Assertio (US:ASRT)2024-11-12 13:27Financial Performance - Total net product sales for Q3 2024 were $28.7 million, a decrease from $30.7 million in Q2 2024 and $35.1 million in Q3 2023[1][3] - Rolvedon net product sales remained stable at $15.0 million in Q3 2024, compared to $15.1 million in Q2 2024[2][4] - Indocin net product sales decreased to $5.7 million in Q3 2024 from $6.9 million in Q2 2024, impacted by generic competition[3][4] - Total revenues for the three months ended September 30, 2024, were $29,204, a decrease of 18.1% compared to $35,627 for the same period in 2023[16] - Product sales, net for the three months ended September 30, 2024, were $28,705, down 18.5% from $35,137 in the prior year[16] Expenses and Margins - Gross margin increased to 74% in Q3 2024, up from 71% in Q2 2024, due to reduced inventory write-downs[3][4] - SG&A expenses decreased to $16.7 million in Q3 2024 from $18.4 million in Q2 2024, primarily due to lower sales and marketing costs[3][4] - Research and development expenses increased to $1,005 for the three months ended September 30, 2024, compared to $1,316 in the same period last year[16] - Stock-based compensation for the three months ended September 30, 2024, was $1,296 thousand, down from $1,408 thousand in the previous quarter[25] - Amortization of intangible assets for the three months ended September 30, 2024, was $6,671 thousand, consistent with the previous quarter[25] Cash and Assets - Cash and short-term investments totaled $88.6 million as of September 30, 2024, slightly up from $88.4 million at June 30, 2024[5] - Cash and cash equivalents decreased to $37,981 as of September 30, 2024, down from $73,441 at the end of 2023[18] - Total assets decreased to $275,999 as of September 30, 2024, compared to $286,419 at the end of 2023[18] - The company had total current assets of $181,156 as of September 30, 2024, an increase from $171,062 at the end of 2023[18] Net Loss and Earnings - The net loss for the nine months ended September 30, 2024, was $11,105, significantly improved from a net loss of $274,558 in the same period of 2023[20] - The company reported a basic net loss per share of $0.03 for the three months ended September 30, 2024, compared to a loss of $3.42 in the same period last year[16] - GAAP net loss for the three months ended September 30, 2024, was $2,921 thousand, compared to a loss of $3,674 thousand for the previous quarter[22] - Adjusted earnings (Non-GAAP) for the nine months ended September 30, 2024, were $8,225, with a diluted EPS of $0.09, compared to $35,585 and a diluted EPS of $0.46 for the same period in 2023[26] - The diluted earnings per share (EPS) for the three months ended September 30, 2024, was $(0.03), compared to $(0.04) in the previous quarter[25] Strategic Initiatives - The company has implemented new sales and marketing tactics for Sympazan to enhance prescriber awareness and prescription growth[2] - The Rolvedon same-day dosing trial results will be presented at the San Antonio Breast Cancer Symposium in December 2024[2] - Assertio is evaluating new approaches to grow existing assets and considering the acquisition of additional assets for further growth[2] Liabilities and Cash Flow - Total liabilities were $145,481 as of September 30, 2024, a slight decrease from $148,416 at the end of 2023[18] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $14,860, down from $43,897 in the same period of 2023[20] - Total interest income for the three months ended September 30, 2024, was $(887) thousand, compared to $(842) thousand in the previous quarter[23] Impairment and Transaction Costs - The company reported a loss on impairment of intangible assets amounting to $238,831 thousand for the nine months ended September 30, 2023[25] - The company incurred transaction-related expenses of $2,736 thousand associated with the acquisition of Spectrum, which closed on July 31, 2023[25] - The company recorded a loss on impairment of intangible assets amounting to $238,831 for the nine months ended September 30, 2023[26] - The company reported transaction-related expenses of $8,539 for the nine months ended September 30, 2023[26]