Assertio (US:ASRT)2025-05-12 20:05Financial Performance - Total net product sales for the first quarter of 2025 were $26.0 million, down from $31.9 million in the same quarter of 2024, reflecting a decrease of approximately 18.3% year-over-year[5] - Rolvedon net sales were $13.1 million, a decrease from $14.5 million in the prior year quarter, driven by lower pricing, partially offset by higher volume[8] - Indocin net product sales were $5.5 million, down from $8.7 million in the prior year quarter, due to generic competition affecting both volume and pricing[8] - The company reported a net loss of $13.5 million for the first quarter of 2025, compared to a net loss of $4.5 million in the same quarter of 2024[5] - Adjusted EBITDA for the first quarter was $0.2 million, a significant decrease from $7.4 million in the prior year quarter, primarily reflecting lower net product sales[8] - Adjusted EBITDA for the three months ended March 31, 2025, was $158,000, down from $7,379,000 in the same period of 2024, showing a decline of approximately 97.9%[22] Expenses and Costs - Selling, general and administrative expenses increased to $22.0 million from $18.5 million in the prior year quarter, primarily due to higher legal charges[8] - The company incurred stock-based compensation expenses of $1,101,000 for the three months ended March 31, 2025, slightly down from $1,207,000 in the same period of 2024[22] Cash and Investments - Cash, cash equivalents, and short-term investments totaled $87.3 million as of March 31, 2025, down from $100.1 million as of December 31, 2024[8] - Cash and cash equivalents decreased to $35,004,000 at the end of the period, down from $50,588,000 at the beginning of the year, representing a decrease of about 30.7%[21] - The company reported a net cash used in operating activities of $12,538,000 for the three months ended March 31, 2025, compared to net cash provided of $7,508,000 in the same period of 2024[21] Assets and Liabilities - Total current assets increased to $213,550,000 as of March 31, 2025, up from $202,549,000 as of December 31, 2024, reflecting a growth of about 5.0%[19] - Total liabilities rose to $177,896,000 as of March 31, 2025, compared to $163,651,000 as of December 31, 2024, indicating an increase of approximately 8.7%[19] - The company’s total current liabilities increased to $128,832,000 as of March 31, 2025, compared to $114,688,000 as of December 31, 2024, indicating an increase of approximately 12.3%[19] - The total shareholders' equity decreased to $108,530,000 as of March 31, 2025, down from $121,081,000 as of December 31, 2024, reflecting a decline of about 10.4%[19] Strategic Focus - The company is prioritizing investment in growth assets and divesting declining or non-core assets as part of its long-term business strategy[2] - The company has settled multiple legal matters, reducing future legal costs and focusing resources on the business[4] Accounts Receivable - The company experienced a significant increase in accounts receivable, net, which rose to $66,292,000 as of March 31, 2025, compared to $54,120,000 as of December 31, 2024, marking an increase of approximately 22.5%[19]