Assertio Holdings, Inc. reported a decline in revenues for the third quarter of 2024, with total revenues of $29.2 million, down from $35.6 million in the same period of 2023. Product sales also decreased, totaling $28.7 million compared to $35.1 million in the prior year. For the nine months ended September 30, 2024, total revenues were $92.8 million, a significant drop from $119.1 million in 2023. The decrease in revenue is attributed to increased reductions in sales allowances and a shift in product mix, particularly following the acquisition of Spectrum Pharmaceuticals, which added ROLVEDON to the product line.

Despite the revenue decline, Assertio reported a notable improvement in profitability metrics. The loss from operations for the third quarter of 2024 was $(3.0) million, a substantial reduction from $(228.3) million in the same quarter of 2023. The net loss for the third quarter was $(2.9) million, compared to $(279.5) million in the prior year. For the nine-month period, the net loss was $(11.1) million, down from $(274.6) million in 2023. This improvement in losses is attributed to a significant reduction in total costs and expenses, which were $32.3 million for the third quarter of 2024, compared to $263.9 million in the same quarter of 2023.

The company completed the acquisition of Spectrum Pharmaceuticals on July 31, 2023, which has been a strategic focus, particularly in expanding its oncology product offerings. The merger was accounted for under the acquisition method, and Assertio issued common stock and contingent value rights (CVRs) as part of the transaction. The CVRs are tied to future sales milestones for ROLVEDON, with potential payments based on achieving specific sales targets.

In terms of cash flow, Assertio reported net cash provided by operating activities of $14.9 million for the nine months ended September 30, 2024, down from $43.9 million in the same period of 2023. The company also experienced a net cash decrease of $(35.5) million, contrasting with an increase of $11.9 million in the prior year. The cash and cash equivalents at the end of the third quarter of 2024 stood at $38.0 million, down from $76.9 million at the same time in 2023.

Assertio's restructuring efforts, initiated as part of the Spectrum Reorganization Plan, have led to a reduction in workforce and operational costs, with restructuring charges of $0.7 million for the nine months ended September 30, 2024, compared to $3.0 million in the same period of 2023. The company continues to navigate various legal challenges, including ongoing opioid litigation and antitrust claims related to its products.