UPDATE: Pacira Pharma (PCRX) Tops Q3 EPS by 23c, Revenues Beat; Boosts FY18 Revenue Outlook
Pacira Pharma (NASDAQ: PCRX) reported Q3 EPS of $0.31, $0.23 better than the analyst estimate of $0.08. Revenue for the quarter came in at $82.2 million versus the consensus estimate of $80.18 million.
- EXPAREL net product sales were $82.2 million in the third quarter of 2018, a 23% increase over the $66.8 million reported for the third quarter of 2017.
- Total operating expenses were $79.4 million in the third quarter of 2018, compared to $70.9 million in the third quarter of 2017.
- GAAP net loss was $0.6 million, or $(0.02) per share (basic and diluted), in the third quarter of 2018, compared to a GAAP net loss of $7.6 million, or $(0.19) per share (basic and diluted), in the third quarter of 2017.
- Non-GAAP net income was $12.8 million, or $0.31 per share (basic and diluted) in the third quarter of 2018, compared to non-GAAP net income of $4.4 million, or $0.11 per share (basic and diluted) in the third quarter of 2017.
- Pacira ended the third quarter of 2018 with cash, cash equivalents and short-term investments (“cash”) of $386.4 million.
- Pacira had 41.0 million basic weighted average shares of common stock outstanding in the third quarter of 2018.
- Pacira had 42.0 million diluted weighted average shares of common stock outstanding in the third quarter of 2018.
“As evident from these financial results, EXPAREL continues to deliver impressive sales growth with physicians having great success delivering targeted, long-acting, opioid-free local or regional analgesia for postsurgical pain in a variety of procedures,” said Dave Stack, chairman and chief executive officer of Pacira Pharmaceuticals. “Specifically we are seeing great enthusiasm around the use of EXPAREL as a brachial plexus nerve block and an increasing number of anesthesiologists incorporating EXPAREL into their suite of postsurgical pain solutions by expanding its use in newer regional anesthesia techniques, such as transverse abdominis, pectoralis and fascial iliaca plane blocks. In addition, our highly successful partnership with Johnson & Johnson remains a key growth driver as we integrate EXPAREL into multiple joint marketing programs, including a new initiative that will feature EXPAREL and TYLENOL as a platform for opioid-free postsurgical pain relief. Overall we are very pleased to be increasing our financial guidance for the second time this year.”
“Looking forward we expect various initiatives to expand access to EXPAREL, particularly the assignment of new ambulatory care and dental reimbursement codes at the beginning of 2019, as well as increasing public and private payer recognition of the need for non-opioid pain relief following surgery.”
GUIDANCE:
Pacira Pharma sees Q4 2018 revenue of $325-330 million, versus the consensus of $326.84 million.
For earnings history and earnings-related data on Pacira Pharma (PCRX) click here.