Pacira Pharma (PCRX) Tops Q1 EPS by 22c, Revenues Beat

Pacira Pharma (NASDAQ: PCRX) reported Q1 EPS of $0.53, $0.22 better than the analyst estimate of $0.31. Revenue for the quarter came in at $105.7 million versus the consensus estimate of $102.82 million.

First Quarter 2020 Financial Results

• Total revenues were $105.7 million in the first quarter of 2020, a 16% increase over the $91.3 million reported for the first quarter of 2019.
• EXPAREL net product sales were $101.3 million in the first quarter of 2020, a 12% increase over the $90.6 million reported for the first quarter of 2019.
• First quarter iovera° net product sales were $2.3 million. Pacira began recognizing sales of iovera° in April 2019 after completing its acquisition of MyoScience, Inc., a privately held medical technology company.
• Sales of bupivacaine liposome injectable suspension to a third-party licensee for use in veterinary practice were $1.2 million in the first quarter of 2020, compared to $0.3 million in 2019.
• First quarter royalty revenue was $0.9 million compared to $0.4 million in 2019.
• Total operating expenses were $88.6 million in the first quarter of 2020, compared to $90.2 million in the first quarter of 2019.
• Research and development (R&D) expenses were $15.8 million in the first quarter of 2020, compared to $14.4 million in the first quarter of 2019. R&D expenses include $6.6 million and $6.4 million of product development and manufacturing capacity expansion costs in the first quarters of 2020 and 2019, respectively.
• Selling, general and administrative (SG&A) expenses were $44.8 million in the first quarter of 2020, compared to $47.3 million in the first quarter of 2019.
• GAAP net income was $8.2 million, or $0.19 per share (basic and diluted) in the first quarter of 2020, compared to a GAAP net loss of $2.8 million, or $0.07 per share (basic and diluted), in the first quarter of 2019.
• Non-GAAP net income was $22.8 million, or $0.54 per share (basic) and $0.53 per share (diluted), in the first quarter of 2020, compared to non-GAAP net income of $9.3 million, or $0.22 per share (basic and diluted), in the first quarter of 2019.
• Pacira ended the first quarter of 2020 with cash, cash equivalents, short-term and long-term investments (“cash”) of $353.6 million. Cash provided by operations was $6.2 million in the first quarter of 2020, compared to $3.5 million in the first quarter of 2019.
• Pacira had 42.0 million basic weighted average shares of common stock outstanding in the first quarter of 2020.
• Pacira had 42.8 million diluted weighted average shares of common stock outstanding in the first quarter of 2020.

“Prior to headwinds from the COVID-19 pandemic, which began in mid-March, we saw growing demand for EXPAREL continue with year-over-year growth rates of over 20 percent in January and February. Specifically, we saw demand continue to expand within the anesthesia community with EXPAREL-based nerve and field blocks continuing to take hold as institutional protocol for a variety of surgical procedures,” said Dave Stack, chairman and chief executive officer of Pacira BioSciences. “We remain steadfast in our long-term strategy to solidify our role as a leading provider of innovative non-opioid pain management and regenerative health solutions and believe the fundamentals of our business will continue to fuel our long-term expansion. Importantly, we are ready to quickly ramp up as elective surgery restrictions lift across the states and ambulatory centers address the backlog of patients who require surgery with increased resources and hours of operation.”

2020 Financial Guidance

Prior to March 16, 2020, EXPAREL net product sales were tracking ahead of plan. Given the rapidly changing variables related to the COVID-19 pandemic, the company does not have sufficient visibility to accurately forecast the impact of this pandemic and, consequently, is temporarily withdrawing all full-year 2020 financial guidance. The company believes expense reductions resulting from COVID-19 will partially mitigate the negative revenue impact of the pandemic.

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

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