Business
Pacira BioSciences Reports First Quarter 2020 Financial Results and Business Update
-- Total revenues increased 16 percent over prior year first quarter ---- Conference call today at 8:30 a.m. ET -- PARSIPPANY, N.J., May 07, 2020 (GLOBE
About this update from Pacira Biosciences, Inc.
[{"type":"text","content":"-- Total revenues increased 16 percent over prior year first quarter ---- Conference call today at 8:30 a.m. ET --\n PARSIPPANY, N.J., May 07, 2020 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (Nasdaq: PCRX), a leading provider of innovative non-opioid pain management options, today reported financial results for the first quarter of 2020. “Prior to headwinds from the COVID-19 pandemic, which began in mid-March, we saw growing demand for EXPAREL continue with year-over-year growth rates of over 20 percent in January and February. Specifically, we saw demand continue to expand within the anesthesia community with EXPAREL-based nerve and field blocks continuing to take hold as institutional protocol for a variety of surgical procedures,” said Dave Stack, chairman and chief executive officer of Pacira BioSciences. “We remain steadfast in our long-term strategy to solidify our role as a leading provider of innovative non-opioid pain management and regenerative health solutions and believe the fundamentals of our business will continue to fuel our long-term expansion. Importantly, we are ready to quickly ramp up as elective surgery restrictions lift across the states and ambulatory centers address the backlog of patients who require surgery with increased resources and hours of operation.” First Quarter 2020 Financial Results Total revenues were $105.7 million in the first quarter of 2020, a 16% increase over the $91.3 million reported for the first quarter of 2019. EXPAREL net product sales were $101.3 million in the first quarter of 2020, a 12% increase over the $90.6 million reported for the first quarter of 2019. First quarter iovera° net product sales were $2.3 million. Pacira began recognizing sales of iovera° in April 2019 after completing its acquisition of MyoScience, Inc., a privately held medical technology company. Sales of bupivacaine liposome injectable suspension to a third-party licensee for use in veterinary practice were $1.2 million in the first quarter of 2020, compared to $0.3 million in 2019. First quarter royalty revenue was $0.9 million compared to $0.4 million in 2019. Total operating expenses were $88.6 million in the first quarter of 2020, compared to $90.2 million in the first quarter of 2019. Research and development (R&D) expenses were $15.8 million in the first quarter of 2020, compared to $14.4 million...