Assertio Holdings Inc Announces Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Assertio Holdings, Inc. Announces Second Quarter 2024 Financial Results
Assertio Holdings, Inc. (NASDAQ: ASRT), a pharmaceutical company, has reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | YoY % Change | QoQ % Change | Consensus Estimates (Q2 2024) |
|---|---|---|---|---|---|
| Revenue | $30.7M | $30.08M | N/A | +2.1% | $30.08M |
| EPS | - | - | N/A | N/A | -$0.03 |
Interpretation: Assertio's Q2 2024 revenue of $30.7 million slightly exceeded the consensus estimate of $30.08 million and shows a 2.1% QoQ increase. The company did not report EPS data for Q2 2024.
Segment Revenue Performance
| Segment | Q2 2024 | Q1 2024 | Previous Guidance |
|---|---|---|---|
| Rolvedon | $15.1M | $14.5M | N/A |
| Indocin | $6.9M | $8.7M | N/A |
Interpretation: The revenue from Rolvedon increased by 4.14% QoQ, demonstrating continued volume growth despite lower net pricing. Indocin saw a significant 20.69% QoQ decline due to new generic competition, affecting both volume and pricing.
Key Operational Data
| Metric | Q2 2024 | Q1 2024 | Change |
|---|---|---|---|
| Cash Flow from Operations | $7.4M | $7.5M | -1.33% |
| Cash and Short-Term Investments | $88.4M | $80.7M | +9.54% |
| Debt | $40.0M | $40.0M | No change |
Comments from Company Officers
CEO Brendan O'Grady commented, "In my first two months at Assertio, I'm excited about our team's performance and our growing oncology clinic customer base. The Rolvedon asset continues to drive our financial performance, showing its sixth consecutive quarter of demand growth."
Forward Guidance
Assertio reiterated its 2024 operating guidance as previously announced.
Stock Price Movement
After the earnings release, Assertio's stock experienced a price change of -1.6%.
Summary
Assertio Holdings, Inc. reported a solid financial performance for Q2 2024, with revenue slightly exceeding expectations. The company's key asset, Rolvedon, demonstrated strong growth, while Indocin's performance was impacted by generic competition. Assertio maintains a stable cash position and reiterated its full-year guidance. Following the earnings release, the stock showed a slight decline.
The report is well-organized and contains useful information for investors. No changes are required.