Pacira BioSciences Q1 2024 Financial Results and $150M Share Buyback

Pacira BioSciences, Inc., a leader in non-opioid pain management and regenerative health solutions, announced its financial results for the first quarter of 2024. The company reported total revenues of $167.1 million, with net product sales of $132.4 million for EXPAREL, $25.8 million for ZILRETTA, and $5.0 million for iovera°. The net income for the quarter was $9.0 million, translating to $0.19 per share, both basic and diluted. Adjusted EBITDA stood at $44.6 million.

CEO Frank D. Lee expressed satisfaction with the company's progress, particularly noting the strong sales performance of their opioid-sparing products. Lee highlighted the expansion of EXPAREL into new lower extremity nerve block indications and the positive market reception across various care settings. He also mentioned the forthcoming separate Medicare reimbursement for EXPAREL in outpatient settings, effective January 2025, which is expected to drive significant growth and patient access.

The company also announced a new $150 million share repurchase program, reflecting confidence in its future growth. This program, approved by the Board of Directors, allows for the repurchase of up to $150 million of common stock, either on the open market or through privately negotiated transactions.

In April 2024, Pacira presented positive efficacy and safety data for PCRX-201 at the OARSI 2024 World Congress. PCRX-201, an intra-articular gene therapy product for knee osteoarthritis, demonstrated sustained clinical effects and a favorable safety profile. The company plans to submit updated data for further presentation in the Fall of 2024. Additionally, in March 2024, PCRX-201 received the Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA, supported by preliminary Phase 1 findings.

Pacira also secured three new patents for EXPAREL in March 2024. These patents cover the drug's composition, its use as a sciatic nerve block in the popliteal fossa, and its application in pediatric patients. The patents have expiration dates ranging from 2041 to 2043.

For the first quarter of 2024, Pacira's total revenues increased compared to the same period in 2023, with $167.1 million versus $160.3 million. EXPAREL's net product sales grew slightly, reaching $132.4 million from $130.4 million the previous year, despite a 3% volume growth being offset by discounts and vial mix. ZILRETTA and iovera° also saw increases in net product sales compared to the first quarter of 2023.

The company's operating expenses were lower, at $153.9 million, compared to $163.4 million in the first quarter of 2023. Research and development expenses saw a slight uptick to $18.2 million, while selling, general, and administrative expenses also rose marginally to $72.0 million. Pacira's GAAP net income of $9.0 million marked a significant improvement from the $19.5 million loss in the first quarter of 2023.

Pacira ended the quarter with $325.9 million in cash, cash equivalents, and available-for-sale investments, bolstered by $49.1 million provided by operations. The company maintains 46.5 million basic and 52.2 million diluted weighted average shares of common stock outstanding, with similar figures for non-GAAP measures.

Looking ahead, Pacira reaffirmed its full-year 2024 financial guidance, projecting total revenues between $680 million and $705 million, a non-GAAP gross margin of 74% to 76%, and non-GAAP R&D and SG&A expenses of $70 million to $80 million and $245 million to $265 million, respectively. Stock-based compensation is estimated to be between $50 million and $55 million.

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