Revenue remains highly erratic, fluctuating between $234K and $952K over the last ten periods, while administrative overhead frequently exceeds quarterly revenue, resulting in deeply negative operating margins.
TherapeuticsMD, Inc. (TXMD) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.27M | 3.02M | 1.76M | 1.3M | 69.96M | 2.57M | 64.87M | 49.65M | 16.1M | 16.78M | 19.36M | 20.14M | 15.03M | 8.78M | 3.82M | 2.09M | 48.22K | 10.57K | 0 | 0 | 1.01M | 934.52K | 621.93K | 437.59K | 286.6K | 332.57K | 368.02K | 214.19K | 193.97K | 193.1K | 244.05K |
| Revenue Growth % | 27.78% | 71.61% | 35.25% | -98.14% | 2619.12% | -96.03% | 30.67% | 208.38% | -4.04% | -13.32% | -3.9% | 34.05% | 71.23% | 129.85% | 82.84% | 4230.79% | 356.21% | - | - | -100% | 7.57% | 50.26% | 42.13% | 52.68% | -13.82% | -9.63% | 71.82% | 10.42% | 0.45% | -20.88% | 24.62% |
| Cost of Goods Sold | 329K | 0 | 0 | 0 | 1.4M | 1.4M | 15.97M | 6.33M | 2.74M | 2.64M | 4.19M | 4.51M | 3.67M | 1.96M | 1.35M | 947.11K | 71.93K | 43.15K | 0 | 0 | 205.37K | 272.13K | 192.19K | 130.79K | 77.06K | 116.19K | 87.92K | 66.53K | 68.98K | 40.82K | 0 |
| COGS % of Revenue | - | - | - | - | 2% | 54.49% | 24.63% | 12.76% | 17% | 15.72% | 21.62% | 22.37% | 24.44% | 22.33% | 35.31% | 45.36% | 149.18% | 408.29% | - | - | 20.43% | 29.12% | 30.9% | 29.89% | 26.89% | 34.94% | 23.89% | 31.06% | 35.56% | 21.14% | - |
| Gross Profit | 2.94M | 3.02M | 1.76M | 1.3M | 68.57M | 1.17M | 48.9M | 43.31M | 13.36M | 14.14M | 15.17M | 15.64M | 11.35M | 6.82M | 2.47M | 1.14M | -23.71K | -32.58K | 0 | 0 | 799.9K | 662.4K | 429.74K | 306.79K | 209.54K | 216.38K | 280.1K | 147.66K | 124.99K | 152.28K | 244.05K |
| Gross Margin % | 89.94% | 100% | 100% | 100% | 98% | 45.51% | 75.37% | 87.24% | 83% | 84.28% | 78.38% | 77.63% | 75.56% | 77.67% | 64.69% | 54.64% | -49.18% | -308.29% | - | - | 79.57% | 70.88% | 69.1% | 70.11% | 73.11% | 65.06% | 76.11% | 68.94% | 64.44% | 78.86% | 100% |
| Gross Profit Growth % | - | 71.61% | 35.25% | -98.1% | 5755.34% | -97.61% | 12.89% | 224.15% | -5.51% | -6.79% | -2.98% | 37.71% | 66.58% | 175.96% | 116.46% | 4911.57% | 27.22% | - | - | -100% | 20.76% | 54.14% | 40.07% | 46.41% | -3.16% | -22.75% | 89.7% | 18.14% | -17.92% | -37.61% | 74.01% |
| Operating Expenses | 6.79M | 7.24M | 6.61M | 9.82M | 57.9M | 80.75M | 204.44M | 194.52M | 143.58M | 91.77M | 105.42M | 100.83M | 65.4M | 32.62M | 18.62M | 6.57M | 444.24K | 1.61M | 395.55K | 93.74K | 311.02K | 313.4K | 232.98K | 133.33K | 109.65K | 118.93K | 142.81K | 134.58K | 126.74K | 103.01K | 169.59K |
| OpEx % of Revenue | - | 239.44% | 375.07% | 754.61% | 82.76% | 3138.28% | 315.14% | 391.8% | 891.84% | 546.97% | 544.65% | 500.56% | 435.21% | 371.76% | 487.64% | 314.55% | 921.34% | 15262.58% | - | - | 30.94% | 33.54% | 37.46% | 30.47% | 38.26% | 35.76% | 38.8% | 62.83% | 65.34% | 53.35% | 69.49% |
| Selling, General & Admin | 6.74M | 6.85M | 6.1M | 8.9M | 56.71M | 80.75M | 194.01M | 174.72M | 115.99M | 57.7M | 51.35M | 28.72M | 22.12M | 19.01M | 14.07M | 6.41M | 382.86K | 1.54M | 395.55K | 93.74K | 262.52K | 268.4K | 190.98K | 102.24K | 83.35K | 89.39K | 105.94K | 87.46K | 94.67K | 96.69K | 73.67K |
| SG&A % of Revenue | - | 226.74% | 346.17% | 683.79% | 81.06% | 3138.28% | 299.06% | 351.93% | 720.45% | 343.93% | 265.28% | 142.59% | 147.24% | 216.68% | 368.51% | 306.78% | 794.04% | 14541.57% | - | - | 26.11% | 28.72% | 30.71% | 23.37% | 29.08% | 26.88% | 28.79% | 40.83% | 48.8% | 50.08% | 30.19% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 10.43M | 19.79M | 27.3M | 33.85M | 53.94M | 72.04M | 43.22M | 13.55M | 4.49M | 107.24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | 16.08% | 39.87% | 169.57% | 201.77% | 278.68% | 357.66% | 287.62% | 154.42% | 117.66% | 5.14% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 53K | 384K | 509K | 922K | 1.19M | 0 | 0 | 0 | 293.89K | 213.12K | 132.45K | 95.72K | 46.57K | 34.54K | 3K | 0 | 61.38K | 76.2K | 0 | 0 | 311.02K | 313.4K | 232.98K | 133.33K | 109.65K | 118.93K | 36.87K | 47.11K | 32.07K | 6.32K | 0 |
| Operating Income | -3.85M | -4.21M | -4.84M | -8.52M | 10.66M | -79.58M | -155.54M | -151.21M | -130.22M | -77.63M | -90.25M | -85.19M | -54.04M | -25.81M | -16.15M | -5.43M | -467.96K | -1.65M | -395.55K | -93.74K | 488.88K | 348.99K | 196.76K | 104.11K | 98.91K | 61.53K | 131.67K | 15.64K | -4.84K | 49.26K | 74.46K |
| Operating Margin % | -117.8% | -139.44% | -275.07% | -654.61% | 15.24% | -3092.77% | -239.77% | -304.56% | -808.85% | -462.69% | -466.27% | -422.93% | -359.65% | -294.09% | -422.95% | -259.9% | -970.53% | -15570.87% | - | - | 48.63% | 37.34% | 31.64% | 23.79% | 34.51% | 18.5% | 35.78% | 7.3% | -2.49% | 25.51% | 30.51% |
| Operating Income Growth % | - | 13.01% | 43.17% | -179.93% | 113.4% | 48.84% | -2.87% | -16.11% | -67.75% | 13.99% | -5.94% | -57.64% | -109.39% | -59.82% | -197.55% | -1059.76% | 71.56% | -316.05% | -321.95% | -119.17% | 40.08% | 77.37% | 88.99% | 5.25% | 60.74% | -53.26% | 741.65% | 423.42% | -109.82% | -33.84% | 106.25% |
| EBITDA | -2.2M | -3.02M | -4.33M | -7.6M | 11.86M | -78.84M | -151.47M | -149.81M | -129.93M | -77.42M | -90.12M | -85.13M | -53.99M | -25.75M | -16.09M | -5.37M | -406.58K | -1.57M | -395.55K | -51K | 543.25K | 404.18K | 238.76K | 139.11K | 130.91K | 101.53K | 175.5K | 64.31K | 34.74K | 70.37K | 95.22K |
| EBITDA Margin % | -67.16% | -99.97% | -246.17% | -583.79% | 16.96% | -3064.17% | -233.5% | -301.76% | -807.02% | -461.42% | -465.59% | -422.62% | -359.3% | -293.43% | -421.48% | -257.28% | -843.22% | -14849.86% | - | - | 54.04% | 43.25% | 38.39% | 31.79% | 45.68% | 30.53% | 47.69% | 30.02% | 17.91% | 36.44% | 39.02% |
| EBITDA Growth % | 25.48% | 30.31% | 42.97% | -164.07% | 115.05% | 47.95% | -1.11% | -15.31% | -67.83% | 14.1% | -5.87% | -57.68% | -109.66% | -60.02% | -199.54% | -1221.37% | 74.09% | -296.78% | -675.58% | -109.39% | 34.41% | 69.28% | 71.63% | 6.26% | 28.93% | -42.15% | 172.91% | 85.12% | -50.63% | -26.1% | 43.52% |
| D&A (Non-Cash Add-back) | 1.66M | 1.19M | 509K | 922K | 1.2M | 736K | 4.07M | 1.39M | 293.89K | 213.12K | 132.45K | 62.4K | 52.47K | 58.15K | 56.26K | 54.84K | 61.38K | 76.2K | 0 | 0 | 54.37K | 55.19K | 42K | 35K | 32K | 40K | 43.84K | 48.66K | 39.58K | 21.11K | 20.76K |
| EBIT | -5.62M | -4.21M | -4.84M | -8.52M | 10.66M | -79.58M | -157.47M | -159.62M | -127.94M | -76.93M | -89.88M | -85.19M | -53.96M | -25.75M | -26.45M | -12.85M | -445.82K | -1.65M | -395.55K | -51K | -135.19K | 382.55K | 196.76K | 173.46K | 99.89K | 97.45K | 156.49K | 12.82K | -9.84K | -12.74K | 74.46K |
| Net Interest Income | 106K | 142K | 0 | 100K | 0 | -32.92M | -28.58M | -17.38M | -4.68M | 7.7K | 10.82K | 17.44K | -222.72K | -2.65M | -1.95M | -64.38K | 0 | -8.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -395 | -5.75K | 0 | -670 |
| Interest Income | 110K | 150K | 0 | 300K | 0 | 0 | - | - | 0 | 7.7K | 10.82K | 17.44K | 37.31K | 27.23K | 1.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 4K | 8K | 0 | 200K | 0 | 32.92M | 28.58M | 17.38M | 4.68M | 0 | 0 | 0 | 260.03K | 2.67M | 1.91M | 64.38K | 64.09K | 8.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 395 | 5.75K | 0 | 670 |
| Other Income/Expense | 3.59M | 3.56M | 2.5M | 781K | -9.59M | 272K | -27.98M | -24.94M | -2.4M | 703.33K | 378.14K | 113.16K | -176.15K | -2.61M | -18.97M | -7.49M | -185.47K | -8.86K | 0 | 42.74K | 49.67K | 23.37K | -45.77K | 0 | 0 | 0 | 0 | -395 | -10.74K | -62K | -670 |
| Pretax Income | -263K | -653K | -2.34M | -7.74M | 1.07M | -79.31M | -183.52M | -176.15M | -132.62M | -76.93M | -89.88M | -85.08M | -54.22M | -28.42M | -35.12M | -12.91M | -509.91K | -1.65M | -395.55K | -51K | 483.01K | 372.37K | 150.99K | 104.11K | 98.91K | 61.53K | 131.67K | 12.43K | -15.58K | -12.74K | 0 |
| Pretax Margin % | -8.04% | -21.61% | -133.05% | -594.62% | 1.54% | -3082.2% | -282.9% | -354.79% | -823.74% | -458.5% | -464.32% | -422.37% | -360.82% | -323.84% | -919.86% | -618.4% | -1057.53% | -15654.66% | - | - | 48.05% | 39.85% | 24.28% | 23.79% | 34.51% | 18.5% | 35.78% | 5.8% | -8.03% | -6.6% | - |
| Income Tax | 32K | 0 | -31K | -43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17.44K | 306.6K | 0 | 0 | 64.38K | 249.55K | 0 | 0 | 0 | 110K | 82.48K | 8.88K | 10K | 974 | 0 | 0 | 395 | 0 | 0 | 670 |
| Effective Tax Rate % | -12.17% | 0% | 1.32% | 0.56% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.02% | -0.57% | 0% | 0% | -0.5% | -48.94% | 0% | 0% | 0% | 22.77% | 22.15% | 5.88% | 9.61% | 0.98% | 0% | 0% | 3.18% | 0% | 0% | - |
| Net Income | -217K | -569K | -2.18M | -10.28M | 112M | -172.41M | -183.52M | -176.15M | -132.62M | -76.93M | -89.88M | -85.08M | -54.22M | -28.42M | -35.12M | -12.91M | -695.38K | -1.65M | -395.55K | 170.54K | 373.01K | 289.89K | 142.12K | 94.11K | 98.91K | 61.53K | 131.67K | 12.43K | -15.58K | -12.74K | 73.79K |
| Net Margin % | -6.64% | -18.83% | -123.85% | -789.4% | 160.08% | -6700.93% | -282.9% | -354.79% | -823.74% | -458.5% | -464.32% | -422.37% | -360.82% | -323.84% | -919.86% | -618.4% | -1442.18% | -15654.66% | - | - | 37.11% | 31.02% | 22.85% | 21.51% | 34.51% | 18.5% | 35.78% | 5.8% | -8.03% | -6.6% | 30.24% |
| Net Income Growth % | 52.72% | 73.91% | 78.78% | -109.18% | 164.96% | 6.05% | -4.19% | -32.82% | -72.4% | 14.41% | -5.64% | -56.92% | -90.78% | 19.08% | -171.97% | -1757.04% | 57.97% | -318.29% | -331.94% | -54.28% | 28.68% | 103.98% | 51.01% | -4.86% | 60.74% | -53.26% | 959.28% | 179.77% | -22.33% | -117.26% | 134.18% |
| Net Income (Continuing) | -295K | -653K | -2.31M | -7.7M | 1.07M | -79.31M | -183.52M | -176.15M | -132.62M | -76.93M | -89.88M | -85.08M | -54.22M | -28.42M | -35.12M | -12.91M | -509.91K | -1.65M | -395.55K | -51K | 373.01K | 323.45K | 142.12K | 94.11K | 98.91K | 61.53K | 131.67K | 12.43K | -15.58K | -12.74K | 73.79K |
| Discontinued Operations | 78K | 84K | 131K | -2.58M | 110.92M | -93.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.02 | -0.05 | -0.19 | -0.74 | 12.41 | -25.83 | -38.58 | -39.79 | -29.47 | -18.71 | -22.92 | -24.56 | -18.11 | -11.14 | -19.16 | -10.33 | -90.82 | -1139.49 | -648.45 | 550.14 | -470.08 | -83.33 | -216.67 | 16.84 | 74.00 | 100.11 | 21.17 | -4.98 | -50.43 | -41.22 | 238.81 |
| EPS Growth % | 45.38% | 74.11% | 74.32% | -105.96% | 148.04% | 33.05% | 3.04% | -35.02% | -57.51% | 18.37% | 6.68% | -35.62% | -62.57% | 41.86% | -85.48% | 88.63% | 92.03% | -75.73% | -217.87% | 217.03% | -464.12% | 61.54% | -1386.64% | -77.24% | -26.08% | 372.89% | 525.1% | 90.12% | -22.34% | -117.26% | 134.17% |
| EPS (Basic) | - | -0.05 | -0.19 | -0.55 | 12.41 | -25.83 | -38.58 | -39.79 | -29.47 | -18.71 | -22.92 | -24.56 | -18.11 | -11.14 | -19.16 | -10.33 | -90.82 | -1139.49 | -648.45 | 550.14 | -470.08 | -83.33 | -216.67 | 16.84 | 74.00 | 100.11 | 21.17 | -4.98 | -50.43 | -41.22 | 238.81 |
| Diluted Shares Outstanding | 11.64M | 11.57M | 11.53M | 10.44M | 9.03M | 7.96M | 5.51M | 4.93M | 4.5M | 4.11M | 3.92M | 3.46M | 2.99M | 2.55M | 1.83M | 1.25M | 7.66M | 1.45M | 610K | 310K | 330K | 330K | 335K | 340K | 339K | 315K | 315K | 315K | 309K | 309K | 309K |
| Basic Shares Outstanding | 11.57M | 11.57M | 11.53M | 10.44M | 9.03M | 7.96M | 5.51M | 4.93M | 4.5M | 4.11M | 3.92M | 3.46M | 2.99M | 2.55M | 1.83M | 1.25M | 7.66M | 1.45M | 610K | 310K | 330K | 330K | 335K | 340K | 339K | 315K | 315K | 315K | 309K | 309K | 309K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying TXMD stock.
For fiscal year 2025, TherapeuticsMD, Inc. (TXMD) reported total revenue of $3.0M. This represents a 1138.3% increase compared to $0.2M in 1996.
TherapeuticsMD, Inc. (TXMD) reported a net loss of $0.6M for the fiscal year ending 2025.
TherapeuticsMD, Inc. (TXMD) reported an operating income of $-4.2M, resulting in an operating profit margin of -139.4%. This margin reflects the operational efficiency of the business before interest and taxes.
TherapeuticsMD, Inc. (TXMD) generated $3.0M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Administrative overhead exceeding revenue
Metrics are mathematically derived from official filings.
Volatile Revenue Amid Licensing Transition
As reported in financial statements, TherapeuticsMD's revenue trajectory remains highly erratic, with quarterly figures fluctuating between $234K and $952K over the last ten periods, reflecting the company's shift from a commercial operator to a royalty-dependent entity reliant on external licensee performance for top-line stability.
The revenue volatility suggests that the company lacks organic growth drivers and is instead subject to the commercial execution of its licensees. Investors should monitor whether the current revenue base can stabilize, as the lack of consistent growth makes long-term forecasting for this entity highly speculative.
Structural Gross Margin Ceiling Achieved
Based on TherapeuticsMD's reported figures, the company has achieved a 100% gross margin in most recent quarters, a structural outcome of its transition to a pure-play royalty model where the licensee assumes all manufacturing and distribution costs associated with the underlying pharmaceutical products.
While the 100% gross margin appears impressive, it masks the reality that the company has effectively offloaded its primary value-creation engine. This margin profile is a byproduct of the licensing structure rather than operational efficiency, and it provides no insight into the company's ability to generate sustainable net income.
Administrative Expenses Threaten Corporate Viability
According to recent SEC filings, TherapeuticsMD's cost structure is dominated by fixed administrative expenses that frequently exceed quarterly revenue, resulting in deeply negative operating margins that highlight the company's struggle to maintain a lean corporate shell while awaiting royalty inflows from its divested pharmaceutical assets.
The recurring presence of SG&A expenses in the absence of active commercial operations suggests that the company is burdened by legacy overhead. This cost structure warrants further investigation, as it appears to be the primary factor preventing the firm from reaching cash-flow neutrality despite its high-margin revenue model.
Sustainability of the Corporate Shell
Based on the provided income statement data, the most significant risk to the investment thesis is the persistent operating loss, which suggests that the company may be unable to sustain its current administrative footprint without further dilutive capital raises or a strategic exit for the remaining assets.
Short-sellers would likely focus on the disconnect between the company's high gross margins and its inability to achieve positive operating income. This pattern indicates that the firm may be trapped in a cycle of administrative strangulation, where the cost of maintaining the entity consumes the entirety of its royalty-based revenue.