Business
Pacira BioSciences Reports Preliminary Net Product Sales of $42.1 Million for July 2021
-- EXPAREL momentum continues with July 2021 average daily sales at 117% of July 2020 -- PARSIPPANY, N.J., Aug. 10, 2021 (GLOBE NEWSWIRE) -- Pacira
About this update from Pacira Biosciences, Inc.
[{"type":"text","content":"-- EXPAREL momentum continues with July 2021 average daily sales at 117% of July 2020 --\nPARSIPPANY, N.J., Aug. 10, 2021 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its commitment to non-opioid pain management and regenerative health solutions, today reported preliminary unaudited net product sales of EXPAREL® (bupivacaine liposome injectable suspension) and iovera° of $40.9 million and $1.0 million, respectively, for the month of July 2021. EXPAREL average daily sales for the month of July 2021 were 117 percent of July 2020. The company reports average daily growth rates for EXPAREL to account for differences in the number of selling days per reporting period. EXPAREL selling days were 21 in July 2021 and 23 in July 2020. “The continued growth of EXPAREL reflects its accelerating deployment as the opioid-free local analgesic of choice given its enduring efficacy, excellent safety profile and proven ability to reliably facilitate surgical migration to outpatient sites of care,” said Dave Stack, chairman and chief executive officer of Pacira BioSciences. “Following record-level revenue in the second quarter, EXPAREL demand remains strong leaving us confident in our ability to achieve our five-year goals of top line growth in at least the high teens and operating margins that exceed 50 percent.” The company’s net product sales were negatively impacted by the COVID-19 pandemic in 2020 due to the significant postponement or suspension in the scheduling of elective surgical procedures resulting from public health guidance and government directives. Elective surgery restrictions began to lift on a state-by-state basis in April 2020, allowing EXPAREL sales to return to year-over-year growth in June 2020. However, while many restrictions have since eased and COVID-19 vaccines become more widely available and administered to the general public, it is still unclear how long it will take the elective surgery market to normalize, or if restrictions on elective procedures will recur due to COVID-19 variant strains or otherwise. To provide greater transparency, the company is reporting monthly intra-quarter unaudited net product sales until it has gained enough visibility around the impacts of COVID-19. The company is also providing weekly EXPAREL utilization and elective surgery data within its invest...