Quarterly report pursuant to Section 13 or 15(d)

Industry Segments

v3.21.1
Industry Segments
 6 Months Ended
Mar. 31, 2021
Industry Segments [Abstract]  
Industry Segments

Note 16 – Industry Segments



The Company currently operates in two reporting segments: Sexual Health Business and Research and Development.  The Sexual Health Business segment consists of the Company’s commercial product, FC2. The Sexual Health Business also included PREBOOST® before the sale of the business in December 2020. The Research and Development segment consists of multiple drug products under clinical development. The Company’s Sexual Health Business segment will include any future revenues, cost of sales and selling expenses for TADFIN™, if approved. Costs associated with the development of TADFIN™ are currently included in the Research and Development segment. There are no significant inter-segment sales. We evaluate the performance of each segment based on operating profit or loss. There is no inter-segment allocation of non-operating expenses and income taxes. Our chief operating decision-maker (CODM) is Mitchell S. Steiner, M.D., our Chairman, President and Chief Executive Officer. 



The Company's operating (loss) income by segment was as follows:







 

 

 

 

 

 

 

 

 

 

 

   

Three Months Ended

 

Six Months Ended



March 31,

 

March 31,



2021

 

2020

 

2021

 

2020



 

 

 

 

 

 

 

 

 

 

 

Sexual health business

$

 9,929,005 

 

$

 6,333,886 

 

$

 19,843,941 

 

$

 12,302,949 

Research and development

 

 (7,741,348)

 

 

 (3,884,272)

 

 

 (13,600,185)

 

 

 (9,174,131)

Corporate

 

 (3,659,067)

 

 

 (2,749,292)

 

 

 11,471,991 

 

 

 (5,212,889)

Operating (loss) income

$

 (1,471,410)

 

$

 (299,678)

 

$

 17,715,747 

 

$

 (2,084,071)



All of our net revenues, which are primarily derived from the sale of FC2, are attributed to the Sexual Health Business reporting segment. See Note 4 for additional information regarding our net revenues. Costs related to the office located in London, England are fully dedicated to FC2 and are presented as a component of the Sexual Health Business segment. Drug commercialization costs are included in the Research and Development segment. Certain expenses in the three and six months ended March 31, 2020 have been reclassified to conform to the current period presentation. The gain on sale of the PREBOOST® business and depreciation and amortization related to long-lived assets that are not utilized in the production of FC2 are not reported as part of the reporting segments or reviewed by the CODM. These amounts are included in Corporate in the reconciliations above. Total assets are not presented by reporting segment as they are not reviewed by the CODM when evaluating the reporting segments’ performance.