Why Evofem Biosciences Stock Is Falling Today
After the close of Thursday's trading session, Evofem Biosciences (NASDAQ: EVFM) released its financial results for the fourth quarter and full year ending Dec. 31. Investors did not like what they saw, and the biopharmaceutical company's stock is dropping sharply on Friday as a result. As of 12:28 p.m. EST, Evofem Biosciences' shares were down by 35.6%.
For the fourth quarter of its fiscal year 2020, net sales were $168,000, a significant improvement over the year-ago period, during which it did not report a single dollar in sales.
Still, the company's top line fell short of the $1.7 million consensus analyst estimate. On the bottom line, Evofem Biosciences reported a net loss of $40.6 million, or $0.50 per share, compared to a net loss of $12.7 million ($0.27 per share) it recorded during the prior-year quarter.
Source Fool.com
