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Assertio Holdings, Inc.
5/6/2024
to Matt Krebs, investor of relations for the company. Please go ahead.
Thank you. Good afternoon, and thank you, everyone, for joining us today to discuss Asardio's first quarter 2024 financials. The news release covering our results for this period is now available on the investor page of our website at investor.asardiotx.com. I would encourage you to review the press release and tables in conjunction with today's discussions. With me today are Heather Mason, interim CEO, A.J. Patel, CFO, and Paul Schrechtenberg, CCO. In just a moment, Heather will open the remarks and provide an overview of the business. Then A.J. will cover our financial results and guidance, followed by Paul with an update on our commercial strategies. After that, we will take questions from our covering research analysts. During this call, management will make projections and other forward-looking statements regarding our future performances. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in this afternoon's press release, as well as Sardio's filings with the SEC. These and other risks are more fully described in the risk factors section and other sections of our annual report on Form 10-K. Our actual results may differ materially from those projected in the forward-looking statements. Sardio specifically disclaims any intent or obligation to update these forward-looking statements except as required by law. And with that, I'll now turn the call over to Heather.
Please go ahead. Thank you, Matt. Welcome, everyone, and thank you for joining us today. Since stepping into the interim CEO role in January, I'm encouraged by the progress we are making as a business, and I am deeply grateful to all of my colleagues at Assertio who continue to work tirelessly for our patients and clinicians and to drive long-term value for our shareholders. We are off to a good start this year. Our first quarter is tracking with our full-year guidance, calling for sales of $110 to $125 million and EBITDA of $20 to $30 million. There is demonstrated execution across several fronts. Rolvidon Q1 sales are up 32% quarter over quarter. This is Rolvidon's fifth consecutive quarter of demand growth. a critical success measure in the intensely competitive long-acting GCSF category. Additionally, we completed enrollment of Rolvidan's same-day dosing trial early in Q2. We expect a data readout before year end, and the results could lead to an opportunity for product differentiation through medical society guidelines. Paul will expand on Rolvidon performance and further growth plans. Indicyn still has one generic competitor, and our share of the overall molecule is approximately 50%. We are working to maintain our volume at a competitive price while anticipating a second generic. We have successfully right-sized our organization, cut operating expenses, and have ensured we have the right team in place to deliver results. Additionally, we generated $7.5 million in cash in the quarter, important as we look to add accretive cash-generating assets that fit our lean commercial model. I also want to be clear. We are not satisfied with where our stock price is. but we believe that driving sustainable long-term shareholder value is best achieved by growing sales and profitability, by diversifying our revenue streams, and by generating more predictable cash flows. These are the tasks we are focused on every day. Finally, our CEO search is on track. The board is committed to finding the best candidates with a balance of commercial, financial, and business development skills. We've identified strong candidates, and I look forward to announcing our next CEO soon. And with that, I'll pass the call over to AJ to cover financials.
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