Business
Assertio Reports Fourth Quarter and Full Year 2022 Financial Results
Net Product Sales Increase 55% in the Fourth Quarter, 42% for the Full Year Full Year Net Income Increases to $109.6 Million, Non-GAAP Adjusted EBITDA
About this update from Assertio Holdings, Inc.
[{"type":"text","content":"Net Product Sales Increase 55% in the Fourth Quarter, 42% for the Full Year Full Year Net Income Increases to $109.6 Million, Non-GAAP Adjusted EBITDA Increases to $101.6 Million Cash Flows from Operations Was $26.7 Million for the Fourth Quarter and $78.6 Million for the Full Year LAKE FOREST, Ill., March 08, 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 fourth quarter and full year ended December 31, 2022. Financial Highlights (unaudited): Three Months Ended December 31, Twelve Months Ended December 31,(in millions, except per share amounts) 2022 2021 2022 2021 Net Product Sales (GAAP)$49.9 $32.2 $155.1 $109.4 Net Income (Loss) (GAAP)$88.6 $4.6 $109.6 $(1.3)Earnings (Loss) Per Share (GAAP)$1.34 $0.10 $2.03 $(0.03)Adjusted EBITDA (Non-GAAP)1$33.4 $17.8 $101.6 $48.8 Adjusted Earnings Per Share (Non-GAAP)1$0.32 $0.21 $1.19 $0.49 The 2022 results reported today reflect a full year benefit from the creation of the Company’s non-personal commercial platform and related cost savings. In addition, the strategic actions taken in the second half – refinancing the debt, exiting an unprofitable sales channel and acquiring Sympazan – as well as the acquisition of Otrexup in late 2021, have contributed to the positive change in our business. These actions have produced full year results where net product sales increased 42%, adjusted EBITDA increased 108% and operating cash flow increased by $73.1 million. Fourth quarter results included the following as compared to the prior year quarter: Net product sales increased 55% to $49.9 million. Increased sales of Indocin, a full quarter of Otrexup and the addition of Sympazan more than offset the expected declines in Zipsor and Solumatrix.Indocin sales increased 87% due to a volume mix shift to more profitable channels and a return to normal customer inventory levels after a reduction in the prior quarter. Selling, general and administrative expenses were $13.7 million, reflecting an increase of $2.4 million. The increase was driven by $1.4 million of higher stock-based compensation expense and $1.0 million in higher sales and marketing expenses due to the addition of Otrexup and Sympazan. GAAP net income increased to $88.6 mill...