Business
Assertio Reports Fourth Quarter and Full Year 2023 Financial Results
Fourth Quarter Net Product Sales $32.5 Million, Cash Flow from Operations of $5.7 Million 2024 Full Year Outlook for Net Product Sales of $110 to $125
About this update from Assertio Holdings, Inc.
[{"type":"text","content":"Fourth Quarter Net Product Sales $32.5 Million, Cash Flow from Operations of $5.7 Million 2024 Full Year Outlook for Net Product Sales of $110 to $125 Million, Adjusted EBITDA of $20 to $30 Million LAKE FOREST, Il., March 11, 2024 (GLOBE NEWSWIRE) -- Assertio Holdings, Inc. (“Assertio” or the “Company”) (Nasdaq: ASRT), a pharmaceutical company with comprehensive commercial capabilities offering differentiated products to patients, today reported financial results for the fourth quarter and full year ended December 31, 2023. Financial Highlights (unaudited): Three Months Ended December 31, Twelve Months Ended December 31,(in millions, except per share amounts) 2023 2022 2023 2022Net Product Sales (GAAP)$32.5 $49.9 $149.5 $155.1Net (Loss) Income (GAAP)$(57.4) $88.6 $(331.9) $109.6(Loss) Earnings Per Share (GAAP)$(0.61) $1.34 $(4.67) $2.03Adjusted EBITDA (Non-GAAP)1$4.5 $33.4 $67.7 $101.6Adjusted Earnings Per Share (Non-GAAP)1$0.11 $0.32 $0.55 $1.19 “Our fourth quarter results include positive indicators for the future, demonstrating the durability of Assertio’s business model. We delivered solid net product sales and positive cash flows from operations as we adapted our business strategy and aligned operating costs to the portfolio of products that will drive our growth and cash flows going forward,” said Heather Mason, interim Chief Executive Officer. “Today we are providing guidance for 2024, targeting net product sales of $110 million to $125 million and adjusted EBITDA2 of $20 million to $30 million. Our focus is growth in Rolvedon and prudent management of Indocin’s pricing and volume to maximize the economic opportunity, which should further grow our cash position.” “Rolvedon continues to perform well in the targeted clinic segment, reflecting sequential quarter-over-quarter demand growth since launch. The channel inventory issues we previously discussed have been resolved, and we are fully committed to maximizing this asset. With our strategy now fully in place, we believe that Rolvedon can grow to sales in excess of $100 million in the coming years through increased customer access and new volume growth. We also continue to advance the same-day dosing clinical study, with an eye toward further differentiation.” “Additionally, we have taken steps to substantially reduce our operating costs to match our product portfolio. We...