TXMD

MKT CAP:$24M

TherapeuticsMD, Inc.

Market Cap

$24M

Healthcare·Drug Manufacturers - Specialty & Generic·🇺🇸 United States·NASDAQ

Healthcare·Drug·🇺🇸·NASDAQ

Stock Price

$2.18+$0.53 (+32.12%)

Apr 21, 2026

Company Details

TherapeuticsMD, Inc. operates as a women's healthcare company in the United States. The company offers IMVEXXY for the treatment of moderate-to-severe dyspareunia; BIJUVA, a bio-identical hormone therapy combination of 17ß-estradiol and pro...

CEO

Marlan D. Walker

IPO Date

May 9, 2007

Website

www.therapeuticsmd.com

Key Metrics TTM

Revenue

$20M

-78.0% YoY

Net Income

-$46M

EPS (Diluted)

-$5.34

Free Cash Flow

$56M

Revenue / Share

$1.74

Gross Margin

76.3%

Operating Margin

-204.7%

Net Margin

-230.9%

FCF Margin

279.6%

P/S

1.2x

P/E

—

Earnings Reports

FY 2025

Mar 30, 2026

$3MEPS -$0.05

Q4 2024

Apr 30, 2025

$667.0KEPS $0.02

Q2 2024

Aug 12, 2024

$234.0K-46.5%EPS -$0.09

Q2 2023

Aug 14, 2023

$437.0KEPS -$0.24

Q4 2021

Mar 23, 2022

$19M-17.3%EPS -$5.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$5M	$4M	-$38M
Q1 19	$4M	$3M	-$38M
Q2 19	$6M	$5M	-$42M
Q3 19	$24M	$22M	-$27M
Q4 19	$16M	$13M	-$44M
Q1 20	$12M	$10M	-$51M
Q2 20	$11M	$6M	-$45M
Q3 20	$19M	$16M	-$25M
Q4 20	$23M	$17M	-$35M
Q1 21	$20M	$15M	-$29M
Q2 21	$23M	$19M	-$35M
Q3 21	$25M	$20M	-$40M
Q4 21	$19M	$14M	-$35M
Q2 23	$437.0K	$437.0K	-$2M
Q2 24	$234.0K	$234.0K	-$3M
Q4 24	$667.0K	$667.0K	-$319.0K

Valuation

Quarter	P/S	P/E
Q4 18	57.0x	—
Q1 19	71.5x	—
Q2 19	33.2x	—
Q3 19	24.5x	—
Q4 19	12.5x	—
Q1 20	5.0x	—
Q2 20	5.1x	—
Q3 20	6.9x	—
Q4 20	5.2x	—
Q1 21	6.4x	—
Q2 21	5.6x	—
Q3 21	3.5x	—
Q4 21	1.9x	—
Q2 23	0.7x	—
Q2 24	0.4x	—
Q4 24	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 19	-$38M	-$39M
Q2 19	-$51M	-$52M
Q3 19	-$26M	-$28M
Q4 19	-$51M	-$51M
Q1 20	-$39M	-$40M
Q2 20	-$56M	-$56M
Q3 20	-$34M	-$34M
Q4 20	-$30M	-$31M
Q1 21	-$38M	-$38M
Q2 21	-$27M	-$27M
Q3 21	-$38M	-$38M
Q4 21	-$40M	-$41M
Q4 22	$60M	$60M
Q2 23	-$5M	-$5M
Q2 24	$894.0K	$894.0K
Q4 24	$12.0K	$12.0K

Capital Expenditures

Quarter	CapEx
Q1 19	$665.9K
Q2 19	$1M
Q3 19	$1M
Q4 19	$360.9K
Q1 20	$443.0K
Q2 20	$399.0K
Q3 20	$262.0K
Q4 20	$494.2K
Q1 21	$63.0K
Q2 21	$89.0K
Q3 21	$182.0K
Q4 21	$2M
Q4 22	$37.0K
Q2 23	$0
Q2 24	$0
Q4 24	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	+23.4%	+67.4%
Q1 19	+4.6%	+47.6%
Q2 19	+61.5%	+29.7%
Q3 19	+582.9%	+34.2%
Q4 19	+212.4%	+39.5%
Q1 20	+210.4%	+50.2%
Q2 20	+76.0%	+16.8%
Q3 20	-18.5%	-12.7%
Q4 20	+42.0%	-5.2%
Q1 21	+62.2%	-22.2%
Q2 21	+114.9%	+4.4%
Q3 21	+31.4%	+47.4%
Q4 21	-17.3%	-5.4%
Q2 23	-97.8%	-94.1%
Q2 24	-99.0%	-94.8%
Q4 24	-97.4%	-98.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 19	$3M	65.5%
Q2 19	$3M	43.4%
Q3 19	$3M	11.1%
Q4 19	$3M	17.8%
Q1 20	$2M	19.3%
Q2 20	$3M	28.1%
Q3 20	$3M	16.2%
Q4 20	$2M	9.6%
Q1 21	$0	0.0%
Q2 21	$3M	10.9%
Q3 21	$7M	28.8%
Q4 21	$5M	28.6%
Q4 22	$3M	—
Q2 23	$0	0.0%
Q2 24	$96.0K	41.0%
Q4 24	$24.0K	3.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 18	$7M	—	—	$35M
Q1 19	$6M	—	—	$35M
Q2 19	$5M	—	—	$41M
Q3 19	$4M	—	—	$45M
Q4 19	$4M	—	—	$53M
Q1 20	$3M	—	—	$57M
Q2 20	$3M	$19M	$30M	—
Q3 20	$2M	$17M	$22M	—
Q4 20	$2M	$19M	$26M	—
Q1 21	$2M	$18M	$24M	—
Q2 21	$2M	$20M	$32M	—
Q3 21	$2M	$28M	$30M	—
Q4 21	$1M	$26M	$22M	—
Q2 23	—	—	—	$3M

Revenue Segments

Quarter	Imvexxy R	Prescription Vitamins	Imvexxy	Bijuva	License and Service
Q4 18	$846.1K	$4M	—	—	—
Q1 19	—	$2M	$2M	—	—
Q2 19	—	$3M	$3M	$134.3K	—
Q2 24	—	—	—	—	$234.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$30M	$0	$30M
Q2 22	$26M	$0	$26M
Q3 22	$27M	$0	$27M
Q4 22	$38M	$0	$38M
Q1 23	$17M	$0	$17M
Q2 23	$14M	$0	$14M
Q3 23	$10M	$0	$10M
Q4 23	$4M	$0	$4M
Q1 24	$4M	$0	$4M
Q2 24	$5M	$0	$5M
Q3 24	$5M	$0	$5M
Q4 24	$5M	$0	$5M
Q1 25	$6M	$0	$6M
Q2 25	$6M	$0	$6M
Q3 25	$7M	$0	$7M
Q4 25	$7M	$0	$7M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	5M	+4.6%	+10.2%
Q1 19	5M	+1.0%	+11.3%
Q2 19	5M	+0.1%	+11.3%
Q3 19	5M	+0.0%	+5.8%
Q4 19	5M	+8.5%	+9.7%
Q1 20	5M	+3.7%	+12.6%
Q2 20	5M	+0.2%	+12.7%
Q3 20	5M	+0.3%	+13.0%
Q4 20	6M	+5.2%	+9.5%
Q1 21	7M	+21.2%	+27.9%
Q2 21	8M	+13.5%	+44.9%
Q3 21	8M	+7.1%	+54.9%
Q4 21	9M	+1.2%	+49.1%
Q2 23	10M	+19.6%	+47.1%
Q2 24	12M	+12.8%	+46.3%
Q4 24	12M	0.0%	+36.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	$21.1K	241
Q1 19	$16.4K	241
Q2 19	$25.2K	241
Q3 19	$98.4K	241
Q4 19	$45.7K	348
Q1 20	$35.2K	348
Q2 20	$30.8K	348
Q3 20	$55.6K	348
Q4 20	$56.4K	400
Q1 21	$49.7K	400
Q2 21	$57.5K	400
Q3 21	$63.5K	400
Q4 21	$44.9K	416
Q2 23	$437.0K	1
Q2 24	$234.0K	1
Q4 24	$667.0K	1

Revenue / Employee