Pacira Pharma (PCRX) Tops Q4 EPS by 12c, Revenue Beats; Offers FY20 Revenue Guidance

Pacira Pharma (NASDAQ: PCRX) reported Q4 EPS of $0.56, $0.12 better than the analyst estimate of $0.44. Revenue for the quarter came in at $122.4 million versus the consensus estimate of $121.28 million.

2019 Full-Year and Fourth Quarter Financial Highlights

• Full-year revenues of $421.0 million and fourth quarter revenues of $122.4 million.
• Full-year EXPAREL® (bupivacaine liposome injectable suspension) net product sales of $407.9 million and fourth quarter EXPAREL net product sales of $116.9 million.
• Full-year iovera° net product sales were $7.9 million and fourth quarter iovera° net product sales of $3.2 million. Pacira began recognizing sales of iovera° in April 2019 after completing its acquisition of MyoScience, Inc., a privately held medical technology company.
• Full-year GAAP net loss of $11.0 million or $0.27 per share (basic and diluted).
• Full-year non-GAAP net income of $70.7 million or $1.67 per diluted share.
• Fourth quarter GAAP net loss of $4.9 million or $0.12 per share (basic and diluted).
• Fourth quarter non-GAAP net income of $23.8 million or $0.56 per diluted share.

“By every measure, 2019 was an outstanding year for Pacira. We are delighted to report record revenues for EXPAREL® with our sixth consecutive quarter of more than 20 percent growth,” said Dave Stack, chairman and chief executive officer of Pacira BioSciences. “Demand has continued to mount within the anesthesia community as EXPAREL-based nerve and field blocks take hold as institutional protocol. Additionally, we enhanced our non-opioid pain management product portfolio with the addition of iovera°® and we are seeing great interest from the marketplace around this innovative system.”

“Looking forward, we intend to capitalize on this momentum with robust topline growth that will drive substantial operating leverage and cash flow, providing significant financial flexibility to invest in future growth opportunities. Our mission for 2020 remains steadfast as we continue to propel our global leadership in non-opioid pain management and deliver multiple milestones, including the publication of new data in C-section, label-expansion initiatives for pediatrics and lower extremity nerve block, and the advancement of regulatory activities in Europe, Canada, and China,” added Mr. Stack.

GUIDANCE:

Pacira Pharma sees FY2020 revenue of $485-500 million, versus the consensus of $495.91 million.

Pacira announces its full-year 2020 financial guidance as follows. Pacira expects:

• Total revenues to be between $485 million and $500 million;
• EXPAREL net product sales to be between $465 million and $475 million;
• iovera° net product sales to be between $15 million and $20 million;
• Non-GAAP gross margins to be between 76% and 78%;
• Non-GAAP research and development (R&D) expense to be between $60 million to $70 million;
• Non-GAAP selling, general and administrative (SG&A) expense to be between $180 million and $190 million; and
• Stock-based compensation to be between $35 million and $40 million.

For earnings history and earnings-related data on Pacira Pharma (PCRX) click here.

You May Also Be Interested In

• Gilead Sciences (GILD) Misses Q1 EPS by 288c
• Arca Biopharma (ABIO) Reports Q1 Loss of $0.14
• South Plains Financial Inc. (SPFI) Tops Q1 EPS by 6c