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UNAUDITED QUARTERLY OPERATING RESULTS (Tables) | 12 Months Ended
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Dec. 31, 2022
UNAUDITED QUARTERLY OPERATING RESULTS |
Summary of unaudited quarterly results of operations |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | First | ​ | ​ | Second | ​ | ​ | Third | ​ | ​ | Fourth
Year Ended December 31, 2022 | ​ | ​ | Quarter | ​ | ​ | Quarter | ​ | ​ | Quarter | ​ | ​ | Quarter
Product revenues, net | ​ | $ | 83,751 | ​ | $ | 123,549 | ​ | $ | 127,013 | ​ | $ | 129,620
Cost of product revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of product revenues (excluding intangible asset amortization) | ​ | ​ | 16,332 | ​ | ​ | 33,684 | ​ | ​ | 30,622 | ​ | ​ | 37,552
Intangible asset amortization and impairment | ​ | ​ | 18,923 | ​ | ​ | 37,501 | ​ | ​ | 37,552 | ​ | ​ | 42,279
Total cost of products revenues | ​ |  | 35,255 | ​ |  | 71,185 | ​ |  | 68,174 | ​ |  | 79,831
Gross profit | ​ | ​ | 48,496 | ​ | ​ | 52,364 | ​ | ​ | 58,839 | ​ | ​ | 49,789
Operating expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development | ​ | ​ | 3,983 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Selling, general and administrative | ​ |  | 54,528 | ​ |  | 41,254 | ​ |  | 38,372 | ​ |  | 38,032
Total operating expenses | ​ |  | 58,511 | ​ |  | 41,254 | ​ |  | 38,372 | ​ |  | 38,032
(Loss) income from operations | ​ |  | (10,015) | ​ |  | 11,110 | ​ |  | 20,467 | ​ |  | 11,757
Interest expense | ​ |  | (5,831) | ​ |  | (17,761) | ​ |  | (19,046) | ​ |  | (20,575)
Interest income | ​ | ​ | 4 | ​ | ​ | 5 | ​ | ​ | 11 | ​ | ​ | 1,027
(Loss) income before income taxes | ​ | ​ | (15,842) | ​ | ​ | (6,646) | ​ | ​ | 1,432 | ​ | ​ | (7,791)
(Benefit from) provision for income taxes | ​ | ​ | (2,773) | ​ | ​ | (1,455) | ​ | ​ | 975 | ​ | ​ | (592)
Net (loss) income | ​ | $ | (13,069) | ​ | $ | (5,191) | ​ | $ | 457 | ​ | $ | (7,199)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss) earnings per share — basic | ​ | $ | (0.39) | ​ | $ | (0.15) | ​ | $ | 0.01 | ​ | $ | (0.21)
Weighted-average shares — basic | ​ | ​ | 33,673,912 | ​ | ​ | 34,001,553 | ​ | ​ | 34,058,802 | ​ | ​ | 33,582,202
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss) earnings per share — diluted | ​ | $ | (0.39) | ​ | $ | (0.15) | ​ | $ | 0.01 | ​ | $ | (0.21)
Weighted-average shares — diluted | ​ | ​ | 33,673,912 | ​ | ​ | 34,001,553 | ​ | ​ | 34,570,319 | ​ | ​ | 33,582,202
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | First | ​ | ​ | Second | ​ | ​ | Third | ​ | ​ | Fourth
Year Ended December 31, 2021 | ​ | ​ | Quarter | ​ | ​ | Quarter | ​ | ​ | Quarter | ​ | ​ | Quarter (1)
Product revenues, net | ​ | $ | 87,721 | ​ | $ | 82,942 | ​ | $ | 78,843 | ​ | $ | 27,362
Cost of product revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of product revenues (excluding intangible asset amortization) | ​ | ​ | 15,328 | ​ | ​ | 15,908 | ​ | ​ | 15,934 | ​ | ​ | 11,900
Intangible asset amortization and impairment | ​ | ​ | 16,795 | ​ | ​ | 16,795 | ​ | ​ | 16,796 | ​ | ​ | 16,795
Total cost of products revenues | ​ |  | 32,123 | ​ |  | 32,703 | ​ |  | 32,730 | ​ |  | 28,695
Gross profit | ​ | ​ | 55,598 | ​ | ​ | 50,239 | ​ | ​ | 46,113 | ​ | ​ | (1,333)
Operating expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development | ​ | ​ | 2,930 | ​ | ​ | 3,462 | ​ | ​ | 1,450 | ​ | ​ | 1,609
Selling, general and administrative | ​ |  | 31,476 | ​ |  | 30,368 | ​ |  | 30,514 | ​ |  | 26,602
Restructuring | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,578
Total operating expenses | ​ |  | 34,406 | ​ |  | 33,830 | ​ |  | 31,964 | ​ |  | 32,789
Income (loss) from operations | ​ |  | 21,192 | ​ |  | 16,409 | ​ |  | 14,149 | ​ |  | (34,122)
Interest expense | ​ |  | (5,721) | ​ |  | (5,421) | ​ |  | (5,115) | ​ |  | (4,757)
Interest income | ​ | ​ | 3 | ​ | ​ | 3 | ​ | ​ | 3 | ​ | ​ | 3
Income (loss) before income taxes | ​ | ​ | 15,474 | ​ | ​ | 10,991 | ​ | ​ | 9,037 | ​ | ​ | (38,876)
(Benefit from) provision for income taxes | ​ | ​ | (188) | ​ | ​ | (61,852) | ​ | ​ | 991 | ​ | ​ | (13,842)
Net income (loss) | ​ | $ | 15,662 | ​ | $ | 72,843 | ​ | $ | 8,046 | ​ | $ | (25,034)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings (loss) per share — basic | ​ | $ | 0.45 | ​ | $ | 2.06 | ​ | $ | 0.23 | ​ | $ | (0.73)
Weighted-average shares — basic | ​ | ​ | 34,951,740 | ​ | ​ | 35,302,608 | ​ | ​ | 35,373,909 | ​ | ​ | 34,123,309
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings (loss) per share — diluted | ​ | $ | 0.41 | ​ | $ | 1.79 | ​ | $ | 0.22 | ​ | $ | (0.73)
Weighted-average shares — diluted | ​ | ​ | 41,160,092 | ​ | ​ | 41,286,853 | ​ | ​ | 36,261,174 | ​ | ​ | 34,123,309
​
| (1) | In the fourth quarter of 2021, product revenues, net included a $38,329 product revenue adjustment related to returns adjustments, of which $13,787 related to Xtampza revenue and $24,542 related to Nucynta Products revenue. In addition, selling general and administrative operating expense includes $2,935 of expense related to litigation settlements.

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