Collegium Pharmaceutical (COLL) FY2022 results: revenue $464 million, up 67.6% on the year

Collegium Pharmaceutical, Inc. (COLL) reported revenue of $464 million for fiscal 2022, the year ended 31 December 2022, up 67.6% on the year before. Net income was -$25 million, and diluted earnings per share $-0.74. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$464 million

+67.6% on the year

FY2016FY2022

Operating margin

7.2%

6.4% a year earlier

FY2016FY2022

Net income

-$25 million

FY2016FY2022

Diluted EPS

-$0.74

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	464	277	310	+67.6%
Cost of revenue	254	126	130	+101.5%
Gross profit	209	151	180	+39.1%
Gross margin	45.2%	54.4%	58.0%
Research and development	4.0	9.5	9.8	-57.9%
Selling, general and administrative	172	119	114	+44.7%
Operating income	33.3	17.6	56.2	+89.0%
Operating margin	7.2%	6.4%	18.1%
Interest expense	63.2	21.0	28.9	+200.8%
Pre-tax income	-28.8	-3.4	27.6
Income tax	-3.8	-74.9	0.8
Effective tax rate	n/a	n/a	3.0%
Net income	-25.0	71.5	26.8
Net margin	-5.4%	25.8%	8.6%
Diluted EPS	-$0.74	$1.86	$0.76

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	124	104	93.9	+20.0%
Capital expenditure	1.6	1.9	5.5	-16.6%
Free cash flow	123	102	88.4	+20.7%
Free cash flow margin	26.4%	36.7%	28.5%
Cash from investing	-574	-1.9	-374
Cash from financing	437	-89.3	286
Depreciation and amortisation	n/a	68.9	61.5
Share-based compensation	22.9	24.3	21.9	-5.7%
Buybacks	14.1	47.9	n/a	-70.6%
Diluted shares, weighted	34m	41m	35m	-17.6%
Shares outstanding at period end	34m	34m	35m	+0.6%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	195	203	186	-4.0%
Debt	701	250	257	+180.4%
Operating lease liabilities	7.1	8.0	8.8	-10.6%
Other liabilities	271	231	192	+17.3%
Total liabilities and equity	1,174	692	644	+69.7%
Fixed assets	19.5	19.5	19.0	+0.2%
Goodwill	134	n/a	n/a
Intangible assets	567	269	336	+111.2%
Investments	0.0	n/a	n/a
Cash and equivalents	174	186	174	-6.8%
Receivables	183	106	83.3	+73.0%
Inventory	46.5	17.4	15.6	+167.3%
Other assets	50.1	94.2	15.9	-46.8%
Total assets	1,174	692	644	+69.7%

10-K for the year ended 31 December 2022, filed 23 February 2023: the filing.