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UNAUDITED QUARTERLY OPERATING RESULTS (Tables)

12 Months Ended

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.