Collegium Pharmaceutical(US:COLL)2025-02-27 21:01Financial Performance - Generated record quarterly net revenue of $181.9 million for Q4 2024, representing a 22% increase year-over-year[7] - Achieved pro forma full-year net revenue of $631.4 million for FY 2024, an 11% increase compared to FY 2023[8] - Reported quarterly Jornay PM® net revenue of $29.3 million, with pro forma full-year net revenue expected to exceed $135 million in 2025[3] - Adjusted EBITDA for Q4 2024 was $107.7 million, a 3% increase year-over-year, and $401.2 million for FY 2024, representing a 9% increase[8] - Product revenues for Q4 2024 reached $181.949 million, a 21.5% increase from $149.745 million in Q4 2023[25] - Net income for the year ended December 31, 2024, was $69.190 million, compared to $48.155 million in 2023, reflecting a 43.8% increase[25] - Adjusted EBITDA for the year ended December 31, 2024, was $401.190 million, up from $366.969 million in 2023, representing a 9.3% growth[27] Cash and Assets - Ended 2024 with cash, cash equivalents, and marketable securities of $162.8 million, down from $310.5 million at the end of 2023[7] - Cash and cash equivalents decreased to $70.565 million in 2024 from $238.947 million in 2023[23] - Total assets as of December 31, 2024, amounted to $1.664 billion, an increase from $1.143 billion in 2023[23] - Collegium Pharmaceutical's intangible assets increased to $891.402 million in 2024 from $421.708 million in 2023, indicating significant investment in intellectual property[23] Expenses - GAAP operating expenses for FY 2024 were $207.4 million, a 30% increase year-over-year[8] - Selling, general and administrative expenses for Q4 2024 were $63.091 million, significantly higher than $32.942 million in Q4 2023[25] - Non-cash interest expense increased to $4,664 million in Q4 2024 from $1,963 million in Q4 2023, reflecting a substantial rise of 138.5%[32] - Amortization expenses rose to $55,471 million in Q4 2024, compared to $34,514 million in Q4 2023, marking a 60.7% increase[32] - The company incurred acquisition-related expenses of $4,443 million in Q4 2024, with no such expenses reported in Q4 2023[32] Shareholder Returns - Completed $60.0 million in share repurchases during 2024, including $25.0 million in Q4[3] Guidance and Future Outlook - Reaffirmed full-year 2025 guidance for product revenues between $735.0 million and $750.0 million[4] - The company anticipates continued growth in product revenue and adjusted operating expenses for the full year 2025[20] - The company plans to focus on market expansion and product commercialization to enhance future revenue streams[20] Earnings and Income - GAAP net income for Q4 2024 was $12.5 million, with diluted earnings per share of $0.36, compared to $31.9 million in Q4 2023[7] - GAAP net income for Q4 2024 was $12,536 million, a decrease of 60.8% from $31,940 million in Q4 2023[32] - Non-GAAP adjusted net income for Q4 2024 was $68,519 million, an increase of 6.3% from $64,167 million in Q4 2023[32] - Adjusted earnings per share for Q4 2024 was $1.77, up from $1.58 in Q4 2023, representing a 12.1% increase[32] - Total adjustments for Q4 2024 amounted to $55,983 million, compared to $32,227 million in Q4 2023, indicating a significant rise in adjustments[32] - The effective tax rate for non-GAAP adjusted net income was 23.5% for Q4 2024, down from 25.9% in Q4 2023[32] Prescription Growth - Grew Jornay PM prescriptions by 29% year-over-year and 11% quarter-over-quarter in Q4 2024[3]