COLL Q1 Earnings Call: ADHD Portfolio Drives Growth, Management Details Capital Deployment Priorities
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Revenue: $177.8 million vs analyst estimates of $172.8 million (22.7% year-on-year growth, 2.9% beat)
Adjusted EPS: $1.49 vs analyst estimates of $1.45 (2.8% beat)
Adjusted EBITDA: $95.15 million vs analyst estimates of $96.5 million (53.5% margin, 1.4% miss)
The company reconfirmed its revenue guidance for the full year of $742.5 million at the midpoint
EBITDA guidance for the full year is $442.5 million at the midpoint, above analyst estimates of $438.5 million
Operating Margin: 12.2%, down from 34.1% in the same quarter last year
Market Capitalization: $978.4 million
Collegium Pharmaceutical's first quarter performance was driven by continued momentum in its newly acquired ADHD treatment Jornay PM, alongside stable contributions from its established pain management portfolio. On the call, CEO Vikram Karnani highlighted that Jornay PM delivered 24% year-over-year prescription growth and now accounts for a growing share of the company's overall revenue. Karnani credited targeted sales force expansion and increased prescriber engagement as keys to this performance, stating, 'We recently completed the expansion of our Jornay sales force, adding approximately 55 new sales representatives… now fully trained, deployed and focused on accelerating further prescription growth.' The pain portfolio, including Belbuca, Xtampza ER, and Nucynta, provided steady revenue and cash flow, allowing for continued investment in growth initiatives.
Looking ahead, management's guidance is anchored by expectations for continued growth from Jornay PM, with investments in sales and marketing expected to drive prescription gains through 2025 and beyond. Karnani emphasized, 'Our targeted investments throughout 2025, including our expanded sales force and marketing efforts, position Jornay for both near-term growth and significant momentum in 2026 and beyond.' CFO Colleen Tupper noted that operating expenses will remain elevated as the company supports these initiatives but anticipates a downward trend in spending during the second half of the year. The team also pointed to durable cash flows from the pain portfolio, a disciplined approach to business development, and opportunistic share repurchases as key levers supporting future performance and shareholder value.
Management attributed the quarter's results to rapid prescription growth for Jornay PM, ongoing durability in pain products, and investments in commercial capabilities. Several leadership and board changes were also highlighted as positioning the company for future growth.
Jornay PM prescription surge: The ADHD medicine Jornay PM saw 24% year-over-year prescription growth, with net revenue reaching $28.5 million. Management linked this performance to an expanded and fully trained sales force and increased prescriber engagement.
Pain portfolio stability: The legacy pain management products—Belbuca, Xtampza ER, and Nucynta—delivered low-single-digit revenue growth. Despite a declining overall pain market, these products continued to provide a reliable financial foundation, supported by recent extensions of market exclusivity for certain drugs.
Sales force investment: The ADHD-focused sales force was expanded by 55 representatives, now totaling 180, allowing Collegium to increase its healthcare provider targets from 17,000 to 21,000. Management expects the full impact of this increase to be realized in late 2025 and into 2026.
Leadership and board transitions: The company announced several changes, including the retirement of founder Michael Heffernan as Chairman, nomination of Gino Santini as Chairman, and the addition of new executive leaders to bolster strategic and commercial capabilities.
Capital allocation priorities: Management highlighted ongoing investments in Jornay, rapid debt repayment, and the initiation of a $25 million accelerated share repurchase program as core elements of its capital deployment strategy.
Collegium's outlook relies on continued expansion of Jornay PM in ADHD, disciplined investment in commercial activities, and maintaining stable returns from its pain portfolio.
Jornay growth initiatives: Management expects prescription growth from Jornay PM to accelerate as the expanded sales force reaches more providers and new marketing campaigns target patients and caregivers, particularly around the back-to-school season. The company believes these efforts will lay the groundwork for sustained revenue momentum into 2026.
Pain portfolio durability: Despite broader market declines, Collegium anticipates ongoing stable cash flows from its pain products due to product differentiation, market exclusivity, and a strong prescriber base. Management views these products as supporting continued investment and potential business development.
Capital deployment flexibility: Management is committed to allocating capital between organic growth, opportunistic acquisitions, and share repurchases. The leadership team indicated willingness to increase leverage for the right acquisition opportunity, supported by strong operating cash flow and a declining net debt ratio.
Looking ahead, the StockStory team will be tracking (1) the effectiveness of the expanded Jornay PM sales force and marketing campaigns, especially during the seasonally important back-to-school period; (2) resilience of the pain portfolio as market exclusivities extend and generic pressures mount; and (3) progress on capital deployment, including potential acquisitions and execution of the accelerated share repurchase program. The trajectory of operating expenses as investments scale will also be a key area of focus.
Collegium Pharmaceutical currently trades at a forward P/E ratio of 4.2×. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it's free).
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3 hours ago
- Yahoo
Cingulate Inc. Reports Second Quarter 2025 Financial Results and Provides Recent Highlights
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Yahoo
07-08-2025
- Yahoo
Collegium Reports Second Quarter 2025 Financial Results; Raises 2025 Outlook
– Generated Record Quarterly Net Revenue of $188.0 Million, Up 29% Year-over-Year – – Generated Record Quarterly Jornay PM® Net Revenue of $32.6 Million and Grew Prescriptions by 23% Year-over-Year – – Generated Net Revenue of $155.4 Million from the Pain Portfolio, Up 7% Year-over-Year with All Three Core Products Recording Revenue Growth in the Quarter – – Raised Full-Year 2025 Net Revenue Guidance to be in the Range of $745 to $760 Million and Adjusted EBITDA Guidance in the Range of $440 to $455 Million – – Ended Q2'25 with Cash, Cash Equivalents and Marketable Securities of $222.2 Million – – Board of Directors Authorized $150 Million Share Repurchase Program – – Conference Call Scheduled for Today at 8:00 a.m. ET – STOUGHTON, Mass., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL) today reported its financial results for the quarter ended June 30, 2025, and provided a business update. 'We continued to generate strong momentum in the second quarter, driven by sustained execution across our three strategic priorities, including record revenue from Jornay PM, maximizing our pain portfolio, and strategically deploying capital to enhance shareholder value,' said Vikram Karnani, President and Chief Executive Officer. 'Following encouraging performance in the first half of the year, we anticipate a strong back-to-school season and second half of the year for Jornay PM and have raised our full-year revenue guidance accordingly. Additionally, our pain portfolio generated solid revenue growth in the quarter, reinforcing the durability of our differentiated medicines to treat chronic pain. Looking ahead, we are focused on driving additional top- and bottom-line growth as we continue to serve patients living with serious medical conditions.' 'We delivered another impressive quarter characterized by record quarterly revenue, robust adjusted EBITDA, and significant cash flow generation, leading us to increase our 2025 financial guidance,' said Colleen Tupper, Chief Financial Officer. 'We now expect to grow full-year revenue by 19%, with Jornay PM net revenue expected between $140 to 145 million, and adjusted EBITDA to grow by 12%, compared to 2024. We will continue to evaluate external opportunities to expand our portfolio through business development and generate shareholder value through our capital deployment strategies, as demonstrated by the recent completion of a $25 million accelerated share repurchase program and the announcement of a new $150 million share repurchase program authorized through the end of 2026.' ADHD Business Highlights Grew Jornay PM prescriptions 23% year-over-year in the quarter ended June 30, 2025 (the 2025 Quarter). Generated $32.6 million in Jornay PM net revenue in the 2025 Quarter. 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Wainwright 26th Annual Global Investment Conference – New York, NY; September 9, 2025 Financial Guidance for 2025 The Company updates its full-year 2025 guidance for Product Revenues, Net, Adjusted Operating Expenses, and Adjusted EBITDA: Prior Updated Product Revenues, Net $735 - $750 million $745 - $760 million Adjusted Operating Expenses(Excluding Stock-Based Compensation) $220 - $230 million $225 - $235 million Adjusted EBITDA(Excluding Stock-Based Compensation) $435 - $450 million $440 - $455 million Financial Results for Quarter Ended June 30, 2025 Product revenues, net were $188.0 million for the 2025 Quarter, compared to $145.3 million for the quarter ended June 30, 2024 (the 2024 Quarter), representing a 29% increase year-over-year. GAAP operating expenses were $73.3 million for the 2025 Quarter, compared to $43.3 million for the 2024 Quarter, representing a 69% increase year-over-year. Adjusted operating expenses, which exclude stock-based compensation expense and other adjustments to reflect changes that occur in our business but do not represent ongoing operations, were $61.9 million for the 2025 Quarter, compared to $30.3 million for the 2024 Quarter, representing a 104% increase year-over-year. GAAP net income for the 2025 Quarter was $12.0 million, with $0.38 GAAP earnings per share (basic) and $0.34 GAAP earnings per share (diluted), compared to GAAP net income for the 2024 Quarter of $19.6 million, with $0.60 GAAP earnings per share (basic) and $0.52 GAAP earnings per share (diluted). Non-GAAP adjusted net income for the 2025 Quarter was $64.3 million, with $1.68 adjusted earnings per share, compared to non-GAAP adjusted net income for the 2024 Quarter of $64.0 million, with $1.62 adjusted earnings per share. Adjusted EBITDA for the 2025 Quarter was $105.1 million, compared to $96.0 million for the 2024 Quarter, representing a 9% increase year-over-year. The Company generated $72.4 million in cash from operations, and exited the 2025 Quarter with cash, cash equivalents and marketable securities of $222.2 million. Conference Call Information The Company will host a conference call and live audio webcast on Thursday, August 7, 2025, at 8:00 a.m. ET. To access the conference call, please dial (877) 407-8037 (U.S.) or (201) 689-8037 (International) and reference the 'Collegium Pharmaceutical Second Quarter 2025 Earnings Call.' An audio webcast will be accessible from the Investors section of the Company's website: The webcast will be available for replay on the Company's website approximately two hours after the event. About Collegium Pharmaceutical, Inc. Collegium is building a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. The Company has a leading portfolio of responsible pain management medications and a rapidly growing neuropsychiatry business driven by Jornay PM®, a differentiated treatment for ADHD. Collegium's strategy includes growing its commercial portfolio, with Jornay PM as the lead growth driver, and deploying capital in a disciplined manner. Collegium's headquarters are located in Stoughton, Massachusetts. For more information, please visit the Company's website at Non-GAAP Financial Measures To supplement our financial results presented on a GAAP basis, we have included information about certain non-GAAP financial measures. We believe the presentation of these non-GAAP financial measures, when viewed with our results under GAAP and the accompanying reconciliations, provide analysts, investors, lenders, and other third parties with insights into how we evaluate normal operational activities, including our ability to generate cash from operations, on a comparable year-over-year basis and manage our budgeting and forecasting. In addition, certain non-GAAP financial measures, primarily adjusted EBITDA, are used to measure performance when determining components of annual compensation for substantially all non-sales force employees, including senior management. We may discuss the following financial measures that are not calculated in accordance with GAAP in our quarterly and annual reports, earnings press releases, and conference calls. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. Adjusted EBITDA, as used by us, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. There are several limitations related to the use of adjusted EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as: adjusted EBITDA excludes depreciation and amortization, and, although these are non-cash expenses, the assets being depreciated or amortized may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA; adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; adjusted EBITDA does not reflect the benefit from or provision for income taxes or the cash requirements to pay taxes; adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments; we exclude stock-based compensation expense from adjusted EBITDA although: (i) it has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; and (ii) if we did not pay out a portion of our compensation in the form of stock-based compensation, the cash salary expense included in operating expenses would be higher, which would affect our cash position; we exclude impairment expenses from adjusted EBITDA and, although these are non-cash expenses, the asset(s) being impaired may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA; we exclude restructuring expenses from adjusted EBITDA. Restructuring expenses primarily include employee severance and contract termination costs that are not related to acquisitions. The amount and/or frequency of these restructuring expenses are not part of our underlying business; we exclude litigation settlements from adjusted EBITDA, as well as any applicable income items or credit adjustments due to subsequent changes in estimates. This does not include our legal fees to defend claims, which are expensed as incurred; we exclude acquisition related expenses as the amount and/or frequency of these expenses are not part of our underlying business. Acquisition related expenses include transaction costs, which primarily consisted of financial advisory, banking, legal, and regulatory fees, and other consulting fees, incurred to complete the acquisition, employee-related expenses (severance cost and benefits) for terminated employees after the acquisition, and miscellaneous other acquisition related expenses incurred; we exclude recognition of the step-up basis in inventory from acquisitions (i.e., the adjustment to record inventory from historic cost to fair value at acquisition) as the adjustment does not reflect the ongoing expense associated with sale of our products as part of our underlying business; we exclude losses on extinguishments of debt as these expenses are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis; we exclude executive transition expenses from adjusted EBITDA as the amount and/or frequency of these expenses are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis; and we exclude other expenses, from time to time, that are episodic in nature and do not directly correlate to the cost of operating our business on an ongoing basis. Adjusted Operating Expenses Adjusted operating expenses is a non-GAAP financial measure that represents GAAP operating expenses adjusted to exclude stock-based compensation expense, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. Adjusted Net Income and Adjusted Earnings Per Share Adjusted net income is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude significant income and expense items that are non-cash or not indicative of ongoing operations, including consideration of the tax effect of the adjustments. Adjusted earnings per share is a non-GAAP financial measure that represents adjusted net income per share. Adjusted weighted-average shares - diluted is calculated in accordance with the treasury stock, if-converted, or contingently issuable accounting methods, depending on the nature of the security. Reconciliations of adjusted EBITDA, adjusted operating expenses, adjusted net income, and adjusted earnings per share to the most directly comparable GAAP financial measures are included in this press release. The Company has not provided a reconciliation of its full-year 2025 guidance for adjusted EBITDA or adjusted operating expenses to the most directly comparable forward-looking GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, because the Company is unable to predict, without unreasonable efforts, the timing and amount of items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, acquisition related expense and litigation settlements. These items are uncertain and depend on various factors that are outside of the Company's control or cannot be reasonably predicted. While the Company is unable to address the probable significance of these items, they could have a material impact on GAAP net income and operating expenses for the guidance period. A reconciliation of adjusted EBITDA or adjusted operating expenses would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as "predicts," "forecasts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, statements related to our 2025 financial guidance, including projected product revenues, adjusted operating expenses and adjusted EBITDA, statements related to current and future market opportunities for our products and our assumptions related thereto, expectations (financial or otherwise) and intentions, and other statements that are not historical facts. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results, performance, or achievements to differ materially from the company's current expectations, including risks relating to, among others: unknown liabilities; risks related to future opportunities and plans for our products, including uncertainty of the expected financial performance of such products; our ability to commercialize and grow sales of our products; our ability to manage our relationships with licensors; the success of competing products that are or become available; our ability to maintain regulatory approval of our products, and any related restrictions, limitations, and/or warnings in the label of our products; the size of the markets for our products, and our ability to service those markets; our ability to obtain reimbursement and third-party payor contracts for our products; the rate and degree of market acceptance of our products; the costs of commercialization activities, including marketing, sales and distribution; changing market conditions for our products; the outcome of any patent infringement or other litigation that may be brought by or against us; the outcome of any governmental investigation related to our business; our ability to secure adequate supplies of active pharmaceutical ingredient for each of our products and manufacture adequate supplies of commercially saleable inventory; our ability to obtain funding for our operations and business development; regulatory developments in the U.S.; our expectations regarding our ability to obtain and maintain sufficient intellectual property protection for our products; our ability to comply with stringent U.S. and foreign government regulation in the manufacture of pharmaceutical products, including U.S. Drug Enforcement Agency compliance; our customer concentration; and the accuracy of our estimates regarding expenses, revenue, capital requirements and need for additional financing. These and other risks are described under the heading "Risk Factors" in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release. Investor Contacts:Ian KarpHead of Investor Relationsir@ Danielle JesseDirector, Investor Relationsir@ Media Contact:Cheryl WheelerHead of Corporate Communicationscommunications@ Pharmaceutical, Selected Consolidated Balance Sheet Information(in thousands) June 30, December 31, 2025 2024 Cash and cash equivalents $ 117,348 $ 70,565 Marketable securities 104,805 92,198 Accounts receivable, net 213,023 228,540 Inventory 38,148 35,560 Prepaid expenses and other current assets 56,037 30,394 Property and equipment, net 12,903 14,329 Operating lease assets 5,263 5,822 Intangible assets, net 780,456 891,402 Restricted cash 20,900 26,047 Deferred tax assets 91,967 98,033 Other noncurrent assets 3,845 8,368 Goodwill 147,936 162,333 Total assets $ 1,592,631 $ 1,663,591 Accounts payable and accrued liabilities 70,326 76,058 Accrued rebates, returns and discounts 310,758 338,642 Business combination consideration payable 17,566 28,956 Term notes payable 585,231 615,316 Convertible senior notes 237,688 237,172 Operating lease liabilities 6,191 6,810 Deferred royalty obligation 122,627 120,613 Deferred revenue 10,000 10,000 Contingent consideration 38 1,182 Shareholders' equity 232,206 228,842 Total liabilities and shareholders' equity $ 1,592,631 $ 1,663,591Collegium Pharmaceutical, Condensed Statements of Operations(in thousands, except share and per share amounts) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Product revenues, net $ 188,000 $ 145,276 $ 365,757 $ 290,199 Cost of product revenues Cost of product revenues (excluding intangible asset amortization) 24,143 19,955 49,103 38,905 Intangible asset amortization and impairment 55,473 34,515 110,946 69,032 Total cost of product revenues 79,616 54,470 160,049 107,937 Gross profit 108,384 90,806 205,708 182,262 Operating expenses Selling, general and administrative 73,637 43,335 150,060 85,317 Gain on fair value remeasurement of contingent consideration (358 ) — (1,144 ) — Total operating expenses 73,279 43,335 148,916 85,317 Income from operations 35,105 47,471 56,792 96,945 Interest expense (20,463 ) (15,587 ) (41,253 ) (32,926 ) Interest income 2,383 4,397 4,608 8,884 Loss on extinguishment of debt — (7,184 ) — (7,184 ) Income before income taxes 17,025 29,097 20,147 65,719 Provision for income taxes 5,042 9,491 5,747 18,400 Net income $ 11,983 $ 19,606 $ 14,400 $ 47,319 Earnings per share — basic $ 0.38 $ 0.60 $ 0.45 $ 1.46 Weighted-average shares — basic 31,810,612 32,433,025 31,802,222 32,379,807 Earnings per share — diluted $ 0.34 $ 0.52 $ 0.44 $ 1.24 Weighted-average shares — diluted 39,075,703 40,383,694 39,283,297 40,510,943 Collegium Pharmaceutical, of GAAP Net Income to Adjusted EBITDA(in thousands)(unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 GAAP net income $ 11,983 $ 19,606 $ 14,400 $ 47,319 Adjustments: Interest expense 20,463 15,587 41,253 32,926 Interest income (2,383 ) (4,397 ) (4,608 ) (8,884 ) Loss on extinguishment of debt — 7,184 — 7,184 Provision for income taxes 5,042 9,491 5,747 18,400 Depreciation 1,135 952 2,226 1,869 Amortization 55,473 34,515 110,946 69,032 Stock-based compensation 10,818 10,012 22,342 17,487 Recognition of step-up basis in inventory 1,954 — 5,431 — Executive transition expense — 3,051 1,397 3,051 Acquisition related expenses 935 — 2,224 — Gain on fair value remeasurement of contingent consideration (358 ) — (1,144 ) — Total adjustments $ 93,079 $ 76,395 $ 185,814 $ 141,065 Adjusted EBITDA $ 105,062 $ 96,001 $ 200,214 $ 188,384 Collegium Pharmaceutical, of GAAP Operating Expenses to Adjusted Operating Expenses(in thousands)(unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 GAAP operating expenses $ 73,279 $ 43,335 $ 148,916 $ 85,317 Adjustments: Stock-based compensation 10,818 10,012 22,342 17,487 Executive transition expense — 3,051 1,397 3,051 Acquisition related expenses 935 — 2,224 — Gain on fair value remeasurement of contingent consideration (358 ) — (1,144 ) — Total adjustments $ 11,395 $ 13,063 $ 24,819 $ 20,538 Adjusted operating expenses $ 61,884 $ 30,272 $ 124,097 $ 64,779Collegium Pharmaceutical, of GAAP Net Income to Adjusted Net Income and Adjusted Earnings Per Share(in thousands, except share and per share amounts)(unaudited) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 GAAP net income $ 11,983 $ 19,606 $ 14,400 $ 47,319 Adjustments: Non-cash interest expense 1,355 1,604 2,722 3,384 Loss on extinguishment of debt — 7,184 — 7,184 Amortization 55,473 34,515 110,946 69,032 Stock-based compensation 10,818 10,012 22,342 17,487 Recognition of step-up basis in inventory 1,954 — 5,431 — Executive transition expense — 3,051 1,397 3,051 Acquisition related expenses 935 — 2,224 — Gain on fair value remeasurement of contingent consideration (358 ) — (1,144 ) — Income tax effect of above adjustments(1) (17,871 ) (12,008 ) (36,608 ) (24,661 ) Total adjustments $ 52,306 $ 44,358 $ 107,310 $ 75,477 Non-GAAP adjusted net income $ 64,289 $ 63,964 $ 121,710 $ 122,796 Adjusted weighted-average shares — diluted(2) 39,075,703 40,383,695 39,283,297 40,510,943 Adjusted earnings per share(2) $ 1.68 $ 1.62 $ 3.16 $ 3.09 (1) The income tax effect of the adjustments was calculated by applying our blended federal and state statutory rate to the items that have a tax effect. The blended federal and state statutory rate for the three months ended June 30, 2025 and 2024 were 25.7% and 25.9%, respectively; and the blended federal and state statutory rate for the six months ended June 30, 2025 and 2024 were 25.8% and 26.2%, respectively. As such, the non-GAAP effective tax rates for the three months ended June 30, 2025 and 2024 were 25.5% and 21.3%, respectively; and the non-GAAP effective tax rates for the six months ended June 30, 2025 and 2024 were 25.4% and 24.6%, respectively. (2) Adjusted weighted-average shares - diluted were calculated using the 'if-converted' method for our convertible notes in accordance with ASC 260, Earnings per Share. As such, adjusted weighted-average shares – diluted includes shares related to the assumed conversion of our convertible notes and the associated cash interest expense is added-back to non-GAAP adjusted net income. For the three and six months ended June 30, 2025 and 2024, adjusted weighted-average shares – diluted includes 6,606,305 shares, attributable to our convertible notes. In addition, adjusted earnings per share includes other potentially dilutive securities to the extent that they are not antidilutive.
Yahoo
05-08-2025
- Yahoo
How financial advisors with ADHD manage symptoms — and thrive
When Aubrey Williams, a financial advisor at Open Path Financial in Goleta, California, watched his kids fill out an ADHD diagnostic questionnaire, he realized nearly all of the symptoms applied to him. It was a moment of revelation — one that would ultimately change the course of his business. For financial advisors, recognizing ADHD symptoms and learning how to manage them can have a profound impact on daily work and long-term success. ADHD is far from uncommon in adults. According to the Centers for Disease Control and Prevention, nearly 15.5 million American adults were living with ADHD in 2023. While there is no data on the number of financial advisors who have ADHD, the Financial Planning Association launched the Neurodivergent Planner Knowledge Circle in October 2021 to offer support and community. "ADHD is something that if you don't confront it, it can really wreck your life," said Otto Rivera, an investment manager at Bedford, Massachusetts-based White Lighthouse Investment Management and host of the FPA knowledge circle. "It can always make you feel like you're behind everyone, even though you're talented." READ MORE: For clients with disabilities, proper communication is key There are three types of ADHD, according to the CDC: predominantly inattentive (difficulties focusing), hyperactive-impulsive (excessive physical movement and impulsive behavior), and combination (symptoms of both inattentive and hyperactive-impulsive ADHD). "When you get diagnosed, you have this awareness now," Rivera said. "It does empower you to start making decisions, work with it and be happier." ADHD challenges for financial advisors The symptoms of ADHD vary from person to person. Rivera, who was diagnosed in 2021, said he often experiences inattentiveness and difficulty initiating certain tasks that he finds challenging. It can also be hard for him to pick up on details, especially when clients are verbally communicating a great deal of information. "Distraction is always there, now more than ever with our phones and all our notifications and email coming in and getting direct messages from colleagues," he said. "All those things do contribute and can actually worsen the challenges." Williams said that for those with inattentive-type ADHD, the struggles are often internal. Individuals might experience fatigue, anxiety or difficulties in establishing relationships. "Sometimes there's so much going on inside that it's hard to relate to another person," he said. READ MORE: 'The threat is existential,' but these leaders are staying the course on DEI Williams added that it can also be challenging for him to adapt to an environment that lacks structure or routine, leading to procrastination and anxiety over meeting deadlines at the last minute. Even starting simple tasks can be hard, whether due to low motivation, lack of planning or other factors. "It can be a little overwhelming," Williams said. "For neurotypical people, they sort of build their own internal scaffolding to emulate that, but [for individuals with ADHD], it could be very intense and draining." How to manage ADHD symptoms For financial advisors with ADHD, it's also about managing their energy, Rivera said. What works for him, Rivera said, is working on more complicated tasks in the morning after taking his medication, and then leaving easier tasks for the afternoon when his energy is lower. Williams recommended that for more sophisticated long-term tasks, financial advisors with ADHD plan ahead and break it down into smaller parts that can be gradually completed. He recalled situations in which a big project would be on the horizon, not due anytime soon. "I spent [those times] sort of in agony, not able to start, but wanting to," he said. "I had to adapt my way to neurotypical people." For those who are trying to motivate themselves, Williams suggested they try "body doubling," in which they work alongside someone on Zoom or in a coffee shop to stay in a productive environment. Another strategy he uses to keep himself on track with work is to hold a daily debrief of his planned tasks with someone in the morning. Similarly, Rivera recommended using calendar apps to set task reminders and reviewing next day's plan the night before. READ MORE: An ABLE primer: How advisors can use 529A plans for clients with disabilities When talking to clients who are sharing a lot of information, Rivera said he stays focused by taking notes and keeping eye contact. He added that AI notetakers are helpful to ensure detailed documentation. And having an item on hand to fidget with, such as a clickable pen, can also help improve focus. "That will just create physical placebo for me to create some tension on my body and then keep me in the loop," Rivera said. To avoid feeling overwhelmed with information over the course of a conversation, Williams suggested financial advisors ask the most important questions early in order to absorb the essential details. For Williams, having a comfortable and organized space is extremely important to helping him stay focused for work. His preference is for a clear desk, with his phone kept out of reach to avoid distractions. He also likes to listen to a consistent playlist to establish a steady work rhythm. Physical exertion can also help with the management of symptoms. Rivera recommended incorporating a simple daily cardio workout, which he has found to be life-changing. "It gets you in a really good mood," he said. "It helps you get a lot of clarity, and it helps with your focus." Don't be afraid to let clients know you have ADHD Rivera said he's comfortable sharing his neurodivergence when his clients ask about it. He has yet to encounter a client who thought differently about him after learning of his condition. "Our general population is much more aware of ADHD and other neurodivergent challenges that folks have out there," he said. "It's a more empathetic world out there than it used to be some years ago." Williams added that although all of his clients are accepting, when he initially considered sharing his diagnosis, it seemed like a risk to be "putting myself out there." However, he noticed that other neurodivergent financial advisors were comfortable being vulnerable with clients. That gave him the confidence to be open with his clients. Then he took it a step further. Now, he's turned his expertise in neurodivergence to his advantage. READ MORE: How advisors can use ABLE accounts for disabled clients Williams is now branding himself as a financial advisor with ADHD. He frequently shares personal stories about himself with clients, including the story of how he paid off his debt after learning how to manage his ADHD symptoms. "It sort of sets the tone that I am a person of compassion and understanding," Williams said. "I'm not someone who does everything [perfectly] and knows the right answer to everything, [but] I do my best to educate myself and learn." Solve the daily Crossword
