Assertio Holdings Inc (ASRT) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Assertio Holdings fourth-quarter and full-year 2023 results call. I would now like to welcome Matt Kreps, Investor Relations for the company to begin the call. Matt, over to you.

感謝您的耐心等待，歡迎參加 Assertio Holdings 第四季和 2023 年全年業績電話會議。現在我歡迎公司投資者關係部的 Matt Kreps 開始電話會議。馬特，交給你了。

Thank you, and good afternoon, everyone. Thank you for joining us today to discuss the Assertio's fourth-quarter and full-year 2023 financials. The news release covering our results for this period is now available on the Investor page of our website at investor.assertiotx.com. I would encourage you to review the release and the tables in conjunction with today's discussion.

謝謝大家，大家下午好。感謝您今天加入我們討論 Assertio 的第四季度和 2023 年全年財務狀況。有關我們這段時期業績的新聞稿現已發佈在我們網站的投資者頁面：investor.assertiotx.com。我鼓勵您結合今天的討論來查看該版本和表格。

With me today are Heather Mason, Interim CEO; Ajay Patel, Chief Financial Officer; and Paul Schwichtenberg, Chief Commercial Officer. In just a moment, Heather will open the remarks and provide an overview of the business. Then, Ajay will cover our financial results and guidance, followed by Paul with an update on our commercial strategies. After that, we will take a few questions from our covering analysts.

今天與我在一起的有臨時執行長希瑟梅森 (Heather Mason)；阿傑·帕特爾，財務長；和首席商務官 Paul Schwichtenberg。稍後，希瑟將開始致辭並概述業務。然後，阿賈伊將介紹我們的財務業績和指導，隨後保羅將介紹我們商業策略的最新情況。之後，我們將回答我們的分析師的一些問題。

During this call, management will make projections and other forward-looking statements regarding our future performance. Such forward-looking statements are not guarantees of future performance. They involve risks and uncertainties, including those noted in this afternoon's press release as well as Assertio's filings with the SEC.

在這次電話會議中，管理階層將對我們未來的業績做出預測和其他前瞻性陳述。此類前瞻性陳述並非對未來績效的保證。它們涉及風險和不確定性，包括今天下午的新聞稿以及 Assertio 向 SEC 提交的文件中指出的風險和不確定性。

These and other risks are more fully described in the risk factors section and other sections of our annual report on Form 10-K. Our actual results may differ materially from forward-looking statements, and Assertio specifically disclaims any intent or obligation to update these forward-looking statements except as required by law.

這些風險和其他風險在我們 10-K 表年度報告的風險因素部分和其他部分中有更全面的描述。我們的實際結果可能與前瞻性聲明有重大差異，除法律要求外，Assertio 特別聲明不承擔任何更新這些前瞻性陳述的意圖或義務。

And with that, I will now turn the call over to Heather. Please go ahead.

現在，我將把電話轉給希瑟。請繼續。

Welcome, everyone, to our fourth-quarter results and thank you for joining. Today, I'm excited to be here with Ajay, our CFO; and Paul, our Chief Commercial Officer, to give you a comprehensive update on Assertio, our business, and our direction.

歡迎大家閱讀我們的第四季業績，並感謝您的加入。今天，我很高興能與我們的財務長 Ajay 一起來到這裡。我們的商務長 Paul 將為您提供有關 Assertio、我們的業務和方向的全面最新資訊。

I'm here to share our solid operating results for fourth quarter and a strong balance sheet at year end; our strategy for Rolvedon, our most important growth driver; our outlook for Indocin, including Q4 actual results and our 2024 assumptions; our lower operating expense base designed to maximize the commercial contribution and cash flow generation opportunities; our continuing plans on corporate business development; and importantly, updated guidance for the year ahead.

我在這裡分享我們第四季度穩健的經營業績和年底強勁的資產負債表；我們對 Rolvedon 的策略，我們最重要的成長動力；我們對 Indocin 的展望，包括第四季度的實際結果和我們 2024 年的假設；我們較低的營運費用基礎旨在最大限度地提高商業貢獻和現金流產生機會；我們對企業業務發展的持續計畫；重要的是，更新了未來一年的指導。

Assertio's direction and financials have shifted as a result of the Rolvedon acquisition and generic competition for Indocin. We remain focused on cost-efficient operation and cash generation with Rolvedon as the primary growth driver. Our goal today is to frame future performance expectations, given this evolution.

由於收購 Rolvedon 以及 Indocin 的仿製藥競爭，Assertio 的發展方向和財務狀況發生了變化。我們仍然專注於經濟高效的營運和現金生成，並將 Rolvedon 作為主要成長動力。鑑於這種演變，我們今天的目標是製定未來的績效預期。

I do want to thank all of our stakeholders, investors, and partners for their patience, while we have navigated several challenging months in 2023. I'd also like to acknowledge the talented hard-working team at Assertio, who have demonstrated exceptional dedication to success in delivering the results reported today. Having worked with them over the past few months. I am confident in this team's ability to deliver on these and future plans.

我確實要感謝我們所有利害關係人、投資者和合作夥伴在我們度過 2023 年充滿挑戰的幾個月時所給予的耐心。我還要感謝 Assertio 才華橫溢、勤奮工作的團隊，他們為成功交付今天報告的結果表現出了非凡的奉獻精神。過去幾個月與他們一起工作。我對這個團隊實現這些計劃和未來計劃的能力充滿信心。

As you know, I've been an independent member of Assertio Board since 2019. In my prior professional roles, we focused on commercial execution and operational leadership by increasing product sales and share, aligning expenses with growth, and managing balance sheet efficiency, all highly relevant to Assertio today. In addition, we've made good progress in our search for a permanent CEO. The expectation is that this new leader will continue to deliver against our strategy of existing asset growth, lean operating expenses, and acquisition that fit our go-to-market model.

如你所知，自 2019 年以來我一直是 Assertio 董事會的獨立成員。在我之前的專業職位中，我們透過增加產品銷售和份額、根據成長調整支出以及管理資產負債表效率來專注於商業執行和營運領導，所有這些都與今天的 Assertio 高度相關。此外，我們在尋找永久執行長方面也取得了良好進展。我們期望這位新領導者將繼續按照我們的現有資產成長、精益營運支出和適合我們進入市場模式的收購策略來實現。

To that point, the results we released this afternoon demonstrate the durability of our Assertio business model. We are reporting sequentially increased Rolvedon revenue. We are thoughtfully managing Indocin volume and price, given generic competition. We remain operating cash flow positive. And today we also shared our guidance for the year ahead, with sales expected to be in the range of $110 million to $125 million and EBITDA in the $20 million to $30 million range.

就這一點而言，我們今天下午發布的結果證明了我們 Assertio 商業模式的持久性。我們報告 Rolvedon 收入連續成長。鑑於仿製藥的競爭，我們正在謹慎管理吲哚美辛的數量和價格。我們的營運現金流仍然為正。今天我們也分享了對未來一年的指導，預計銷售額將在 1.1 億至 1.25 億美元之間，EBITDA 將在 2,000 萬至 3,000 萬美元之間。

To reiterate, we are excited to have Rolvedon in our portfolio for its growth prospects, which have been brought to life by name meetings with key customers and in working with our sales and marketing organization. And as a reminder of the broader organization, Ajay became our CFO in November and Paul has now formally transitioned to Chief Commercial Officer, leveraging his in-depth knowledge of Assertio and strong commercial finance background.

重申一下，我們很高興將 Rolvedon 納入我們的產品組合中，因為它的成長前景是透過與主要客戶的姓名會議以及與我們的銷售和行銷組織的合作而實現的。作為更廣泛的組織的提醒，Ajay 於 11 月成為我們的首席財務官，Paul 現已正式過渡為首席商務官，利用他對 Assertio 的深入了解和強大的商業金融背景。

I'd also like to highlight the news included in today's release that Sig Kirk will be joining our Board of Directors in April. Sig joined Assertio as an external adviser in January, bringing extensive business development, finance, and strategic expertise. Sig most recently served as Executive Vice President overseeing corporate business development at Allergan.

我還想強調今天的新聞稿中包含的消息，即 Sig Kirk 將於四月加入我們的董事會。Sig 於 1 月加入 Assertio，擔任外部顧問，帶來了廣泛的業務開發、財務和策略專業知識。Sig 最近擔任艾爾建 (Allergan) 的執行副總裁，負責監督公司業務發展。

During his 11 year tenure, he led more than 75 deals from small tuck-in asset acquisitions and licensing to larger M&A transactions, driving both revenue and market cap growth. I look forward to working with Sig in his capacity as a Board member.

在他的 11 年任期內，他領導了超過 75 筆交易，從小型資產收購和許可到大型併購交易，推動了收入和市值的成長。我期待以董事會成員的身份與 Sig 合作。

And with that, I'll pass the call over to Ajay, who will cover the financials.

然後，我會將電話轉給 Ajay，他將負責財務事宜。

Thanks, Heather. Today, I would like to cover our financial results for the fourth quarter of 2023 and provide some background and context on our financial guidance for full year 2024.

謝謝，希瑟。今天，我想介紹我們 2023 年第四季的財務業績，並提供一些有關我們 2024 年全年財務指引的背景和背景。

Before I began as it relates to our comparison of the fourth quarter to the prior year fourth quarter, I want to establish that the 2022 fourth quarter was an all-time high for Indocin, which contributed to those overall results. Since then, both Indocin and Cambia had generic entrants and we have acquired Rolvedon, which is a new growth driver.

在開始之前，由於我們將第四季度與去年第四季度進行比較，我想確定 2022 年第四季度是 Indocin 的歷史最高水平，這對整體業績做出了貢獻。從那時起，Indocin 和 Cambia 都有仿製藥進入，我們收購了 Rolvedon，這是一個新的成長動力。

For the current year fourth quarter, our total sales were $32.5 million, including Rolvedon sales of $11 million and Indocin sales of $10.8 million. Rolvedon sales improved sequentially since closing of the acquisition on July 31, 2023. We have now addressed the channel inventory issue highlighted in the prior quarter as well as streamlined and focused our commercial team to continue to grow this asset. Indocin sales declined both sequentially and compared to prior year fourth quarter, due to the entrance of a generic competitor in August 2023.

今年第四季度，我們的總銷售額為 3,250 萬美元，其中 Rolvedon 銷售額為 1,100 萬美元，Indocin 銷售額為 1,080 萬美元。自 2023 年 7 月 31 日收購完成以來，Rolvedon 的銷售額較上季有所改善。我們現在已經解決了上一季突出的通路庫存問題，並精簡和集中了我們的商業團隊，以繼續成長這項資產。由於 2023 年 8 月仿製藥競爭對手的進入，吲哚辛銷售額環比下降，與去年第四季相比也有所下降。

Gross margin in the fourth quarter was 70%, decreased from 88% in the prior year fourth quarter. Of the change, inventory step-up amortization contributed 9 percentage points of the decrease in margin with the remaining reduction, primarily due to change in sales mix from the addition of Rolvedon and decrease in higher margin Indocin and Cambia.

第四季毛利率為70%，低於去年第四季的88%。其中，庫存逐步攤銷佔利潤率下降的 9 個百分點，其餘下降主要是由於 Rolvedon 的加入導致銷售組合發生變化以及利潤率較高的 Indocin 和 Cambia 的下降。

Turning to operating expenses, SG&A expense was $24 million, increased from $13.7 million in the prior year fourth quarter. The fourth quarter included approximately $9.5 million in higher operating expense due to the addition of Spectrum. Adjusted operating expense in the fourth quarter was $21.8 million.

說到營運支出，SG&A 支出為 2,400 萬美元，高於去年第四季的 1,370 萬美元。由於 Spectrum 的加入，第四季度營運費用增加了約 950 萬美元。第四季調整後營運費用為 2,180 萬美元。

GAAP income from operations for the fourth quarter was a loss of $32.3 million, which included a few noncash adjustments. We recognized a $41 million impairment charge for intangible assets, which primarily pertain to Indocin and a $17 million benefit for the change in fair value of the Indocin contingent liability. Both adjustments were primarily driven by the impact of generic competition.

第四季 GAAP 營運收入虧損 3,230 萬美元，其中包括一些非現金調整。我們確認了 4,100 萬美元的無形資產減損費用（主要與 Indocin 相關）以及 Indocin 或有負債公允價值變動的 1,700 萬美元收益。這兩項調整主要是受仿製藥競爭的影響所推動的。

Adjusted EBITDA is a good indicator of the operating performance of our core business. Q4 adjusted EBITDA came in at a positive $4.5 million, demonstrating the durability of our business model, even in a transitionary period. Please refer to our press release for a detailed reconciliation of our adjusted EBITDA results.

調整後的 EBITDA 是我們核心業務經營績效的良好指標。第四季調整後 EBITDA 為 450 萬美元，證明了我們業務模式的持久性，即使在轉型時期也是如此。請參閱我們的新聞稿，以了解調整後 EBITDA 結果的詳細對帳資訊。

Crossing over to the balance sheet, cash at year end was $73.4 million and debt was $40 million, which consists of 6.5% convertible notes due August 2027. We generated a positive $5.7 million in cash flow from operations during the fourth quarter.

轉到資產負債表，年末現金為 7,340 萬美元，債務為 4,000 萬美元，其中包括 2027 年 8 月到期的 6.5% 可轉換票據。第四季我們的營運現金流為 570 萬美元。

As Heather mentioned, today, we announced guidance for 2024. We expect net product sales in a range of $110 million to $125 million. Historically, we have now provided product level guidance, but we recognize that Q4 and the start of 2024 has been a dynamic period, including revenue composition and continuing our OpEx run rates. Therefore, for modeling purposes, we wanted to provide additional product level contacts for Rolvedon and Indocin on a onetime basis.

正如 Heather 所提到的，今天我們宣布了 2024 年的指導方針。我們預計產品淨銷售額在 1.1 億美元至 1.25 億美元之間。從歷史上看，我們現在提供了產品層級的指導，但我們認識到第四季度和 2024 年初是一個動態時期，包括收入組成和持續的營運支出運行率。因此，出於建模目的，我們希望一次為 Rolvedon 和 Indocin 提供額外的產品級聯絡人。

As part of our 2024 plan, we expect Rolvedon net sales to approach $60 million. Paul will provide additional context on our Rolvedon outlook. For 2024m we expect Indocin net sales in a range of $18 million to $25 million.

作為我們 2024 年計劃的一部分，我們預計 Rolvedon 的淨銷售額將接近 6000 萬美元。保羅將為我們對羅爾維登的前景提供更多背景資訊。我們預計 Indocin 到 2024 百萬年的淨銷售額將在 1800 萬美元至 2500 萬美元之間。

We expect continued unfavorability as a result of generic competition throughout 2024 both from a pricing and volume. Although we don't have visibility into the generic approval process, for purposes of our 2024 planning, we have assumed an additional generic entrant.

我們預計 2024 年仿製藥競爭將在定價和銷售方面持續不利。儘管我們無法了解仿製藥審批流程，但出於 2024 年規劃的目的，我們假設了一個額外的仿製藥進入者。

From an operating results standpoint, we anticipate adjusted EBITDA in a range of $20 million to $30 million. Gross profit will be impacted by lower sales base and declining contribution from Indocin, which previously contributed higher margins. We expect adjusted operating expenses for the total company to be between $65 million and $70 million.

從經營業績的角度來看，我們預計調整後的 EBITDA 在 2,000 萬美元至 3,000 萬美元之間。毛利將受到銷售基礎下降和 Indocin 貢獻下降的影響，而 Indocin 先前貢獻了較高的利潤率。我們預計整個公司調整後的營運費用將在 6,500 萬美元至 7,000 萬美元之間。

When we announced the Spectrum acquisition, we expected a $55 million increase in operating expenses on top of the legacy Assertio organization of about $40 million to $45 million. Subsequent to the fourth quarter, Assertio further refined its combined organization and now anticipates combined operating expenses to this much lower total range. These numbers are approximations and now formal guidance, but we hope that they will help you fully appreciate our focus on operating cost efficiency and aligning expenses to sales.

當我們宣布收購 Spectrum 時，我們預計在原有 Assertio 組織營運費用增加約 4,000 萬至 4,500 萬美元的基礎上，營運費用將增加 5,500 萬美元。第四季之後，Assertio 進一步完善了其合併後的組織，目前預計合併後的營運支出將大幅降低。這些數字是近似值，現在是正式指導，但我們希望它們能幫助您充分理解我們對營運成本效率和使費用與銷售保持一致的關注。

I would also note that as we develop the plan for 2024, we were very mindful of the change in revenues and gross profits and responded with an intense focus on ensuring our planned costs and investments were supporting growth in Rolvedon. As Heather mentioned, we expect to remain cash positive in 2024. And based on our adjusted EBITDA outlook, we are targeting to end the year with a cash balance of between $90 million and $100 million.

我還要指出的是，在我們制定 2024 年計畫時，我們非常關注收入和毛利的變化，並專注於確保我們的計畫成本和投資支持羅爾維登的成長。正如 Heather 所提到的，我們預計 2024 年將維持現金正值。根據我們調整後的 EBITDA 前景，我們的目標是年底現金餘額在 9,000 萬至 1 億美元之間。

Closing out my remarks, I have a couple of notes that are important to keep in mind as well. First, I would remind everyone that the plan I've just highlighted makes no assumption about the potential impact from possible BD transaction, which we continue to seek and evaluate. Any action on that front would require an update to our outlook.

在結束我的發言時，我有一些重要的註釋也需要牢記在心。首先，我想提醒大家，我剛才強調的計劃沒有對可能的 BD 交易的潛在影響做出任何假設，我們將繼續尋求和評估這一點。這方面的任何行動都需要更新我們的前景。

Second, our shelf registration statement recently expired. So we have taken the customary action of filing a new registration statement today to renew our availability under that instrument. That renewal action is not an indication of any pending transaction or other activities.

其次，我們的貨架註冊聲明最近過期了。因此，我們今天按照慣例提交了一份新的註冊聲明，以更新我們在該文書下的可用性。此續約操作並不表示任何待處理的交易或其他活動。

I'll now turn the call over to Paul to discuss our commercial organization and strategy.

我現在將把電話轉給保羅，討論我們的商業組織和策略。

Thank you, Ajay. I'm pleased to be here today to update you on our commercial growth plans in particular for Rolvedon. We are very excited to have this product in our portfolio and see excellent growth prospects in 2024 and after. The past several months has been a learning process as we work through several issues we inherited, including short-term incentives that were offered to customers, which resulted in excess inventory in the channel at the end of the second quarter of 2023.

謝謝你，阿傑。我很高興今天能在這裡向您介紹我們的商業成長計劃，特別是 Rolvedon 的最新情況。我們非常高興將該產品納入我們的產品組合，並看到 2024 年及以後的良好成長前景。過去幾個月是一個學習過程，我們解決了繼承的幾個問題，包括向客戶提供的短期激勵措施，導致 2023 年第二季末通路庫存過剩。

It was this excess inventory in the channel that resulted in the lower-than-expected Rolvedon net sales in the third quarter of 2023. In Q4 '23, we have seen a return to normal inventory levels consistent with the Assertio's inventory management practices and the resulting net sales of $11 million, reflecting a 38% increase over the pro-forma third quarter.

正是通路庫存過剩，導致 Rolvedon 2023 年第三季淨銷售額低於預期。在 23 年第 4 季度，我們看到庫存恢復到與 Assertio 的庫存管理實踐一致的正常庫存水平，並由此產生 1100 萬美元的淨銷售額，比預計第三季度增長了 38%。

Even with this increase, the fourth quarter was impacted by further channel inventory reductions. That issue is now behind us and we are managing inventory and sell through in line with the Assertio derived business practices that have made us successful on our other products. Going forward, our focus was to ensure alignment between demand and ex-factory sales, which will allow us to better forecast Rolvedon net sales going forward. We believe this practice, along with our overall growth strategy, will enable us to generate consistent, predictable growth throughout 2024 and ultimately take the asset to over $100 million in sales beyond '24.

即使出現這種成長，第四季仍受到通路庫存進一步減少的影響。這個問題現在已經過去了，我們正在根據 Assertio 衍生的業務實踐來管理庫存和銷售，這些業務實踐使我們在其他產品上取得了成功。展望未來，我們的重點是確保需求和出廠銷售之間的一致性，這將使我們能夠更好地預測 Rolvedon 未來的淨銷售。我們相信，這種做法以及我們的整體成長策略將使我們能夠在 2024 年實現持續、可預測的成長，並最終使該資產在 2024 年後的銷售額超過 1 億美元。

Rolvedon has now acquired an estimated 30% share in our current served markets, and we see opportunity to continue to expand our market share through our excellent contracting and commercial access team capabilities. Additionally, Rolvedon has seen sequential quarter-over-quarter demand growth since launch, and we expect this to continue into 2024.

Rolvedon 目前已在我們目前服務的市場中獲得了約 30% 的份額，我們看到了透過我們出色的承包和商業准入團隊能力繼續擴大市場份額的機會。此外，自推出以來，Rolvedon 的需求將較上季成長，我們預計這種情況將持續到 2024 年。

We will continue to invest in properly in this growth opportunity, both in people and resources. We will have in-person promotion that will be focused on customer expansion, and we intend to leverage our nonpersonal digital promotion models to further drive Rolvedon awareness. But we see this as a starting line and just the early innings and the opportunity for this asset. At the core of this strategy is our excellent in-person oncology sales, contracting and commercial access teams that will drive and enhance our market position, augmented by our innovative nonpersonal promotion model and virtual resources.

我們將繼續在人力和資源方面對此成長機會進行適當投資。我們將進行以客戶拓展為重點的面對面促銷，並且我們打算利用我們的非個人數位促銷模式進一步提高 Rolvedon 的知名度。但我們認為這是一條起跑線，只是早期的幾局和該資產的機會。這項策略的核心是我們優秀的現場腫瘤銷售、簽約和商業准入團隊，這些團隊將推動和增強我們的市場地位，並透過我們創新的非個人促銷模式和虛擬資源得到增強。

As you saw in our press release today, we announced the continued evolution of our Rolvedon commercial organization, which included a reduction in the size of the organization and a shift of resources to support our expansion to new customers and drive our overall growth strategy. These changes were carefully considered and the optimized structure reflecting a full commercial team of 32, including 16 field sales professionals, will ensure that we continue to maximize our overall profitability.

正如您在今天的新聞稿中看到的，我們宣布了 Rolvedon 商業組織的持續發展，其中包括縮小組織規模和轉移資源，以支持我們向新客戶的擴張並推動我們的整體成長策略。這些變化經過仔細考慮，優化的結構反映了 32 名完整的商業團隊（包括 16 名現場銷售專業人員），將確保我們繼續最大限度地提高整體盈利能力。

I would also like to recognize our commercial team that has remained dedicated and focused since the Spectrum acquisition and express my sincere excitement to work with them going forward. I am truly impressed by this team and their dedication to Rolvedon.

我還要感謝我們的商業團隊，他們自收購 Spectrum 以來一直保持專注和專注，並表達我對未來與他們合作的真誠興奮。這支球隊以及他們對羅爾維登的奉獻精神給我留下了深刻的印象。

I hope this gives you a clearer picture of why we are excited about this important asset and how we expect to continue to grow our base. I'll also share one final thought on Rolvedon as I know many of you have maintained interest and the potential Rolvedon to be a solution for same-day dosing, an important consideration to clinics and patients. Trial enrollment has accelerated, and we anticipate results later this year. We will provide updates on same-day dosing in the future as information becomes available.

我希望這能讓您更清楚地了解為什麼我們對這項重要資產感到興奮，以及我們期望如何繼續擴大我們的基礎。我也會分享關於 Rolvedon 的最後一個想法，因為我知道你們中的許多人一直保持著興趣，並且 Rolvedon 可能成為當天給藥的解決方案，這是診所和患者的一個重要考慮因素。試驗註冊已經加速，我們預計今年稍後會有結果。將來，一旦有資訊可用，我們將提供當天給藥的最新資訊。

With that, I'll turn the call back to the operator for Q&A from our covering analysts.

這樣，我會將電話轉回給接線員，讓我們的分析師來問答。

(Operator Instructions) Thomas Flaten, Lake Street Capital Markets.

（操作員說明）Thomas Flaten，湖街資本市場。

Thanks. I appreciate you taking the questions. Paul, maybe I can just start with you. You mentioned a reduction, I think, in the footprint. I heard 16 reps, but you also mentioned a shift in resources to new customer opportunities. I'm sorry. I'm paraphrasing you there. Could you maybe expand on what exactly that means?

謝謝。感謝您提出問題。保羅，也許我可以從你開始。我認為您提到了足跡的減少。我聽到了 16 位代表，但您也提到了將資源轉向新客戶機會。對不起。我在那裡解釋你。您能否詳細說明一下這到底意味著什麼？

Yeah, I think, the answer there, Thomas, is that we are trying to align our commercial sales organization to support our existing customer base and allow us the opportunity to be able to expand to new customers. What I would say is that our commercial team has been very focused on cultivating relationships with both existing customers and new customers. And we want to make sure that we're aligned so that we can grow our volume with those existing customers and reach out further to the new customers to get them onboard.

是的，我認為，托馬斯，答案是我們正在努力調整我們的商業銷售組織，以支持我們現有的客戶群，並讓我們有機會擴展到新客戶。我想說的是，我們的商務團隊一直非常注重培養與現有客戶和新客戶的關係。我們希望確保我們保持一致，以便我們能夠增加現有客戶的數量，並進一步接觸新客戶以吸引他們加入。

And maybe some learnings now that you've had the product under your belt for a while. What is it or is there profile of customer that is switching to Rolvedon? Are there some learnings there that you could share with us? Who is the ideal customer at this point?

也許您已經掌握該產品一段時間了，也許能學到一些東西。轉向 Rolvedon 的客戶是什麼或有什麼資料？您可以與我們分享一些經驗嗎？此時誰是理想的客戶？

I would say the ideal customer are those customers that, I would say, have had challenges in the oncology space, in terms of cost. And we bring a value proposition to the table that's important to them.

我想說，理想的客戶是那些在腫瘤學領域在成本上面臨挑戰的客戶。我們提出了對他們來說很重要的價值主張。

And then you mentioned the new customers. Are those --are we still focused on the clinic? Or are you spreading your wings beyond the traditional clinic, which is where Spectrum was started with this?

然後你提到了新客戶。那些——我們仍然專注於診所嗎？還是您正在將業務拓展到傳統診所之外（Spectrum 就是從傳統診所起步的）？

The answer Thomas is both. We've had great success in the clinics. As I mentioned in my script, we had a 30% market share that we've achieved recently in the clinic space. And as I mentioned, we think we can grow that space. But in addition to that, we are looking at expanding outside and reaching out to new channels that will help us grow the product.

湯瑪斯的答案是兩者兼具。我們在診所取得了巨大的成功。正如我在腳本中提到的，我們最近在診所領域取得了 30% 的市場份額。正如我所提到的，我們認為我們可以擴大這個空間。但除此之外，我們正在考慮向外擴張並接觸新的管道，這將有助於我們發展產品。

And then just one final one, if I may. The significance of the cut beyond the Rolvedon organization, is there any commentary you can provide on that? I'm just trying to understand what the impact to the non-Rolvedon oriented organization was.

如果可以的話，然後是最後一篇。這次削減對羅爾維登組織以外的意義重大，您對此有何評論？我只是想了解對非 Rolvedon 導向的組織的影響是什麼。

Are you talking about in terms of the reorg?

您是在談論重組嗎？

Yes, yes, correct. Sorry.

是的，是的，正確。對不起。

Sorry. Hey, Thomas. This is Heather. Minimal impact to the rest of the organization. It was really a focus of having the right size for the Rolvedon go-to-market work.

對不起。嘿，托馬斯。這是希瑟。對組織其他部門的影響最小。為 Rolvedon 上市工作提供合適的規模確實是一個重點。

Jim Sidoti, Sidoti & Company.

吉姆‧西多蒂 (Jim Sidoti)，西多蒂公司。

Hi, good afternoon, and thanks for taking the questions. First, can you repeat what was the guidance for operating expenses 2024? I missed that.

你好，下午好，感謝您提出問題。首先，您能否重複一下 2024 年營運費用指引是什麼？我錯過了。

Hey, Jim. This is Ajay. So our guidance for EBITDA was $20 million to $30 million. And to help you baseline on operating expenses, the operating expenses we're expecting between $65 million and $70 million.

嘿，吉姆。這是阿傑。因此，我們對 EBITDA 的指導為 2000 萬至 3000 萬美元。為了幫助您確定營運費用基準，我們預計營運費用在 6,500 萬美元到 7,000 萬美元之間。

Okay, great. And then you gave an outlook for Rolvedon to grow sales in excess of $100 million. Do you need same-day dosing to be a part of that or is that outside of same-day dosing?

好的，太好了。然後您給出了 Rolvedon 銷售額增長超過 1 億美元的前景。您是否需要當天給藥作為其中的一部分，還是在當天給藥之外？

That would be outside of same-day dosing.

這不屬於當天給藥的範圍。

If you do get some approvals with same-day dosing, this could be upside to that?

如果您確實獲得了當天給藥的一些批准，這可能會有好處嗎？

That would be correct. Yeah.

那是正確的。是的。

You've talked a lot about Rolvedon and Indocin. So regarding the other drugs in your portfolio, are there any growth drivers there? Any of those drugs that you think would be significant growth going forward?

您已經談論了很多關於 Rolvedon 和 Indocin 的問題。那麼，對於您的產品組合中的其他藥物，是否有任何成長動力？您認為哪些藥物未來會顯著成長？

Jim, yes. We are looking at our strategy for our other assets, specifically Otrexup and Sympazan. And looking for growth drivers there, we are very active on those two products, and we're going to be updating our strategy as we continue to learn more about the marketplace there and where their opportunities exist.

吉姆，是的。我們正在研究其他資產的策略，特別是 Otrexup 和 Sympazan。尋找那裡的成長動力，我們對這兩種產品非常積極，隨著我們繼續更多地了解那裡的市場及其機會所在，我們將更新我們的策略。

All right. And then in terms -- I'm sorry.

好的。然後用術語來說——我很抱歉。

It's okay, Jim. And in addition, we continue to look for other fit assets, but they're business model, both in our, I'd say, more traditional therapeutic area agnostic mindset, but also mindful that we now have an oncology sales force and a skill set that we'd like to leverage. So we see that as another growth opportunity.

沒關係，吉姆。此外，我們繼續尋找其他合適的資產，但它們是商業模式，無論是在我們更傳統的治療領域不可知論的心態中，但也注意到我們現在擁有一支腫瘤銷售隊伍和技能設置我們想要利用的。所以我們認為這是另一個成長機會。

That would -- my next question is if you are cash flow positive and if that continues to improve, priorities for cash will be the mergers. Is that right? Or do you think debt paydown?

那麼我的下一個問題是，如果你的現金流為正，如果這種情況繼續改善，那麼現金的優先事項將是合併。是對的嗎？或者您認為還清債務嗎？

I'm sorry. I don't know that I understood the last part of your question, Jim.

對不起。吉姆，我不知道我是否理解你問題的最後一部分。

Can you just talk about what your priorities are, assuming you are cash flow positive and that continues into 2025 and beyond. What's priority for cash? Is it more acquisitions? Or is it debt paydown or combination?

假設您的現金流為正，並且這種情況持續到 2025 年及以後，您能否談談您的優先事項是什麼？現金優先什麼？是否有更多的收購？還是債務償還還是組合？

So our focus is to grow the number of assets that we can put into our business model. So our intention is to continue to add growth via inorganic means. So acquisition would be our priority.

因此，我們的重點是增加可投入業務模式的資產數量。因此，我們的目的是繼續透過無機手段促進成長。因此，收購將是我們的首要任務。

I would now like to turn the call over to Heather Mason for closing remarks.

我現在想將電話轉給希瑟梅森 (Heather Mason) 作結束語。

Thank you and I appreciate those of you who have joined us today. I hope that today's call is giving you a clearer picture of the excitement and commitment we feel today at Assertio based on our asset class form and the opportunities ahead in 2024, both in terms of financial outlook and the ability to continue to build our business with both current and potential new assets.

謝謝你們，我感謝今天加入我們的人。我希望今天的電話會議能讓您更清楚地了解我們今天在 Assertio 基於我們的資產類別形式和 2024 年未來的機會所感受到的興奮和承諾，無論是在財務前景還是繼續與我們建立業務的能力方面當前和潛在的新資產。

We will report our first-quarter earnings results in May and keep you apprised of any additional developments. If you'd like to arrange an update call with management, please contact Matt Kreps using his info in the press release, and we'll be happy to tschedule a time. And thank you all once again.

我們將在五月報告第一季的獲利結果，並隨時向您通報任何其他進展。如果您想安排與管理層進行更新通話，請使用新聞稿中的資訊聯絡 Matt Kreps，我們將很樂意安排時間。再次感謝大家。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。