On November 2, 2023, Pacira BioSciences Inc (PCRX, Financial), a leader in non-opioid pain management and regenerative health solutions, released its financial results for the third quarter of 2023. Despite a slight decrease in total revenues from the same period in the previous year, the company reported a net income of $10.9 million, or $0.23 per share (basic and diluted).
Financial Highlights and Performance Analysis
Pacira BioSciences Inc (PCRX, Financial) reported total revenues of $163.9 million in Q3 2023, compared to $167.5 million in Q3 2022. The company's net product sales for EXPAREL were $128.7 million, $28.8 million for ZILRETTA, and $5.3 million for iovera°. The company's net income was $10.9 million, or $0.23 per share (basic and diluted), and adjusted EBITDA was reported at $52.9 million.
According to Dave Stack, chairman and chief executive officer of Pacira BioSciences, the company continues to operate from a position of financial strength with substantial revenues, improving gross margins, and ongoing operating discipline. He stated,
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."
Recent Business Highlights
In October 2023, the company announced the appointments of four new independent directors to its Board of Directors. Pacira also announced a new grant from Pacira to the ASA Charitable Foundation to advance the medical specialty of anesthesiology and pain medicine, facilitate best-in-class clinician education and improve patient care. In September 2023, the company announced that David Stack will retire from his role as chairman and chief executive officer.
Financial Guidance
Despite the company's confidence in the business and its long-term growth outlook, it revised its full-year EXPAREL guidance to reflect an updated view of the remainder of the year. Pacira now expects full-year EXPAREL net product sales of $535 million to $540 million versus the company’s previously guided range of $550 million to $560 million.
Conclusion
Despite a slight decrease in total revenues, Pacira BioSciences Inc (PCRX, Financial) reported a net income of $10.9 million in Q3 2023. The company continues to operate from a position of financial strength and is well-positioned for future growth.
Explore the complete 8-K earnings release (here) from Pacira BioSciences Inc for further details.
