- The stock price of Assertio Holdings Inc (NASDAQ: ASRT) increased by over 30% pre-market. This is why it happened.
The stock price of Assertio Holdings Inc (NASDAQ: ASRT) increased by over 30% pre-market. Investors are responding positively to the company’s first quarter 2021 financial results.
These are the highlights from the quarter
— On February 9 and February 12, 2021, the company announced the closing of registered direct offerings that resulted in Assertio receiving $45.3 million in cash, net of placement fees. And the proceeds from these offerings enhance the Company’s liquidity, accelerate its transformational business plan, and open up new avenues for potential business development activities.
— The company took all necessary actions to realize its previously announced $45 million of annualized cost savings, after the effect of one-time restructuring costs, of which $40 million is expected to be realized in 2021.
— On May 5, 2021, the company announced its collaboration with Cove, which will increase access to CAMBIA and SPRIX through Cove’s innovative and continuous online physician care.
2021 Financial Guidance
This is the 2021 financial guidance from the company:
— Net product sales (GAAP) – $85 million-$92 million
— Adjusted EBITDA (Non-GAAP) — $34 million – $40 million
“This quarter provides our first data point in demonstrating the strength of our diversified portfolio and non-personal promotional model, which showed resiliency in the face of the continued effects of COVID-19, the impact of payor pressure, and our shift to a leaner operational profile. As we continue to execute on our transformation and gain increasing confidence that our model is transferable across a number of therapeutic areas, we are actively seeking additional assets that will address unmet needs for patients, benefit from our commercial platform, and increase value to Assertio.”
— Dan Peisert, President and Chief Executive Officer of Assertio
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.