Business
Assertio Reports First Quarter 2023 Financial Results, Raises Full Year 2023 Outlook
Net Product Sales Increase 18% Year-Over-Year Raises Full Year Outlook to Net Product Sales of $157 to $167 Million, Adjusted EBITDA $90 to $98 Million To
About this update from Assertio Holdings, Inc.
[{"type":"text","content":"Net Product Sales Increase 18% Year-Over-Year Raises Full Year Outlook to Net Product Sales of $157 to $167 Million, Adjusted EBITDA $90 to $98 Million To Acquire Spectrum Pharmaceuticals in All Stock and CVR Transaction, Expected to be Significantly Accretive to Adjusted EPS and Operating Cash Flow in 2024 LAKE FOREST, Ill., May 09, 2023 (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, 2023. “Since becoming CEO a little over two years ago, we adopted a strategy to increase profitability, improve our balance sheet, reduce our cost of capital, diversify our business and create internal and external opportunities for growth,” said Dan Peisert, President and Chief Executive Officer of Assertio. “Through the adoption of our innovative digital non-personal sales model, significant growth and cash flow, the refinancing of our indebtedness and our most recent completed acquisition of Sympazan, we have achieved most of what we set out to do and put Assertio on a pathway for significant and sustainable growth over the coming years.” First quarter net product sales performed above internal expectations in what is typically a seasonally low quarter, delivering 18% growth in net product sales, more than $25 million of adjusted EBITDA and almost $23 million in cash flow from operations. Results were driven by continued growth of Indocin and the first full quarter of sales for Sympazan. As a result, the Company is raising its full-year net product sales and adjusted EBITDA outlook. Financial Highlights (unaudited): Three Months Ended March 31,(in millions, except per share amounts) 2023 2022Net Product Sales (GAAP)$41.8 $35.5Net (Loss) Income (GAAP)$(3.5) $9.1(Loss) Earnings Per Share (GAAP)$(0.07) $0.20Adjusted EBITDA (Non-GAAP)1$25.6 $23.9Adjusted Earnings Per Share (Non-GAAP)1$0.29 $0.38 First quarter results included the following as compared to the prior year quarter: Net product sales increased 18%, to $41.8 million. Increased sales of Indocin and the addition of Sympazan more than offset expected declines in Cambia and Zipsor.Indocin sales increased 42%, primarily due to the transition of volumes to more profitable commercial channels implemented...