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Pacira BioSciences Reports Second Quarter 2023 Financial Results
-- Conference call today at 8:30 a.m. ET -- TAMPA, Fla., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its
About this update from Pacira Biosciences, Inc.
[{"type":"text","content":"-- Conference call today at 8:30 a.m. ET -- TAMPA, Fla., Aug. 02, 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 second quarter of 2023. Second Quarter 2023 Financial Highlights Total revenues of $169.5 millionNet product sales of $135.1 million for EXPAREL, $29.3 million for ZILRETTA, and $4.4 million for iovera°Net income of $25.8 million, or $0.56 per share (basic) and $0.51 per share (diluted)Adjusted EBITDA of $54.3 million See “Non-GAAP Financial Information” below. “We were pleased to see EXPAREL year-over-year growth rates improve as the quarter progressed, with a meaningful uptick in June. Solid year-over-year growth continued in July, leaving us optimistic for a stronger second half of the year given improving market conditions and rising demand for joint replacements and other elective surgeries. We also expect to benefit from several ongoing growth initiatives in the second half of 2023, such as continued volume expansion for existing and new 340B customers, as well as new initiatives with oral and maxillofacial surgeons, Plastics, Outpatient, and Sports Management.” said Dave Stack, chairman and chief executive officer of Pacira. Second Quarter 2023 Financial Results Total revenues were $169.5 million in the second quarter of 2023, versus $169.4 million reported for the second quarter of 2022.EXPAREL net product sales were $135.1 million in the second quarter of 2023, versus $137.0 million reported for the second quarter of 2022. Second quarter volume growth of 4 percent was offset by a lower net selling price primarily due to the implementation of 340B Drug Pricing and other contracted relationships. There were 64 selling days in each of the second quarters of 2023 and 2022.ZILRETTA net product sales were $29.3 million in the second quarter of 2023, versus $27.4 million reported for the second quarter of 2022.Second quarter 2023 iovera° net product sales were $4.4 million, versus $3.2 million reported for the second quarter of 2022.Sales of bupivacaine liposome injectable suspension to third-party licensees were $0.7 million in the second quarter of 2023, versus $1.0 million reported for the second quarter of 2022.Total operating expenses were $129.6 mill...