Business
Pacira BioSciences Reports Full-Year and Fourth Quarter 2022 Financial Results
— Record revenues of $667 million in 2022 — — Full-year GAAP net income of $16 million and adjusted EBITDA of $213 million — — EXPAREL surpasses the 12
About this update from Pacira Biosciences, Inc.
[{"type":"text","content":"— Record revenues of $667 million in 2022 — — Full-year GAAP net income of $16 million and adjusted EBITDA of $213 million — — EXPAREL surpasses the 12 million patient mark — — Conference call today at 8:30 a.m. ET — TAMPA, Fla., Feb. 28, 2023 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its commitment to non-opioid pain management and regenerative health solutions, today reported financial results for the fourth quarter and full-year of 2022. “2022 was a solid year for Pacira as we posted record revenue and significant adjusted EBITDA, recently surpassed our twelve millionth patient with EXPAREL, and advanced our product portfolio into new and exciting indications,” said Dave Stack, chairman and chief executive officer of Pacira BioSciences. “We enter 2023 in a strong position with significant and durable cash flows that we believe will allow us to leverage our balance sheet to self-fund our growth and expansion. In the coming year we expect to achieve a variety of value-driving milestones including growing product revenue, developing new indications for our commercial offering, advancing our clinical pipeline, improving gross margins, increasing cash flow, and pre-paying significant portions of our term loan B debt, which would further strengthen our balance sheet.” “The need for non-opioid pain management remains a global imperative and our continued progress further solidifies our leadership role in this important work,” added Mr. Stack. 2022 Full-Year and Fourth Quarter Financial Highlights Full-year revenues of $666.8 million and fourth quarter revenues of $172.0 million.Full-year GAAP net income of $15.9 million or $0.35 per basic share and $0.34 per diluted share.Fourth quarter GAAP net loss of $10.1 million or $0.22 per basic and diluted share.Full-year adjusted EBITDA of $212.7 million and fourth quarter adjusted EBITDA of $58.8 million. See “Non-GAAP Financial Information” below. Recent Business Highlights Second Innovation and Training Center Opened in Houston. In January 2023, Pacira opened its second Innovation and Training Center in Houston. This state-of-the-art facility features a 125-seat adaptive lecture hall, broadcast studio and both wet and dry lab space for cadaver and other interactive workshops, as well as advanced ultrasound machines equipped with artificial intell...