Business
Pacira BioSciences Reports Third Quarter 2023 Financial Results
-- New ASA initiatives to advance education and innovation for the anesthesia community -- -- PDUFA action date for EXPAREL as a lower extremity nerve block
About this update from Pacira Biosciences, Inc.
[{"type":"text","content":"-- New ASA initiatives to advance education and innovation for the anesthesia community -- -- PDUFA action date for EXPAREL as a lower extremity nerve block on track for November 13, 2023 -- -- Conference call today at 8:30 a.m. ET -- TAMPA, Fla., Nov. 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 third quarter of 2023. Third Quarter 2023 Financial Highlights Total revenues of $163.9 millionNet product sales of $128.7 million for EXPAREL, $28.8 million for ZILRETTA, and $5.3 million for iovera°Net income of $10.9 million, or $0.23 per share (basic and diluted)Adjusted EBITDA of $52.9 million See “Non-GAAP Financial Information” below. “Pacira continues to operate from a position of financial strength with substantial revenues, improving gross margins, and ongoing operating discipline, which have resulted in significantly positive adjusted EBITDA of $53 million for the third quarter,” said Dave Stack, chairman and chief executive officer of Pacira BioSciences. “Our strong and durable cash flows, fueled by EXPAREL exclusivity through 2041, leave us well positioned to self-fund our growth and deliver multiple value-creating milestones in the coming year including the anticipated launch of EXPAREL in two key lower extremity nerve blocks. Looking ahead, we will continue to actively manage operating expenses while deploying capital in a manner we believe will maximize shareholder return and unlock the significant untapped potential within our best-in-class opioid-sparing commercial portfolio.” Recent Business Highlights Four New Independent Directors Appointed to Board of Directors. In October 2023, the company announced the appointments of Marcelo Bigal, MD, PhD, Abraham Ceesay, Michael Yang, and Alethia Young, to its Board of Directors. Each of the new directors adds diversity of experience and background to the Pacira board of directors, while also enhancing racial and gender diversity. Pacira now has 12 experienced directors, all with relevant industry experience.New Initiatives Supporting the American Society of Anesthesiologists to Advance Education and Enhance Patient Care. In October 2023, the American Society of Anesthesiologists (ASA) and Pacira announced a ne...