Business
Assertio Reports Third Quarter 2022 Financial Results
Net Product Sales Increase 32% Year-Over-Year, Non-GAAP Adjusted EBITDA Increases 36%Increases Guidance for Net Product Sales and Adjusted EBITDADebt
About this update from Assertio Holdings, Inc.
[{"type":"text","content":"Net Product Sales Increase 32% Year-Over-Year, Non-GAAP Adjusted EBITDA Increases 36%Increases Guidance for Net Product Sales and Adjusted EBITDADebt Refinancing Extends Maturity, Reduces Cost and Increases Strategic FlexibilityExpects Sympazan to Add $1 Million in Net Product Sales in 4Q LAKE FOREST, Ill., Nov. 08, 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 third quarter ended September 30, 2022. Financial Highlights (unaudited): Three Months Ended September 30, Nine Months Ended September 30,(in millions, except per share amounts)2022 2021 2022 2021 Net Product Sales (GAAP)$34.3 $26.0 $105.3 $77.3 Net Income (loss) (GAAP)$4.2 $3.7 $21.1 $(5.9)Earnings (loss) Per Share (GAAP)$0.08 $0.08 $0.42 $(0.14)Adjusted EBITDA (Non-GAAP)1$21.4 $15.8 $68.2 $31.0 Adjusted Earnings Per Share (Non-GAAP)1$0.22 $0.19 $0.85 $0.27 Third quarter net product sales increased 32% year-over-year to $34.3 million. Increased sales of Indocin and the addition of Otrexup more than offset the expected declines in Zipsor and Solumatrix.Indocin sales increased 50%, primarily due to net pricing, offset by lower volumes due to a deliberate reduction in channel inventories in the quarter. Third quarter GAAP net income increased to $4.2 million, compared to $3.7 million in the prior year quarter, and adjusted EBITDA increased to $21.4 million, from $15.8 million. The increases were driven by $8.3 million of additional Net Product Sales and the Company maintained its gross profit margin2 in the third quarter at 88% due to continued strong sales of Indocin. Refinanced the Company’s 13.5% 2024 Senior Notes with a $70.0 million 6.5% convertible notes offering that extends debt maturity to 2027 and creates greater flexibility as the Company seeks to further diversify the product portfolio.Cash at September 30, 2022 was $64.8 million, increased from $52.3 million at June 30, inclusive of $10.0 million in cash flow from operations during the third quarter.Announced an exclusive license for Sympazan® (clobazam) Oral Film for an upfront payment of $9.0 million. On a full-year basis, Assertio estimates Sympazan would have added $4.0 million to $4.5 million in adjusted EBITDA and an additional $0.05 in ...