Assertio Holdings, Inc. (“Assertio” or the “Company”) (Nasdaq:
ASRT), a specialty pharmaceutical company offering differentiated
products to patients, today announced preliminary, unaudited
financial results for its fourth quarter and full year 2022, ended
December 31, 2022, including its highest quarter of net product
sales in the past five years.
Preliminary unaudited fourth quarter and full year 2022
financial results are approximately as follows:
(All amounts in $ millions other than per share amounts)
|
Fourth Quarter 2022 |
|
Full Year 2022 |
Net Product Sales |
$49.0 |
to |
$50.0 |
|
$154.0 |
to |
$155.0 |
Total Operating Costs and Expenses |
$39.5 |
to |
$40.5 |
|
$116.5 |
to |
$117.5 |
Income Tax Benefit1 |
$78.0 |
to |
$80.0 |
|
$78.0 |
to |
$80.0 |
Net Income |
$88.0 |
to |
$89.0 |
|
$109.0 |
to |
$110.0 |
Diluted Earnings Per Share |
$1.32 |
to |
$1.33 |
|
$2.02 |
to |
$2.03 |
Adjusted EBITDA (Non-GAAP) |
$32.5 |
to |
$33.5 |
|
$101.0 |
to |
$102.0 |
Adjusted Earnings Per Share (Non-GAAP) |
$0.31 |
to |
$0.32 |
|
$1.18 |
to |
$1.19 |
Cash Flows from Operations |
$26.0 |
to |
$27.0 |
|
$78.0 |
to |
$79.0 |
The preliminary results demonstrate the upside across the
product portfolio from commercial execution, particularly with
Indocin, and the addition of Sympazan. In addition, our GAAP Net
Income was positively affected by a tax benefit from the reversal
of a valuation allowance against our deferred tax assets. This
adjustment reflects the positive change in the Company’s financial
performance which has now been consistently generating positive Net
Income and Operating Cash Flows.
“Assertio’s preliminary 2022 results demonstrated our ability to
scale net product sales and generate substantial cash flow to fund
our growth objectives, both organic and strategic,” said Dan
Peisert, Chief Executive Officer. “We ended 2022 with cash and cash
equivalents of $64.9 million, which was greater than our September
cash balance even after funding $25 million of asset purchase
payments for Otrexup and Sympazan in the fourth quarter.”
The Company expects to provide its initial 2023 outlook on the
March full year 2022 financial results call.
Fourth Quarter and Full Year 2022 Results
The Company will release fourth quarter and full year 2022
audited financial results on Wednesday, March 8, 2023, after the
market close. Following the release of its financial results,
Assertio’s management will host a live webcast of the earnings
conference call at 4:30 p.m. Eastern Time.
To access the live webcast, conference call information, and
other materials, please visit Assertio’s investor relations website
at http://investor.assertiotx.com/overview/default.aspx. Please
connect at least 10 minutes prior to the live webcast to ensure
adequate time for any software download that may be needed to
access the webcast. For those wishing to join by telephone only,
please dial +1-404-975-4839 and reference access code 800382.
A webcast replay of the call will be available approximately two
hours after the call on Assertio’s investor website.
About AssertioAssertio is a specialty
pharmaceutical company offering differentiated products to patients
utilizing a non-personal promotional model. We have built and
continue to build our commercial portfolio by identifying new
opportunities within our existing products as well as acquisitions
or licensing of additional approved products. To learn more about
Assertio, visit www.assertiotx.com.
Preliminary 2022 Financial Results
The preliminary, unaudited financial results included in this
press release are based on information available as of February 21,
2023 and management's initial review of operations for the fourth
quarter and year ended December 31, 2022. They remain subject to
change based on management’s ongoing review of the fourth quarter
and full year results and are forward-looking statements. We assume
no obligation to update these statements. The actual results remain
subject to the completion of management’s and our audit committee’s
reviews and our other financial closing procedures, as well as the
completion of the preparation of our audited consolidated financial
results for the year ended December 31, 2022 and related
independent audit. During that process, we may identify items that
would require us to make adjustments, which may be material, to the
information presented in this press release. While we do not expect
that our actual results for the year ended December 31, 2022 will
vary materially from the preliminary, unaudited financial results
presented in this press release, there can be no assurance that
these estimates will be realized. Actual results may be materially
different and are affected by the risk factors and uncertainties
identified in this press release and in our annual and quarterly
filings with the Securities and Exchange Commission (“SEC”).
Non-GAAP Financial Measures
To supplement our preliminary unaudited financial results
presented on a U.S. generally accepted accounting principles
(“GAAP”) basis, we have included information about non-GAAP
measures of adjusted EBITDA and adjusted earnings per share as
useful financial metrics that enhance investors’ understanding of
our business. We believe that the presentation of these non-GAAP
financial measures, when viewed with results under GAAP provides
supplementary information to analysts, investors, lenders, and our
management in assessing our performance and results from period to
period. We use these non-GAAP measures internally to understand,
manage and evaluate our performance. These non-GAAP financial
measures should be considered in addition to, and not a substitute
for, or superior to, net income or other financial measures
calculated in accordance with GAAP. Non-GAAP financial measures
used by us may be calculated differently from, and therefore may
not be comparable to, non-GAAP measures used by other companies. We
plan to provide further commentary on the fourth quarter and full
year 2022 and our outlook for 2023 in March as part of our full
year 2022 earnings release and conference call.
Forward Looking Statements
Statements in this communication that are not historical facts
are forward-looking statements that reflect Assertio's current
expectations, assumptions and estimates of future performance and
economic conditions. These forward-looking statements are made in
reliance on the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements relate to, among other things, the preliminary,
unaudited financial results included in this press release, future
events or the future performance or operations of Assertio,
including our ability to realize the benefits from our operating
model, successfully acquire and integrate new assets and explore
new business development initiatives. All statements other than
historical facts may be forward-looking statements and can be
identified by words such as "anticipate," "believe," "could,"
"design," "estimate," "expect," "forecast," "goal," "guidance,"
"imply," "intend," "may", "objective," "opportunity," "outlook,"
"plan," "position," "potential," "predict," "project,"
"prospective," "pursue," "seek," "should," "strategy," "target,"
"would," "will," "aim" or other similar expressions that convey the
uncertainty of future events or outcomes and are used to identify
forward-looking statements. Such forward-looking statements are not
guarantees of future performance and are subject to risks,
uncertainties and other factors, some of which are beyond the
control of Assertio, including the risks described in Assertio's
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed
with the U.S. Securities and Exchange Commission ("SEC") and in
other filings Assertio makes with the SEC from time to time.
Investors and potential investors are urged not to place undue
reliance on forward-looking statements in this communication, which
speak only as of this date. While Assertio may elect to update
these forward-looking statements at some point in the future, it
specifically disclaims any obligation to update or revise any
forward-looking-statements contained in this press release whether
as a result of new information or future events, except as may be
required by applicable law.
Investor Contact Matt KrepsDarrow Associates
Investor Relations+1-214-597-8200mkreps@darrowir.com
1 In the fourth quarter, approximately $80 million of previously
recognized valuation allowance against net deferred tax assets was
released, resulting in tax benefit impact.
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