Acorda Therapeutics Reports Second Quarter 2023 Financial Results
- INBRIJA's 12% increase in Q2 2023 U.S. net revenue over Q2 2022 demonstrates growth. The company's new sales and marketing programs have led to a 42% increase in new PRFs, indicating future revenue growth.
- Revised 2023 INBRIJA U.S. net revenue guidance to $34-$38 million from $38-$42 million. The company does not expect to be cash flow neutral in 2023. AMPYRA's revenue continues to decline due to generic competition.
-
INBRIJA® (levodopa inhalation powder) Q2 2023 U.S. net revenue of
, a$8.3 million 12% increase from Q2 2022; ex-U.S. net revenue of$0.8 million -
New INBRIJA prescription request forms increased
42% in 1H 2023 over 2022 -
AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg Q2 2023 net revenue of
, a$16.9 million 7% decrease from Q2 2022; FAMPYRA royalty revenue of$2.9 million -
2023 INBRIJA
U.S. net revenue, adjusted operating expenses, and year-end cash guidance revised - Company does not expect to be cash flow neutral in 2023
- Nasdaq compliance regained after 1-for-20 reverse split
“INBRIJA’s growth in the first half of 2023 improved significantly versus the first half of 2022, including a
Dr. Cohen added, “We were also pleased that Ampyra continued to perform well, with flattening of its attrition curve. And we have continued to communicate with our bondholders to enable constructive approaches to servicing the Company’s convertible debt.”
Second Quarter 2023 Financial Results
For the quarter ended June 30, 2023, the Company reported INBRIJA worldwide net revenue of
For the quarter ended June 30, 2023, the Company reported AMPYRA net revenue of
Research and development (R&D) expenses for the quarter ended June 30, 2023 was
Total operating expenses for the quarter ended June 30, 2023 was
Non-GAAP adjusted operating expenses (adjusted OPEX) for the quarter ended June 30, 2023 was
Benefit from income taxes for the quarter ended June 30, 2023 was
The Company reported a net loss of
At June 30, 2023, the Company had cash, cash equivalents, and restricted cash of
2023 Financial Guidance
For the full year 2023, the Company revised INBRIJA
Reverse Split and Nasdaq Minimum Bid Price Compliance
On June 2, 2023, the Company completed a 1-for-20 reverse stock split of its outstanding and authorized shares of common stock, and it began trading on a split-adjusted basis at the market open on June 5, 2023. The Company subsequently received notification from the Nasdaq Stock Market that as of June 20, 2023 it had regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1), and the common stock continues to be listed and traded on the Nasdaq Global Select Market.
Board of Directors
At Acorda’s Annual Meeting of Stockholders on June 22, 2023, Tom Burns, the Senior Vice President of Finance and Chief Financial Officer of XOMA Corporation, was elected to the Company’s Board of Directors. Jeff Randall, who had served on Acorda’s Board since 2006, rotated off the Board.
Webcast and Conference Call
The Company will host a webcast/conference call in conjunction with its second quarter 2023 update and financial results today at 4:30 p.m. ET.
To participate in the Webcast, please use the following registration link:
If you register for the Webcast, you will have the opportunity to submit a written question for the Q&A portion of the presentation. After you have registered, you will receive a confirmation email with the Webcast details. On the day of the Webcast, you will receive an email 2 hours prior to the start of the Webcast with the link to join. The presentation will be available on the Investors section of www.acorda.com.
A replay of the call will be available from 8:30 p.m. ET on August 8, 2023, until 11:59 p.m. ET on September 7, 2023. To access the replay, please dial 1 866 813 9403 (domestic) or +1 929 458 6194 (international); access code 649308. The archived webcast will be available in the Investor Relations section of the Acorda website at www.acorda.com.
Non-GAAP Financial Measures
This press release includes financial results prepared in accordance with accounting principles generally accepted in
Adjusted OPEX includes research and development expenses and selling, general, and administrative expenses, and excludes (i) costs of goods sold, (ii) amortization of intangible assets, (iii) change in fair value of derivative liability, and (iv) change in fair value of acquired contingent liability. We are unable to reconcile our guidance for this non-GAAP measure to GAAP due to the forward-looking nature of the adjustments that are needed to determine this information, which includes information regarding future compensation charges, future changes in the market price of our common stock, and changes in the fair value of derivative and contingent liabilities, none of which are available at this time.
About Acorda Therapeutics
Acorda Therapeutics develops therapies to restore function and improve the lives of people with neurological disorders. INBRIJA® is approved for intermittent treatment of OFF episodes in adults with Parkinson’s disease treated with carbidopa/levodopa. INBRIJA is not to be used by patients who take or have taken a nonselective monoamine oxidase inhibitor such as phenelzine or tranylcypromine within the last two weeks. INBRIJA utilizes Acorda’s innovative ARCUS® pulmonary delivery system, a technology platform designed to deliver medication through inhalation. Acorda also markets the branded AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg.
Forward-Looking Statements
This press release includes forward-looking statements. All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or prospects should be considered forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including: we may not be able to successfully market INBRIJA, AMPYRA, or any other products that we may develop; our ability to attract and retain key management and other personnel, or maintain access to expert advisors; our ability to raise additional funds to finance our operations, repay outstanding indebtedness or satisfy other obligations, and our ability to control our costs or reduce planned expenditures and take other actions which are necessary for us to continue as a going concern; risks related to the successful implementation of our business plan, including the accuracy of our key assumptions; risks related to our corporate restructurings, including our ability to outsource certain operations, realize expected cost savings and maintain the workforce needed for continued operations; risks associated with complex, regulated manufacturing processes for pharmaceuticals, which could affect whether we have sufficient commercial supply of INBRIJA or AMPYRA to meet market demand; our reliance on third-party manufacturers for the production of commercial supplies of INBRIJA and AMPYRA; third-party payers (including governmental agencies) may not reimburse for the use of INBRIJA or AMPYRA at acceptable rates or at all and may impose restrictive prior authorization requirements that limit or block prescriptions; reliance on collaborators and distributors to commercialize INBRIJA and AMPYRA outside the
These and other risks are described in greater detail in our filings with the Securities and Exchange Commission. We may not actually achieve the goals or plans described in our forward-looking statements, and investors should not place undue reliance on these statements. Forward-looking statements made in this press release are made only as of the date hereof, and we disclaim any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release, except as may be required by law.
Financial Statements
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June 30, |
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December 31, |
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2023 |
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2022 |
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(unaudited) |
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Assets |
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Cash and cash equivalents |
$ |
25,270 |
|
|
$ |
37,536 |
|
Restricted cash - short term |
|
828 |
|
|
|
6,884 |
|
Trade receivable, net |
|
13,390 |
|
|
|
13,866 |
|
Other current assets |
|
10,629 |
|
|
|
11,077 |
|
Inventories, net |
|
14,797 |
|
|
|
12,752 |
|
Property and equipment, net |
|
2,163 |
|
|
|
2,603 |
|
Intangible assets, net |
|
289,700 |
|
|
|
305,087 |
|
Restricted cash - long term |
|
255 |
|
|
|
255 |
|
Right of use assets, net |
|
4,765 |
|
|
|
5,287 |
|
Other assets |
|
2,899 |
|
|
|
248 |
|
Total assets |
$ |
364,696 |
|
|
$ |
395,595 |
|
|
|
|
|
|
|
|
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Liabilities and stockholders' equity |
|
|
|
|
|
|
|
Accounts payable, accrued expenses and other current liabilities |
$ |
25,544 |
|
|
$ |
33,873 |
|
Current portion of lease liability |
|
1,567 |
|
|
|
1,545 |
|
Current portion of contingent consideration |
|
3,274 |
|
|
|
2,532 |
|
Convertible senior notes |
|
176,164 |
|
|
|
167,031 |
|
Non-current portion of acquired contingent consideration |
|
35,226 |
|
|
|
38,668 |
|
Non-current portion of lease liability |
|
3,764 |
|
|
|
4,341 |
|
Deferred tax liability |
|
39,556 |
|
|
|
44,202 |
|
Other long-term liabilities |
|
11,733 |
|
|
|
9,781 |
|
Total stockholders' equity |
|
67,868 |
|
|
|
93,622 |
|
Total liabilities and stockholders' equity |
$ |
364,696 |
|
|
$ |
395,595 |
|
Acorda Therapeutics, Inc.
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Revenues: |
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|
|
|
|
|
|
|
|
|
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Net product revenues |
$ |
25,965 |
|
|
$ |
27,484 |
|
|
$ |
44,684 |
|
|
$ |
46,059 |
|
Royalty revenues |
|
3,687 |
|
|
|
3,567 |
|
|
|
7,215 |
|
|
|
7,526 |
|
License revenue |
|
23 |
|
|
|
- |
|
|
|
34 |
|
|
|
- |
|
Total revenues |
|
29,675 |
|
|
|
31,051 |
|
|
|
51,933 |
|
|
|
53,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Cost of sales |
|
3,065 |
|
|
|
8,800 |
|
|
|
6,299 |
|
|
|
14,768 |
|
Research and development |
|
1,550 |
|
|
|
1,525 |
|
|
|
2,936 |
|
|
|
3,219 |
|
Selling, general and administrative |
|
21,825 |
|
|
|
30,067 |
|
|
|
44,339 |
|
|
|
57,005 |
|
Amortization of intangible assets |
|
7,691 |
|
|
|
7,691 |
|
|
|
15,382 |
|
|
|
15,382 |
|
Change in fair value of derivative liability |
|
— |
|
|
|
(7 |
) |
|
|
— |
|
|
|
(37 |
) |
Change in fair value of acquired contingent consideration |
|
(824 |
) |
|
|
(3,110 |
) |
|
|
(1,915 |
) |
|
|
(6,133 |
) |
Other operating expense, net |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total operating expenses |
|
33,307 |
|
|
|
44,966 |
|
|
|
67,041 |
|
|
|
84,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Operating loss |
$ |
(3,632 |
) |
|
$ |
(13,915 |
) |
|
$ |
(15,108 |
) |
|
$ |
(30,619 |
) |
Other income (expense), net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Interest expense, net |
|
(7,715 |
) |
|
|
(7,454 |
) |
|
|
(15,193 |
) |
|
|
(15,015 |
) |
Other income, net |
|
1 |
|
|
|
1,250 |
|
|
|
93 |
|
|
|
1,250 |
|
Total other expense, net |
|
(7,714 |
) |
|
|
(6,204 |
) |
|
|
(15,100 |
) |
|
|
(13,765 |
) |
|
|
|
|
|
|
|
|
|
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|
|
|
|
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Loss before income taxes |
|
(11,346 |
) |
|
|
(20,119 |
) |
|
|
(30,208 |
) |
|
|
(44,384 |
) |
Benefit from (provision for) income taxes |
|
1,965 |
|
|
|
(26,563 |
) |
|
|
4,003 |
|
|
|
(26,821 |
) |
Net loss |
$ |
(9,381 |
) |
|
$ |
(46,682 |
) |
|
$ |
(26,205 |
) |
|
$ |
(71,205 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net loss per common share - basic |
$ |
(7.55 |
) |
|
$ |
(54.01 |
) |
|
$ |
(21.10 |
) |
|
$ |
(97.33 |
) |
Net loss per common share - diluted |
$ |
(7.55 |
) |
|
$ |
(54.01 |
) |
|
$ |
(21.10 |
) |
|
$ |
(97.33 |
) |
|
|
|
|
|
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|
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|
|
|
|
|
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Weighted average common shares - basic |
|
1,242 |
|
|
|
864 |
|
|
|
1,242 |
|
|
|
732 |
|
Weighted average common shares - diluted |
|
1,242 |
|
|
|
864 |
|
|
|
1,242 |
|
|
|
732 |
|
Acorda Therapeutics, Inc.
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Three Months Ended |
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Three Months Ended |
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Six Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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June 30, |
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June 30, |
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|
2023 |
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|
2022 |
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|
2023 |
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|
2022 |
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Operating Expenses per Income Statement (GAAP) |
|
$ |
33,307 |
|
|
$ |
44,966 |
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|
$ |
67,041 |
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|
$ |
84,204 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Cost of goods sold |
|
|
(3,065 |
) |
|
|
(8,800 |
) |
|
|
(6,299 |
) |
|
|
(14,768 |
) |
Amortization of intangible assets |
|
|
(7,691 |
) |
|
|
(7,691 |
) |
|
|
(15,382 |
) |
|
|
(15,382 |
) |
Change in fair value of derivative liability |
|
|
- |
|
|
|
7 |
|
|
|
- |
|
|
|
37 |
|
Change in fair value of acquired contingent consideration |
|
|
824 |
|
|
|
3,110 |
|
|
|
1,915 |
|
|
|
6,133 |
|
Total adjustments |
|
|
(9,932 |
) |
|
|
(13,374 |
) |
|
|
(19,766 |
) |
|
|
(23,980 |
) |
Adjusted operating expenses (non-GAAP) |
|
$ |
23,375 |
|
|
$ |
31,592 |
|
|
$ |
47,275 |
|
|
$ |
60,224 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230808758177/en/
Tierney Saccavino
(914) 326-5104
tsaccavino@acorda.com
Source: Acorda Therapeutics
FAQ
What was Acorda Therapeutics, Inc.'s Q2 2023 U.S. net revenue for INBRIJA?
What was the Q2 2023 net revenue for AMPYRA?
What is Acorda Therapeutics, Inc.'s revised 2023 INBRIJA U.S. net revenue guidance?
Why does the company not expect to be cash flow neutral in 2023?