Assertio Holdings Inc

NASDAQ:ASRTUnited States

Nov 11, 2024

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• -- Earnings Flash (ASRT) ASSERTIO HOLDINGS Reports Q3 Revenue $29.2M, from 4:03PM ET on Monday Nov 11, 2024 by MT Newswires

  4:03PM ET on Monday Nov 11, 2024 by MT Newswires
  Companies Mentioned: ASRT
  04:03 PM EST, 11/11/2024 (MT Newswires) -- ...

• -- Earnings Flash (ASRT) ASSERTIO HOLDINGS Reports Q3 EPS $0.03, from 4:02PM ET on Monday Nov 11, 2024 by MT Newswires

  4:02PM ET on Monday Nov 11, 2024 by MT Newswires
  Companies Mentioned: ASRT
  04:02 PM EST, 11/11/2024 (MT Newswires) -- ...

• *DJ Assertio Holdings 3Q Loss/Shr 3c >ASRT, from 4:02PM ET on Monday Nov 11, 2024 by Dow Jones

  4:02PM ET on Monday Nov 11, 2024 by Dow Jones
  Companies Mentioned: ASRT
  SHARE(1) (in thousands, except per share amounts) (unaudited) Nine Months Ended September 30, 2024 September 30, 2023 --------------------- --------------------- Diluted Diluted Amount EPS(2) Amount EPS(2) ---------------------- --------- ---------- ---------- --------- Net loss (GAAP)(2) $(11,105) $(0.12) $(274,558) $(4.35) Add: Convertible debt interest expense and other income statement impacts, net of tax(2) -- 1,969 Adjustments: Amortization of intangible assets 18,973 22,752 Legacy products revenue reserves -- (185) Stock-based compensation 3,911 6,516 Debt-related expenses, net -- 9,639 Change in fair value of contingent consideration 300 (8,124) Contingent consideration cash payable(3) (253) (11,274) Transaction-related expenses -- 8,539 Loss on impairment of intangible assets(4) -- 238,831 Restructuring costs 720 3,034 Other 2,123 967 Increase in deferred tax asset valuation allowance(5) -- 43,035 Income tax benefit expense, as adjusted(6) (6,444) (5,556) ------- -------- Adjusted earnings (Non-GAAP) $ 8,225 $ 0.09 $ 35,585 $ 0.46 Diluted shares used in calculation (GAAP)(2) 95,191 63,066 Add: Dilutive effect of stock-based awards and equivalents(2) 503 3,770 Add: Dilutive effect of 2027 Convertible Notes(2) -- 11,324 ------- -------- Diluted shares used in calculation (Non-GAAP)(2) 95,694 78,160 ------- -------- (1) Certain adjustments included here are the same as those reflected in the Company's reconciliation of GAAP net loss to non-GAAP adjusted EBITDA and therefore should be read in conjunction with that reconciliation and respective footnotes. (2) The Company uses the if-converted method with respect to its convertible debt to compute GAAP and Non-GAAP diluted earnings per share when the effect is dilutive. Under the if-converted method, the Company assumes the 2027 Convertible Notes were converted at the beginning of each period presented and outstanding. As a result, interest expense, net of tax, and any other income statement impact associated with the 2027 Convertible Notes, net of tax, is added back to net income used in the diluted earnings per share calculation. For the nine months ended September 30, 2024, the Company's potentially dilutive convertible debt under the if-converted method and stock-based awards under the treasury-stock method were not included in the computation of GAAP net loss and diluted net loss per share, and the potentially dilutive convertible debt under the if-converted method were not included in non-GAAP adjusted earnings and adjusted earnings per share, because to do so would be anti-dilutive. However, the potentially dilutive stock-based awards under the treasury-stock method were included in the computation of non-GAAP adjusted earnings and adjusted earnings per share because the effect was dilutive. For the nine months ended September 30, 2023, the Company's potentially dilutive convertible debt under the if-converted method and stock-based awards under the treasury-stock method were not included in the computation of GAAP diluted net income per share, because to do so would be anti-dilutive. However, the potentially dilutive convertible debt under the if-converted method and stock-based awards under the treasury-stock method were included in the computation of non-GAAP adjusted earnings and adjusted earnings per share because the effect was dilutive. (3) Represents the accrued cash payable, if any, of the INDOCIN contingent consideration for the respective period based on 20% royalty for annual INDOCIN net sales over $20.0 million. (4) Represents the charge in the period for the impairment of intangible assets resulting from the revaluation of the Company's long-lived assets. (5) Represents the amount of income tax expense related to the recognition of a full valuation allowance against deferred tax assets in the period. (6) Represents the Company's income tax expense adjustment from the tax effect of pre-tax adjustments excluded from adjusted earnings. The tax effect of pre-tax adjustments excluded from adjusted earnings is computed at the blended federal and state statutory rate of 25%.
  

• Assertio Reports Third Quarter 2024 Financial Results, from 4:02PM ET on Monday Nov 11, 2024 by Dow Jones

  4:02PM ET on Monday Nov 11, 2024 by Dow Jones
  Companies Mentioned: ASRT
  SHARE(1) (in thousands, except per share amounts) (unaudited) Nine Months Ended September 30, 2024 September 30, 2023 --------------------- --------------------- Diluted Diluted Amount EPS(2) Amount EPS(2) ---------------------- --------- ---------- ---------- --------- Net loss (GAAP)(2) $(11,105) $(0.12) $(274,558) $(4.35) Add: Convertible debt interest expense and other income statement impacts, net of tax(2) -- 1,969 Adjustments: Amortization of intangible assets 18,973 22,752 Legacy products revenue reserves -- (185) Stock-based compensation 3,911 6,516 Debt-related expenses, net -- 9,639 Change in fair value of contingent consideration 300 (8,124) Contingent consideration cash payable(3) (253) (11,274) Transaction-related expenses -- 8,539 Loss on impairment of intangible assets(4) -- 238,831 Restructuring costs 720 3,034 Other 2,123 967 Increase in deferred tax asset valuation allowance(5) -- 43,035 Income tax benefit expense, as adjusted(6) (6,444) (5,556) ------- -------- Adjusted earnings (Non-GAAP) $ 8,225 $ 0.09 $ 35,585 $ 0.46 Diluted shares used in calculation (GAAP)(2) 95,191 63,066 Add: Dilutive effect of stock-based awards and equivalents(2) 503 3,770 Add: Dilutive effect of 2027 Convertible Notes(2) -- 11,324 ------- -------- Diluted shares used in calculation (Non-GAAP)(2) 95,694 78,160 ------- -------- (1) Certain adjustments included here are the same as those reflected in the Company's reconciliation of GAAP net loss to non-GAAP adjusted EBITDA and therefore should be read in conjunction with that reconciliation and respective footnotes. (2) The Company uses the if-converted method with respect to its convertible debt to compute GAAP and Non-GAAP diluted earnings per share when the effect is dilutive. Under the if-converted method, the Company assumes the 2027 Convertible Notes were converted at the beginning of each period presented and outstanding. As a result, interest expense, net of tax, and any other income statement impact associated with the 2027 Convertible Notes, net of tax, is added back to net income used in the diluted earnings per share calculation. For the nine months ended September 30, 2024, the Company's potentially dilutive convertible debt under the if-converted method and stock-based awards under the treasury-stock method were not included in the computation of GAAP net loss and diluted net loss per share, and the potentially dilutive convertible debt under the if-converted method were not included in non-GAAP adjusted earnings and adjusted earnings per share, because to do so would be anti-dilutive. However, the potentially dilutive stock-based awards under the treasury-stock method were included in the computation of non-GAAP adjusted earnings and adjusted earnings per share because the effect was dilutive. For the nine months ended September 30, 2023, the Company's potentially dilutive convertible debt under the if-converted method and stock-based awards under the treasury-stock method were not included in the computation of GAAP diluted net income per share, because to do so would be anti-dilutive. However, the potentially dilutive convertible debt under the if-converted method and stock-based awards under the treasury-stock method were included in the computation of non-GAAP adjusted earnings and adjusted earnings per share because the effect was dilutive. (3) Represents the accrued cash payable, if any, of the INDOCIN contingent consideration for the respective period based on 20% royalty for annual INDOCIN net sales over $20.0 million. (4) Represents the charge in the period for the impairment of intangible assets resulting from the revaluation of the Company's long-lived assets. (5) Represents the amount of income tax expense related to the recognition of a full valuation allowance against deferred tax assets in the period. (6) Represents the Company's income tax expense adjustment from the tax effect of pre-tax adjustments excluded from adjusted earnings. The tax effect of pre-tax adjustments excluded from adjusted earnings is computed at the blended federal and state statutory rate of 25%.