- Due to errors identified in the company’s year-end budgeting process, neurology-focused biotech Acorda Therapeutics ( NASDAQ: ACOR ) revised its outlook on Thursday, indicating positive adj. EBITDA of $5.6M - $5.8M for 2022. With its Nov. 01 financial results for Q3 2022, Acorda ( ACOR ) showed a negative adj. EBITDA of $13.5M – $13.9M for 2022.
- According to the Ardsley, New York-based company, the errors led to overstated forecasts for adj. EBITDA and cash balances for 2022-2027.
- However, the company said that the updated outlook also reflects actual financials from October and November 2022 and the year-end budgeting process.
- Despite the revision, Acorda’s ( ACOR ) YTD financials for Q3 2022 and 2022 U.S. net revenue guidance of $27.8M – $28.7M for Inbrija will remain unchanged.
- The company has also changed its net revenue outlook for 2023 – 2027 while keeping the net revenue forecast of $116.0M – $119.7M unchanged from the previous projection.
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Acorda projects positive adj. EBITDA in revised 2022 guidance