Collegium Reports Record Third Quarter 2024 Financial Results
Collegium Pharmaceutical reported strong Q3 2024 financial results with record net revenue of $159.3 million, up 17% year-over-year. The growth was driven by record revenues from Belbuca ($53.2M) and Xtampza ER ($49.5M). The company achieved GAAP net income of $9.3 million and record adjusted EBITDA of $105.1 million, up 18% year-over-year. A significant development was the acquisition of Ironshore Therapeutics, expanding into neurology with Jornay PM, which is expected to generate over $100 million in pro forma net revenue in 2024. The company reaffirmed its 2024 guidance with projected product revenues of $620-635 million.
Collegium Pharmaceutical ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un fatturato netto record di 159,3 milioni di dollari, in aumento del 17% rispetto all'anno precedente. La crescita è stata sostenuta da ricavi record da Belbuca (53,2 milioni di dollari) e Xtampza ER (49,5 milioni di dollari). L'azienda ha raggiunto un utile netto GAAP di 9,3 milioni di dollari e un EBITDA rettificato record di 105,1 milioni di dollari, in aumento del 18% anno su anno. Un sviluppo significativo è stata l'acquisizione di Ironshore Therapeutics, che permette di espandersi nel campo della neurologia con Jornay PM, che si prevede genererà oltre 100 milioni di dollari di fatturato netto pro forma nel 2024. L'azienda ha confermato le previsioni per il 2024 con ricavi previsti dei prodotti tra 620 e 635 milioni di dollari.
Collegium Pharmaceutical reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos netos récord de 159.3 millones de dólares, un 17% más que el año anterior. El crecimiento fue impulsado por ingresos récord de Belbuca (53.2 millones de dólares) y Xtampza ER (49.5 millones de dólares). La compañía logró un ingreso neto GAAP de 9.3 millones de dólares y un EBITDA ajustado récord de 105.1 millones de dólares, un aumento del 18% interanual. Un desarrollo significativo fue la adquisición de Ironshore Therapeutics, que expande su presencia en neurología con Jornay PM, que se espera que genere más de 100 millones de dólares en ingresos netos pro forma en 2024. La compañía reafirmó su guía para 2024 con ingresos proyectados de productos entre 620 y 635 millones de dólares.
콜레기움 제약은 2024년 3분기 재무 결과가 양호하며, 기록적인 순수익 1억 5천930만 달러를 보고했고, 이는 전년 대비 17% 증가한 수치입니다. 성장은 Belbuca(5천320만 달러)와 Xtampza ER(4천950만 달러)로부터의 기록적인 수익에 의해 주도되었습니다. 회사는 GAAP 순이익 930만 달러와 조정 EBITDA 1억 5천51만 달러를 달성했으며, 이는 전년 대비 18% 증가한 것입니다. 중요한 발전 사항은 Ironshore Therapeutics의 인수로, Jornay PM을 통해 신경학 분야로 확장하게 되며, 이는 2024년 중으로 1억 달러 이상의 추정 순수익을 창출할 것으로 예상됩니다. 회사는 2024년 가이던스를 재확인하며, 예상되는 제품 수익은 6억2천만에서 6억3천5백만 달러 사이입니다.
Collegium Pharmaceutical a rapporté des résultats financiers solides pour le troisième trimestre 2024, avec un chiffre d'affaires net record de 159,3 millions de dollars, en hausse de 17 % par rapport à l'année précédente. Cette croissance a été soutenue par des revenus record de Belbuca (53,2 millions de dollars) et d'Xtampza ER (49,5 millions de dollars). L'entreprise a réalisé un bénéfice net GAAP de 9,3 millions de dollars et un EBITDA ajusté record de 105,1 millions de dollars, en hausse de 18 % par rapport à l'année précédente. Un développement significatif a été l'acquisition d'Ironshore Therapeutics, permettant une expansion dans le domaine de la neurologie avec Jornay PM, qui devrait générer plus de 100 millions de dollars de revenus nets pro forma en 2024. L'entreprise a confirmé ses prévisions pour 2024 avec des revenus projetés des produits compris entre 620 et 635 millions de dollars.
Collegium Pharmaceutical hat solide Finanzzahlen für das dritte Quartal 2024 berichtet, mit einem Rekord-Nettoumsatz von 159,3 Millionen Dollar, was einem Anstieg von 17 % im Jahresvergleich entspricht. Das Wachstum wurde durch Rekordumsätze von Belbuca (53,2 Millionen Dollar) und Xtampza ER (49,5 Millionen Dollar) getrieben. Das Unternehmen erzielte GAAP-Nettoeinkommen von 9,3 Millionen Dollar und ein Rekord-EBITDA von 105,1 Millionen Dollar, was einem Anstieg von 18 % im Jahresvergleich entspricht. Eine bedeutende Entwicklung war die Übernahme von Ironshore Therapeutics, die den Eintritt in die Neurologie mit Jornay PM bedeutet, von dem erwartet wird, dass es 2024 mehr als 100 Millionen Dollar an pro forma Nettoumsatz generiert. Das Unternehmen bestätigte die Prognosen für 2024 mit projected product revenues von 620 bis 635 Millionen Dollar.
- Record quarterly revenue of $159.3M, up 17% YoY
- Record Belbuca revenue of $53.2M, up 17% YoY
- Record Xtampza ER revenue of $49.5M, up 24% YoY
- Adjusted EBITDA reached $105.1M, up 18% YoY
- Jornay PM prescriptions grew 31.2% YoY
- New payor win covering ~10M lives for Belbuca and Xtampza ER
- GAAP net income decreased to $9.3M from $20.6M YoY
- Operating expenses increased 76% YoY to $62.0M
- Cash position decreased to $120.0M from $310.5M as of December 2023
Insights
Record-breaking Q3 results demonstrate robust operational performance.
Key financial metrics show healthy growth with adjusted EBITDA reaching
The company maintains its updated 2024 guidance, projecting product revenues of
The strategic acquisition of Ironshore marks a significant pivot into neurology, diversifying beyond pain management. Jornay PM's
Core products show sustained market penetration with Belbuca prescriptions growing
– Generated Record Q3’24 Net Revenue of
– Achieved Q3’24 GAAP Net Income of
– Delivered Record Q3’24 Adjusted EBITDA of
– Closed Acquisition of Ironshore Therapeutics, Establishing Presence in Neurology (ADHD) –
– Appointed Vikram Karnani as Chief Executive Officer of Collegium –
– Conference Call Scheduled for Today at 4:30 p.m. ET –
STOUGHTON, Mass., Nov. 07, 2024 (GLOBE NEWSWIRE) -- 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, 2024, and provided a corporate update.
“Collegium’s strong operational execution led to record quarterly pain portfolio revenue, with
“Collegium continues to deliver on our commitment to top- and bottom- line growth, and we are on track to achieve our financial guidance for the year. The performance of our pain portfolio this quarter, including record Belbuca and Xtampza ER revenue, coupled with the immediate accretion from Jornay PM, which is expected to deliver pro forma net revenue in excess of
Business Highlights
- In September 2024, announced the closing of the acquisition of Ironshore Therapeutics Inc. (Ironshore), which included commercial product Jornay PM for the treatment of ADHD, establishing a presence in neurology. Jornay PM is poised to become Collegium’s lead growth driver.
- Jornay PM prescriptions grew
31.2% year-over-year in the nine months ended September 30, 2024. - Grew Belbuca total prescriptions
3.5% year-over-year and2.6% quarter-over-quarter in the quarter ended September 30, 2024. Belbuca net revenue was a record$53.2 million , up17% year-over-year. - Xtampza ER net revenue was a record
$49.5 million , up24% year-over-year. - Achieved a new payor win for Belbuca and Xtampza ER in a large integrated health system that represents approximately eight million commercial lives and two million Medicare Part D lives.
- Presented eight posters at PAINWeek Conference 2024 highlighting clinical and population health impact of Collegium’s differentiated pain portfolio.
- Presented a poster on Jornay PM at American Academy of Child and Adolescent Psychiatry (AACAP) 2024 Annual Meeting and Canadian ADHD Resource Alliance (CADDRA) 2024 ADHD Conference and had commercial and medical presence at 2024 Psych Congress.
- In November 2024, announced that Vikram Karnani has been appointed President and Chief Executive Officer of Collegium and will join its Board of Directors effective November 12, 2024.
Financial Guidance for 2024
The Company reaffirms its full-year 2024 guidance as updated in September 2024 following the close of the Ironshore acquisition for Product Revenues, Net, Adjusted Operating Expenses and Adjusted EBITDA for its current business.
| Product Revenues, Net | |
| Adjusted Operating Expenses (Excluding Stock-Based Compensation) | |
| Adjusted EBITDA (Excluding Stock-Based Compensation) | |
Financial Results for Quarter Ended September 30, 2024
- Product revenues, net were
$159.3 million for the quarter ended September 30, 2024 (the 2024 Quarter), compared to$136.7 million for the quarter ended September 30, 2023 (the 2023 Quarter), representing a17% increase year-over-year. - GAAP operating expenses were
$62.0 million for the 2024 Quarter, compared to$35.3 million for the 2023 Quarter, representing a76% increase year-over-year. Adjusted operating expenses, which exclude stock-based compensation and acquisition related expenses, were$34.8 million for the 2024 Quarter, compared to$28.3 million for the 2023 Quarter, representing a23% increase year-over-year. - GAAP net income for the 2024 Quarter was
$9.3 million , with$0.29 GAAP earnings per share (basic) and$0.27 GAAP earnings per share (diluted), compared to GAAP net income for the 2023 Quarter of$20.6 million , with$0.61 GAAP earnings per share (basic) and$0.53 GAAP earnings per share (diluted). Non-GAAP adjusted net income for the 2024 Quarter was$63.5 million , with$1.61 adjusted earnings per share, compared to non-GAAP adjusted net income for the 2023 Quarter of$55.0 million , with$1.34 adjusted earnings per share. - Adjusted EBITDA for the 2024 Quarter was
$105.1 million , compared to$89.4 million for the 2023 Quarter, representing an18% increase year-over-year. - The Company exited the 2024 Quarter with cash, cash equivalents and marketable securities of
$120.0 million , down from$310.5 million as of December 31, 2023.
Conference Call Information
The Company will host a conference call and live audio webcast on Thursday, November 7, 2024, at 4:30 p.m. ET. To access the conference call, please dial (877) 407-8037 (U.S.) or (201) 689-8037 (International) and reference the “Collegium Pharmaceutical Q3 2024 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 believe the presentation of these non-GAAP financial measures, when viewed with our results under GAAP and the accompanying reconciliations, provide analysts, investors, lenders, and other third parties with insights into how we evaluate normal operational activities, including our ability to generate cash from operations, on a comparable year-over-year basis and manage our budgeting and forecasting. In addition, certain non-GAAP financial measures, primarily adjusted EBITDA, are used to measure performance when determining components of annual compensation for substantially all non-sales force employees, including senior management.
We may discuss the following financial measures that are not calculated in accordance with GAAP in our quarterly and annual reports, earnings press releases, and conference calls.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or 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 or 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;
- 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 stock-based compensation expense from adjusted EBITDA although: (i) 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 (ii) 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;
- we exclude impairment expenses from adjusted EBITDA and, although these are non-cash expenses, the asset(s) 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;
- 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; and
- we exclude other expenses, from time to time, that 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 or 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 2024 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 2024 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: unknown liabilities; risks related to future opportunities and plans for our products, including uncertainty of the expected financial performance of such products; our ability to commercialize and grow sales of our products; our ability to successfully integrate the operations of Ironshore into our organization, and realize the anticipated benefits associated with the acquisition; our ability to manage our relationships with licensors; the success of competing products that are or become available; our ability to maintain regulatory approval of our products, and any related restrictions, limitations, and/or warnings in the label of our products; the size of the markets for our products, 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; 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:
Danielle Jesse
Director, Investor Relations
ir@collegiumpharma.com
Media Contact:
Marissa Samuels
Vice President, Corporate Communications
communications@collegiumpharma.com
| Collegium Pharmaceutical, Inc. Unaudited Selected Consolidated Balance Sheet Information (in thousands) | ||||||||
| | September 30, | December 31, | ||||||
| 2024 | 2023 | |||||||
| Cash and cash equivalents | $ | 38,960 | $ | 238,947 | ||||
| Marketable securities | 80,997 | 71,601 | ||||||
| Accounts receivable, net | 228,456 | 179,525 | ||||||
| Inventory | 38,032 | 32,332 | ||||||
| Prepaid expenses and other current assets | 32,365 | 15,195 | ||||||
| Property and equipment, net | 14,614 | 15,983 | ||||||
| Operating lease assets | 6,169 | 6,029 | ||||||
| Intangible assets, net | 946,875 | 421,708 | ||||||
| Restricted cash | 26,047 | 1,047 | ||||||
| Deferred tax assets | 72,509 | 26,259 | ||||||
| Other noncurrent assets | 4,171 | 825 | ||||||
| Goodwill | 145,959 | 133,857 | ||||||
| Total assets | $ | 1,635,154 | $ | 1,143,308 | ||||
| Accounts payable and accrued liabilities | 50,742 | 46,263 | ||||||
| Accrued rebates, returns and discounts | 313,874 | 227,331 | ||||||
| Business combination consideration payable | 28,956 | — | ||||||
| Term notes payable | 630,299 | 405,046 | ||||||
| Convertible senior notes | 236,911 | 262,125 | ||||||
| Operating lease liabilities | 7,185 | 7,112 | ||||||
| Deferred royalty obligation | 118,812 | — | ||||||
| Deferred revenue | 10,000 | — | ||||||
| Contingent consideration | 4,096 | — | ||||||
| Shareholders’ equity | 234,279 | 195,431 | ||||||
| Total liabilities and shareholders’ equity | $ | 1,635,154 | $ | 1,143,308 | ||||
| Collegium Pharmaceutical, Inc. Unaudited Condensed Statements of Operations (in thousands, except share and per share amounts) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Product revenues, net | $ | 159,301 | $ | 136,709 | $ | 449,500 | $ | 417,022 | |||||||
| Cost of product revenues | |||||||||||||||
| Cost of product revenues (excluding intangible asset amortization) | 21,706 | 20,081 | 60,611 | 74,237 | |||||||||||
| Intangible asset amortization | 40,801 | 36,317 | 109,833 | 111,246 | |||||||||||
| Total cost of product revenues | 62,507 | 56,398 | 170,444 | 185,483 | |||||||||||
| Gross profit | 96,794 | 80,311 | 279,056 | 231,539 | |||||||||||
| Operating expenses | |||||||||||||||
| Selling, general and administrative | 61,955 | 35,298 | 147,272 | 126,266 | |||||||||||
| Total operating expenses | 61,955 | 35,298 | 147,272 | 126,266 | |||||||||||
| Income from operations | 34,839 | 45,013 | 131,784 | 105,273 | |||||||||||
| Interest expense | (18,394 | ) | (20,768 | ) | (51,320 | ) | (64,058 | ) | |||||||
| Interest income | 3,280 | 4,538 | 12,164 | 11,312 | |||||||||||
| Loss on extinguishment of debt | (4,145 | ) | — | (11,329 | ) | (23,504 | ) | ||||||||
| Income before income taxes | 15,580 | 28,783 | 81,299 | 29,023 | |||||||||||
| Provision for income taxes | 6,245 | 8,149 | 24,645 | 12,808 | |||||||||||
| Net income | $ | 9,335 | $ | 20,634 | $ | 56,654 | $ | 16,215 | |||||||
| Earnings per share — basic | $ | 0.29 | $ | 0.61 | $ | 1.75 | $ | 0.47 | |||||||
| Weighted-average shares — basic | 32,259,468 | 33,744,209 | 32,339,401 | 34,226,488 | |||||||||||
| Earnings per share — diluted | $ | 0.27 | $ | 0.53 | $ | 1.51 | $ | 0.46 | |||||||
| Weighted-average shares — diluted | 40,163,266 | 42,058,821 | 40,400,483 | 35,149,154 | |||||||||||
| Collegium Pharmaceutical, Inc. Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (in thousands) (unaudited) | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| GAAP net income | $ | 9,335 | $ | 20,634 | $ | 56,654 | $ | 16,215 | |||||||||
| Adjustments: | |||||||||||||||||
| Interest expense | 18,394 | 20,768 | 51,320 | 64,058 | |||||||||||||
| Interest income | (3,280 | ) | (4,538 | ) | (12,164 | ) | (11,312 | ) | |||||||||
| Loss on extinguishment of debt | 4,145 | — | 11,329 | 23,504 | |||||||||||||
| Provision for income taxes | 6,245 | 8,149 | 24,645 | 12,808 | |||||||||||||
| Depreciation | 946 | 835 | 2,815 | 2,547 | |||||||||||||
| Amortization | 40,801 | 36,317 | 109,833 | 111,246 | |||||||||||||
| Stock-based compensation | 7,317 | 7,027 | 24,804 | 20,134 | |||||||||||||
| Litigation settlements | — | — | — | 8,500 | |||||||||||||
| Recognition of step-up basis in inventory | 1,301 | 198 | 1,301 | 15,116 | |||||||||||||
| CEO transition expense | — | — | 3,051 | — | |||||||||||||
| Acquisition related expenses | 19,886 | — | 19,886 | — | |||||||||||||
| Total adjustments | $ | 95,755 | $ | 68,756 | $ | 236,820 | $ | 246,601 | |||||||||
| Adjusted EBITDA | $ | 105,090 | $ | 89,390 | $ | 293,474 | $ | 262,816 | |||||||||
| Collegium Pharmaceutical, Inc. Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses (in thousands) (unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| GAAP operating expenses | $ | 61,955 | $ | 35,298 | $ | 147,272 | $ | 126,266 | |||||||
| Adjustments: | |||||||||||||||
| Stock-based compensation | 7,317 | 7,027 | 24,804 | 20,134 | |||||||||||
| Litigation settlements | — | — | — | 8,500 | |||||||||||
| CEO transition expense | — | — | 3,051 | — | |||||||||||
| Acquisition related expenses | 19,886 | — | 19,886 | — | |||||||||||
| Total adjustments | $ | 27,203 | $ | 7,027 | $ | 47,741 | $ | 28,634 | |||||||
| Adjusted operating expenses | $ | 34,752 | $ | 28,271 | $ | 99,531 | $ | 97,632 | |||||||
| 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 September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| GAAP net income | $ | 9,335 | $ | 20,634 | $ | 56,654 | $ | 16,215 | |||||||
| Adjustments: | |||||||||||||||
| Non-cash interest expense | 1,681 | 2,124 | 5,065 | 6,672 | |||||||||||
| Loss on extinguishment of debt | 4,145 | — | 11,329 | 23,504 | |||||||||||
| Amortization | 40,801 | 36,317 | 109,833 | 111,246 | |||||||||||
| Stock-based compensation | 7,317 | 7,027 | 24,804 | 20,134 | |||||||||||
| Litigation settlements | — | — | — | 8,500 | |||||||||||
| Recognition of step-up basis in inventory | 1,301 | 198 | 1,301 | 15,116 | |||||||||||
| CEO transition expense | — | — | 3,051 | — | |||||||||||
| Acquisition related expenses | 19,886 | — | 19,886 | — | |||||||||||
| Income tax effect of above adjustments (1) | (20,974 | ) | (11,300 | ) | (45,635 | ) | (42,274 | ) | |||||||
| Total adjustments | $ | 54,157 | $ | 34,366 | $ | 129,634 | $ | 142,898 | |||||||
| Non-GAAP adjusted net income | $ | 63,492 | $ | 55,000 | $ | 186,288 | $ | 159,113 | |||||||
| Adjusted weighted-average shares — diluted (2) | 40,163,266 | 42,058,820 | 40,400,483 | 41,679,546 | |||||||||||
| Adjusted earnings per share (2) | $ | 1.61 | $ | 1.34 | $ | 4.71 | $ | 3.91 | |||||||
| (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, 2024 and 2023 were | |
| (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, 2024 and 2023, adjusted weighted-average shares – diluted includes 6,606,305 and 7,509,104 shares, respectively, attributable to our convertible notes. For the nine months ended September 30, 2024 and 2023, adjusted weighted-average shares – diluted includes 6,606,305 and 6,530,392 shares, respectively, attributable to our convertible notes. In addition, adjusted earnings per share includes other potentially dilutive securities to the extent that they are not antidilutive. |
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