Business
Assertio Reports Third Quarter 2021 Financial Results
Raises Full Year Net Product Sales and Non-GAAP Adjusted EBITDA Guidance Net Product Sales of $26.0 Million Quarterly Net Cash Flows from Operating Activities
About this update from Assertio Holdings, Inc.
[{"type":"text","content":"Raises Full Year Net Product Sales and Non-GAAP Adjusted EBITDA Guidance Net Product Sales of $26.0 Million Quarterly Net Cash Flows from Operating Activities of $4.7 Million, Representing Second Consecutive Quarter of Positive Cash Flows from Operating Activities and Highest Since Q4 2019 Non-GAAP Adjusted EBITDA of $15.8 Million, Highest Since Q4 2019 LAKE FOREST, Ill., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Assertio Holdings, Inc. (“Assertio” or the “Company”) (Nasdaq: ASRT), a leading commercial pharmaceutical company bringing differentiated products to patients, today reported financial results for the third quarter ended September 30, 2021. Financial Highlights: (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020(in thousands) Net Product Sales (GAAP)$25,997 $33,664 $77,271 $61,974 Net Income (Loss) (GAAP)$3,737 $(10,522) $(5,887) $(3,791) Adjusted EBITDA (Non-GAAP)(1)$15,796 $5,242 $31,004 $8,116 (1) Adjusted EBITDA is reconciled to the corresponding GAAP measures in the schedules attached. “This quarter represents the achievement of several significant milestones in the transformation of Assertio, as our restructuring has been completed and we have now shifted our priorities to growing the business. Our results are evidence that our investments in digital capabilities and the strength of our model are gathering momentum,” said Dan Peisert, President and Chief Executive Officer of Assertio. “Due to the strength of our results year-to-date and the confidence we have in the outlook for our business, we have raised our guidance for both full-year net product sales and non-GAAP adjusted EBITDA. In a short period of time we have built a lean, efficient organization, mitigated or resolved several legacy legal uncertainties, and created our commercial model. The execution against our key priorities has Assertio well positioned for the next step of growth through business development.” Third Quarter 2021 and Subsequent Highlights: Executing on 2021 Priorities: Mitigating Legacy Legal Uncertainties: During the third quarter of 2021, the Company continued to focus on resolving legacy legal uncertainties and took substantial steps toward settling certain matters in a way that management believes will allow it to invest in sustainable long-term growth. The Company recently settled its federal G...