Assertio Q1 2022 Earnings Report
Key Takeaways
Assertio Holdings, Inc. reported financial results for the first quarter ended March 31, 2022, with net product sales of $35.5 million, a 37% increase compared to the prior year quarter. The company's net income was $9.1 million, a 99% increase compared to the prior year quarter. Due to the strength of the results to date and the confidence we have in the outlook of our business, we are raising the full year non-GAAP adjusted EBITDA guidance.
Net product sales increased by 37% compared to the prior year quarter, driven by higher net pricing on Indocin and the addition of Otrexup.
Gross profit margin increased by 344 basis points compared to the prior year quarter due to change in product mix and improved margins on Indocin.
Net income increased by 99% compared to the prior year quarter primarily due to higher net product sales and gross profit margins and benefit from prior year restructuring charges not repeating, partially offset by higher SG&A expenses.
The company is raising the full year non-GAAP adjusted EBITDA guidance.
Assertio
Assertio
Forward Guidance
Assertio reaffirmed its full year net product sales guidance of $126.0 million to $136.0 million and raised its full year non-GAAP adjusted EBITDA guidance from $64.0 million to $72.0 million to $66.0 million to $74.0 million.