Agile Therapeutics Announces Extension Granted By Nasdaq Hearings Panel To Regain Compliance Until March 25, 2024; Sees FY23 Revenue $20M-$21M

Author: Benzinga Newsdesk | February 15, 2024 05:55pm

Company Granted Extension by Nasdaq Hearings Panel to Regain Compliance with the Stockholders' Equity Continued Listing Requirement Until March 25, 2024

 

Net Revenue for Full Year 2023 Expected to be in the Range of $20 to $21 Million, an Increase of 84% to 93% Compared to Full Year 2022  

GAAP Operating Expenses for Full Year 2023 Expected to be in the Range of $30 to $31.5 Million, a Decrease of 47% to 44% Compared to Full Year 2022

 

Expected Full Year 2023 Performance Update (Unaudited)

The Company also announced its preliminary expectations for net revenue and operating expenses for the full year 2023.

• Full year 2023 net revenue is expected to be in the range of $20 to $21 million compared to $10.9 million for the full year 2022, representing an increase of 84% to 93%.
• Full year 2023 GAAP operating expenses ("OPEX") are expected to be in the range of $30 to $31.5 million compared to $56.6 million for the full year 2022, representing a decrease of 47% to 44%. Management has recommended to the Board of Directors, that the Company not pay performance bonuses for the 2023 fiscal year. As a result, the Company plans to reverse an accrual of approximately $2.1 million.

The preliminary results and estimates in this press release are based on management's initial review of our operations for the fiscal year ended December 31, 2023, and are subject to revision based upon our quarter-end and year-end closing procedures and the completion of the external audit of our year-end financial statements.

Posted In: AGRX