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ASRT Nasdaq· Assertio Holdings Inc.
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ASRT Nasdaq· Assertio Holdings Inc.
Earnings report Q3 2023

Assertio Holdings Reports Increase in Revenue for Q3 2023

Segments of Revenue

Assertio Holdings reported total revenues of $35.6 million for the three months ended September 30, 2023, compared to $34.2 million for the same period in 2022. This includes product sales, net revenue of $35.1 million, royalties and milestones revenue of $0.5 million, and other revenue of $0 million.

Strengths

Assertio Holdings experienced a slight increase in total revenue for Q3 2023 compared to the same period last year. The growth in revenue can be attributed to the increase in product sales, which reached $35.1 million, up from $34.3 million in the previous year. The company's management highlighted the successful launch of ROLVEDON, which contributed $2.6 million to the cost of sales. Additionally, there was a $1.0 million increase in cost of sales related to Otrexup and SPRIX. These factors indicate positive sales performance and market demand for the company's products.

Challenges

While Assertio Holdings saw an increase in revenue, it also experienced higher costs and expenses. The cost of sales for Q3 2023 was $7.1 million, compared to $4.0 million in the same period last year. This increase was primarily due to inventory step-up amortization related to ROLVEDON and higher cost of sales for Otrexup and SPRIX. The company's selling, general, and administrative expenses also increased from $11.9 million in Q3 2022 to $21.0 million in Q3 2023. These higher expenses may impact the company's profitability and overall financial performance.

Noteworthy

During the second quarter of 2022, Assertio Therapeutics received $2.0 million in insurance reimbursement for previous opioid-related spend, which was recognized within selling, general, and administrative expenses. This reimbursement had a positive impact on the company's financials in the previous year.

Summary

Assertio Holdings reported a slight increase in revenue for the third quarter of 2023 compared to the same period in 2022. The growth in revenue was primarily driven by higher product sales, including the successful launch of ROLVEDON and increased sales of Otrexup and SPRIX. However, the company also experienced higher costs and expenses, which may impact its profitability. Overall, Assertio Holdings' revenue performance indicates positive sales momentum, but the company needs to manage its expenses effectively to ensure sustainable financial growth.

Source documents

Form 10-Q  filed on Nov 08, 2023
39 pages scanned

Reference data

Company financials Q3 revenue 33M
Analyst estimates Q3 EPS beat by 15.79%
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