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Assertio (ASRT) - 2024 Q4 - Annual Results
ASRTAssertio (ASRT)2025-03-12 20:05

Financial Performance - Fourth quarter net product sales reached 29.6million,anincreasefrom29.6 million, an increase from 28.7 million in the previous quarter[6] - Full year net product sales totaled 120.8million,withRolvedonsalesexceeding120.8 million, with Rolvedon sales exceeding 60.0 million[1] - Total revenues for the three months ended December 31, 2024, were 32,182thousand,adecreaseof2.432,182 thousand, a decrease of 2.4% compared to 32,985 thousand for the same period in 2023[17] - Product sales, net for the year ended December 31, 2024, were 120,849thousand,down19.2120,849 thousand, down 19.2% from 149,451 thousand in 2023[17] - Net loss for the year ended December 31, 2024, was 21,581thousand,significantlyimprovedfromanetlossof21,581 thousand, significantly improved from a net loss of 331,942 thousand in 2023[21] - Basic and diluted net loss per share for the year ended December 31, 2024, was 0.23,comparedto0.23, compared to 4.67 in 2023[17] - For the three months ended December 31, 2024, the company reported a net loss of 10,476,000,translatingtoadilutedlosspershareof10,476,000, translating to a diluted loss per share of 0.11, compared to a net loss of 57,384,000andadilutedlosspershareof57,384,000 and a diluted loss per share of 0.61 for the same period in 2023[25] Cash Flow and Assets - Cash flow from operations for the fourth quarter was 11.5million,contributingtoafullyeartotalof11.5 million, contributing to a full year total of 26.4 million[1] - Assertio's cash, cash equivalents, and short-term investments totaled 100.1millionasofDecember31,2024[10]−Cashandcashequivalentsattheendoftheyearwere100.1 million as of December 31, 2024[10] - Cash and cash equivalents at the end of the year were 50,588 thousand, down from 73,441thousandattheendof2023[19]−Totalcurrentassetsincreasedto73,441 thousand at the end of 2023[19] - Total current assets increased to 202,549 thousand as of December 31, 2024, compared to 171,062thousandin2023[19]−Thecompanyreportedanetcashprovidedbyoperatingactivitiesof171,062 thousand in 2023[19] - The company reported a net cash provided by operating activities of 26,408 thousand for the year ended December 31, 2024, down from 49,604thousandin2023[21]ExpensesandMargins−Grossmarginforthefourthquarterwas6149,604 thousand in 2023[21] Expenses and Margins - Gross margin for the fourth quarter was 61%, down from 74% in the third quarter, primarily due to 2.9 million in higher inventory write-downs[10] - Adjusted EBITDA loss for the fourth quarter was 0.5million,comparedtoadjustedEBITDAof0.5 million, compared to adjusted EBITDA of 5.3 million in the prior quarter[10] - SG&A expenses in the fourth quarter increased to 21.4million,largelyduetoa21.4 million, largely due to a 5.4 million rise in litigation contingencies[10] - Research and development expenses for the three months ended December 31, 2024, were 1,286thousand,anincreasefrom1,286 thousand, an increase from 1,024 thousand in the same period of 2023[17] - Adjusted EBITDA for the year ended December 31, 2024, was 17,143thousand,comparedto17,143 thousand, compared to 67,743 thousand in 2023[22] Liabilities and Debt - Total liabilities rose to 163,651thousandin2024,upfrom163,651 thousand in 2024, up from 148,416 thousand in 2023[19] - The company incurred approximately 8.8millionindebt−relatedexpensesand8.8 million in debt-related expenses and 1.1 million in direct transaction costs related to the privately negotiated exchange of 30millionprincipalamountofConvertibleSeniorNotesdue2027inQ12023[24]OtherIncomeandCharges−TotalotherincomeforthethreemonthsendedDecember31,2024,was30 million principal amount of Convertible Senior Notes due 2027 in Q1 2023[24] Other Income and Charges - Total other income for the three months ended December 31, 2024, was (920,000), compared to (887,000)forthepreviousquarter[24]−Thecompanyreportedachangeinfairvalueofcontingentconsiderationof(887,000) for the previous quarter[24] - The company reported a change in fair value of contingent consideration of (544,000) for the three months ended December 31, 2024, and (25,538,000)forthetwelvemonthsendedDecember31,2023[33]−Thecompanyrecognizedalossof(25,538,000) for the twelve months ended December 31, 2023[33] - The company recognized a loss of 5,217,000 for impairment of intangible assets during the three months ended December 31, 2024, and a total of 279,639,000forthetwelvemonthsendedDecember31,2023[33]−RestructuringchargesforthetwelvemonthsendedDecember31,2024,amountedto279,639,000 for the twelve months ended December 31, 2023[33] - Restructuring charges for the twelve months ended December 31, 2024, amounted to 720,000, while for the twelve months ended December 31, 2023, it was 5,476,000[33]−Thecompany’stotalotherincomeforthetwelvemonthsendedDecember31,2024,was5,476,000[33] - The company’s total other income for the twelve months ended December 31, 2024, was 2,820,000, compared to 1,203,000forthetwelvemonthsendedDecember31,2023[24]FutureGuidanceandStrategy−Thecompanyannouncedinitial2025operatingguidancefornetproductsalesbetween1,203,000 for the twelve months ended December 31, 2023[24] Future Guidance and Strategy - The company announced initial 2025 operating guidance for net product sales between 108.0 million and $123.0 million[7] - Assertio is actively pursuing an acquisition strategy to enhance its commercial assets and scale[4]