Assertio Holdings Inc (ASRT) stock ended the Thursday, May 6, 2021, trading session by losing 2.22% to close at $0.50 per share but in the after-hours session, the ASRT gained 21.84% to close at $0.61 per share. ASRT shares have sunk 38.38% over the last 12 months, and they have lost 8.81% in the past week. Over the past three months, the stock has lost 36.06%, while over the past six months, it has shed 22.68%.
Let’s see what could be the reason behind its gains in the after-market session?
Recent Financial results announcement
On May 06, 2021, Assertio Holdings, Increleased its financial results for the first quarter ended March 31, 2021.
Q1 2021 financial results
- For Q1 2021, Assertio Holdings’ net product sales (GAAP) were $26.4 million compared to $9.3 million in Q1 2020.
- Total net income (GAAP) was $4.5 million in the first quarter of 2021, compared to $41.2 million in the first quarter of 2020.
- The company reported an adjusted EBITDA (Non-GAAP) of $15.7 million for Q1 2021, compared to $3.9 million in Q1 2020.
2021 financial outlook
Assertio Holdings is expecting net product sales between $85.0 million to $92.0 million in 2021.
The company is expecting an adjusted EBITDA (Non-GAAP)of $34.0 million to $40.0 million in FY 2021.
Assertio HoldingsPartnership with Cove
On May 05, 2021, Assertio Holdingsannounceda partnership with Cove to make CAMBIAoral solution and SPRIXnasal spray for Cove patients. The
Patients will get easy access to high-quality physician care after the recent collaboration.
Warning: CAMBIA and SPRIX each belong to a class of medications called non-steroidal anti-inflammatory drugs (NSAIDs) and have a Boxed Warning for serious cardiovascular and gastrointestinal events.
Q4 & FY2020 financial results
On March 11, 2021, Assertio Holdings Inc reported its financial results for the fourth quarter and full-year ended December 31, 2020.
Q4 2020 Financial Highlight
- For the fourth quarter of 2020, (GAAP) net product sales were 29.8 million.
- (Non-GAAP) net product sales were 30.1 million for the fourth quarter of 2020.
- ASRT suffered a net loss (GAAP) of 24.4 million in Q4 2020.
- Adjusted EBITDA(Non-GAAP) was 9.4 million for the fourth quarter of 2020.
FY 2020 Financial Highlights
- For the year 2020, (GAAP) net product sales were 93.5 million.
- (Non-GAAP) net product sales were 3119.2 million for FY 2020.
- ASRT suffered a net loss (GAAP) of 28.1 million in the year 2020.
- Adjusted EBITDA (Non-GAAP) was 22.4 million for the year 2020.
On March 11, 2021, Paul Schwichtenberg was promoted to Senior Vice President, Chief Financial Officer and Ajay Patel to Senior Vice President, Chief Accounting Officer.
Participation in the investor conference
Assertio Holdings participated virtually in investor meetings at the 33rd Annual Roth Conference, which held virtually on Monday, March 15, 2021.
Dan Peisert, President and Chief Executive Officer of Assertio presented the company at the conference.
Pricing of Registered Direct Offering
On Feb. 10, 2021, Assertio Holdings said that it has signed a purchase agreement with institutional investors to purchase 35,000,000 shares of its common stock at $0.98 per share. the offer closed on February 12, 2021, and gross proceeds of $34.3 million will be used for general corporate purposes, including general working capital.
The recent financial results could be the reason behind its surge in the after-market session. The company sales increased significantly and improvement can be seen in other financial figures. We can expect that ASRT stock will surge more on Friday to close the week on a positive note.