Pacira Pharma (PCRX) Tops Q2 EPS by 17c, Beats on Revenues; Offers FY18 Revenue Outlook Above Consensus
Pacira Pharma (NASDAQ: PCRX) reported Q2 EPS of $0.24, $0.17 better than the analyst estimate of $0.07. Revenue for the quarter came in at $80.43 million versus the consensus estimate of $78.86 million.
Second Quarter 2018 Financial Results
- EXPAREL net product sales were $80.4 million in the second quarter of 2018, a 15% increase over the $69.8 million reported for the second quarter of 2017.
- Total operating expenses were $77.6 million in the second quarter of 2018, compared to $86.7 million in the second quarter of 2017.
- GAAP net income was $2.6 million, or $0.06 per share (basic and diluted), in the second quarter of 2018, compared to a GAAP net loss of $19.7 million, or $(0.49) per share (basic and diluted), in the second quarter of 2017.
- Non-GAAP net income was $9.9 million, or $0.24 per share (basic and diluted) in the second quarter of 2018, compared to a non-GAAP net loss of $4.4 million, or $(0.11) per share (basic and diluted) in the second quarter of 2017.
- Pacira ended the second quarter of 2018 with cash, cash equivalents, short-term and long-term investments (“cash”) of $372.9 million.
- Pacira had 40.8 million basic weighted average shares of common stock outstanding in the second quarter of 2018.
- Pacira had 41.7 million diluted weighted average shares of common stock outstanding in the second quarter of 2018.
“The first half of 2018 was marked by tremendous progress as our EXPAREL growth strategy is taking hold and driving robust topline results,” said Dave Stack, chairman and chief executive officer of Pacira. “These positive results reflect the growing role of EXPAREL as an integral component of multimodal pain management due to its tremendous flexibility around dosing, volume expansion, and admixing. EXPAREL allows physicians to deliver long-acting, opioid-free local or regional analgesia using individualized approaches for both small and large procedures. We are seeing a high level of engagement and enthusiasm around our expanded label that now includes brachial plexus nerve block and an uptick in the successful use of EXPAREL as a field block for soft tissue procedures. Our partnered Johnson and Johnson accounts are delivering impressive results in the orthopedic space with significant room for expansion in key procedures, such as spine, shoulder and hip fractures. Across all aspects of the business, we are very pleased with the market dynamics and our ability to increase our full-year sales guidance for EXPAREL.”
GUIDANCE:
Pacira Pharma sees FY2018 revenue of $320-325 million, versus the consensus of $317.47 million.
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