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Re: Frankestin post# 3258

Tuesday, 05/09/2023 7:24:40 AM

Tuesday, May 09, 2023 7:24:40 AM

Post# of 3283
ASSERTIO
Financial Highlights (unaudited):

Three Months Ended March 31,
(in millions, except per share amounts) 2023 2022
Net Product Sales (GAAP) $ 41.8 $ 35.5
Net (Loss) Income (GAAP) $ (3.5 ) $ 9.1
(Loss) Earnings Per Share (GAAP) $ (0.07 ) $ 0.20
Adjusted EBITDA (Non-GAAP) (1) $ 25.6 $ 23.9
Adjusted Earnings Per Share (Non-GAAP) (1) $ 0.29 $ 0.38

First quarter results included the following as compared to the prior year quarter: * Net product sales increased 18%, to $41.8 million. * Increased sales of Indocin and the addition of Sympazan more than offset expected declines in Cambia and Zipsor.

* Indocin sales increased 42%, primarily due to the transition of volumes to more profitable commercial channels implemented in October 2022.

* Sympazan prescriptions achieved a new record in the quarter, following its prior record in the third quarter 2022.

* GAAP net loss of $3.5 million, compared to GAAP net income of $9.1 million in the prior year quarter. The decrease was primarily due to: * $9.9 million in expenses associated with the exchange of convertible debt during the quarter, * $7.5 million non-cash increase in contingent consideration associated with future Indocin royalties as a result of continued sales growth, and * Increased operating expenses, including $2.4 million in transaction costs associated with the pending acquisition of Spectrum Pharmaceuticals, Inc., as announced on April 25, 2023.

* Adjusted EBITDA of $25.6 million, increased from $23.9 million in the first quarter 2022. * The change in adjusted EBITDA was driven by $6.2 million of additional net product sales, partially offset by higher operating expenses.

* On February 23, 2023, the Company strengthened its balance sheet through a $30.0 million exchange of convertible debt in a cash and stock exchange transaction. * The transaction reduced Assertio’s overall debt by 43%, will save the Company $2.0 million in annual interest payments, and reduced the potential dilution from the exchanged convertible notes by 4.6%.

* At March 31, 2023, cash and cash equivalents was $68.6 million and outstanding principal amount of convertible debt was $40 million.