Q3 EPS: Annovera Sales Impress

Expanded Patient Access of Annovera

Focusing on Annovera and Imvexxy Commercialization

Not Unexpected: 2020 Guidance is Suspended

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Healthcare

Drug Manufacturers

TherapeuticsMD Inc.

Investment Appraisal
TherapeuticsMD announced a business update driven by the impact of COVID-19 pandemic. The contingency plan is designed to preserve the company&#8217;s balance sheet during this period and the value of the company&#8217;s investments in its sales and marketing infrastructure. The company cut or defer $30 million in annual spending including approximately&nbsp;$10 million deferral&nbsp;in planned second quarter consumer and healthcare practitioner marketing spend for Annovera and Imvexxy, and approximately&nbsp;$20 million&nbsp;cut in other planned expenses (hiring freeze, non-critical IT projects, meetings and events, and others). These cost savings are implemented during Q2/Q3 2020; however, they may be extended or expanded further throughout the year depending on the impact of the COVID-19 outbreak. 
The company stated that they have sufficient inventory to meet anticipated demand through at least early Q3 2020 and also suspended its 2020 financial guidance ($90M to $110M). TherapeuticsMD anticipates that net revenues in Q1 2020 to reach above $11 million. The company partners with independent community pharmacies and multiple third-party online pharmacies (such as&nbsp;PillPack, PillClub, and&nbsp;Simple Health) and telemedicine providers (such as PlushCare). These channels can assist patients to obtain easy and convenient access to their prescriptions for TherapeuticsMD&#8217;s products. 
TherapeuticsMD has lost over 13.5% (as of 2:40 pm on 3/27/2020) following the business update. We think the implemented model is coherent in these difficult and uncertain times. As we see major changes in the broader markets, we are not surprised by the impact of the outbreak on an early stage commercial company like TXMD. We are not updating our model until obtaining further visibility from management on the impact of the pandemic. The TXMD shares are trading near at 52-week low value. We think the current share price does not reflect the full value of the company&#8217;s portfolio and it is a good point of entry. We are reiterating our Outperform rating and $10 of price target.

TherapeuticsMD Inc. (TXMD)

Not Unexpected: 2020 Guidance is Suspended

Fundamental Analysis:

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Q3 EPS: Annovera Sales Impress (TXMD)

Expanded Patient Access of Annovera (TXMD)

Focusing on Annovera and Imvexxy Commercialization (TXMD)

Not Unexpected: 2020 Guidance is Suspended (TXMD)

Inbox Intel from Channelchek.