Collegium Stock Jumps 11% On FY Revenue Outlook

(RTTNews) - Collegium Pharmaceutical, Inc. (COLL) shares gained over 11% on Wednesday after the company issued a revenue outlook for fiscal year 2024, which is above current estimates.

Collegium's stock is surging 11.56%, to $34.84 on a volume of 814,121 on the Nasdaq. It has traded between $20.83 and $34.34 during the last 52-week period.

The company expects revenue in the range of $580 million to $595 million for full year 2024, whereas analysts polled by Thomson-Reuters expect it to be $581.19 million.

The company sees adjusted EBITDA of $380 million to $395 million for 2024.

Joe Ciaffoni, President and Chief Executive Officer commented that, "We are on track to grow revenue over 20% and adjusted EBITDA over 35% in 2023 compared to 2022, leading to strong cash flow generation that enabled us to rapidly pay down debt and opportunistically repurchase shares."