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Agile Therapeutics, Inc. (Nasdaq: AGRX) is a forward-thinking company specializing in women's healthcare. Their mission is to address the unmet health needs of today’s women by providing innovative contraceptive options. The company’s leading product, Twirla® (ethinyl estradiol and levonorgestrel transdermal system), is a once-weekly prescription contraceptive patch that offers an alternative to daily pills or longer-acting methods. Twirla employs Agile's proprietary Skinfusion® technology designed to improve patch adhesion and patient comfort.
Recently, Agile Therapeutics has reported significant financial and operational accomplishments. In the third quarter of 2023, Twirla achieved net revenue of $6.7 million, reflecting a 21% increase from the second quarter and a 122% increase year-over-year. The company projects positive cash flow from operations by the first quarter of 2024, backed by a strong gross margin that grew to 63% in the third quarter of 2023.
The company’s strategic focus includes expanding their market presence through partnerships and promotional efforts, notably targeting five key states with high reimbursement potential. Agile is also enhancing Twirla's availability through telemedicine platforms like Nurx, TwentyEight Health, and Pandia, aiming to broaden its reach further.
Operational expenses have been managed effectively, with a reported decrease in GAAP operating expenses to $8.2 million in the third quarter of 2023. This financial discipline, alongside the anticipated revenue, positions Agile Therapeutics favorably for sustainable growth.
Additionally, Agile Therapeutics has successfully completed the pay-off of their debt facility with Perceptive Advisors, leaving their balance sheet debt-free. Despite a delisting notice from Nasdaq, the company’s shares continue to trade on the OTC Market, maintaining its focus on executing its business plan and exploring strategic opportunities to maximize Twirla’s growth and shareholder value.
For more detailed updates, latest news, and information, you can visit their website at www.agiletherapeutics.com or follow them on Twitter @agilether.
Agile Therapeutics, Inc. (Nasdaq: AGRX) announced it has regained compliance with the Nasdaq minimum bid price requirement after a notification from the Nasdaq Listing Qualifications Department. The company's stock had been below the $1.00 threshold for over 30 days but has maintained a closing bid price of $1.00 or greater for the past 10 consecutive business days, from April 11 to April 24, 2023. However, the company still faces challenges as it received a deficiency letter regarding its stockholders' equity, which must meet a minimum of $2,500,000 for continued listing. Agile has until May 11, 2023, to submit a Compliance Plan to address this equity issue. Failure to comply may lead to further actions, including potential delisting.
Agile Therapeutics, Inc. (Nasdaq: AGRX) announced a 1-for-50 reverse stock split approved by its board of directors, effective April 10, 2023, to increase its stock price for compliance with Nasdaq listing requirements. Following the split, the outstanding shares will decrease from approximately 46.6 million to about 932,101 shares, with no fractional shares issued. Stockholders will receive cash for any fractional shares based on the last closing price. The change will also adjust the exercise prices of outstanding stock options and warrants. This decision aims to ensure Agile remains listed on Nasdaq despite previous price challenges.
Agile Therapeutics (Nasdaq: AGRX) reported a significant 33% increase in fourth quarter 2022 net revenue to $4.0 million, compared to $3.0 million in the third quarter. The company's operating expenses decreased by 55% to $9.2 million, contributing to a 165% overall revenue growth for 2022 at $10.9 million. Twirla demand surged by 25%, and factory sales rose by 31% in Q4 2022. Agile maintains its expected revenue guidance for 2023 in the $25-$30 million range, highlighting ongoing collaborations to expand its market reach. However, cash reserves dropped to $5.2 million from $19.1 million year-over-year.
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