Full Press Release Details
Provides 2023 Financial Guidance
Product Revenues, Net Expected in the Range of $565.0 Million to $580.0 Million -
Adjusted Operating Expenses* Expected in the Range of $135.0 Million to $145.0 Million -
Adjusted EBITDA* Expected in the Range of $355.0 Million to $370.0 Million -
$100 Million Share Repurchase Program Authorized by the Board of Directors -
Mass., January 4, 2023 -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL), a leading, diversified specialty pharmaceutical company,
today announced its 2023 full-year financial guidance and provided a business update.
was a pivotal year for Collegium. We achieved the first two phases of our Three Phase Action Agenda, which included integrating BDSI,
completing Xtampza ER contract renegotiations to ensure gross-to-net of less than 65%, and generating momentum across
our differentiated and distinctly positioned pain portfolio," said Joe Ciaffoni, President and Chief Executive Officer of Collegium.
"With these accomplishments, 2023 is set to be a banner year. We are focused on executing Phase 3, Accelerate, building our leadership
position in responsible pain management, and deploying capital to maximize shareholder value."
by Xtampza ER and Belbuca , we expect to immediately accelerate revenue growth making 2023 a banner year for Collegium.
With our fully synergized cost structure, we expect significant bottom-line expansion, with adjusted EBITDA expected to grow at over
four times the rate of adjusted operating expenses," said Colleen Tupper, Chief Financial Officer of Collegium. "We are committed
to deploying capital in a disciplined manner with business development as our highest priority. We plan to continue rapidly paying down
debt and opportunistically returning capital to shareholders through our new $100 million share repurchase program."
Non-GAAP financial measure. Please refer to the "Non-GAAP Financial Measures" section for details regarding these measures.
Collegium Pharmaceutical, Inc.
is a 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
have included information about certain non-GAAP financial measures in this press release. We use these non-GAAP financial measures to
understand, manage and evaluate our business as we believe they provide additional information on the performance of our business. We
believe that the presentation of these non-GAAP financial measures, taken in conjunction with our results under GAAP, provide analysts,
investors, lenders and other third parties insight into our view and assessment of our ongoing operating performance. In addition, we
believe that the presentation of these non-GAAP financial measures, when viewed with our results under GAAP and the accompanying reconciliations,
where applicable, provide supplementary information that may be useful to analysts, investors, lenders, and other third parties in assessing
our performance and results from period to period. We report these non-GAAP financial measures to portray the results of our operations
prior to considering certain income statement elements. These non-GAAP financial measures should be considered in addition to, and not
as a substitute for, or superior to, net income or other financial measures calculated in accordance with GAAP.
release we discuss the following financial measures that are not calculated in accordance with GAAP.
EBITDA is a non-GAAP financial measure that represents GAAP net income 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.
are several limitations related to the use of adjusted EBITDA rather than net income, which is the nearest GAAP equivalent, such as:
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.
have not provided a reconciliation of our full-year 2023 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 we are 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 we are 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 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.
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 2023 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: risks related to the ability to realize the anticipated benefits of our acquisitions at all
or within the expected time period; unknown liabilities; risks related to future opportunities and plans for our products, including
uncertainty of the expected financial performance of such products; the impact of the COVID-19 pandemic on our ability to conduct our
business, reach our customers, and supply the market with our products; our ability to commercialize and grow sales of our products;
our ability to manage our relationships with licensors; the success of competing products that are or become available; our ability to
obtain and maintain regulatory approval of our products and any product candidates, and any related restrictions, limitations, and/or
warnings in the label of an approved product; the size of the markets for our products and product candidates, 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 and product candidates; 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.
Schottlandt Argot Partners