Business
Assertio Reports First Quarter 2022 Financial Results
Reaffirms Full Year Net Product Sales and Raises Full Year Non-GAAP Adjusted EBITDA Guidance Net Product Sales Up 37% and Non-GAAP Adjusted EBITDA Up 52%
About this update from Assertio Holdings, Inc.
[{"type":"text","content":"Reaffirms Full Year Net Product Sales and Raises Full Year Non-GAAP Adjusted EBITDA Guidance Net Product Sales Up 37% and Non-GAAP Adjusted EBITDA Up 52% Compared to Prior Year Quarter Quarterly Net Cash Flows from Operating Activities of $27.4 Million LAKE FOREST, Ill., May 09, 2022 (GLOBE NEWSWIRE) -- Assertio Holdings, Inc. (“Assertio” or the “Company”) (Nasdaq: ASRT), a specialty pharmaceutical company offering differentiated products to patients, today reported financial results for the first quarter ended March 31, 2022. Financial Highlights (unaudited): Three Months Ended March 31,(in millions, except per share amounts)2022 2021Net Product Sales (GAAP)$35.5 $26.0Net Income (GAAP)$9.1 $4.5Earnings Per Share (GAAP)$0.20 $0.12Adjusted EBITDA (Non-GAAP)1$23.9 $15.7Adjusted Earnings Per Share (Non-GAAP)1$0.38 $0.27 The first quarter net product sales of $35.5 million were $9.5 million or 37% higher than the prior year quarter. The increase was primarily driven by higher net pricing on Indocin and the addition of Otrexup.Gross profit margin2 in the first quarter was 88% or 344 basis points higher than the prior year quarter due to the impact of change in product mix and improved margins on Indocin.Selling, general and administrative expenses in the first quarter of 2022 were $10.6 million or $2.3 million higher than the prior year quarter, primarily due to the $5.0 million insurance settlement benefit that was reflected in the prior year quarter. Absent the insurance settlement, SG&A expenses in the first quarter of 2022 were $2.7 million lower than the prior year quarter due to the benefit of completed cost savings initiatives despite adding a new product to the portfolio.The first quarter net income of $9.1 million was $4.5 million or 99% higher than the prior year quarter primarily due to higher net product sales and gross profit margins and benefit from prior year restructuring charges not repeating, partially offset by higher SG&A expenses. “The first quarter is in many ways representative of the new Assertio and one that shows the promise of our operating model and our ability to quickly integrate new assets like Otrexup into our platform,” said Dan Peisert, President and Chief Executive Officer of Assertio. “Due to the strength of our results to date and the confidence we have in the outlook of our business, we are raisi...