Assertio Holdings Inc · Q3 2022 earnings

Briefing

Assertio's third quarter results were driven by increased net product sales and adjusted EBITDA, with increased sales of Indocin and the addition of Otrexup offsetting declines in Zipsor and Solumatrix. The company also refinanced its debt and announced an exclusive license for Sympazan.

Assertio Holdings, Inc. reported a 32% year-over-year increase in net product sales to $34.3 million for the third quarter of 2022. GAAP net income increased to $4.2 million, and adjusted EBITDA increased to $21.4 million. The company has raised its full year guidance for net product sales and adjusted EBITDA.

• Net product sales increased 32% year-over-year to $34.3 million.
• 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.
• 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.
• 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.

Headline financials

Revenue & EPS history

Assertio increased its outlook for the full year 2022 to now anticipate net product sales greater than $141 million, and adjusted EBITDA greater than $86 million. The increased outlook reflects higher than planned net product sales, continued operating performance and the addition of $1 million (partial quarter) in anticipated Sympazan sales.