FOR IMMEDIATE RELEASE NEWS RELEASE Pacira BioSciences Reports Third Quarter 2024 Financial Results -- Conference call today at 4:30 p.m. ET -- PARSIPPANY, NJ, November 6, 2024 - Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in the delivery of innovative, non-opioid pain therapies, today reported financial results for the third quarter of 2024. Third Quarter 2024 Financial Highlights • Total revenues of $168.6 million • Net product sales of $132.0 million for EXPAREL, $28.4 million for ZILRETT ...

PARSIPPANY, N.J., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (NASDAQ:PCRX) today announced that it will report its third quarter financial results after the close of the U.S. markets on Wednesday November 6, 2024. Following the release, the company will host a live conference call and webcast at 4:30 p.m. ET. For listeners who wish to participate in the question and answer session via telephone, please pre-register here. All registrants will receive dial-in information and a PIN allowing the ...

Pacira BioSciences (PCRX) announced that the Centers for Medicare and Medicaid Services (CMS) has issued a permanent product-specific J-code (J0666) for its lead pain-management drug, Exparel (bupivacaine liposome injectable suspension), to facilitate better insurance coverage for the drug. This new J-code will take effect on Jan. 1, 2025, replacing the existing C-code (C9290), which has been in use since 2019. Please note that J-codes are reimbursement codes used by insurance companies, including Medicare ...

-- New J-code issued by the Centers for Medicare and Medicaid Services expected to standardize and streamline billing and reimbursement -- TAMPA, Fla., Oct. 03, 2024 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (NASDAQ: PCRX), the industry leader in the delivery of innovative, non-opioid pain therapies, today announced that the Centers for Medicare and Medicaid Services (CMS) has established a permanent product-specific Healthcare Common Procedure Coding System (HCPCS) J-code for EXPAREL® (bupivacaine lipos ...

Core Viewpoint - Pacira BioSciences' shares dropped 47.7% following a court ruling that invalidated its '495 patent for Exparel, which could lead to generic competition and significantly impact the company's revenue potential [1]. Company Overview - Pacira's flagship product, Exparel, is a long-acting local analgesic launched in 2012, approved for various postsurgical pain management applications [2]. - In the second quarter of 2024, Exparel generated $137 million in net sales, accounting for 77% of Pacira's total revenues for that quarter [6]. Legal Context - The court ruling is part of ongoing litigation against eVenus Pharmaceutical Laboratories, which aims to launch a generic version of Exparel [3]. - eVenus has countered Pacira's lawsuit by claiming the '495 patent is invalid and/or not infringed [4]. Financial Impact - The invalidation of the patent poses a significant risk to Pacira's revenue, as Exparel's sales are crucial for the company's financial health, and other products like Zilretta and iovera have not yet gained significant market traction [6][7]. - Year-to-date, Pacira's shares have declined 65.3%, contrasting with a 3.4% decline in the industry [6]. Future Considerations - Pacira is exploring legal options, including an appellate review at the U.S. Court of Appeals for the Federal Court [7]. - The company asserts that its Exparel franchise is protected by multiple existing patents, with additional infringement suits and patents in progress [8].

TAMPA, Fla., Aug. 09, 2024 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its commitment to non-opioid pain management and regenerative health solutions, today announced that the U.S. District Court for the District of New Jersey has found that the company's U.S. Patent No. 11,033,495 (the '495 patent) is not valid. "We remain steadfast in our belief in the strength and validity of our intellectual property and that eVenus is infringing upon our patents," said Frank D. L ...

Financial Data and Key Metrics Changes - In Q2 2024, EXPAREL sales increased to $136.9 million from $135.1 million in Q2 2023, reflecting a volume growth offset by a shift in vial mix and discounting [8] - ZILRETTA sales rose to $30.7 million compared to $29.3 million in the same period last year, while iovera sales improved to $5.7 million from $4.4 million [8] - The consolidated non-GAAP gross margin for Q2 was 76%, at the high end of the full-year guidance range of 74% to 76% [9] - Adjusted EBITDA for the quarter was $62.1 million, with non-GAAP R&D expenses increasing to $18.4 million from $17.1 million year-over-year [10] Business Line Data and Key Metrics Changes - The company reported solid performance for both ZILRETTA and iovera, with ongoing patient dosing in Phase 3 studies for ZILRETTA in shoulder osteoarthritis [4] - The Phase 1 study of PCRX-201 showed promising results, demonstrating sustained effects for at least one year post-injection in patients with knee osteoarthritis [26] Market Data and Key Metrics Changes - The company is preparing for the implementation of the NOPAIN Act in 2025, which is expected to enhance reimbursement for EXPAREL, driving its utilization in outpatient settings [2][31] - The Premier partnership has shown positive results, with EXPAREL volumes at premier accounts up over the prior year [15] Company Strategy and Development Direction - The company aims to expand the utilization of EXPAREL as a lower extremity nerve block and broaden patient access through new GPO partnerships [2] - The strategy includes leveraging real-world evidence to promote the opioid-sparing benefits of EXPAREL and preparing for the NOPAIN reimbursement changes [31][25] - The company is focused on advancing its gene therapy product, PCRX-201, to address unmet needs in osteoarthritis treatment [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to defend its intellectual property and navigate the competitive landscape following the FDA's approval of a generic version of liposome bupivacaine [6][78] - The company is optimistic about its growth trajectory, with a focus on sustainable top-line growth in 2025 and beyond [30][92] Other Important Information - The company completed a successful $287.5 million convertible debt financing, enhancing its financial flexibility [10] - The company reiterated its full-year 2024 guidance, projecting total revenue of $680 million to $705 million [33] Q&A Session Questions and Answers Question: Update on NOPAIN infrastructure - Management confirmed that internal preparations for NOPAIN are on track, with a solid foundation established for commercialization and market access [37] Question: Timeline for additional patent cases - Management indicated that all additional patent cases will be before the same judge, and while timelines are uncertain, they believe in the strength of their patents [88][99] Question: Gross margin trends for the rest of the year - Management anticipates that non-GAAP margins will be closer to Q2 levels for the remainder of the year, reflecting improved operational performance [104] Question: Impact of GPO contracts on EXPAREL pricing - Management expects that the signing of additional GPO contracts will positively impact EXPAREL's net pricing and overall revenue [106] Question: Commercial defense against potential generic launches - Management emphasized their robust legal strategy and confidence in defending against any potential generic competition [94][102]

Core Insights - Pacira's stock has declined by 28.5% over the past month, while the Zacks S&P 500 composite has increased by 0.1%, indicating underperformance relative to the broader market [1] - The company reported revenue of $178.02 million for the quarter ended June 2024, marking a year-over-year increase of 5.1% and exceeding the Zacks Consensus Estimate by 2.72% [2] - Earnings per share (EPS) for the same quarter was $0.89, up from $0.78 a year ago, representing a surprise of 21.92% over the consensus estimate of $0.73 [2] Revenue Breakdown - Net product sales for iovera were $5.67 million, surpassing the average estimate of $5.37 million by 29.4% year-over-year [5] - ZILRETTA generated $30.71 million in net product sales, slightly above the estimated $30.11 million, reflecting a 4.9% increase compared to the previous year [5] - EXPAREL's net product sales were reported at $136.85 million, exceeding the average estimate of $135.93 million, with a year-over-year change of 1.3% [5] - Royalty revenue reached $1.64 million, significantly higher than the estimated $0.60 million [5] - Total net product sales amounted to $176.39 million, compared to the average estimate of $172.90 million, representing a year-over-year increase of 4.1% [5] - Bupivacaine liposome injectable suspension saw net product sales of $3.15 million, far exceeding the average estimate of $1.39 million, with a remarkable year-over-year change of 353.8% [5]

Pacira (PCRX) came out with quarterly earnings of $0.89 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.78 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 21.92%. A quarter ago, it was expected that this specialty drugmaker would post earnings of $0.64 per share when it actually produced earnings of $0.62, delivering a surprise of -3.13%. Over the last four quarters, the comp ...

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