Pacira BioSciences Inc. (NASDAQ: PCRX) sent a letter to shareholders defending its board nominees and opposing activist investor DOMA Perpetual Capital Management's slate of candidates ahead of the June 9 annual meeting.

The Brisbane, California-based company reported first quarter revenue of $177 million, up 5% from $169 million in the prior year period. EXPAREL sales increased to $143.3 million from $136.5 million, while ZILRETTA sales rose 15% to $26.8 million and iovera° sales grew 21% to $6.2 million.

Pacira achieved adjusted EBITDA of $40.2 million for the quarter and ended with $202 million in cash and investments. The company repurchased $50 million worth of shares, retiring approximately 2.2 million shares.

Chief Executive Frank Lee implemented the company's 5x30 strategy in January 2025, focusing on five areas: patients served, product revenue, profitability, pipeline development and partnerships. The company said it treated over 2.5 million patients in 2025 and targets reaching 3 million patients annually by 2030.

The letter criticized DOMA's proposals, stating the activist investor plans to implement cost cuts, discontinue pipeline development, replace the CEO and pursue an immediate sale process. Pacira said DOMA's three director candidates lack public company board experience.

Pacira completed enrollment of its Phase 3 study of ZILRETTA for shoulder osteoarthritis and is advancing a study of iovera° for spasticity, with results expected before year-end. The company is also developing PCRX-201, a gene therapy for knee osteoarthritis in Phase 2 trials.

The company secured partnerships with Johnson & Johnson MedTech for ZILRETTA co-promotion and LG Chem for EXPAREL distribution in select Asia-Pacific markets. Revenue from the LG Chem agreement is expected to begin in 2027.

Shareholders of record as of April 22 are entitled to vote at the annual meeting. Pacira recommends voting for nominees Christopher Christie, Samit Hirawat and Thomas Wiggans using the blue proxy card.