Assertio Holdings, Inc. Q1 FY2024 earnings call

• Heather Mason noted progress since taking interim CEO role in January, with first quarter tracking to full year guidance. Rolvedon had 32% QoQ sales growth, fifth consecutive quarter of demand growth, and enrollment completed for same-day dosing trial with data readout expected by year-end. - Indocin has ~50% volume share but faces competitive pricing; company rightsized organization and cut operating expenses. - Ajay Patel discussed financial results: total sales $31.9M in Q1 vs $32.5M in Q4; Rolvedon sales up, Indocin down; gross margin 78% in Q1 vs 79% in Q4; SG&A expense down 23%; adjusted EBITDA $7.4M in Q1 vs $4.5M in Q4. - Paul Schwichtenberg updated on Rolvedon: ~34% market share in clinic Medicare Part B, focus on further market penetration and hospital expansion; Indocin maintaining ~50% volume share in competitive market; strategic investment in Sympazan to drive volume growth starting in 2025.

Rolvedon had Q1 2024 sales of $14.5 million, a 32% quarter-over-quarter increase. Indocin had Q1 sales of $8.7 million, down from $10.8 million in Q4 due to generic competition. Sympazan's Q1 performance was in line with expectations.

Management maintained 2024 guidance: net product sales expected to be between $110 million and $125 million, and EBITDA expected to be between $20 million and $30 million.

Forward-looking statements involve risks and uncertainties, including those noted in the press release and SEC filings; actual results may differ materially from projections.

Q: Could you go over the timeline for Rolvedon's same-day dosing trial and potential revenue impact?

A: Last patient enrolled, in data analysis phase, expect data readout in Q4 2024, no impact planned in 2024.

Q: How critical is distribution to virtual network for new products?

A: Open to go-to-market models, direct sales vs digital interaction.

Q: Focus on product categories?

A: Broadly looking, including oncolytic supportive care but leveraging current assets.

Q: Options to finance deals?

A: Evaluate cost of capital from debt, equity, cash based on deal type.

Q: Clarify Sympazan's strategic investment and 2025 growth?

A: Shifting marketing mix to drive volume growth starting in 2025, low single-digit growth in 2024.

Q: CEO search status?

A: Not prepared to discuss specific candidates but criteria set and pleased with talent.

Q: Margin expectations with new product mix?

A: Anticipate slight continued decrease, targeting mid-70s.

Q: Commonalities in successful Rolvedon clinics?

A: Good contracts in place and Medicare Part B coverage.