that they will have a way to offer to women. And so, looking at this educational birth control chart, and I don't know if you were on at that point, David, but one of the things that's happened more than 10 years, there has been no update to the patient counseling. And when you're in a waging room, and you're, you know, frankly, news from the way down, waiting for your dog down the end, and you're staring at the wall, or the thing, oftentimes, you know, or these charts really show women what are their choices.
What's the myriad of choices? And what choice best for them? So he took, probably upon ourselves, as that our two commercial officer was in the field and repeatedly saying that, look, these outdated charts, anybody wants to cancel it, they're so busy today, isn't it better? So the charts have been effective. As an example, we reps calling in and saying that in one or two charts, what is it calling us constantly? We have eight examiner, we need at least eight charts. So we're hearing that counseling women become able to see how they spend the potential they rinse what is in their Leuchal pain and consult, to resolve that in their ayuda, you
more pervasive than before. We really weren't, you know, we of course some doctors counsel patients, but now even the ones that weren't counseling us are counseling more because service and they want to know sustainable access. We've heard a lot of people coming in saying they're worried about maybe what they're using might not be available and should they start to switch to something else. But one of the biggest things that we have heard that as physicians understand that our product does not do anything to negatively empty women's ovaries, and that our products talk to our family or our healthcare workers around the corner. These partnerships have changed our world. They have a lot of upbeat practices but really, it really has helped usline in terms of making sure that that's going up. And around the world I believe that a lot of people have seen the kinds of progress that we've seen in patients that have worked asmn Linden comment, you know, has been tough.
There has been interesting but...
Doctors who are writing FEXI perhaps for breastfeeding women or for cancer patients, women who just can't use phones, are now expanding their mind to say, what I need to broaden who I think the FEXI woman is.
And the biggest lever for that was this analysis did that showed that on, face on access sex.
that 99% of the time, sexy prevented pregnancy. So I would say that it is sweet. I mean, you know, I run a women's healthcare company, obviously the SCOTUS decision was tough. We affected it, though.
But I would tell that the increased interest for FEXI has been very significant.
So that's what we're hearing. But the final thing I would say is that we are hearing though a lot of trepidations depending on where states are, where some of these references are, where people are starting to brace themselves. You know they're hoping that it doesn't go further than just the decision on abortion but people are already starting to you know brace themselves, be skeptical about what might happen.
Anyone want to talk about GTN? Sure. That's good. Follow up on your GTN question. It's still always valid, so go keep on asking it. You know, we were very pleased, obviously, to see GTN maintain its consistency as we believe it would at the end of Q1 in 40%. We are reaffirming guidance that we do anticipate that continuing through the end of the year and a very strong possibility to see it lower as the year goes on. That is largely attributable to not only the new PBM contract, but...
benefits to our net revenue number on every sale of SEXY as it goes forward. Now there's only cost associated with distributor and other administrative costs that flow through. Those are never gonna go away. With volume increases the next few years, due to anticipate we could probably negotiate down some distributor costs, but a little of that, we do know that ultimately a good 20 to 20% is probably here to stay for the time being as a cost of doing business, but we do.
think those will have a negative impact on GTN and we do see continue to improve it as in the future.
Does that address your question, David?
All right, we do have another question coming in from Yale Gen Play Long Company.
Good afternoon. And thanks for taking the questions. The first question is that it's certainly a great quarter, last quarter. Are you guys going to review some of what the script numbers in the last quarter? Let's not have a follow-up questions.
Well, here's what we can tell you. We can tell you that we have had, quarter over quarter, we have seen a 11 and 12% growth. So we've seen an increase. And one of the things that we have done, as we shared on the call, is for example, when we rolled out the A360 media rollout, it drove a 16% spike in demand, just after the initial two weeks. And...
So what we have been seeing is that we are seeing growth.
We've actually seen a lot of people and distributors and wholesalers getting ready for the rollout that just happened. We did a full series of interviews with Annie Murphy that's gotten a lot of media attention. There's a lot more media rollout to come as a result of those interviews. So, um,
Particularly also July 1st was the day that this largest PBM came on board with no restrictions. So we really feel like, you know, we're actually now not just continuing growth, but you'll see I think much more growth and momentum, you know, as time goes on over the next few weeks.
Okay, great. That's very helpful. And one more question here is that the third quarter is already roughly a month and a few days. And you anticipate and you've probably seen that the revenue growth are increasing. Any colors you can sort of share for this brief month.
or any kind of trends you can indicate.
I'll take that. Okay. Okay. Yeah. So yeah, I won't give you too much insight. Obviously just tonight, I think you have too much guidance going forward in the details, but what, you know, kind of reiterate the guidance we gave. Obviously 30 to 35. We are still firmly holding on to this for guidance for the year. That means some sequential growth corridor, require obviously as it gets there. A second half of the year, we always knew that was going to be the stronger half of our year, just building on the first half.
And things are falling into place very nicely as far as getting this large PVM win and having AC mandate coming on. Both of those we believe are gonna be strong headwinds heading into the second half of the year. So I would look to see some good sequential growth. As we've shown already, the court over quarter for the first half of the year, continue through the second. And we'll follow in between that 30 and 35, we'll get to year end. and we'll follow in between that 30 and 35, we'll get to year end.
Okay, maybe squeezing one more question, what you mentioned about the GTN improvement, and what do you see that the reason ACA regulation will be mandated, and would that be any impact you could see change over the second half of this year, or even small changes?
Yeah, to the end.
Yeah, I don't know if you saw the press release we put out, what was that, last week? Just about the very recent final push where basically implied that you need to follow ACA. It can be interpreted as immediately. Guidance earlier in the year came out, they said January 1st, so there's a bit of question as to if they just meant we're done hearing complaints and you guys need to comply immediately. But that's why we think the timing of it will continue to roll out as the second half of the year goes on.
them. They're pushing it. Well, and the one thing you know just to add is that.
We have heard from a lot of these offices that we have consistently been talking to and reaching out that there is a huge push from certainly the democratic side to make sure that they are leaning in and stepping up for women. And in the past, although they didn't want to know specifics, all of these offices of Congress people and senators are now asking us for specific examples when women are getting denied. So they can reach out directly in hopes that they will be seen as the halo effect.
being the ones that are advocating for and standing out for women. So, you know, we, what's been refreshing is that we have seen the kind of action should have happened sooner, but we are seeing very serious and deliberate action by enforcement occurring and it's optimistic. You know, so at least when women are being denied, you know, state access to abortion, they will get more and more readily get access to contraception.
Okay, great. Thanks, La, for the detail.
And, again, congrats on the performance of this quarter.
Thanks very much. Yeah, thanks for your questions.
There our next question is coming from Annabelle Simeone, class 3245.
Hi, this is Stacy calling in for Annabel. Congrats on a really great quarter. Just two questions on our end. Can you give us a metrics around the Vitacare partnership and how that's been helping with prescription fulfillment? And secondly, we're really excited to see the last visit having occurred for the EVA Guard Trail. In light of the latest development with rural versus rate being repealed and the increased focus in consciousness.
contraception, you know, more than need to protect it. Is there any further thought to how you will treat the STI profile of EVA 100 if successful? Is it protective as an addition or is it better to remain its own product? I know the last iteration was that it would be a profile enhancer to contraception.
Yeah, thanks for the question, Jake, you want to start? I'll start for a second. Yeah, I'll jump in on by the care. So just a little bit of specifics for the quarterly activities. We did do a pilot style rollout with them and it was extremely successful right from the get go. We were very happy to see that. Obviously a fairly complex process with the new platform going out, so we wanted to make sure that the pilot program was effective and well received and any kinks were worked out. Subsequent to that, we've actually rolled that out only to the field starting August 1st. Subsequent to the field starting August 1st.
ensuring that they get their refills on a timely basis, the process itself is fully integrated and it doesn't come in from multiple sources and other multiple vendors. So this is truly a one-stop shopping porthole for us to really fall back on and our patients to use and we're extremely excited about the initial results and I think for sure we'll have definitely much more insight as to how that's been rolled out.
from the initial launch on August 1st when we talk for Q3 results. And you know, our Chief Commercial Officer, Katherine Atkinson is also with us on the line. Katherine, is there anything you want to add to the steps, you know, fully colored the vital care situation?
Catherine? Oh, maybe she just can't get unmuted. Oh, technical difficulties. They happen to all of us. Yeah. We can follow up. Yes, we will follow up. Catherine's line is now open. Okay, thank you.
Oh, Kathy, would you like to add anything?
Yes, I'm sorry, I was talking, you may have muted me. I was going to... But yeah, we've seen some great success. So as Jay said, we kind of beta tested it and slowly rolled it out. Of all the prescriptions that came in, which were many, we've had 53% already approved and VITA Care continues to work on the remainder. We rolled it out to the field on August 1st. We had about 20 already go in. And so we're really excited about it. We still have far more power coming after this quarter.
The expanding the label we think will be as advantageous as being a separate product.
Yes, that's correct.
Okay, so one thing, so in the work that we have done around diligence with providers and diligence with payers. And diligence with payers.
We're looking at a couple of different things and the short answer is expanding the label, we have concluded, will allow us.
The same opportunity as if it were a separate NDA.
The financial positive is that the FNDA submission will be no cost to us, which is fabulous from a financial standpoint. But even if there was a cost and we thought it was going to be better for shareholders and women, we certainly would have incurred that cost. Where we are now is when you look at a product that... Now we know whatkas are are looking at how we make their capital.
As you may or may not remember those of you on the call, we were able to actually get a publication in a sexual satisfaction journal when you look at a product that has lubricating properties. And you have a product that will prevent the pregnancy with no systemic activity and no hormone and that negatively impacting your ovaries or your ability to get pregnant down the road. And you may not remember those of you on the call, we were able to get pregnant down the road. And you may not remember those of you on the call,
Prevent from Committee on Gone Areas. I will tell you that in all of my years, I've been in women's health my entire life. We used to do these think tanks where we would say to global leaders, women, all kinds of influencers, let's just talk about Nirvana. What would be the most amazing product? And consistently people would say something that you wouldn't suffer from side effects, something that you won't be used when you needed it, and something that would protect you from getting sexually transmitted infection.
Well, let me introduce you to sexy. And I mean that. And of course, I would say that as the CEO of this company, but I was attracted to this company because of this asset. After spending my full life looking at me to products and crowded categories, understanding that when generic come to a market, they are rode a brand by 50 to 60%. But recognizing most importantly that women don't have sex every day. And men had condoms for 150 years. And it is far time that women have a product.
where they could have sex on demand with pleasure without hormonal side effects
The timing could not be better for FEXI.
And it is really important to know how our product works.
as a vaginal pH modulator, women intuitively understand it. Doctors intuitively understand it. And so it's simple and it's easy to use and women feel really good about it. And so this is how you may need to be in these Tup Bald Gran make
The short answer is we feel very good that this NDA submission and expanding this label. Now down the road we may decide with this sort of trifecta of all of these wonderful things that maybe we want to do a relaunch down the road. But what I would tell you is we feel that the market opportunity is so significant because as we said whether you're on a pill, a patch, or an IUD you are still at risk. And Chlamydia is now so pervasive, four million cases.
And final comment I want to say is, after being a women's health my whole life, I have to shamefully admit that I didn't even recognize that Climedia was one of the top reasons for interability. And when we start to talk to young women, they're already thinking about their ability to get pregnant when they want to, even though it might be five or six or 10 years down the road. So if you're protecting yourself from getting pregnant and you're also worried about your ability to get pregnant, why would you not use the product like Flex-E?
That was extremely helpful. Thank you so much. Yes. Thank you.
Here our next question is coming from Ram, this is himself Raju of Vittie Windright'.
Thanks so much for taking my questions. Just three relatively quick ones. First of all, I was wondering if you could comment at all on any emergent trends you are seeing. On any emergent trends you are seeing.
in sort of private pay or non-reimbursed demand for FEXI, particularly in the wake of the Supreme Court ruling. Secondly, I was wondering if you have sort of an updated take on returning to the concept that was mooted early in FEXI's commercial trajectory regarding the population of women who are undergoing cancer treatment of specific categories.
that would lead them to the ineligible for hormonal forms of birth control. And then lastly, I was wondering if you have updated thoughts on assuming positive readout in STI prevention, how you would go about strategically optimizing the value of the drug in that indication, and whether that would involve any kind of business development activity, particularly in the context of the US commercial operation. So, let's go back.
Thank you very much for your questions. I would like to start backwards if that's alright. I'm going to start with the last one, meaning the STI opportunities. And the short answer is definitely. And why I'm saying definitely is that.
When we expand the label to add on prevention of chlamydia and gonorrhea, we want to provide much broader access to a much wider population. And so we, as you heard from Jay's comments, we are looking at co-promotion and co-marketing partners. We believe that yes, certainly OBGYNs will be the top prescribers, but we do think that it will expand beyond that, frankly. So we are trying to be very strategic and wise about finding a partner that...
has a footprint and that is looking for another opportunity, you know, to tell an additional story. So we're actively doing that right now.
I will tell you that I know, those of you who have been with us for a while, when we talk about business development, we are a little trepidatious because we could get a distribution agreement tomorrow. Yes, we have waited so that we can get the right partners, but for STIs, the strategic partnerships are multiple and our head of business development is multiple.
Full time, 100% focus on these partnerships has said that now when Roe versus Wade what's been fascinating is that
The people contacting us is
So constant and continuous, so we are going to look to align with somebody in the US to expand our reach still obviously controlling you know the branding and the messaging but to see if there is an appropriate partner and We are continuing our efforts outside of the US to bring in non-dilutive capital
Then your second question.
Yeah, and put it in.
One of the things that we have tried to see if we can identify out of the 800,000 women that are cancer patients is is there a way to see if there are car vouts that we could identify who they are?
What I will tell you is from feedback from our sales organization, and we also have our head of sales at the gentleman who spent his career in oncology by the way. He's the one that helped us align with encoda, for this important relationship that we have.
What's happening is that as time passes, and even though Roe vs Wade, and you would think what does that have to do with cancer patients, what has been extraordinary to see is this.
regardless of the position types. But oncologists are continuing to open their eyes up that one. And that one.
They certainly don't want their cancer patients to become pregnant during treatment. They don't want estrogen cancers to grow. And the only other product which is a copper IUD is the copper IUD.
Has side effects that are oftentimes far too challenging for these patients in a vulnerable state? Fexy is the obvious choice. So we have been seeing being asked to continuously go and provide products to hospitals to do all kinds of grand-race conversations, to continue to elevate and escalate the conversation. So I would say that it is growing. We have not had a way to actually segment that specific population.
However, when we're talking to doctors, they are part of bigger practices.
And so we are always making sure that our sales organization, some of whom our cancer survivors themselves, by the way, are making a deliberate effort to go to those hospitals and talk to those clinics and the centers, and we think that's been boosting our business.
The first question, I don't know about chief.
Commercial Officer or J-File, if I can address it. J-File, do you? Yeah, no we do. I can. Okay perfect, go ahead, Captain.
Well, I think, you know, one thing that we could mention, and I think this could actually help, is inside of whether some of these small private payers are moving this way, we are being, again, proactive in doing something that helps women. So we have a cash card program that we're gonna be rolling out in the next few weeks. So even if payers aren't moving to increased access immediately, we're gonna do what we can. We're gonna do what we can.
Ram, does that address your question?
Yeah, that was very helpful, but I think just to clarify, you know, I was also asking about, you know, those folks who are prepared to pay out of pocket if you're seeing sort of an increased level of interest in doing that.
the Supreme Court ruling or not.
Yeah, I think to expand on that, we are always about two weeks behind on SCRIB data and to get it to that level. Obviously, it's just starting to come in. I will say that traditionally, the self-pay category as we trended is not a very significant number of our sales. It is there, which is why we also did implement that cash card program that Katherine is referring to. And that has just recently rolled out. It was kind of...
great timing on our part because we rolled that out in advance of our RV WAVES coming out. But I think we'll get better clarity to see if that is truly an issue to that degree. But I think ultimately speaking anecdotally I think the majority of the FEXI prescriptions that are coming through you're still going to see them either one come through. You know some sort of payer assistance program right they've got their own insurance and or
governmental support program that they'll have coverage through state or federal means. So a true uptake on someone who doesn't have either in his bank straight out of pocket. They'll definitely be there. We put in steps ahead of time to potentially assist them. But I think we'll truly see, we'll follow up on that in Q3. I think we'll have much better visibility on that to see if truly is something that is trending up and something that we've time right with our cash.
our cash rebate card.
rebate card. Thank you very much.
Thanks very much, Ron.
All right, that's all the time that we have for today. I'll turn the call back over to Sandra Pelletier for closing remarks.
That's all the time that we have for today. I'll turn the call back over to Sandra Pelletier for closing remarks. Thank you.
We continue to grow the SpectreNet product sales quarter in the most $1 billion US contraceptive market.
We are on on track, commuter guidance for 2022.
With the Supreme Court ruling on Roe vs. Wade in June , women are increasingly motivated to protect themselves from unintended pregnancies.
The recent guidelines from the U.S. government on contraceptive access should catalyze access to FEXI at zero cost to women with no barriers to access.
Additionally, there is significant upside potential from our late-stage program developing FEXI for the prevention of chlamydia and gonorrhea in women.
In closing, I want to reiterate that we remain focused on execution of our business strategies to deliver long-term shareholder value. The time for sexy is now.
The need is greater than ever, both for hormone-free contraception and for prevention of STIs. We are excited about our future, and we are very, very happy to have you on this journey with us. As you look to organizations that are delivering innovation but continuing to execute, when I started this call, I said, since April , we have been able to share 16 value drivers to deliver on our business and deliver shareholder return. Sixty.
Those were not announcements that were slush. There was things.
A whole lot of gray in there. These are very deliberate intentional milestones that we continue to deliver on to prove.?a
that this product deserves.
to not only grow, but the attributes of this in a time that we are in today, it makes it such an obvious investment. And the value inflection that's forthcoming in October when we share our readout for our STI study is very significant.
So I want to thank all of you that have been with us for a while and I'd love to again welcome the people that are new and I really want to thank you for your ongoing support. Have a great rest of your day. Ladies and gentlemen, thank you for joining us. Thank you, may now disconnect.