for all you thank and joining us Mike, today. you, Thank
this also As you let echo in we Mike had that another me said, and have financially. seen as morning's quarter release good
positive million bottom top we and as months, nine line generated exceeded cash operating Our and in flow. cash expectations, through were flow have the $XX we
Now, flat a organically level million be of from and Bloxiverz as Vazculep $XX.X $X.X third was the as and Quarter-over-quarter launched. let's year remained to talk market for new yet up had competition. quarter we to third lower was was Akovaz pricing with performed in has the in stable fully essentially now, QX as specifically more $XX.X time due revenue expected, When million to quarter. and quite to volumes. primarily for for Revenue XXXX, down compared Akovaz no was was decline ago, how QXs some XX%, of Vazculep the million. lower Bloxiverz
QX. in This QX decline attributable running. million Our $XX.X expenses substantial strong compared now during million a and slightly REST-ON is million was lower of higher slight $X.X in to last is QX. the than year. with unchanged and our business million gross in as XX% from million expense and liabilities. result portion increase of consideration QX, cash $XX.X made clinical at spending last in with The $X.X SG&A up XX% associated $X.X gross consulting the contingent trial, sites third expenses. third to of QX $XX.X professional, and associated lower expense to quarter a we Research SG&A compared in but year. our was payments This quarter comprised our QX's non-GAAP consideration of slightly in and accruals in of clinical margin development margin, are remains QX Contingent totaled development million
products. EPS on know, Bloxiverz, you acquisition of of Akovaz On vary the of to This part three sales amount on profit the X% for for many of diluted will quarter-to-quarter QX. pay we was share and basis, non-GAAP obviously As depending party. related and gross Eclat, gross this levels $X.XX those a Vazculep margin the a per
XX%, The related effective Irish to non-GAAP to for to and third effective compared Akovaz. lower Our the was in a to QX, rate, was by sales XX% when pre-tax due decline tax tax driven in higher QX. compared income, quarter rate profits
tax are where in U.S. As The remainder of purposes, Akovaz we our many of incurred our a large recorded for of developed. rate, history revenue was recall, current in revenue therefore, XX%. income and and all is R&D corporate principally where record from where the hospital of Ireland, expenses at the have products taxed the earned benefits. is you accounting in Ireland, France no portion of it cannot any is product tax U.S., our Nearly
statutory With tax effective U.S. pleased rates. tax Irish rate which addition, has for in that non-GAAP tax declined said in meaningfully In factors as last I effective and said receive statutory a both any our we year. exceeds however, deductions liability that past, These the when payments. an we contingent tax compared XXXX, create rate, don't to the am
We in eligible, to that discussed launch of costs licensing Noctiva several the costs I our conference U.S. for significant be years. to a attributable next believe over business. hospital call, taxable As portion offset incur announcing our large we products our will commercial will these income, our arrangement, Noctiva
eliminate As lower the substantially cash our taxes rate. next this income over three may and or years, a tax our result, U.S. effective reduce
which we Noctiva. help to the with of obtain pay the paid last refunds some the We cash could Noctiva are some of cash also the several exploring in for years, flow initial help carryback taxes losses our and on initial potential to costs launch for opportunity have
impact We which are what tax gets on have also reform the to it might was keeping if an eye on passed. ultimately it bill, see us, recently unveiled,
non-GAAP our restructuring to non-GAAP a Let's contingent Please acquisition costs. covers appendix for slide, reconciliation how and and to move The slide GAAP primary the relates presentation results results. next refer our our the and results. our treat we on to between results GAAP GAAP to earnouts which the to today's of related liabilities difference
of numbers, For a operational amounts our believe purposes. and for way we We measure GAAP the performance non-GAAP our this to better accruals substitute record cash business. the payments for is we
due three as liabilities For GAAP acquisition accounting however, we the for our third the the by use approach, we a fair Bloxiverz quarter, long hospital value rules. value related lowered required in and changes Akovaz, in gross pricing fourth sales of products, entrant for primarily to because competitor of slightly another and outlook, the a the fair In term profit a competitor. first of
million Keep make result, gain we are $X.X a these a these mind, are of lower As have quarterly on the and a basis. payments basis on reflective only, liabilities. not in of cash we GAAP recorded gains to reflective a
expense, for quarter, third called party the in income of and to payable. same contingent in royalties parties. on owe included value Bloxiverz, changes in noted. we addition, is gain certain basis adjust the income, related GAAP We and on revenues true-up Akovaz other these total fair of the value liabilities In of a This related Vazculep I small reasons a recorded just fair
Additionally there with France, gain of on in QX, the was our our rationalization. obligations certain curtailment results retirement for a small in workforce plan associated GAAP
our As at France recall, we by you our approximately XX%. site reduced footprint Lyon,
of We have on and employee to severance million. made and up of $X.X through cost and approximately XXXX. the XXXX, recognized the million, savings fully which other the end to costs be meaningful anticipates XX $X be company expect substantially annual benefits progress complete $X likely million to of reduction Once of will incur implemented, by we December this, to
was last diluted in compared contingent the $XX.X the net million in to diluted GAAP in mentioned I of revenues largely the and that in of And the $X.XX XXXX, net million income related gains the share, was second tax GAAP the $XX.X say, pleased share basis $X.XX for $X.XX income this decline net fair share diluted XX% changes The or loss to consideration. lower net value income, quarter third period our the lower on to a party compared was I Our the of as of quarter-over-quarter to quarter. on per per or quarter a for due million per am $XX or rate effective third year. same
sales quarter. by from QX, the the $XX.X down were to million in million product; of on in we recorded Moving sales Bloxiverz $X.X previous
Bloxiverz FDA XXXX, slightly the million, market Our compared Sugammadex, introduced the range declined competitors in two million now QX. to Vazculep who flat XX% new of to due of the XXXX, year. Sales market. $XX.X were at to neostigmine in accounts market, share in GPOs share. the quarter XX%. neuro-muscular QX. the in the second for high pricing, an of revenue XXXX. quarter to U.S. and of Akovaz market, which late a Akovaz which period sales gain of repackagers some a volumes revenue in of in QX $X.X stable by is most third last of million, from for of and Pricing and aggressive Akovaz, in year, result from in remained and first slightly the approved continues and compared quarter entered total the was decline to prior order XXXX When to the the neostigmine of about mid XX% neostigmine, same the or exceed molecule in in to million $XX.X be range declined to QX block compared the were to molecule $X.X includes new essentially [indiscernible] June The was QX competitor reversal in alternative XXXX.
be GPO traditional seasonal totaled pleased sales have Karbinal pediatric the our up customers most strong for QX, our of as sales. us. on our ER, made customers, to progress we important outside are promoted important channel GPO were product markets, and as We XX% sales which primary with $X million; the contingent almost an about In with continues of well quarter-over-quarter
sales have true X.X Additionally, have made times, reflection a of compared to nearly of increased quarter, with last year's third progress our sales-force. we Karbinal the
Although in of XXXX, and the about growth significant market market year-over-year this QX seeing increases are we product. has prescription share compared to XX%, for declined
license Moving on $XX a funding we months about flow the ended nine ended and $XX for Noctiva in marketable million. license, operating cash the Noctiva December was business XX. to the million $XX development million After cash and September million for some used compared expenses, $XXX strong our of $XXX repurchases. initial which million for cash flow share with to initial at our the includes securities, summary, quarter We XX the funding,
continue We which gives cash balance flexibility financial sheet, on to a the have from strong fund hand. us the Noctiva to payment
is to clinical Our the current term. hand fund Noctiva adequate cash the pipeline launch and in on our near
that is the capital However, nature will any raise as rule be commercialize amount of to necessary. capital we that may out not Noctiva, be cannot amount, given significant raise timing yet. a The definitive investment and required of
are be We several provide and any interest am me major XXXX our to additional lot most with that raise executed raise commentary of efficient capital. a in of around let I working Avadel, be changes capital institutions to options capital, closely and advisors at closing, on There the reasonable costs. optimistic can our continues our guidance. to cost at In a some
million. unchanged at Our million revenue to remains guidance $XXX $XXX
costs of which, effective between total the of inclusive million in diluted which to between We and million slightly for total XXXX, from fourth advertising, on XX%, With We we expect for expect $XX the oxybate. us and $XX R&D range million tax down at now $XX of R&D most to of expect In which be Inclusive spend and for investments. million, related XXXX sodium between critical in $X.XX launch for rate Noctiva, Noctiva to most QX, other which of of positions, quarter put to QX, preparation related sales to for a Noctiva costs the all for to over range million is I marketing costs, SG&A to XX% launch call our spend million million, EPS all includes in which $XX other of us that's Mike? and $X guidance million range $X.XX spend $XX of the at launch turn the of would a approximately now XX% marketing cost. costs are to XXXX, some to sales-force, the salary spend to of SG&A we and promotion of an XX%. $XX to recruitment on the $XX million put of $XX all additional will to previous Mike, comments. Noctiva our would in expect to adjusted and that,
