Assertio Holdings Inc Stock Price, News & Analysis

Assertio Holdings, Inc. (ASRT) reported its Q2 2024 financial results, with total net product sales of $30.7 million. Highlights include:

- Rolvedon sales grew to $15.1 million, up from $14.5 million in Q1
- Cash flow from operations of $7.4 million
- Cash and short-term investments increased to $88.4 million
- Gross margin was 71%, or 73% excluding Rolvedon inventory step-up
- Adjusted EBITDA of $5.0 million, down from $7.4 million in Q1
- Net loss of $3.7 million, or $0.04 per share

Assertio reiterated its 2024 guidance with net product sales of $110-125 million and adjusted EBITDA of $20-30 million. The company continues to focus on driving performance of key assets, generating cash flow, and identifying new opportunities.

Assertio Holdings, Inc. (Nasdaq: ASRT), a pharmaceutical company, has announced it will release its second quarter 2024 financial results on Wednesday, August 7, 2024, after the market close. The company will host a live webcast earnings conference call at 4:30 p.m. Eastern Time following the release.

Investors can access the webcast and related materials through Assertio's investor relations website. For those joining by telephone, the dial-in number is +1-646-307-1963 with call ID 4674653. A webcast replay will be available approximately two hours after the call on the company's investor website.

The Buxton Helmsley Group (BHG), a significant shareholder of Assertio Holdings (NASDAQ: ASRT), has issued a letter to the company's Board of Directors expressing grave concerns about its composition and performance. BHG calls for the immediate resignation of four directors, including Chairman Peter Staple, and criticizes the Board's failure to explain and recover damages from the value-destructive Spectrum Pharmaceuticals acquisition. The letter highlights issues such as the 75% write-down of Spectrum's value within three months of acquisition, inadequate due diligence, and a lack of specific expertise on the Board. BHG threatens a proxy contest and potential derivative litigation if no progress is made, intending to nominate independent, qualified directors at the next shareholder meeting.

Assertio Holdings, a pharmaceutical company listed on NASDAQ under the ticker ASRT, announced on July 9, 2024, the issuance of inducement grants to four new employees. Effective from July 1, 2024, these grants comprise 44,575 restricted stock units (RSUs) and 142,910 stock options. The inducement grants are made in accordance with NASDAQ Listing Rule 5635(c)(4) and are intended to encourage the new hires' entry into the company. The RSUs and options have terms similar to those in Assertio's 2014 Omnibus Incentive Plan. The stock options carry an exercise price of $1.19 per share, the closing price on the grant date, and will vest over three years starting from the first anniversary of the grant date.

Assertio Holdings has awarded its new CEO, Brendan P. O’Grady, 500,000 restricted stock units (RSUs) and 1,800,000 stock options as of May 31, 2024.

The stock options, which have an exercise price of $0.99 per share, and RSUs will vest equally over three years. These grants are in accordance with NASDAQ Listing Rule 5635(c)(4) and are material to Mr. O’Grady’s employment with Assertio.

Assertsio is a pharmaceutical company specializing in differentiated products.

Assertio Holdings, a pharmaceutical company known for its commercial capabilities and unique product offerings, announced its participation in the Sidoti Small Cap Conference on June 12, 2024. The event will be held virtually, with Ajay Patel, the Chief Financial Officer, presenting at 10:45 am Eastern Time. Investors can access the presentation through a webcast available on Assertio's investor relations website. Additionally, 1x1 meetings can be scheduled via Sidoti representatives or by contacting Assertio's investor relations.

On May 29, 2024, Assertio announced the appointment of Brendan P. O’Grady as the new CEO and a board member. O'Grady, with over 30 years in the pharmaceutical industry, has a strong record of accelerating sales growth and profitability. Most recently, he was CEO of Glenmark Pharmaceuticals' Global Formulations business, focusing on new product launches and market growth. His previous roles include key positions at Amwell and Teva Pharmaceuticals, where he drove significant growth and productivity. The Board expressed confidence in O'Grady's leadership to drive Assertio's strategic growth and diversification.

Assertio Holdings announced that CFO Ajay Patel will participate in the Benchmark & Company Healthcare House Call Virtual Conference on May 21-22, 2024. Assertio, listed on Nasdaq under the ticker ASRT, specializes in providing differentiated pharmaceutical products. Investors interested in scheduling a meeting can do so through their Benchmark representative or by contacting Assertio's investor relations.

The Buxton Helmsley Group (BHG), an investment fund manager, released a letter from Rumbi B. Petrozzello, a Certified Fraud Examiner, highlighting disclosure failures and deficiencies by the Board of Assertio Holdings (NASDAQ: ASRT). The letter presents significant concerns, urging stockholders to vote against all directors at the upcoming annual meeting on May 23, 2024. Petrozzello's analysis reveals issues like a steep 75% drop in intangible asset value post-Spectrum Pharmaceuticals acquisition, evasive responses from Assertio's management, and insufficient disclosures on contingent liabilities. BHG proposes independent investigation and has nominated Petrozzello to the Board, advocating for new oversight to protect investor interests.