Business
Assertio Holdings, Inc. Announces Preliminary Fourth Quarter and Full Year 2022 Results
Year-over-Year Net Product Sales Increased at Least 54% for the Fourth Quarter and 41% for the Full Year Cash Flows from Operations Was at Least $26 Million
About this update from Assertio Holdings, Inc.
[{"type":"text","content":"Year-over-Year Net Product Sales Increased at Least 54% for the Fourth Quarter and 41% for the Full Year Cash Flows from Operations Was at Least $26 Million for the Fourth Quarter and $78 Million for the Full Year To Report Fourth Quarter and Audited Full Year 2022 Financial Results on Wednesday, March 8, 2023 LAKE FOREST, Ill., Feb. 21, 2023 (GLOBE NEWSWIRE) -- Assertio Holdings, Inc. (“Assertio” or the “Company”) (Nasdaq: ASRT), a specialty pharmaceutical company offering differentiated products to patients, today announced preliminary, unaudited financial results for its fourth quarter and full year 2022, ended December 31, 2022, including its highest quarter of net product sales in the past five years. Preliminary unaudited fourth quarter and full year 2022 financial results are approximately as follows: (All amounts in $ millions other than per share amounts) Fourth Quarter 2022 Full Year 2022Net Product Sales$49.0to$50.0 $154.0to$155.0Total Operating Costs and Expenses$39.5to$40.5 $116.5to$117.5Income Tax Benefit1$78.0to$80.0 $78.0to$80.0Net Income$88.0to$89.0 $109.0to$110.0Diluted Earnings Per Share$1.32to$1.33 $2.02to$2.03Adjusted EBITDA (Non-GAAP)$32.5to$33.5 $101.0to$102.0Adjusted Earnings Per Share (Non-GAAP)$0.31to$0.32 $1.18to$1.19Cash Flows from Operations$26.0to$27.0 $78.0to$79.0 The preliminary results demonstrate the upside across the product portfolio from commercial execution, particularly with Indocin, and the addition of Sympazan. In addition, our GAAP Net Income was positively affected by a tax benefit from the reversal of a valuation allowance against our deferred tax assets. This adjustment reflects the positive change in the Company’s financial performance which has now been consistently generating positive Net Income and Operating Cash Flows. “Assertio’s preliminary 2022 results demonstrated our ability to scale net product sales and generate substantial cash flow to fund our growth objectives, both organic and strategic,” said Dan Peisert, Chief Executive Officer. “We ended 2022 with cash and cash equivalents of $64.9 million, which was greater than our September cash balance even after funding $25 million of asset purchase payments for Otrexup and Sympazan in the fourth quarter.” The Company expects to provide its initial 2023 outlook on the March full year 2022 financial results call. Fourth Quarter ...