Good afternoon ladies and gentlemen and welcome to the Fourth Quarter 2019 and Full Year Assertio Therapeutics, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder this conference call is being recorded. I would now like to turn the conference over to your host Max Nomus [ph] Investor Relations.

Thank you, Bella. Good afternoon and welcome to our investor conference call to discuss Assertio's fourth quarter and full year 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 investor.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, 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, regulatory and development plans, our debt agreements, expectations regarding potential business and investment opportunities; litigations and other legal proceedings; and other statements that are not historical facts. Total prescription data is based on symphony prescriber level data. This includes estimates which could cause minor fluctuations in historical comparisons. Although this data is not reflective of product revenues management utilizes this metric to evaluate commercial strategy. 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. References to current cash and cash equivalents are based on balances as of December 31, 2019. 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.

Thank you, Max. As you all know, we have been very busy since our last conference call in November. Today, we're going to focus on our fourth quarter and full year results. And the key strategic moves we have undertaken of late. We will not today be discussing our outlook for 2020 and beyond, but we instead plan to hold a separate conference call in the near future, to outline how we intend to leverage a strengthened balance sheet to create a sustainable and growth oriented specialty pharmaceutical company. This month marks my three year anniversary as CEO. When I joined Assertio then debt on that, we had over $800 million of debt, with an annualized interest cost of $65 million. Clearly, servicing net debt was a major part. But more importantly, that debt significantly impacted our ability to do acquisitions and strategic combinations. That is why I made addressing our debt as our number one priority. I'm excited to report today that we are now on track and a standalone company to retire our outstanding debt until approximately $50 million of cash on our balance sheet. My second priority was to reduce, if not remove our dependence on revenues from our opioid products. When I joined 70% of our revenues came from opioids. Going forward, zero percent of our revenues or income will come from opioids. The third priority was to build a lean entrepreneurial growth oriented specialty pharmaceutical company. We have done so to a complete transformation of our company, in which we built a new culture, we named the company, moved the headquarters and reduced our expenses by over 50% creating a truly lean and responsive organization. Central to these achievements, of these 3 priorities has been a relentless focus on profitability. We have delivered over $400…

Thank you, Arthur. Today I'll discuss both our quarterly and full year GAAP results which are heavily influenced by the transactions we've executed on as well as our non-GAAP results. As Arthur mentioned, we've been busy and that is reflected in our income statement. In our fourth quarter we recorded $190 million GAAP loss on the impairment of the NUCYNTA intangible asset due to our revised outlook for the future revenue performance of the product. It is also affirming Collegium's lower guidance in 2020. Subsequent to year-and we completed the sale of NUCYNTA to Collegium for $375 million plus the royalties we have received in 2020. In our first quarter results, those royalties will be treated as commercialization agreement revenues and we will see an additional loss and the remaining intangible balance. Also included in our GAAP results is $2.2 million of costs associated with the Gralise divestiture. While the transaction closed in January, we expensed the remaining Gralise sample inventories and the transactions costs incurred in the fourth quarter. The gain is associated with the transaction and all the royalties earned from Alvogen will be excluded from our non-GAAP adjusted EBITDA for future periods. Associated with the cost savings initiatives we announced last quarter we incurred a onetime restructuring charge of $3.9 million. We've implemented all the initiatives designed to accelerate $15 million of cost savings. And as you can see from our fourth quarter results, we were slightly ahead of plan on the timing of those savings. Turning to the operating results. Our adjusted EBITDA for the fourth quarter and full year 2019 was $31 million and $138.4 million respectively. This result was well above our previous full year guidance of $124 million to $129 million. The quarterly results were also impacted by a $3.2 million loss, which…

Thank you, Dan. And thank you everyone for joining us this afternoon. A replay of this webcast and conference call will be available shortly and for the next 30 days. Please dial 1-855-859-2056 using passcode 2099224. Please contact us if you have any follow up questions or if we can assist in any way. As a reminder, our earnings related materials are posted to the investor relations section of the Assertio website. Thank you for your interest. Have a good evening.

This concludes today's conference call. Thank you for your participation and have a wonderful day. You may now disconnect. End of Q&A: