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Unless otherwise noted or required by context, use of Assertio, the Company, we, our and us refer to Assertio Holdings and/or its applicable subsidiary or subsidiaries. Reference to Assertio Specialty refers to Assertio Specialty Pharmaceuticals, LLC, and Spectrum refers to Spectrum Pharmaceuticals, Inc. and/or its applicable subsidiary or subsidiaries.
The business is unprofitable at the operating level (-18.14% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 5.0% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 207% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$28M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$102M
▼ -5.0% YoY
Net Income (TTM)
-$36M
▼ -40.7% YoY
Op. Margin
-26.21%
▲ +1.4pp YoY
ROIC
-15.97%
▼ -0.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$7M
▼ -206.7% YoY
Op. Cash Flow (TTM)
-$7M
▼ -206.7% YoY
Net Debt
-$31M
Net Cash Position
Cash & Equiv.
$72M
5Y CAGR: +2.2%
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