Collegium Pharmaceutical, Inc. (Nasdaq: COLL), a leading,
diversified specialty pharmaceutical company committed to improving
the lives of people living with serious medical conditions, today
reported its financial results for the quarter ended September 30,
2023, and provided a corporate update.
“We are on track to deliver a banner year in 2023 and expect
revenue for the full year to grow more than 20% year-over-year with
adjusted EBITDA growing at more than one and a half times that
rate. We are confident that the business is well positioned,” said
Joe Ciaffoni, President and Chief Executive Officer of Collegium.
“Importantly, our outlook for 2025 and 2026 has been bolstered by
the extension of Nucynta’s regulatory exclusivity through July
2026. We are focused on creating value for our shareholders through
the disciplined deployment of capital.”
“We delivered a solid financial performance in the third quarter
and are tightening our 2023 financial guidance ranges,” said
Colleen Tupper, Chief Financial Officer of Collegium. “In the third
quarter, we generated record quarterly Belbuca® revenue, paid down
$45.8 million of debt and executed an Accelerated Share Repurchase
program returning $50.0 million in capital to our shareholders. The
financial strength of the business enables us to execute our
capital deployment strategy in a disciplined manner, inclusive of
our newly announced $25.0 million Accelerated Share Repurchase
program.”
Recent Business Highlights
- Grew portfolio net revenue to $136.7 million in the quarter
ended September 30, 2023 (the “2023 Quarter”), up 8% compared to
the quarter ended September 30, 2022 (the “2022 Quarter”).
- Generated record quarterly Belbuca net revenue of $45.4 million
in the 2023 Quarter, up 17% year-over-year.
- Recognized Xtampza® ER net revenue of $39.8 million in the 2023
Quarter, up 2% year-over-year. The 2022 Quarter was impacted by a
favorable returns adjustment of approximately $8.1 million.
- Increased Nucynta Franchise net revenue to $47.5 million in the
2023 Quarter, up 7% year-over-year.
- Grew Belbuca total prescriptions 1.2% year-over-year in the
2023 Quarter.
- Successfully completed contract renegotiations with payors that
represent 30% of Xtampza ER total prescriptions while maintaining
access in 57% of the renegotiated opportunity. As a result,
Collegium expects gross-to-net improvement in 2024 to be a catalyst
for revenue growth.
- Renegotiated a major Medicare Part D contract for Belbuca,
maintaining its access position and materially reducing the rebate,
and won a new Medicare Part D plan for Belbuca representing
approximately one million covered lives.
- Presented 10 posters at PAINWeek Conference 2023 highlighting
Collegium’s diversified pain portfolio.
- Executed an Accelerated Share Repurchase program in the 2023
Quarter returning $50.0 million in capital to shareholders.
- Received U.S. Food and Drug Administration New Patient
Population exclusivity for Nucynta, an immediate release
formulation of tapentadol, extending the period of U.S. exclusivity
from June 27, 2025, to July 3, 2026.
- Expects to submit a pediatric extension in December 2023 for
the Nucynta Franchise that would potentially extend exclusivity of
the Nucynta Franchise an additional six months to December 27,
2025, for Nucynta® ER and January 3, 2027, for Nucynta. The company
expects a decision in the second half of 2024.
- Board of Directors authorized a $25.0 million Accelerated Share
Repurchase program that will result in share repurchases in 2023
totaling $75.0 million.
Financial Guidance for 2023
- The Company updates its full-year 2023 guidance for Product
Revenues, Net, Adjusted Operating Expenses and Adjusted
EBITDA:
|
|
|
|
Prior |
Updated |
|
|
|
Product Revenues, Net |
$565.0 to $580.0 million |
$565.0 to $570.0 million |
|
|
|
Adjusted Operating Expenses(Excluding Stock-Based
Compensation) |
$135.0 to $145.0 million |
$125.0 to $130.0 million |
|
|
|
Adjusted EBITDA(Excluding Stock-Based Compensation) |
$355.0 to $370.0 million |
$360.0 to $365.0 million |
|
|
|
Financial Results for Quarter Ended September 30,
2023
- Product revenues, net were $136.7
million for the 2023 Quarter, compared to $127.0 million for the
2022 Quarter, representing an 8% increase year-over-year.
- GAAP operating expenses were $35.3
million for the 2023 Quarter, compared to $38.4 million for the
2022 Quarter, representing an 8% decrease year-over-year. Adjusted
operating expenses, which exclude stock-based compensation expense
and other adjustments to reflect changes that occur in our business
but do not represent ongoing operations, were $28.3 million for the
2023 Quarter, compared to $32.5 million for the 2022 Quarter,
representing a 13% decrease year-over-year.
- GAAP net income for the 2023 Quarter
was $20.6 million, with $0.61 GAAP earnings per share (basic) and
$0.53 GAAP earnings per share (diluted), compared to GAAP net
income for the 2022 Quarter of $0.5 million, with $0.01 GAAP
earnings per share (basic and diluted). Non-GAAP adjusted net
income for the 2023 Quarter was $55.0 million, with $1.34 adjusted
earnings per share, compared to non-GAAP adjusted net income for
the 2022 Quarter of $42.5 million, with $1.10 adjusted earnings per
share.
- Adjusted EBITDA for the 2023 Quarter
was $89.4 million, compared to $74.9 million for the 2022 Quarter,
representing a 19% increase year-over-year.
- The Company exited the 2023 Quarter with cash, cash equivalents
and marketable securities of $304.6 million, up from $173.7 million
as of December 31, 2022.
Conference Call Information
The Company will host a conference call and live audio webcast
on Tuesday, November 7, 2023, at 4:30 p.m. Eastern Time. To access
the conference call, please dial (877) 407-8037 (U.S.) or (201)
689-8037 (International) and reference the “Collegium Q3 2023
Earnings Call.” An audio webcast will be accessible from the
Investors section of the Company’s website:
www.collegiumpharma.com. The webcast will be available for replay
on the Company’s website approximately two hours after the
event.
About Collegium Pharmaceutical, Inc.
Collegium is a leading, diversified specialty pharmaceutical
company committed to improving the lives of people living with
serious medical conditions. Collegium’s headquarters are located
in Stoughton, Massachusetts. For more information, please
visit the Company’s website at www.collegiumpharma.com.
Non-GAAP Financial Measures
To supplement our financial results presented on a GAAP basis,
we have included information about certain non-GAAP financial
measures. We use these non-GAAP financial measures to understand,
manage and evaluate our business as we believe they provide
additional information on the performance of our business. We
believe that the presentation of these non-GAAP financial measures,
taken in conjunction with our results under GAAP, provide analysts,
investors, lenders and other third parties insight into our view
and assessment of our ongoing operating performance. In addition,
we believe that the presentation of these non-GAAP financial
measures, when viewed with our results under GAAP and the
accompanying reconciliations, provide supplementary information
that may be useful to analysts, investors, lenders, and other third
parties in assessing our performance and results from period to
period. We report these non-GAAP financial measures to portray the
results of our operations prior to considering certain income
statement elements. These non-GAAP financial measures should be
considered in addition to, and not as a substitute for, or superior
to, net income or other financial measures calculated in accordance
with GAAP.
In our quarterly and annual reports, earnings press releases and
conference calls, we may discuss the following financial measures
that are not calculated in accordance with GAAP, to supplement our
consolidated financial statements presented on a GAAP basis.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that represents
GAAP net income (loss) adjusted to exclude interest expense,
interest income, the benefit from or provision for income taxes,
depreciation, amortization, stock-based compensation, and other
adjustments to reflect changes that occur in our business but do
not represent ongoing operations. Adjusted EBITDA, as used by us,
may be calculated differently from, and therefore may not be
comparable to, similarly titled measures used by other
companies.There are several limitations related to the use of
adjusted EBITDA rather than net income (loss), which is the nearest
GAAP equivalent, such as:
- adjusted EBITDA excludes depreciation and amortization, and,
although these are non-cash expenses, the assets being depreciated
or amortized may have to be replaced in the future, the cash
requirements for which are not reflected in adjusted EBITDA;
- we exclude stock-based compensation expense from adjusted
EBITDA although (a) it has been, and will continue to be for the
foreseeable future, a significant recurring expense for our
business and an important part of our compensation strategy and (b)
if we did not pay out a portion of our compensation in the form of
stock-based compensation, the cash salary expense included in
operating expenses would be higher, which would affect our cash
position;
- adjusted EBITDA does not reflect changes in, or cash
requirements for, working capital needs;
- adjusted EBITDA does not reflect the benefit from or provision
for income taxes or the cash requirements to pay taxes;
- adjusted EBITDA does not reflect historical cash expenditures
or future requirements for capital expenditures or contractual
commitments;
- we exclude impairment expenses from adjusted EBITDA and,
although these are non-cash expenses, the asset being impaired may
have to be replaced in the future, the cash requirements for which
are not reflected in adjusted EBITDA;
- we exclude restructuring expenses from adjusted EBITDA.
Restructuring expenses primarily include employee severance and
contract termination costs that are not related to acquisitions.
The amount and/or frequency of these restructuring expenses are not
part of our underlying business;
- we exclude litigation settlements from adjusted EBITDA, as well
as any applicable income items or credit adjustments due to
subsequent changes in estimates. This does not include our legal
fees to defend claims, which are expensed as incurred;
- we exclude acquisition related expenses as the amount and/or
frequency of these expenses are not part of our underlying
business. Acquisition related expenses include transaction costs,
which primarily consisted of financial advisory, banking, legal,
and regulatory fees, and other consulting fees, incurred to
complete the acquisition, employee-related expenses (severance cost
and benefits) for terminated employees after the acquisition, and
miscellaneous other acquisition related expenses incurred;
- we exclude recognition of the step-up basis in inventory from
acquisitions (i.e., the adjustment to record inventory from
historic cost to fair value at acquisition) as the adjustment does
not reflect the ongoing expense associated with sale of our
products as part of our underlying business; and
- we exclude losses on extinguishments of debt as these expenses
are episodic in nature and do not directly correlate to the cost of
operating our business on an ongoing basis.
Adjusted Operating Expenses
Adjusted operating expenses is a non-GAAP financial measure that
represents GAAP operating expenses adjusted to exclude stock-based
compensation expense, and other adjustments to reflect changes that
occur in our business but do not represent ongoing operations.
Adjusted Net Income and Adjusted Earnings Per Share
Adjusted net income is a non-GAAP financial measure that
represents GAAP net income (loss) adjusted to exclude significant
income and expense items that are non-cash or not indicative of
ongoing operations, including consideration of the tax effect of
the adjustments. Adjusted earnings per share is a non-GAAP
financial measure that represents adjusted net income per share.
Adjusted weighted-average shares - diluted is calculated in
accordance with the treasury stock, if-converted, or contingently
issuable accounting methods, depending on the nature of the
security.
Reconciliations of adjusted EBITDA, adjusted operating expenses,
adjusted net income, and adjusted earnings per share to the most
directly comparable GAAP financial measures are included in this
press release.
The Company has not provided a reconciliation of its full-year
2023 guidance for adjusted EBITDA or adjusted operating expenses to
the most directly comparable forward-looking GAAP measures, in
reliance on the unreasonable efforts exception provided under Item
10(e)(1)(i)(B) of Regulation S-K, because the Company is unable to
predict, without unreasonable efforts, the timing and amount of
items that would be included in such a reconciliation, including,
but not limited to, stock-based compensation expense, acquisition
related expense and litigation settlements. These items are
uncertain and depend on various factors that are outside of the
Company’s control or cannot be reasonably predicted. While the
Company is unable to address the probable significance of these
items, they could have a material impact on GAAP net income and
operating expenses for the guidance period. A reconciliation of
adjusted EBITDA or adjusted operating expenses would imply a degree
of precision and certainty as to these future items that does not
exist and could be confusing to investors.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. We may, in some cases, use terms such as "predicts,"
"forecasts," "believes," "potential," "proposed," "continue,"
"estimates," "anticipates," "expects," "plans," "intends," "may,"
"could," "might," "should" or other words that convey uncertainty
of future events or outcomes to identify these forward-looking
statements. Examples of forward-looking statements contained in
this press release include, among others, statements related to our
full-year 2023 financial guidance, including projected product
revenue, adjusted operating expenses and adjusted EBITDA, current
and future market opportunities for our products and our
assumptions related thereto, expectations (financial or otherwise)
and intentions, and other statements that are not historical facts.
Such statements are subject to numerous important factors, risks
and uncertainties that may cause actual events or results,
performance, or achievements to differ materially from the
company's current expectations, including risks relating to, among
others: risks related to the ability to realize the anticipated
benefits of our acquisitions at all or within the expected time
period; unknown liabilities; risks related to future opportunities
and plans for our products, including uncertainty of the expected
financial performance of such products; the impact of the COVID-19
pandemic on our ability to conduct our business, reach our
customers, and supply the market with our products; our ability to
commercialize and grow sales of our products; our ability to manage
our relationships with licensors; the success of competing products
that are or become available; our ability to obtain and maintain
regulatory approval of our products and any product candidates, and
any related restrictions, limitations, and/or warnings in the label
of an approved product; the size of the markets for our products
and product candidates, and our ability to service those markets;
our ability to obtain reimbursement and third-party payor contracts
for our products; the rate and degree of market acceptance of our
products and product candidates; the costs of commercialization
activities, including marketing, sales and distribution; changing
market conditions for our products; the outcome of any patent
infringement or other litigation that may be brought by or against
us; the outcome of any governmental investigation related to our
business; our ability to secure adequate supplies of active
pharmaceutical ingredient for each of our products and manufacture
adequate supplies of commercially saleable inventory; our ability
to obtain funding for our operations and business development;
regulatory developments in the U.S.; our expectations
regarding our ability to obtain and maintain sufficient
intellectual property protection for our products; our ability to
comply with stringent U.S. and foreign government
regulation in the manufacture of pharmaceutical products,
including U.S. Drug Enforcement Agency, or DEA, compliance;
our customer concentration; and the accuracy of our estimates
regarding expenses, revenue, capital requirements and need for
additional financing. These and other risks are described under the
heading "Risk Factors" in our Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q and other filings with the SEC.
Any forward-looking statements that we make in this press release
speak only as of the date of this press release. We assume no
obligation to update our forward-looking statements whether as a
result of new information, future events or otherwise, after the
date of this press release.
Investor Contact:Christopher James, M.D.
Vice
President, Investor Relationsir@collegiumpharma.com
Media Contact:Marissa SamuelsVice President,
Corporate Communicationscommunications@collegiumpharma.com
Collegium Pharmaceutical,
Inc.
Unaudited Selected Consolidated Balance
Sheet Information(in thousands)
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2023 |
|
2022 |
Cash and cash equivalents |
|
$ |
258,532 |
|
$ |
173,688 |
Marketable securities |
|
|
46,033 |
|
|
— |
Accounts receivable, net |
|
|
181,851 |
|
|
183,119 |
Inventory |
|
|
34,125 |
|
|
46,501 |
Prepaid expenses and other
current assets |
|
|
16,545 |
|
|
16,681 |
Property and equipment,
net |
|
|
16,645 |
|
|
19,521 |
Operating lease assets |
|
|
6,243 |
|
|
6,861 |
Intangible assets, net |
|
|
456,222 |
|
|
567,468 |
Restricted cash |
|
|
1,047 |
|
|
2,547 |
Deferred tax assets |
|
|
25,738 |
|
|
23,950 |
Other noncurrent assets |
|
|
740 |
|
|
100 |
Goodwill |
|
|
133,857 |
|
|
133,695 |
Total assets |
|
$ |
1,177,578 |
|
$ |
1,174,131 |
|
|
|
|
|
|
|
Accounts payable and accrued
liabilities |
|
|
35,304 |
|
|
39,623 |
Accrued rebates, returns and
discounts |
|
|
245,012 |
|
|
230,491 |
Term notes payable |
|
|
449,219 |
|
|
560,078 |
Convertible senior notes |
|
|
261,823 |
|
|
140,873 |
Operating lease
liabilities |
|
|
7,347 |
|
|
8,224 |
Shareholders’ equity |
|
|
178,873 |
|
|
194,842 |
Total liabilities and
stockholders’ equity |
|
$ |
1,177,578 |
|
$ |
1,174,131 |
Collegium Pharmaceutical,
Inc.
Unaudited Condensed Statements of
Operations(in thousands, except share and per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Product revenues, net |
$ |
136,709 |
|
|
$ |
127,013 |
|
|
$ |
417,022 |
|
|
$ |
334,313 |
|
Cost of product revenues |
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenues (excluding intangible asset
amortization) |
|
20,081 |
|
|
|
30,622 |
|
|
|
74,237 |
|
|
|
80,638 |
|
Intangible asset amortization |
|
36,317 |
|
|
|
37,552 |
|
|
|
111,246 |
|
|
|
93,976 |
|
Total cost of products
revenues |
|
56,398 |
|
|
|
68,174 |
|
|
|
185,483 |
|
|
|
174,614 |
|
Gross profit |
|
80,311 |
|
|
|
58,839 |
|
|
|
231,539 |
|
|
|
159,699 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,983 |
|
Selling, general and administrative |
|
35,298 |
|
|
|
38,372 |
|
|
|
126,266 |
|
|
|
134,154 |
|
Total operating expenses |
|
35,298 |
|
|
|
38,372 |
|
|
|
126,266 |
|
|
|
138,137 |
|
Income from operations |
|
45,013 |
|
|
|
20,467 |
|
|
|
105,273 |
|
|
|
21,562 |
|
Interest expense |
|
(20,768 |
) |
|
|
(19,046 |
) |
|
|
(64,058 |
) |
|
|
(42,638 |
) |
Interest income |
|
4,538 |
|
|
|
11 |
|
|
|
11,312 |
|
|
|
20 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(23,504 |
) |
|
|
— |
|
Income (loss) before income
taxes |
|
28,783 |
|
|
|
1,432 |
|
|
|
29,023 |
|
|
|
(21,056 |
) |
Provision for (benefit from) income taxes |
|
8,149 |
|
|
|
975 |
|
|
|
12,808 |
|
|
|
(3,253 |
) |
Net income (loss) |
$ |
20,634 |
|
|
$ |
457 |
|
|
$ |
16,215 |
|
|
$ |
(17,803 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share —
basic |
$ |
0.61 |
|
|
$ |
0.01 |
|
|
$ |
0.47 |
|
|
$ |
(0.52 |
) |
Weighted-average shares —
basic |
|
33,744,209 |
|
|
|
34,058,802 |
|
|
|
34,226,488 |
|
|
|
33,912,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share —
diluted |
$ |
0.53 |
|
|
$ |
0.01 |
|
|
$ |
0.46 |
|
|
$ |
(0.52 |
) |
Weighted-average shares —
diluted |
|
42,058,821 |
|
|
|
34,570,319 |
|
|
|
35,149,154 |
|
|
|
33,912,832 |
|
Collegium Pharmaceutical,
Inc.
Reconciliation of GAAP Net Income (Loss)
to Adjusted EBITDA(in thousands)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
GAAP net income (loss) |
$ |
20,634 |
|
|
$ |
457 |
|
|
$ |
16,215 |
|
|
$ |
(17,803 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
20,768 |
|
|
|
19,046 |
|
|
|
64,058 |
|
|
|
42,638 |
|
Interest income |
|
(4,538 |
) |
|
|
(11 |
) |
|
|
(11,312 |
) |
|
|
(20 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
23,504 |
|
|
|
— |
|
Provision for (benefit from) income taxes |
|
8,149 |
|
|
|
975 |
|
|
|
12,808 |
|
|
|
(3,253 |
) |
Depreciation |
|
835 |
|
|
|
488 |
|
|
|
2,547 |
|
|
|
1,859 |
|
Amortization |
|
36,317 |
|
|
|
37,552 |
|
|
|
111,246 |
|
|
|
93,976 |
|
Stock-based compensation expense |
|
7,027 |
|
|
|
5,377 |
|
|
|
20,134 |
|
|
|
17,204 |
|
Litigation settlements |
|
— |
|
|
|
— |
|
|
|
8,500 |
|
|
|
— |
|
Acquisition related expenses |
|
— |
|
|
|
463 |
|
|
|
— |
|
|
|
31,209 |
|
Recognition of step-up basis in inventory |
|
198 |
|
|
|
10,519 |
|
|
|
15,116 |
|
|
|
23,760 |
|
Total adjustments |
$ |
68,756 |
|
|
$ |
74,409 |
|
|
$ |
246,601 |
|
|
$ |
207,373 |
|
Adjusted EBITDA |
$ |
89,390 |
|
|
$ |
74,866 |
|
|
$ |
262,816 |
|
|
$ |
189,570 |
|
Collegium Pharmaceutical,
Inc.
Reconciliation of GAAP Operating Expenses
to Adjusted Operating Expenses(in
thousands)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
GAAP operating expenses |
$ |
35,298 |
|
$ |
38,372 |
|
$ |
126,266 |
|
$ |
138,137 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
7,027 |
|
|
5,377 |
|
|
20,134 |
|
|
17,204 |
Litigation settlements |
|
— |
|
|
— |
|
|
8,500 |
|
|
— |
Acquisition related expenses |
|
— |
|
|
463 |
|
|
— |
|
|
31,209 |
Total adjustments |
$ |
7,027 |
|
$ |
5,840 |
|
$ |
28,634 |
|
$ |
48,413 |
Adjusted operating
expenses |
$ |
28,271 |
|
$ |
32,532 |
|
$ |
97,632 |
|
$ |
89,724 |
Collegium Pharmaceutical,
Inc.
Reconciliation of GAAP Net Income (Loss)
to Adjusted Net Income and Adjusted Earnings Per Share(in
thousands, except share and per share amounts)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
GAAP net income (loss) |
$ |
20,634 |
|
|
$ |
457 |
|
|
$ |
16,215 |
|
|
$ |
(17,803 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Non-cash interest expense |
|
2,124 |
|
|
|
2,467 |
|
|
|
6,672 |
|
|
|
5,902 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
23,504 |
|
|
|
— |
|
Amortization |
|
36,317 |
|
|
|
37,552 |
|
|
|
111,246 |
|
|
|
93,976 |
|
Impairment expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation expense |
|
7,027 |
|
|
|
5,377 |
|
|
|
20,134 |
|
|
|
17,204 |
|
Restructuring |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Litigation settlements |
|
— |
|
|
|
— |
|
|
|
8,500 |
|
|
|
— |
|
Acquisition related expenses |
|
— |
|
|
|
463 |
|
|
|
— |
|
|
|
31,209 |
|
Recognition of step-up basis in inventory |
|
198 |
|
|
|
10,519 |
|
|
|
15,116 |
|
|
|
23,760 |
|
Discrete deferred tax benefit from valuation allowance release |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income tax effect of above adjustments (1) |
|
(11,300 |
) |
|
|
(14,290 |
) |
|
|
(42,274 |
) |
|
|
(43,698 |
) |
Total adjustments |
$ |
34,366 |
|
|
$ |
42,088 |
|
|
$ |
142,898 |
|
|
$ |
128,353 |
|
Non-GAAP adjusted net
income |
$ |
55,000 |
|
|
$ |
42,545 |
|
|
$ |
159,113 |
|
|
$ |
110,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted weighted-average
shares — diluted (2) |
|
42,058,820 |
|
|
|
39,495,453 |
|
|
|
41,679,546 |
|
|
|
39,368,629 |
|
Adjusted earnings per share
(2) |
$ |
1.34 |
|
|
$ |
1.10 |
|
|
$ |
3.91 |
|
|
$ |
2.88 |
|
(1) The income tax effect of the adjustments
was calculated by applying our blended federal and state statutory
rate to the items that have a tax effect. The blended federal and
state statutory rate for the three months ended September 30, 2023
and 2022 were 25.6% and 26.0%, respectively; and the blended
federal and state statutory rate for the nine months ended
September 30, 2023 and 2022 were 25.6% and 26.0%, respectively. As
such, the non-GAAP effective tax rates for the three months ended
September 30, 2023 and 2022 were 24.7% and 25.3%, respectively; and
the non-GAAP effective tax rates for the nine months ended
September 30, 2023 and 2022 were 22.8% and 25.4%,
respectively.(2) Adjusted weighted-average shares
- diluted were calculated using the “if-converted” method for our
convertible notes in accordance with ASC 260, Earnings per Share.
As such, adjusted weighted-average shares – diluted includes shares
related to the assumed conversion of our convertible notes and the
associated cash interest expense added-back to non-GAAP adjusted
net income. For the three months ended September 30, 2023 and 2022,
adjusted weighted-average shares – diluted includes 7,509,104 and
4,925,134, respectively, attributable to our convertible notes. For
the nine months ended September 30, 2023 and 2022, adjusted
weighted-average shares – diluted includes 6,530,392 and 4,925,134,
respectively, attributable to our convertible notes. In addition,
for the three and nine months ended September 30, 2023 and 2022,
adjusted earnings per share also includes other potentially
dilutive securities to the extent that they are not antidilutive
given that non-GAAP adjusted net income was in an income
position.
Collegium Pharmaceutical (NASDAQ:COLL)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Collegium Pharmaceutical (NASDAQ:COLL)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024