Business
Pacira BioSciences Reports Preliminary Unaudited Total Revenue for 2022 of $666.8 Million
EXPAREL average daily sales 104% of the prior year for the fourth quarter and 107% of the prior year for the month of December TAMPA, Fla., Jan. 05, 2023
About this update from Pacira Biosciences, Inc.
[{"type":"text","content":"EXPAREL average daily sales 104% of the prior year for the fourth quarter and 107% of the prior year for the month of December\nTAMPA, Fla., Jan. 05, 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 preliminary unaudited total revenue of $666.8 million for 2022, compared with $541.5 million for 2021, representing an increase of 23.1 percent. The company’s 2022 revenue includes net product sales of EXPAREL® (bupivacaine liposome injectable suspension), ZILRETTA® (triamcinolone acetonide extended-release injectable suspension), and the iovera°® system. Pacira began recognizing sales of ZILRETTA in November 2021 following the completion of its acquisition of Flexion Therapeutics, Inc. “Despite ongoing macroeconomic challenges, Pacira continues to outperform the surgical market with significant adjusted EBITDA and durable cash flows that allow us to self-fund growth opportunities while paying down significant portions of our debt,” said Dave Stack, chairman and chief executive officer of Pacira BioSciences. “We ended the year with a strong balance sheet and expect to report adjusted earnings per share of at least $2.50 for 2022, marking our ninth consecutive year of positive adjusted earnings. Further solidifying our financial condition, we prepaid $50 million of outstanding principal under our Term Loan B in December 2022 and we expect to use our strong cash position to make another significant pre-payment in 2023 to further reduce our interest expense. With three safe and unique opioid-sparing commercial assets and multiple near- and long-term opportunities across our portfolio, we believe Pacira is well-positioned for continued growth and value generation in 2023 and beyond.” Fourth Quarter and December 2022 Preliminary Revenue Highlights EXPAREL net product sales of $138.0 million and $139.9 million for the fourth quarters of 2022 and 2021, respectively, and $47.1 million and $50.9 million for the months of December 2022 and 2021, respectively. EXPAREL continues to outperform a flat surgical market with average daily volumes up 10 percent over December 2021. Average daily volume growth was offset by a lower net selling price primarily due to the company’s implementation of 340B Drug Pricing and o...