Business
Pacira BioSciences Reports Third Quarter 2021 Financial Results
-- Third quarter GAAP net income of $17.7 million and adjusted EBITDA of $48.1 million -- -- Conference call today at 8:30 a.m. ET -- TAMPA, Fla., Nov. 03,
About this update from Pacira Biosciences, Inc.
[{"type":"text","content":"-- Third quarter GAAP net income of $17.7 million and adjusted EBITDA of $48.1 million -- -- Conference call today at 8:30 a.m. ET -- TAMPA, Fla., Nov. 03, 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 financial results for the third quarter of 2021. Third Quarter 2021 Financial Highlights Total revenues of $127.7 millionGAAP net income of $17.7 million, or $0.40 per share (basic) and $0.39 per share (diluted)Adjusted EBITDA (non-GAAP) of $48.1 million “Throughout the third quarter we made significant progress advancing our corporate growth strategy. We delivered solid topline growth and EXPAREL continues to significantly outpace the recovery of the elective surgery market, which is facing ongoing pandemic-related challenges. This underscores the growing adoption of EXPAREL in outpatient settings, non-elective procedures and beyond. October saw a positive shift in market dynamics, and we expect the fourth quarter to return to more robust year-over-year topline growth,” said David Stack, chairman and chief executive officer of Pacira. “Looking ahead, we are on track to achieve our 5-year objective for top-line annual growth in at least the high teens with operating margins greater than 50 percent. Our proposed acquisition of Flexion Therapeutics is expected to further diversify and grow our topline while providing meaningful synergies that deliver substantial accretion to our cash flows and earnings beginning in 2022. Importantly, this proposed acquisition strengthens our leadership position in opioid-sparing pain management.” The company provides weekly EXPAREL utilization and elective surgery data within its investor presentation, which is accessible at investor.pacira.com. Third Quarter 2021 Financial Results Total revenues were $127.7 million in the third quarter of 2021, versus the $117.5 million reported for the third quarter of 2020.EXPAREL net product sales were $121.9 million in the third quarter of 2021, versus the $113.7 million reported for the third quarter of 2020. The number of EXPAREL selling days were 64 in the third quarter of 2021, versus 65 in the third quarter of 2020.Third quarter 2021 iovera° net product sales were $4.2 million, versus the $2.7 million reported for the th...