Revenue growth remains highly volatile, with quarterly fluctuations ranging from a 30.9% contraction in 2024Q2 to an 84.8% expansion in 2025Q2, despite maintaining a gross margin that reached 115.1% in 2025Q4.
| Sales/Revenue | 2.38M | 2.29M | 1.63M | 1.07M | 1.21M | 1.18M | 1.04M | 929.06K |
| Revenue Growth % | 39.88% | 40.77% | 51.97% | -11.13% | 2.25% | 13.66% | 11.72% | - |
| Cost of Goods Sold | 1.11M | 872.4K | 544.9K | 380.07K | 441.94K | 370.38K | 306.53K | 223.68K |
| COGS % of Revenue | - | 38.04% | 33.45% | 35.46% | 36.64% | 31.4% | 29.53% | 24.08% |
| Gross Profit | 1.26M | 1.42M | 1.08M | 691.9K | 764.28K | 809.3K | 731.38K | 705.39K |
| Gross Margin % | 53.13% | 61.96% | 66.55% | 64.54% | 63.36% | 68.6% | 70.47% | 75.92% |
| Gross Profit Growth % | - | 31.06% | 56.7% | -9.47% | -5.56% | 10.65% | 3.69% | - |
| Operating Expenses | 17.61M | 19.01M | 18.87M | 15.2M | 12.36M | 9.15M | 7.66M | 12.34M |
| OpEx % of Revenue | - | 828.91% | 1158.3% | 1417.98% | 1025.07% | 775.3% | 738.45% | 1328.5% |
| Selling, General & Admin | 11.56M | 11.09M | 10.36M | 7.51M | 5.99M | 4.47M | 2.85M | 4.8M |
| SG&A % of Revenue | - | 483.57% | 635.69% | 700.41% | 496.56% | 378.98% | 275% | 516.93% |
| Research & Development | 5.92M | 7.58M | 8.22M | 7.21M | 5.81M | 4.08M | 4.13M | 6.91M |
| R&D % of Revenue | - | 330.43% | 504.36% | 672.47% | 481.98% | 346.22% | 397.97% | 744.21% |
| Other Operating Expenses | 139K | 342.03K | 297.32K | 483.48K | 561.23K | 591.07K | 679.65K | 625.78K |
| Operating Income | -16.35M | -17.59M | -17.79M | -14.51M | -11.6M | -8.34M | -6.93M | -11.64M |
| Operating Margin % | -687.93% | -766.95% | -1091.75% | -1353.43% | -961.71% | -706.7% | -667.99% | -1252.57% |
| Operating Income Growth % | - | 1.11% | -22.59% | -25.07% | -39.15% | -20.25% | 40.42% | - |
| EBITDA | -15.52M | -16.74M | -16.91M | -13.6M | -10.71M | -7.37M | -5.83M | -10.54M |
| EBITDA Margin % | -652.85% | -729.87% | -1038.22% | -1268.73% | -887.99% | -624.95% | -561.93% | -1134.75% |
| EBITDA Growth % | 17.98% | 1.04% | -24.36% | -26.97% | -45.28% | -26.41% | 44.68% | - |
| D&A (Non-Cash Add-back) | 833.85K | 850.46K | 872K | 907.99K | 889.14K | 964.29K | 1.1M | 1.09M |
| EBIT | -10.27M | -16.74M | -17.2M | -14.08M | -11.37M | -7.51M | -6.9M | -11.26M |
| Net Interest Income | -1.48M | -1.79M | -1.02M | 265.63K | 214.7K | -15.46K | 9.95K | 277.56K |
| Interest Income | 132.56K | 101.76K | 582.35K | 431.02K | 228.16K | 3.77K | 22.5K | 287.54K |
| Interest Expense | 1.61M | 1.89M | 1.6M | 165.39K | 13.46K | 19.23K | 12.55K | 9.97K |
| Other Income/Expense | 4.47M | -1.04M | -1.02M | 265.63K | 212.39K | 802.96K | 19.95K | 368.24K |
| Pretax Income | -11.88M | -18.63M | -18.81M | -14.24M | -11.39M | -7.53M | -6.91M | -11.27M |
| Pretax Margin % | -499.78% | -812.21% | -1154.44% | -1328.66% | -944.1% | -638.63% | -666.06% | -1212.93% |
| Income Tax | 522.94K | 1.3K | 9.6K | 4.34K | 6.3K | 4K | 1.8K | 3.01K |
| Effective Tax Rate % | -4.4% | -0.01% | -0.05% | -0.03% | -0.06% | -0.05% | -0.03% | -0.03% |
| Net Income | -12.4M | -18.63M | -18.82M | -14.25M | -11.39M | -7.54M | -6.91M | -11.27M |
| Net Margin % | -521.78% | -812.27% | -1155.03% | -1329.06% | -944.62% | -638.97% | -666.24% | -1213.26% |
| Net Income Growth % | 41.26% | 1% | -32.07% | -25.04% | -51.16% | -9.01% | 38.65% | - |
| Net Income (Continuing) | -12.4M | -18.63M | -18.82M | -14.25M | -11.39M | -7.54M | -6.91M | -11.27M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.18 | -9.40 | -16.80 | -18.60 | -19.40 | -12.80 | -11.80 | -19.20 |
| EPS Growth % | 64.21% | 44.05% | 9.68% | 4.12% | -51.56% | -8.47% | 38.54% | - |
| EPS (Basic) | - | -9.40 | -16.80 | -18.60 | -19.40 | -12.80 | -11.80 | -19.20 |
| Diluted Shares Outstanding | 3.9M | 1.98M | 1.11M | 769.22K | 590.21K | 590.21K | 588.08K | 588.08K |
| Basic Shares Outstanding | 3.33M | 1.98M | 1.11M | 769.22K | 590.21K | 590.21K | 588.08K | 588.08K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical trial funding shortfall
As reported in recent financial filings, Femasys experienced significant quarterly revenue fluctuations, with growth rates swinging from a 30.9% contraction in 2024Q2 to an 84.8% expansion in 2025Q2, suggesting that the current diagnostic-led revenue model lacks the consistency required for predictable long-term scaling in the OB-GYN market.
The erratic nature of top-line performance indicates that revenue is likely driven by lumpy, non-recurring stocking orders rather than consistent clinical pull-through. Investors should monitor whether future periods demonstrate a stabilization of these growth rates as the company attempts to transition from diagnostic tools to therapeutic product adoption.
Based on historical income statements, Femasys maintains a relatively healthy gross margin profile, typically hovering around 65-67%, which suggests that the manufacturing of its disposable diagnostic devices is inherently efficient despite the company's broader inability to achieve profitability at the operating level due to heavy R&D spending.
The sharp margin compression observed in 2026Q1 to 15.5% warrants further investigation, as it may signal either a shift in product mix or increased costs associated with commercial scaling. Maintaining these margins is critical, as they represent the primary source of funding for the company's ongoing clinical development programs.
According to the company's quarterly data, operating expenses consistently dwarf gross profits, with R&D and SG&A expenditures creating a persistent structural deficit that necessitates frequent external financing to sustain the firm's specialized sales infrastructure and the ongoing pivotal clinical trials for its therapeutic pipeline candidates.
The company's cost structure appears heavily weighted toward clinical compliance and specialized sales force maintenance, which are fixed in nature. Without a significant inflection in revenue volume, the current expense discipline appears insufficient to bridge the gap toward operational self-sufficiency in the near term.
Based on the provided figures, the company's $9.2M cash position relative to its substantial quarterly operating losses suggests a high probability of future dilutive equity raises, which may significantly impair shareholder value if the pivotal FemBloc trial fails to deliver the expected clinical de-risking milestones.
Short-sellers would likely focus on the disconnect between the company's high-growth narrative and the reality of its cash-burning operating model. The reliance on diagnostic revenue to fund therapeutic R&D creates a precarious dependency that could unravel if regulatory hurdles delay the commercialization of the core pipeline.
Quick answers to the most common questions about buying FEMY stock.
For fiscal year 2025, Femasys Inc. (FEMY) reported total revenue of $2.3M. This represents a 146.8% increase compared to $0.9M in 2019.
Femasys Inc. (FEMY) reported a net loss of $18.6M for the fiscal year ending 2025.
Femasys Inc. (FEMY) reported an operating income of $-17.6M, resulting in an operating profit margin of -767.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Femasys Inc. (FEMY) generated $1.4M in gross profit for the year, representing a gross profit margin of 62.0%. This demonstrates the company's core pricing power and production efficiency.