Shares of TherapeuticsMD (NASDAQ: TXMD) fell over 21% today after the company announced preliminary third-quarter 2019 operating results and a share offering. The drugmaker estimates that it will report up to $8.3 million in revenue, comprising sales of vitamin products and three drug products, when Q3 results are finalized. The average Wall Street estimate expects $8.4 million in quarterly revenue, according to numbers compiled by Yahoo! Finance.
TherapeuticsMD also proposed a public offering of common stock. It intends to offer at least 22 million shares, and possibly as many as 25.3 million shares, which will increase the outstanding number of shares by roughly 10%. The offering has yet to be priced, but the pharmaceutical stock is trading hands at about $3 per share. That suggests the offering could raise about $60 million in gross proceeds. The company had an estimated $155 million in cash at the end of September.
As of 11:39 a.m. EDT, the stock was down 19.1%.