Assertio Posts Higher Q1 Sales, Profits; Lifts FY22 Adjusted EBITDA Outlook

• Assertio Holdings Inc (NASDAQ:ASRT) posted Q1 sales of $35.5 million, up 37% Y/Y, surpassing the consensus of $33.06 million.
• The increase was primarily driven by higher net pricing on Indocin and the addition of Otrexup.
• The gross profit margin was 88% or 344 basis points higher than the prior-year quarter due to a change in product mix and improved margins on Indocin.
• Adjusted EBITDA increased from $15.7 million to $23.9 million.
• The company posted an adjusted EPS of $0.38, compared to $0.27 a year ago and well ahead of the consensus of $0.09.
• Guidance: Assertio reaffirmed FY22 sales of $126 million - $136 million, compared to the consensus of $131.71 million.
• It expects adjusted EBITDA of $66 million - $74 million, higher than the previous guidance of $64 million - $72 million.
• Price Action: ASRT shares are 18.6% at $2.23 during the market session on the last check Tuesday.