Ladies and gentlemen, thank you for standing by and welcome to the Assertio Therapeutics Third quarter Conference Call. At this time, all participants’ lines are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference to your speaker today, John Thomas, Senior Vice President, Investor Relations and Corporate Communications. Please go ahead sir.

Thank you, Victor. Good afternoon and welcome to our investor conference call to discuss Assertio's third quarter 2019 financial results announced this afternoon. The news release and investor presentation covering our earnings for this period are now available on the Investor page of our website at assertiotx.com. I would encourage you to review the presentation slides as they are important to today's discussion. With me today are; Arthur Higgins, President and Chief Executive Officer; and Dan Peisert, our Senior Vice President and Chief Financial Officer. I’d like to remind you that the matters discussed on this call contain forward-looking statements that involve risks and uncertainties, including those related to the commercialization of Gralise, CAMBIA and Zipsor; our collaborative arrangements including with Collegium Pharmaceutical; the company's financial outlook for 2019 and beyond; regulatory and development plans, including those for long-acting cosyntropin; our loan agreements, including our senior secured debt facility; expectations regarding potential business and investment opportunities; litigation and other legal proceedings; and other statements that are not historical facts. Actual results may differ materially from the results predicted and recorded results should not be considered an indication of future performance. These and other risks are more fully described in the Risk Factors section and other sections of our quarterly reports on Form 10-Q and our Annual Report on Form 10-K. Assertio disclaims any obligation to update or revise any forward-looking statements made on this call as a result of new information or future developments. Assertio's policy is to only provide financial guidance for the current fiscal year and to provide updates or reconfirm its guidance only by issuing a news release or filing updated guidance with the SEC in a publicly accessible document. References to current cash and cash equivalents are based on balances as of December 31, 2018. All guidance, including that related to the company's expected total product revenues, operating expenses, adjusted non-GAAP earnings and non-adjusted EBITDA are as of today. The non-GAAP financial measures Assertio uses are not based on any standardized methodology prescribed by GAAP and may be calculated differently from, and therefore may not be comparable to non-GAAP measures used by other companies. With that, I will turn the call over to Arthur. Arthur?

Thank you, John. Good afternoon and welcome everyone. I'm pleased to report that Assertio continues to deliver strong earnings including today's third quarter adjusted EBITDA of $34.3 million. We have now beaten adjusted EBITDA expectations for the fifth time in the last six quarters. As a result of this strong performance as well as our outlook for the fourth quarter, today we are raising our adjusted EBITDA guidance range for the full year 2019 to a new range of $124 million to $129 million, which is an increase from our previous guidance range of $118 million to $128 million. Our priority was and remains delivering strong EBITDA and cash flows, so that we can rapidly delever the company and better position it to pursue new growth opportunities. This strategy is clearly working. However, we still have room to improve our top-line performance. Today, we have lowered our 2019 Neurology Franchise net sales guidance from our previous guidance of low single-digit growth to an absolute dollar range of $102 million to $105 million. Dan Peisert, our CFO will in a moment provide more color on our top line performance. Moving on, as you are aware on October 19 our partner West received a complete response letter from the FDA for our 505(b)(2) filing for long-acting cosyntropin. In this response, the agency indicated we had not adequately achieved certain pharmacodynamic parameters. Clearly, this was disappointing news. West and Assertio will work together to determine if the agency's comments set forth in the CRL can be adequately addressed. Until that assessment is complete, we will have no further comments to make. We expect to provide a full update on this matter no later than our Q4 conference call in February of 2020. Now I'd like to spend a moment to briefly comment on…

Thank you, Arthur. My comments this afternoon will focus primarily on our non-GAAP results unless otherwise noted. Today, I'll review the financial highlights from our third quarter and first nine months 2019, as well as our outlook for the remainder of the year. Consistent with our results each of the last two quarters and our focus of continuing to generate strong EBITDA results and cash flows, our financial results in the third quarter demonstrate the achievements we continue to make in this regard. As Arthur mentioned and I'll describe further, we are accelerating some of our cost savings initiatives to ensure that we can continue to delever in 2020 and beyond. Our goal remains to continue to operate the business with above-average EBITDA margins, a consistent absolute EBITDA dollar performance and a determined focus on cash flows that we can continue to exceed our debt service obligations, allowing us to make the necessary reinvestments into the base business and pursue growth opportunities. Our neurology revenues for the third quarter and first nine months were $26.3 million and $78.7 million respectively. For the third quarter, this represents a 10% decline versus the prior year quarter. This result is below what we expected from the business, now putting us 3.2% behind year-to-date result from the prior year. While most of this can be blamed on the 450 basis point headwind created by the unforeseen Zipsor sales returns, we've described in prior quarters, we're no longer expecting to be able to deliver on our prior guidance of low-single-digit growth in our neurology revenues and now expect the full year to be between $102 million to $105 million. There are two factors driving this change. First, as Arthur mentioned, we're seeing a higher-than-expected turnover in the CSO sales force that started in our third…

Thanks, Dan. Victor, if there are any questions we are ready for that.

Yes. Sir. [Operator Instructions] And I'm actually not showing any further questions at this time. I'd like to turn the call back over to John Thomas for any closing remarks. End of Q&A: Okay. Thanks everyone for joining us this afternoon. A replay of the webcast and conference call will be available shortly and for the next 30 days. Please dial 1-855-859-2056 using pass code 8382875. Please contact us if you have any follow-up questions or we can assist in any way. And as a reminder, our earnings-related materials are posted to the Investor Relations section of the Assertio website. Thanks for your interest in Assertio. And have a good evening.

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.