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Pacira Pharma (PCRX) Prelim. Q4, FY12 Revs Come in Ahead of Views

January 15, 2013 4:27 PM EST Send to a Friend
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Pacira Pharma (Nasdaq: PCRX) is in the process of finalizing its results of operations and other financial and operating data for the year ended and quarter ended December 31, 2012. While the Company’s full financial information and operating data for such periods are not available, the information below is based on management’s preliminary estimates from currently available information.

For the quarter ended December 31, 2012, the Company currently expects to report net sales of EXPAREL of approximately $7.8 million, and currently expects to report total revenues of approximately $10.5 million as compared to total revenues of $4.2 million for the quarter ended December 31, 2011. For the year ended December 31, 2012, the Company currently expects to report net sales of EXPAREL of approximately $14.6 million, and currently expects to report total revenues of approximately $39.1 million as compared to total revenues of $15.7 million for the year ended December 31, 2011. The expected increase in total revenues for the year ended and quarter ended December 31, 2012 as compared to the corresponding period in the preceding year is primarily attributable to EXPAREL sales since the launch in April 2012 as well as the increase in our collaborative licensing and development revenue relating to the recognition of deferred revenue in connection with the termination of certain license agreements.

*** The Street sees Q4 revs of $9.2 million and FY12 revs of $37.9 million.

The average daily box sales of EXPAREL increased month over month, from September 2012 through December 2012, by approximately 13%, 23%, 26% and 39%, respectively. Average daily box sales is the total boxes sold in the applicable month, divided by the business days in such month, excluding holidays when product cannot be shipped. The Company sold an estimated 5,497 total boxes of EXPAREL during the period from its commercial launch in April 2012 through December 31, 2012.

As of December 31, 2012, the Company currently expects to have cash, cash equivalents, restricted cash and short-term investments of $42.6 million.

Because the reporting period ended December 31, 2012 has recently ended, the unaudited financial information presented above for the year ended and quarter ended December 31, 2012 reflects estimates based only upon preliminary information available to the Company as of the date hereof, is subject to change pending finalization and is not a comprehensive statement of the Company’s financial results or position as of or for the year ended and quarter ended December 31, 2012. The Company’s independent registered public accounting firm, CohnReznick LLP, has not audited, reviewed, compiled or performed any procedures with respect to the above preliminary estimated financial information, and, accordingly, does not express an opinion or provide any form of assurance with respect thereto. During the course of the Company’s financial statement closing process or the audit of its financial statements, the Company may identify items that would require it to make adjustments to its preliminary operating results described above.

As a result, the foregoing discussion constitutes forward-looking statements and, therefore, the Company cautions investors that these statements are subject to risks and uncertainties, including possible adjustments to the Company’s preliminary operating results and the risk factors highlighted in the Company’s filings with the Securities and Exchange Commission. The Company’s consolidated financial statements and operating data as of and for the year ended and quarter ended December 31, 2012 will not be available until after the Private Placement is completed and may vary materially from the preliminary estimated financial information the Company has provided. Accordingly, investors should not place undue reliance on these preliminary estimates. The estimates as of and for the year ended and quarter ended December 31, 2012 are not necessarily indicative of any future period and should be read together with the attached ‘‘Risk Factors,’’ which are updated from the “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 and the “Risk Factors” included in the Company’s quarterly reports on Form 10-Q for the quarters ended June 30, 2012 and September 30, 2012. The Company’s updated “Risk Factors” are filed herewith as Exhibit 99.2 and incorporated by reference herein.




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