Pacira Pharma (PCRX): Guidance Weaker Than Expected - Wedbush
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Wedbush analyst, Liana Moussatos, reiterated her Outperform rating on shares of Pacira Pharmaceuticals (NASDAQ: PCRX) but cut her price target to $89 from $93 after Q3 EXPAREL sales were in-line and 2016 EXPAREL guidance slightly reduced to $263-268MM (from $270-$280MM).
Q3 EXPAREL sales of $64.9MM were in line with consensus estimate of $65MM. The analyst offered insight into the seasonality of elective surgery though, noting that "Q3 is usually a seasonally weak qtr for EXPAREL sales as surgeons and patients go on summer vacation. Q4 tends to be the strongest quarter from Q3 delays and because patients use up their flex spending accounts."
The GAAP EPS (loss) of $(0.59) came in lower than consensus of $(0.15) due to a $29MM one-time charge to COGS due to a batch of EXPAREL that did not meet required specifications. Pacira ended Q3 with ~$161MM in cash and eq.
The next significant catalyst is the release of October Symphony Health EXPAREL sales estimate on Nov 23.
Shares of Pacira Pharmaceuticals closed at $33.35 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Earnings
Related EntitiesLiana Moussatos
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