Assertio Holdings, Inc. (“Assertio” or the “Company”) (Nasdaq:
ASRT), a specialty pharmaceutical company offering differentiated
products to patients, today reported financial results for the
fourth quarter and full year ended December 31, 2021 and provided a
corporate update.
Fourth Quarter and Full Year 2021 Commentary and
Financial Highlights (unaudited):
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
(in millions) |
|
2021 |
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Net Product Sales
(GAAP) |
$ |
32.2 |
|
$ |
30.1 |
|
|
$ |
109.4 |
|
|
$ |
92.1 |
|
Net Income (Loss)
(GAAP) |
$ |
4.6 |
|
$ |
(24.4 |
) |
|
$ |
(1.3 |
) |
|
$ |
(28.1 |
) |
Adjusted EBITDA
(Non-GAAP)(1) |
$ |
17.8 |
|
$ |
8.2 |
|
|
$ |
48.8 |
|
|
$ |
16.3 |
|
Operating Cash Flow
(GAAP) |
$ |
4.1 |
|
$ |
(6.0 |
) |
|
$ |
5.5 |
|
|
$ |
(65.6 |
) |
(1) See “Non-GAAP Financial Measures” below for additional
information on all non-GAAP measures included in this earnings
release.
- The fourth quarter net product sales of $32.2 million were
$6.2 million or 24% higher than the third quarter, which
reflected another quarter of consistent volume across the
portfolio, with net price favorability for Indocin, Cambia and
Zipsor.
- Net product sales for the fourth quarter increased by
$2.0 million or 7% compared to the prior year due to Cambia
and Indocin price favorability, partially offset by a decline in
Sprix volume and the discontinuation of a product line.
- Non-GAAP adjusted EBITDA for the fourth quarter of $17.8
million represents growth of 13% versus the third quarter and 118%
versus the prior year. The results for the quarter were positively
impacted by net pricing for Cambia and Zipsor, as well as a
one-time royalty milestone.
2022 Full Year Financial Guidance:
Net Product Sales (GAAP) |
$126.0 Million to $136.0 Million |
Adjusted EBITDA (Non-GAAP) |
$64.0 Million to $72.0 Million |
- Due to high inventory levels in the channel at acquisition on
December 15, 2021, sales of Otrexup began in late January
2022.
- The Company’s 2022 guidance accounts for addition of Otrexup,
offset by the expected loss of exclusivity for Zipsor at the end of
the first quarter of 2022.
“2021 represented the first year of our newly transformed
Company, one in which we took major steps to transition to our new
operating model, made significant strides and investments into our
digital platform, right-sized our infrastructure to generate
positive operating cash flow and improve our margins, and acquired
a new product for the first time since 2015,” said Dan Peisert,
President and Chief Executive Officer of Assertio.
“Assertio is at the forefront of the shift to a more digital,
connected pharmaceutical landscape and we are excited about
leveraging our platform to grow our portfolio and incorporate new,
acquired assets in 2022 that will benefit patients and increase
shareholder value.”
Fourth Quarter and Full Year 2021 and Subsequent
Highlights:
After the Company’s announced restructuring on December 15,
2020, management established six key priorities for 2021 to put the
Company on a path to return to growth, increase margins, and
acquire new assets. Highlights of the year track closely with these
priorities:
- Build a Strong and Committed Team with a Culture of
Teamwork, Inclusion and Results: The Company hired or
promoted an experienced and talented management team with a track
record of success in growing businesses and executing mergers and
acquisitions, including Senior Vice Presidents of Commercial and
Operations, and Vice President of Business Development, to
accelerate our strategy.
- Delivering on Our $45.0 Million of Restructuring
Synergies: The Company completed its restructuring early
in the third quarter and exceeded its target to deliver $45.0
million in annualized synergies in 2022 and beyond.
- Ensuring the Company Generates Strong Operating Cash
Flow: For full year 2021, the Company generated $5.5
million of operating cash flow, with $8.8 million generated
post restructuring in the second half of 2021 (despite cash
outflows of nearly $10.0 million for one-time legal settlements and
the extension of the Indocin supply agreement).
- The Company generated $4.1 million of operating cash flow
in the fourth quarter, representing the third consecutive quarter
of positive cash flows.
- Ensuring our Debt Never Becomes a Constraint in Running
the Business: The Company has $36.8 million of cash on
hand, well above its minimum liquidity covenants, and its remaining
senior secured debt is $70.8 million and is not due to mature until
2024.
- Mitigate our Legacy Legal Uncertainties:
Throughout 2021, the Company continued to focus on resolving legacy
legal uncertainties and took substantial steps toward settling
certain matters in a way that management believes will allow it to
invest in sustainable long-term growth.
- The Company settled its federal Glumetza antitrust litigation
for $7.0 million.
- The Company also entered into settlement agreements for its
securities class action and related derivative suits, for a net
cost of $0.4 million.
- Develop Sustainable Business Model that Reflects a
Changing Environment: The Company has invested into its
scalable, digital, non-personal promotion Commercial model and
platform.
- The Company announced on December 15, 2021 that it acquired
Otrexup (methotrexate). Assertio acquired Otrexup from Antares
Pharma, Inc. in a partially seller financed transaction for a total
cash purchase price of $44.0 million, inclusive of working capital
investments.
- Represents less than three times trailing 12-month revenue
ending September 31, 2021.
- Patents extend to 2031.
- Less than 41% upfront at closing.
- The Company has invested in the telemedicine channel and saw a
117% year-over-year total prescription growth for our portfolio of
products through our partners in the fourth quarter.
Conference Call and Investor Presentation
Information
Assertio’s management will host a conference call to discuss its
fourth quarter and full year 2021 financial results today:
Date: |
Wednesday, March 9, 2022 |
Time: |
9:00 a.m. Eastern Time |
Dial-in numbers: |
1-844-200-6205 (domestic) |
|
1-929-526-1599 (international) |
Conference number: |
790157 |
To access the live webcast, the recorded conference call replay,
and other materials, please visit Assertio’s investor relations
website at http://investor.assertiotx.com/overview/default.aspx.
Please connect at least 15 minutes prior to the live webcast to
ensure adequate time for any software download that may be needed
to access the webcast. The replay will be available approximately
two hours after the call on Assertio’s investor website.
About Assertio
Assertio is a specialty pharmaceutical company offering
differentiated products to patients utilizing a non-personal
promotional model. We have built and continue to build our
commercial portfolio by identifying new opportunities within our
existing products as well as acquisitions or licensing of
additional approved products. To learn more about Assertio, visit
www.assertiotx.com.
Investor Contact
Max NemmersHead, Investor Relations and
Administrationinvestor@assertiotx.com
Forward Looking StatementsStatements in this
communication that are not historical facts are forward-looking
statements that reflect Assertio's current expectations,
assumptions and estimates of future performance and economic
conditions. These forward-looking statements are made in reliance
on the safe harbor provisions of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements relate to,
among other things, future events or the future performance or
operations of Assertio. All statements other than historical facts
may be forward-looking statements and can be identified by words
such as "anticipate," "believe," "could," "design," "estimate,"
"expect," "forecast," "goal," "guidance," "imply," "intend," "may",
"objective," "opportunity," "outlook," "plan," "position,"
"potential," "predict," "project," "prospective," "pursue," "seek,"
"should," "strategy," "target," "would," "will," "aim" or other
similar expressions that convey the uncertainty of future events or
outcomes and are used to identify forward-looking statements. Such
forward-looking statements are not guarantees of future performance
and are subject to risks, uncertainties and other factors, some of
which are beyond the control of Assertio, including the risks
described in Assertio's Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q filed with the U.S. Securities and Exchange
Commission ("SEC") and in other filings Assertio makes with the SEC
from time to time. Investors and potential investors are urged not
to place undue reliance on forward-looking statements in this
communication, which speak only as of this date. While Assertio may
elect to update these forward-looking statements at some point in
the future, it specifically disclaims any obligation to update or
revise any forward-looking-statements contained in this press
release whether as a result of new information or future events,
except as may be required by applicable law. Nothing contained
herein constitutes or will be deemed to constitute a forecast,
projection or estimate of the future financial performance or
expected results of Assertio.
Non-GAAP Financial MeasuresTo supplement the
Company’s financial results presented on a U.S. generally accepted
accounting principles (GAAP) basis, the Company has included
information about non-GAAP measures of EBITDA and adjusted EBITDA
as useful operating metrics. The Company believes that the
presentation of these non-GAAP financial measures, when viewed with
results under GAAP and the accompanying reconciliation, provides
supplementary information to analysts, investors, lenders, and the
Company’s management in assessing the Company’s performance and
results from period to period. The Company uses these non-GAAP
measures internally to understand, manage and evaluate the
Company’s performance, and for fiscal year 2021 used these non-GAAP
measures in part, in the determination of bonuses for executive
officers and employees. These non-GAAP financial measures should be
considered in addition to, and not a substitute for, or superior
to, net income or other financial measures calculated in accordance
with GAAP. Non-GAAP financial measures used by us may be calculated
differently from, and therefore may not be comparable to, non-GAAP
measures used by other companies.
This release also includes estimated non-GAAP adjusted EBITDA
information, which the Company believes enables investors to better
understand the anticipated performance of the business, but should
be considered a supplement to, and not as a substitute for or
superior to, financial measures calculated in accordance with GAAP.
No reconciliation of estimated non-GAAP adjusted EBITDA to
estimated net income is provided in this release because some of
the information necessary for estimated net income such as income
taxes, fair value change in contingent consideration, and
stock-based compensation is not yet ascertainable or accessible and
the Company is unable to quantify these amounts that would be
required to be included in estimated net income without
unreasonable efforts.
Specified ItemsNon-GAAP measures presented
within this release exclude specified items. The Company considers
specified items to be significant income/expense items not
indicative of current operations. Specified items include
adjustments to interest expense, income tax expense (benefit),
depreciation expense, amortization expense, sales reserves
adjustments for products the Company is no longer selling,
stock-based compensation expense, fair value adjustments to
contingent consideration, restructuring costs, amortization of fair
value inventory step-up as result of purchase accounting, non-cash
adjustments to Collegium Commercialization agreement revenue,
transaction-related costs, gains or losses from adjustments to
long-lived assets and assets not part of current operations, and
gains or losses resulting from debt refinancing or
extinguishment.
Revisions to Specified Items As a result of the
Company’s December 2020 restructuring plan and subsequent
announcement of a new executive team, beginning in 2021, the
Company no longer adjusts for legal costs and expenses incurred in
connection with opioid-related litigation, investigations and
regulations pertaining to the Company’s historical
commercialization of opioid products as a specified item in the
non-GAAP measure adjusted EBITDA. Management’s priorities include,
amongst other items, operating cash flows and mitigating legacy
legal uncertainties and therefore believes that investors will
benefit from the ability to view the profitability of the Company’s
current and ongoing business activities with such costs included.
Given the timing of the December 2020 restructuring plan and
subsequent announcement of the new executive team, Management
believes 2021 was the appropriate time to make such an update.
Prior period amounts of Adjusted EBITDA have been recast to conform
to this presentation.
CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share
amounts)(unaudited)
|
Three Months EndedDecember
31, |
|
Twelve Months EndedDecember
31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
Product sales, net |
$ |
32,152 |
|
|
$ |
30,116 |
|
|
$ |
109,420 |
|
|
$ |
92,090 |
|
Commercialization agreement, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,258 |
|
Royalties and milestones |
|
1,188 |
|
|
|
361 |
|
|
|
2,579 |
|
|
|
1,519 |
|
Other revenue |
|
(10 |
) |
|
|
(301 |
) |
|
|
(985 |
) |
|
|
1,408 |
|
Total revenues |
|
33,330 |
|
|
|
30,176 |
|
|
|
111,014 |
|
|
|
106,275 |
|
Costs and expenses: |
|
|
|
|
|
|
|
Cost of sales |
|
4,896 |
|
|
|
6,773 |
|
|
|
15,832 |
|
|
|
19,872 |
|
Research and development expenses |
|
— |
|
|
|
230 |
|
|
|
— |
|
|
|
4,213 |
|
Selling, general and administrative expenses |
|
13,277 |
|
|
|
21,272 |
|
|
|
56,555 |
|
|
|
104,324 |
|
Amortization of intangible assets |
|
7,175 |
|
|
|
6,546 |
|
|
|
28,114 |
|
|
|
24,783 |
|
Loss on impairment of goodwill |
|
— |
|
|
|
17,432 |
|
|
|
— |
|
|
|
17,432 |
|
Restructuring charges |
|
— |
|
|
|
11,019 |
|
|
|
1,089 |
|
|
|
17,806 |
|
Total costs and expenses |
|
25,348 |
|
|
|
63,272 |
|
|
|
101,590 |
|
|
|
188,430 |
|
Income (loss) from
operations |
|
7,982 |
|
|
|
(33,096 |
) |
|
|
9,424 |
|
|
|
(82,155 |
) |
Other (expense) income: |
|
|
|
|
|
|
|
Interest expense |
|
(2,437 |
) |
|
|
(2,598 |
) |
|
|
(10,220 |
) |
|
|
(15,926 |
) |
Other (loss) gain |
|
(503 |
) |
|
|
346 |
|
|
|
243 |
|
|
|
(3,225 |
) |
Gain on sale of Gralise |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
126,655 |
|
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(56,113 |
) |
Loss on sale of NUCYNTA |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14,749 |
) |
Total other (expense)
income |
|
(2,940 |
) |
|
|
(2,252 |
) |
|
|
(9,977 |
) |
|
|
36,642 |
|
Net income (loss) before
income taxes |
|
5,042 |
|
|
|
(35,348 |
) |
|
|
(553 |
) |
|
|
(45,513 |
) |
Income tax (expense)
benefit |
|
(433 |
) |
|
|
10,995 |
|
|
|
(728 |
) |
|
|
17,369 |
|
Net income (loss) and
Comprehensive income (loss) |
$ |
4,609 |
|
|
$ |
(24,353 |
) |
|
$ |
(1,281 |
) |
|
$ |
(28,144 |
) |
Basic net income (loss) per
share |
$ |
0.10 |
|
|
$ |
(0.81 |
) |
|
$ |
(0.03 |
) |
|
$ |
(1.07 |
) |
Diluted net income (loss) per
share |
$ |
0.10 |
|
|
$ |
(0.81 |
) |
|
$ |
(0.03 |
) |
|
$ |
(1.07 |
) |
Shares used in computing basic
net income (loss) per share |
|
45,017 |
|
|
|
29,935 |
|
|
|
43,169 |
|
|
|
26,209 |
|
Shares used in computing
diluted net income (loss) per share |
|
45,388 |
|
|
|
29,935 |
|
|
|
43,169 |
|
|
|
26,209 |
|
CONSOLIDATED BALANCE
SHEETS(in thousands, except share and per share
data)(unaudited)
|
December 31, |
|
|
2021 |
|
|
|
2020 |
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
36,810 |
|
|
$ |
20,786 |
|
Accounts receivable, net |
|
44,361 |
|
|
|
44,350 |
|
Inventories, net |
|
7,489 |
|
|
|
11,712 |
|
Prepaid and other current assets |
|
14,838 |
|
|
|
17,406 |
|
Total current assets |
|
103,498 |
|
|
|
94,254 |
|
Property and equipment,
net |
|
1,527 |
|
|
|
2,437 |
|
Intangible assets, net |
|
216,054 |
|
|
|
200,082 |
|
Other long-term assets |
|
5,468 |
|
|
|
6,501 |
|
Total assets |
$ |
326,547 |
|
|
$ |
303,274 |
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
6,685 |
|
|
$ |
14,808 |
|
Accrued rebates, returns and discounts |
|
52,662 |
|
|
|
63,114 |
|
Accrued liabilities |
|
14,699 |
|
|
|
28,864 |
|
Long-term debt, current portion |
|
12,174 |
|
|
|
11,942 |
|
Contingent consideration, current portion |
|
14,500 |
|
|
|
6,776 |
|
Other current liabilities |
|
34,299 |
|
|
|
7,182 |
|
Total current liabilities |
|
135,019 |
|
|
|
132,686 |
|
Long-term debt |
|
61,319 |
|
|
|
72,160 |
|
Contingent consideration |
|
23,159 |
|
|
|
31,776 |
|
Other long-term
liabilities |
|
4,636 |
|
|
|
11,138 |
|
Total liabilities |
|
224,133 |
|
|
|
247,760 |
|
Commitments and
contingencies |
|
|
|
Shareholders’ equity: |
|
|
|
Common stock, $0.0001 par value, 200,000,000 shares authorized;
44,640,444 and 28,392,149 shares issued and outstanding as of
December 31, 2021 and 2020, respectively |
|
4 |
|
|
|
3 |
|
Additional paid-in capital |
|
531,636 |
|
|
|
483,456 |
|
Accumulated deficit |
|
(429,226 |
) |
|
|
(427,945 |
) |
Total shareholders’ equity |
|
102,414 |
|
|
|
55,514 |
|
Total liabilities and
shareholders' equity |
$ |
326,547 |
|
|
$ |
303,274 |
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS(in
thousands)(unaudited)
|
Year Ended December 31, |
|
|
2021 |
|
|
|
2020 |
|
Operating
Activities |
|
|
|
Net loss |
$ |
(1,281 |
) |
|
$ |
(28,144 |
) |
Adjustments to reconcile net
loss to net cash provided by (used in) operating activities: |
|
|
|
Depreciation and amortization |
|
29,077 |
|
|
|
26,431 |
|
Amortization of debt discount, debt issuance costs and royalty
rights |
|
194 |
|
|
|
5,680 |
|
Stock-based compensation |
|
3,545 |
|
|
|
10,924 |
|
Provisions for inventory and other assets |
|
1,368 |
|
|
|
3,817 |
|
Impairment of goodwill |
|
— |
|
|
|
17,432 |
|
Loss on disposal of equipment and early termination of leases |
|
— |
|
|
|
1,588 |
|
Income tax provision |
|
— |
|
|
|
(8,424 |
) |
Gain on sale of Gralise |
|
— |
|
|
|
(126,655 |
) |
Loss on sale of NUCYNTA |
|
— |
|
|
|
14,749 |
|
Loss on extinguishment of Convertible Notes |
|
— |
|
|
|
47,880 |
|
Loss on prepayment of Senior Notes |
|
— |
|
|
|
8,233 |
|
Recurring fair value measurement of assets and liabilities |
|
3,913 |
|
|
|
5,129 |
|
Changes in assets and
liabilities: |
|
|
|
Accounts receivable |
|
(11 |
) |
|
|
19,800 |
|
Inventories |
|
4,268 |
|
|
|
(291 |
) |
Prepaid and other assets |
|
3,079 |
|
|
|
10,797 |
|
Income taxes |
|
522 |
|
|
|
(8,973 |
) |
Accounts payable and other accrued liabilities |
|
(28,699 |
) |
|
|
(36,479 |
) |
Accrued rebates, returns and discounts |
|
(10,452 |
) |
|
|
(29,066 |
) |
Net cash provided by (used in) operating activities |
|
5,523 |
|
|
|
(65,572 |
) |
Investing
Activities |
|
|
|
Cash acquired in Zyla
Merger |
|
— |
|
|
|
7,585 |
|
Proceeds from sale of
NUCYNTA |
|
— |
|
|
|
368,965 |
|
Proceeds from sale of
Gralise |
|
— |
|
|
|
130,261 |
|
Purchases of property and
equipment |
|
(53 |
) |
|
|
(10 |
) |
Purchase of Otrexup |
|
(18,472 |
) |
|
|
— |
|
Proceeds from sale of
investments |
|
— |
|
|
|
6,000 |
|
Net cash (used in) provided by investing activities |
|
(18,525 |
) |
|
|
512,801 |
|
Financing
Activities |
|
|
|
Payment of contingent
consideration |
|
(4,807 |
) |
|
|
(3,016 |
) |
Payment of Royalty Rights |
|
(968 |
) |
|
|
(500 |
) |
Payments in connection with
Senior Notes settlement |
|
— |
|
|
|
(171,775 |
) |
Payments in connection with
convertible notes |
|
(335 |
) |
|
|
(264,731 |
) |
Payment in connection with
Series A-1 and A-2 debt |
|
(9,500 |
) |
|
|
(14,750 |
) |
Payments on Promissory
Note |
|
— |
|
|
|
(3,000 |
) |
Payments on Revolver |
|
— |
|
|
|
(10,000 |
) |
Proceeds from issuance of
common stock |
|
44,861 |
|
|
|
88 |
|
Proceeds from exercise of
stock options |
|
193 |
|
|
|
— |
|
Shares withheld for payment of
employee's withholding tax liability |
|
(418 |
) |
|
|
(866 |
) |
Net cash provided by (used in) financing activities |
|
29,026 |
|
|
|
(468,550 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
16,024 |
|
|
|
(21,321 |
) |
Cash and cash equivalents at
beginning of year |
|
20,786 |
|
|
|
42,107 |
|
Cash and cash equivalents at
end of period |
$ |
36,810 |
|
|
$ |
20,786 |
|
Supplemental
Disclosure of Cash Flow Information |
|
|
|
Net cash refund of income taxes |
$ |
— |
|
|
$ |
1,136 |
|
Cash paid for interest |
$ |
10,124 |
|
|
$ |
17,598 |
|
Supplemental
Disclosure of Non-Cash Investing Activities |
|
|
|
Acquisition of Otrexup intangible assets |
$ |
26,021 |
|
|
$ |
— |
|
RECONCILIATION OF GAAP NET INCOME (LOSS)
TO NON-GAAP EBITDA and ADJUSTED EBITDA (in
thousands)(unaudited)
|
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
|
Financial Statement Classification |
|
|
|
2021 |
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
GAAP Net
Income/(Loss) |
|
$ |
4,609 |
|
$ |
(24,353 |
) |
|
$ |
(1,281 |
) |
|
$ |
(28,144 |
) |
|
|
|
Interest expense |
|
|
2,437 |
|
|
2,598 |
|
|
|
10,220 |
|
|
|
15,926 |
|
|
|
Interest expense |
Income tax expense (benefit) |
|
|
433 |
|
|
(10,995 |
) |
|
|
728 |
|
|
|
(17,369 |
) |
|
|
Income tax (expense)
benefit |
Depreciation expense |
|
|
203 |
|
|
417 |
|
|
|
963 |
|
|
|
1,648 |
|
|
|
Selling, general and
administrative expenses |
Amortization of intangible assets |
|
|
7,175 |
|
|
6,546 |
|
|
|
28,114 |
|
|
|
24,783 |
|
|
|
Amortization of intangible
assets |
EBITDA
(Non-GAAP) |
|
$ |
14,857 |
|
$ |
(25,787 |
) |
|
$ |
38,744 |
|
|
$ |
(3,156 |
) |
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Legacy products revenue reserves(1) |
|
|
10 |
|
|
301 |
|
|
|
985 |
|
|
|
(1,408 |
) |
|
|
Other Revenue |
Stock-based compensation(2) |
|
|
949 |
|
|
3,886 |
|
|
|
3,545 |
|
|
|
9,925 |
|
|
|
Multiple |
Contingent consideration fair value change(3) |
|
|
2,011 |
|
|
(356 |
) |
|
|
3,913 |
|
|
|
1,500 |
|
|
|
Selling, general and
administrative expenses |
Restructuring cost(4) |
|
|
— |
|
|
11,019 |
|
|
|
1,089 |
|
|
|
17,806 |
|
|
|
Restructuring charges |
Other(5) |
|
|
— |
|
|
1,151 |
|
|
|
554 |
|
|
|
5,945 |
|
|
|
Multiple |
Loss on goodwill impairment(6) |
|
|
— |
|
|
17,432 |
|
|
|
— |
|
|
|
17,432 |
|
|
|
Loss on impairment of
goodwill |
Prior year adjustments not repeating(7) |
|
|
— |
|
|
524 |
|
|
|
— |
|
|
|
(31,763 |
) |
|
|
Multiple |
Adjusted EBITDA
(Non-GAAP) |
|
$ |
17,827 |
|
$ |
8,170 |
|
|
$ |
48,830 |
|
|
$ |
16,281 |
|
|
|
|
(1) Removal of the impact of revenue adjustment related to
previously divested products. During the third quarter of 2021, the
Company reclassified product sales adjustments for previously
divested products from Product sales, net to Other revenue. There
was no change to Total revenue as a result of the
reclassifications. Prior period results have been recast to conform
with current period presentation.
(2) Stock based compensation for the three and twelve
months ended December 31, 2021 and three months ended December 31,
2020 is included in Selling, general and administrative expenses.
Stock based compensation for the twelve months ended December 31,
2020 included $0.1 million in in Cost of sales, $0.3 million in
Research and development expense and $9.6 million in Selling,
general and administrative expenses.
(3) The fair value of the contingent consideration is
remeasured each reporting period, with changes in the fair value
resulting from a change in the underlying inputs being recognized
in operating expenses until the contingent consideration
arrangement is settled.
(4) Restructuring and related costs represents
non-recurring costs associated with the Company’s announced
restructuring plans
(5) For the three and twelve months ended December 31,
2021 and the three and twelve months ended December 31, 2020, Other
represents amortization of inventory step-up recognized in Cost of
sales related to Zyla acquired inventories sold. For the twelve
months ended December 31, 2020, Other also includes credit loss
reserve recognized in the first quarter of 2020 in Other gain
(loss) related the Company’s investment in a company engaged in
medical research.
(6) At December 31, 2020, the Company recorded a non-cash
impairment charge of $17.4 million on its goodwill.
(7) Represent the following one-time adjustments included
in three and twelve months ended December 31, 2020:
- Gain on sale of Gralise of zero and $126.7 million,
respectively
- Loss on sale of NUCYNTA of zero and $14.7 million,
respectively
- Loss on extinguishment of convertible notes and debt of zero
and $56.1 million, respectively
- Transaction costs of $0.5 million and $18.6 million,
respectively
- Change in fair value of Collegium warrants of zero and $3.6
million, respectively
- NUCYNTA Commercialization agreement revenues of zero and $1.8
million, respectively
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