Collegium Pharmaceutical (COLL) FY2023 results: revenue $567 million, up 22.2% on the year

Collegium Pharmaceutical, Inc. (COLL) reported revenue of $567 million for fiscal 2023, the year ended 31 December 2023, up 22.2% on the year before. Net income was $48 million, and diluted earnings per share $1.29. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue

$567 million

+22.2% on the year

FY2016FY2023

Operating margin

29.5%

7.2% a year earlier

FY2016FY2023

Net income

$48 million

FY2016FY2023

Diluted EPS

$1.29

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	567	464	277	+22.2%
Cost of revenue	241	254	126	-5.4%
Gross profit	326	209	151	+55.7%
Gross margin	57.5%	45.2%	54.4%
Research and development	0.0	4.0	9.5
Selling, general and administrative	159	172	119	-7.5%
Operating income	167	33.3	17.6	+401.1%
Operating margin	29.5%	7.2%	6.4%
Interest expense	83.3	63.2	21.0	+31.8%
Pre-tax income	75.7	-28.8	-3.4
Income tax	27.6	-3.8	-74.9
Effective tax rate	36.4%	n/a	n/a
Net income	48.2	-25.0	71.5
Net margin	8.5%	-5.4%	25.8%
Diluted EPS	$1.29	-$0.74	$1.86

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	275	124	104	+121.2%
Capital expenditure	0.5	1.6	1.9	-71.6%
Free cash flow	274	123	102	+123.7%
Free cash flow margin	48.4%	26.4%	36.7%
Cash from investing	-70.8	-574	-1.9
Cash from financing	-140	437	-89.3
Depreciation and amortisation	149	n/a	68.9
Share-based compensation	27.1	22.9	24.3	+18.6%
Buybacks	75.0	14.1	47.9	+433.3%
Diluted shares, weighted	42m	34m	41m	+23.5%
Shares outstanding at period end	32m	34m	34m	-5.9%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	195	195	203	+0.3%
Debt	667	701	250	-4.8%
Operating lease liabilities	6.1	7.1	8.0	-13.9%
Other liabilities	275	271	231	+1.2%
Total liabilities and equity	1,143	1,174	692	-2.6%
Fixed assets	16.0	19.5	19.5	-18.1%
Goodwill	134	134	n/a	+0.1%
Intangible assets	422	567	269	-25.7%
Investments	71.6	0.0	n/a
Cash and equivalents	239	174	186	+37.6%
Receivables	180	183	106	-2.0%
Inventory	32.3	46.5	17.4	-30.5%
Other assets	49.4	50.1	94.2	-1.6%
Total assets	1,143	1,174	692	-2.6%

10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.