Assertio Q4 2022 Earnings Report
Key Takeaways
Assertio Holdings, Inc. reported strong financial results for the fourth quarter and full year ended December 31, 2022. Net product sales increased by 55% in the fourth quarter, and GAAP net income saw a substantial increase due to a tax benefit. The company's strategic actions and acquisitions contributed to the positive change in the business.
Net product sales increased by 55% to $49.9 million, driven by Indocin, Otrexup, and Sympazan sales.
GAAP net income increased to $88.6 million, primarily due to an $80.4 million tax benefit.
Adjusted EBITDA increased to $33.4 million, driven by additional net product sales.
Cash and cash equivalents at year-end were $64.9 million, reflecting cash flow from operations partially offset by asset purchase payments.
Assertio
Assertio
Forward Guidance
Assertio anticipates revenue in the first quarter of 2023 to be between $36.0 million to $38.0 million, reflecting typical seasonality and the loss of Cambia exclusivity. The Company’s full year Adjusted EBITDA guidance includes an initial estimate of the anticipated clinical trial costs in the second half of the year.