Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its
commitment to non-opioid pain management and regenerative health
solutions, today reported financial results for the second quarter
of 2023.
Second Quarter 2023 Financial Highlights
- Total revenues of $169.5 million
- Net product sales of $135.1 million for EXPAREL, $29.3 million
for ZILRETTA, and $4.4 million for iovera°
- Net income of $25.8 million, or $0.56 per share (basic) and
$0.51 per share (diluted)
- Adjusted EBITDA of $54.3 million
See “Non-GAAP Financial Information” below.
“We were pleased to see EXPAREL year-over-year growth rates
improve as the quarter progressed, with a meaningful uptick in
June. Solid year-over-year growth continued in July, leaving us
optimistic for a stronger second half of the year given improving
market conditions and rising demand for joint replacements and
other elective surgeries. We also expect to benefit from several
ongoing growth initiatives in the second half of 2023, such as
continued volume expansion for existing and new 340B customers, as
well as new initiatives with oral and maxillofacial surgeons,
Plastics, Outpatient, and Sports Management.” said Dave Stack,
chairman and chief executive officer of Pacira.
Second Quarter 2023 Financial Results
- Total revenues were $169.5 million in the second quarter of
2023, versus $169.4 million reported for the second quarter of
2022.
- EXPAREL net product sales were $135.1 million in the second
quarter of 2023, versus $137.0 million reported for the second
quarter of 2022. Second quarter volume growth of 4 percent was
offset by a lower net selling price primarily due to the
implementation of 340B Drug Pricing and other contracted
relationships. There were 64 selling days in each of the second
quarters of 2023 and 2022.
- ZILRETTA net product sales were $29.3 million in the second
quarter of 2023, versus $27.4 million reported for the second
quarter of 2022.
- Second quarter 2023 iovera° net product sales were $4.4
million, versus $3.2 million reported for the second quarter of
2022.
- Sales of bupivacaine liposome injectable suspension to
third-party licensees were $0.7 million in the second quarter of
2023, versus $1.0 million reported for the second quarter of
2022.
- Total operating expenses were $129.6 million in the second
quarter of 2023, versus $138.2 million reported for the second
quarter of 2022.
- Research and development (R&D) expenses were $18.8 million
in the second quarter of 2023, compared to $26.3 million in the
second quarter of 2022. R&D expenses included $9.3 million and
$5.1 million of product development and manufacturing capacity
expansion costs in the second quarters of 2023 and 2022,
respectively.
- Selling, general and administrative (SG&A) expenses were
$64.9 million in the second quarter of 2023, compared to $65.0
million in the second quarter of 2022.
- GAAP net income was $25.8 million, or $0.56 per share (basic)
and $0.51 per share (diluted) in the second quarter of 2023,
compared to $19.9 million, or $0.44 per share (basic) and $0.40 per
share (diluted), in the second quarter of 2022.
- Non-GAAP net income was $36.0 million, or $0.78 per share
(basic and diluted) in the second quarter of 2023, compared to
$24.0 million, or $0.53 per share (basic) and $0.51 per share
(diluted), in the second quarter of 2022.
- Adjusted EBITDA was $54.3 million in the second quarter of
2023, compared to $44.9 million in the second quarter of 2022.
- Pacira ended the second quarter of 2023 with cash, cash
equivalents and available-for-sale investments (“cash”) of $220.8
million. Cash provided by operations was $43.5 million in the
second quarter of 2023, compared to $29.8 million in the second
quarter of 2022.
- Pacira had 46.1 million basic and 52.1 million diluted weighted
average shares of common stock outstanding in the second quarter of
2023.
See “Non-GAAP Financial Information” below.
Financial Guidance
Pacira is revising the following full-year financial
guidance:
- EXPAREL net product sales of $550 million to $560 million
versus the company’s previously guided range of $570 million to
$580 million;
- ZILRETTA net product sales of $110 million to $115 million
versus the company’s previously guided range of $115 million to
$125 million;
- Non-GAAP gross margin of 73% to 74% versus the company’s
previously guided range of 76% to 78%; and
- Stock-based compensation of $46 million to $49 million versus
the company’s previously guided range of $51 million to $54
million.
Pacira is reiterating the following full-year financial
guidance:
- iovera° net product sales of $17 million to $20 million;
- Non-GAAP R&D expense of $70 million to $80 million;
and
- Non-GAAP SG&A expense of $220 million to $230 million.
See “Non-GAAP Financial Information” below.
Today’s Conference Call and Webcast
Reminder
The Pacira management team will host a conference call to
discuss the company’s financial results and recent developments
today, Wednesday, August 2, 2023, at 8:30 a.m. ET. For
listeners who wish to participate in the question-and-answer
session via telephone, please pre-register at
investor.pacira.com/upcoming-events. All registrants will receive
dial-in information and a PIN allowing them to access the live
call. In addition, a live audio of the conference call will be
available as a webcast. Interested parties can access the event
through the “Events” page on the Pacira website at
investor.pacira.com.
Non-GAAP Financial Information
This press release contains financial measures that do not
comply with U.S. generally accepted accounting principles (GAAP),
such as non-GAAP gross margin, non-GAAP cost of goods sold,
non-GAAP research and development (R&D) expense, non-GAAP
selling, general and administrative (SG&A) expense, non-GAAP
net income, non-GAAP net income per common share, non-GAAP weighted
average diluted common shares outstanding, EBITDA (earnings before
interest, taxes, depreciation and amortization) and adjusted
EBITDA, because these non-GAAP financial measures exclude the
impact of items that management believes affect comparability or
underlying business trends.
These measures supplement the company’s financial results
prepared in accordance with GAAP. Pacira management uses these
measures to better analyze its financial results, estimate its
future cost of goods sold, R&D expense and SG&A expense
outlook for 2023 and to help make managerial decisions. In
management’s opinion, these non-GAAP measures are useful to
investors and other users of the company's financial statements by
providing greater transparency into the ongoing operating
performance of Pacira and its future outlook. Such measures should
not be deemed to be an alternative to GAAP requirements or a
measure of liquidity for Pacira. The non-GAAP measures presented
here are also unlikely to be comparable with non-GAAP disclosures
released by other companies. See the tables below for a
reconciliation of GAAP to non-GAAP measures.
About Pacira
Pacira BioSciences, Inc. (Nasdaq: PCRX) is committed to
providing non-opioid pain management options to as many patients as
possible to redefine the role of opioids as rescue therapy only.
The company is also developing innovative interventions to address
debilitating conditions involving the sympathetic nervous system,
such as cardiac electrical storm, chronic pain, and spasticity.
Pacira has three commercial-stage non-opioid treatments: EXPAREL®
(bupivacaine liposome injectable suspension), a long-acting local
analgesic currently approved for infiltration, fascial plane block,
and as an interscalene brachial plexus nerve block for postsurgical
pain management; ZILRETTA® (triamcinolone acetonide
extended-release injectable suspension), an extended-release,
intra-articular injection indicated for the management of
osteoarthritis knee pain; and ioveraº®, a novel, handheld device
for delivering immediate, long-acting, drug-free pain control using
precise, controlled doses of cold temperature to a targeted nerve.
To learn more about Pacira, including the corporate mission to
reduce overreliance on opioids, visit www.pacira.com.
About EXPAREL® (bupivacaine liposome injectable
suspension)
EXPAREL is indicated for single-dose infiltration in patients 6
years of age and older to produce postsurgical local analgesia and
in adults as an interscalene brachial plexus nerve block to produce
postsurgical regional analgesia. Safety and efficacy have not been
established in other nerve blocks. The product combines bupivacaine
with multivesicular liposomes, a proven product delivery technology
that delivers medication over a desired time period. EXPAREL
represents the first and only multivesicular liposome local
anesthetic that can be utilized in the peri- or postsurgical
setting. By utilizing the multivesicular liposome platform, a
single dose of EXPAREL delivers bupivacaine over time, providing
significant reductions in cumulative pain scores with up to a 78
percent decrease in opioid consumption; the clinical benefit of the
opioid reduction was not demonstrated in the pivotal trials.
Additional information is available at www.EXPAREL.com.
Important Safety Information about EXPAREL for
Patients
EXPAREL should not be used in obstetrical paracervical block
anesthesia. In studies in adults where EXPAREL was injected into a
wound, the most common side effects were nausea, constipation, and
vomiting. In studies in adults where EXPAREL was injected near a
nerve, the most common side effects were nausea, fever, and
constipation. In the study where EXPAREL was given to children, the
most common side effects were nausea, vomiting, constipation, low
blood pressure, low number of red blood cells, muscle twitching,
blurred vision, itching, and rapid heartbeat. EXPAREL can cause a
temporary loss of feeling and/or loss of muscle movement. How much
and how long the loss of feeling and/or muscle movement depends on
where and how much of EXPAREL was injected and may last for up to 5
days. EXPAREL is not recommended to be used in patients younger
than 6 years old for injection into the wound, for patients younger
than 18 years old for injection near a nerve, and/or in pregnant
women. Tell your health care provider if you or your child has
liver disease, since this may affect how the active ingredient
(bupivacaine) in EXPAREL is eliminated from the body. EXPAREL
should not be injected into the spine, joints, or veins. The active
ingredient in EXPAREL can affect the nervous system and the
cardiovascular system; may cause an allergic reaction; may cause
damage if injected into the joints; and can cause a rare blood
disorder.
About ZILRETTA® (triamcinolone acetonide
extended-release injectable suspension)
On October 6, 2017, ZILRETTA was approved by the U.S. Food and
Drug Administration as the first and only extended-release
intra-articular therapy for patients confronting osteoarthritis
(OA)- related knee pain. ZILRETTA employs proprietary microsphere
technology combining triamcinolone acetonide—a commonly
administered, short-acting corticosteroid—with a poly
lactic-co-glycolic acid (PLGA) matrix to provide extended pain
relief. The pivotal Phase 3 trial on which the approval of ZILRETTA
was based showed that ZILRETTA significantly reduced OA knee pain
for 12 weeks, with some people experiencing pain relief through
Week 16. Learn more at www.zilretta.com.
Indication and Select Important Safety Information for
ZILRETTA
Indication: ZILRETTA is indicated as an
intra-articular injection for the management of OA pain of the
knee. Limitation of Use: The efficacy and safety of repeat
administration of ZILRETTA have not been demonstrated.
Contraindication: ZILRETTA is contraindicated
in patients who are hypersensitive to triamcinolone acetonide,
corticosteroids or any components of the product.
Warnings and Precautions:
- Intra-articular Use Only: ZILRETTA has not
been evaluated and should not be administered by epidural,
intrathecal, intravenous, intraocular, intramuscular, intradermal,
or subcutaneous routes. ZILRETTA should not be considered safe for
epidural or intrathecal administration.
- Serious Neurologic Adverse Reactions with Epidural and
Intrathecal Administration: Serious neurologic events have
been reported following epidural or intrathecal corticosteroid
administration. Corticosteroids are not approved for this use.
- Hypersensitivity reactions: Serious reactions
have been reported with triamcinolone acetonide injection.
Institute appropriate care if an anaphylactic reaction occurs.
- Joint infection and damage: A marked increase
in joint pain, joint swelling, restricted motion, fever and malaise
may suggest septic arthritis. If this occurs, conduct appropriate
evaluation and if confirmed, institute appropriate antimicrobial
treatment.
Adverse Reactions: The most commonly reported
adverse reactions (incidence ≥1%) in clinical studies included
sinusitis, cough, and contusions.
Please see ZILRETTALabel.com for full Prescribing
Information.
About iovera°®
The iovera° system uses the body’s natural response to cold to
treat peripheral nerves and immediately reduce pain without the use
of drugs. Treated nerves are temporarily stopped from sending pain
signals for a period of time, followed by a restoration of
function. Treatment with iovera° works by applying targeted cold to
a peripheral nerve. A precise cold zone is formed under the skin
that is cold enough to immediately prevent the nerve from sending
pain signals without causing damage to surrounding structures. The
effect on the nerve is temporary, providing pain relief until the
nerve regenerates and function is restored. Treatment with iovera°
does not include injection of any substance, opioid, or any other
drug. The effect is immediate and can last up to 90 days. The
iovera° system is not indicated for treatment of central nervous
system tissue. Additional information is available at
www.iovera.com.
Indication and Select Important Safety Information for
iovera°®
Indication: iovera° applies freezing cold to
peripheral nerve tissue to block and/or relieve pain for up to 90
days. It should not be used to treat central nervous system
tissue.
Important Safety Information
- Do not receive treatment with iovera° if you experience
hypersensitivity to cold or have open and/or infected wounds near
the treatment site.
- You may experience bruising, swelling, inflammation and/or
redness, local pain and/or tenderness, and altered feeling at the
site of application.
- In treatment area(s), you may experience damage to the skin,
skin darkening or lightening, and dimples in the skin.
- You may experience a temporary loss of your ability to use your
muscles normally outside of the treatment area.
- Talk to your doctor before receiving treatment with
iovera°.
Forward-Looking Statements
Any statements in this press release about Pacira’s future
expectations, plans, trends, outlook, projections and prospects,
and other statements containing the words “believes,”
“anticipates,” “plans,” “estimates,” “expects,” “intends,” “may,”
“will,” “would,” “could,” “can” and similar expressions, constitute
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and the Private Securities Litigation Reform Act of 1995,
including, without limitation, statements related to our growth and
future operating results and trends, our strategy, plans,
objectives, expectations (financial or otherwise) and intentions,
future financial results and growth potential, including our plans
with respect to the repayment of our indebtedness, anticipated
product portfolio, development programs, patent terms, development
of products, strategic alliances and intellectual property and
other statements that are not historical facts. For this purpose,
any statement that is not a statement of historical fact should be
considered a forward-looking statement. We cannot assure you that
our estimates, assumptions and expectations will prove to have been
correct. Actual results may differ materially from those indicated
by such forward-looking statements as a result of various important
factors, including risks relating to, among others: risks
associated with acquisitions, such as the risk that the acquired
businesses will not be integrated successfully, that such
integration may be more difficult, time-consuming or costly than
expected or that the expected benefits of the transaction will not
occur; the lingering impact of the COVID-19 pandemic on elective
surgeries, our manufacturing and supply chain, global and U.S.
economic conditions (including inflation and rising interest
rates), and our business, including our revenues, financial
condition, cash flow and results of operations; the success of our
sales and manufacturing efforts in support of the commercialization
of EXPAREL, ZILRETTA and iovera°; the rate and degree of market
acceptance of EXPAREL, ZILRETTA and iovera°; the size and growth of
the potential markets for EXPAREL, ZILRETTA and iovera° and our
ability to serve those markets; our plans to expand the use of
EXPAREL, ZILRETTA and iovera° to additional indications and
opportunities, and the timing and success of any related clinical
trials for EXPAREL, ZILRETTA and iovera°; the commercial success of
EXPAREL, ZILRETTA and iovera°; the related timing and success of
U.S. Food and Drug Administration supplemental New Drug
Applications and premarket notification 510(k)s; the related timing
and success of European Medicines Agency Marketing Authorization
Applications; our plans to evaluate, develop and pursue additional
product candidates utilizing our proprietary multivesicular
liposome (“pMVL”) drug delivery technology; the approval of the
commercialization of our products in other jurisdictions; clinical
trials in support of an existing or potential pMVL-based product;
our commercialization and marketing capabilities; our ability to
successfully complete an EXPAREL capacity expansion project in San
Diego, California; our ability to successfully complete a ZILRETTA
capital project in Swindon, England; the outcome of any litigation;
the ability to successfully integrate any future acquisitions into
our existing business; the recoverability of our deferred tax
assets; assumptions associated with contingent consideration
payments; and factors discussed in the “Risk Factors” of our most
recent Annual Report on Form 10-K and in other filings that we
periodically make with the Securities and Exchange Commission (the
“SEC”). In addition, the forward-looking statements included in
this press release represent our views as of the date of this press
release. Important factors could cause actual results to differ
materially from those indicated or implied by forward-looking
statements, and as such we anticipate that subsequent events and
developments will cause our views to change. Except as required by
applicable law, we undertake no intention or obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, and readers should not
rely on these forward-looking statements as representing our views
as of any date subsequent to the date of this press release.
These forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause our actual
results, levels of activity, performance or achievements to differ
materially from those expressed or implied by these statements.
These factors include the matters discussed and referenced in the
“Risk Factors” of our most recent Annual Report on Form 10-K and in
other filings that we periodically make with the SEC.
(Tables to Follow)
Pacira BioSciences, Inc.Condensed
Consolidated Balance Sheets(in
thousands)(unaudited) |
|
|
June 30, 2023 |
|
December 31, 2022 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
86,810 |
|
$ |
104,139 |
Short-term available-for-sale investments |
|
133,956 |
|
|
184,512 |
Accounts receivable, net |
|
99,079 |
|
|
98,397 |
Inventories, net |
|
92,130 |
|
|
96,063 |
Prepaid expenses and other current assets |
|
17,349 |
|
|
15,223 |
Total current assets |
|
429,324 |
|
|
498,334 |
Noncurrent available-for-sale
investments |
|
— |
|
|
37,209 |
Fixed assets, net |
|
180,310 |
|
|
183,512 |
Right-of-use assets, net |
|
65,837 |
|
|
70,877 |
Goodwill |
|
163,243 |
|
|
163,243 |
Intangible assets, net |
|
511,902 |
|
|
540,546 |
Deferred tax assets |
|
156,140 |
|
|
160,309 |
Investments and other
assets |
|
35,625 |
|
|
27,170 |
Total assets |
$ |
1,542,381 |
|
$ |
1,681,200 |
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
24,206 |
|
$ |
15,220 |
Accrued expenses |
|
56,221 |
|
|
89,785 |
Lease liabilities |
|
8,981 |
|
|
9,121 |
Current portion of convertible senior notes, net |
|
8,641 |
|
|
— |
Current portion of long-term debt, net |
|
10,863 |
|
|
33,648 |
Total current liabilities |
|
108,912 |
|
|
147,774 |
Convertible senior notes,
net |
|
397,360 |
|
|
404,767 |
Long-term debt, net |
|
134,823 |
|
|
251,056 |
Lease liabilities |
|
60,046 |
|
|
64,802 |
Contingent consideration |
|
21,482 |
|
|
28,122 |
Other liabilities |
|
11,783 |
|
|
9,669 |
Total stockholders’
equity |
|
807,975 |
|
|
775,010 |
Total liabilities and stockholders’ equity |
$ |
1,542,381 |
|
$ |
1,681,200 |
Pacira BioSciences, Inc.Condensed
Consolidated Statements of Operations(in
thousands, except per share
amounts)(unaudited) |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net product sales: |
|
|
|
|
|
|
|
EXPAREL |
$ |
135,127 |
|
|
$ |
137,007 |
|
|
$ |
265,535 |
|
|
$ |
266,212 |
|
ZILRETTA |
|
29,261 |
|
|
|
27,417 |
|
|
|
53,595 |
|
|
|
51,052 |
|
iovera° |
|
4,384 |
|
|
|
3,201 |
|
|
|
8,385 |
|
|
|
6,227 |
|
Bupivacaine liposome injectable suspension |
|
695 |
|
|
|
956 |
|
|
|
1,383 |
|
|
|
2,512 |
|
Total net product sales |
|
169,467 |
|
|
|
168,581 |
|
|
|
328,898 |
|
|
|
326,003 |
|
Royalty revenue |
|
— |
|
|
|
830 |
|
|
|
910 |
|
|
|
1,399 |
|
Total revenues |
|
169,467 |
|
|
|
169,411 |
|
|
|
329,808 |
|
|
|
327,402 |
|
Operating expenses: |
|
|
|
|
|
|
|
Cost of goods sold |
|
48,207 |
|
|
|
50,627 |
|
|
|
97,227 |
|
|
|
86,701 |
|
Research and development |
|
18,824 |
|
|
|
26,282 |
|
|
|
35,964 |
|
|
|
47,887 |
|
Selling, general and administrative |
|
64,850 |
|
|
|
65,003 |
|
|
|
135,693 |
|
|
|
129,263 |
|
Amortization of acquired intangible assets |
|
14,322 |
|
|
|
14,322 |
|
|
|
28,644 |
|
|
|
28,644 |
|
Acquisition-related (gains) charges, restructuring charges and
other |
|
(16,613 |
) |
|
|
(18,058 |
) |
|
|
(4,506 |
) |
|
|
(13,721 |
) |
Total operating expenses |
|
129,590 |
|
|
|
138,176 |
|
|
|
293,022 |
|
|
|
278,774 |
|
Income from operations |
|
39,877 |
|
|
|
31,235 |
|
|
|
36,786 |
|
|
|
48,628 |
|
Other (expense) income: |
|
|
|
|
|
|
|
Interest income |
|
2,111 |
|
|
|
252 |
|
|
|
5,253 |
|
|
|
523 |
|
Interest expense |
|
(3,865 |
) |
|
|
(8,833 |
) |
|
|
(13,454 |
) |
|
|
(19,079 |
) |
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(16,926 |
) |
|
|
— |
|
Other, net |
|
(269 |
) |
|
|
(647 |
) |
|
|
(279 |
) |
|
|
(771 |
) |
Total other expense, net |
|
(2,023 |
) |
|
|
(9,228 |
) |
|
|
(25,406 |
) |
|
|
(19,327 |
) |
Income before income
taxes |
|
37,854 |
|
|
|
22,007 |
|
|
|
11,380 |
|
|
|
29,301 |
|
Income tax expense |
|
(12,091 |
) |
|
|
(2,131 |
) |
|
|
(5,153 |
) |
|
|
(2,597 |
) |
Net income |
$ |
25,763 |
|
|
$ |
19,876 |
|
|
$ |
6,227 |
|
|
$ |
26,704 |
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
Basic net income per common share |
$ |
0.56 |
|
|
$ |
0.44 |
|
|
$ |
0.14 |
|
|
$ |
0.59 |
|
Diluted net income per common share |
$ |
0.51 |
|
|
$ |
0.40 |
|
|
$ |
0.13 |
|
|
$ |
0.55 |
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
46,088 |
|
|
|
45,501 |
|
|
|
46,019 |
|
|
|
45,185 |
|
Diluted |
|
52,054 |
|
|
|
52,478 |
|
|
|
46,285 |
|
|
|
52,262 |
|
Pacira BioSciences, Inc.Reconciliation of
GAAP to Non-GAAP Financial Information(in
thousands, except per share
amounts)(unaudited) |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP net income |
$ |
25,763 |
|
|
$ |
19,876 |
|
|
$ |
6,227 |
|
|
$ |
26,704 |
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
Acquisition-related (gains) charges, restructuring charges and
other |
|
(16,613 |
) |
|
|
(18,058 |
) |
|
|
(4,506 |
) |
|
|
(13,721 |
) |
Step-up of acquired Flexion fixed assets and inventory to fair
value and other |
|
1,727 |
|
|
|
1,854 |
|
|
|
3,834 |
|
|
|
3,785 |
|
Stock-based compensation |
|
10,955 |
|
|
|
11,544 |
|
|
|
22,945 |
|
|
|
22,733 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
16,926 |
|
|
|
— |
|
Amortization of debt discount |
|
28 |
|
|
|
706 |
|
|
|
703 |
|
|
|
1,412 |
|
Amortization of acquired intangible assets |
|
14,322 |
|
|
|
14,322 |
|
|
|
28,644 |
|
|
|
28,644 |
|
Tax impact of non-GAAP adjustments |
|
(182 |
) |
|
|
(6,285 |
) |
|
|
(14,471 |
) |
|
|
(15,656 |
) |
Total non-GAAP adjustments |
|
10,237 |
|
|
|
4,083 |
|
|
|
54,075 |
|
|
|
27,197 |
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
$ |
36,000 |
|
|
$ |
23,959 |
|
|
$ |
60,302 |
|
|
$ |
53,901 |
|
|
|
|
|
|
|
|
|
GAAP basic net income per
common share |
$ |
0.56 |
|
|
$ |
0.44 |
|
|
$ |
0.14 |
|
|
$ |
0.59 |
|
GAAP diluted net income per
common share |
$ |
0.51 |
|
|
$ |
0.40 |
|
|
$ |
0.13 |
|
|
$ |
0.55 |
|
|
|
|
|
|
|
|
|
Non-GAAP basic net income per
common share |
$ |
0.78 |
|
|
$ |
0.53 |
|
|
$ |
1.31 |
|
|
$ |
1.19 |
|
Non-GAAP diluted net income
per common share |
$ |
0.78 |
|
|
$ |
0.51 |
|
|
$ |
1.30 |
|
|
$ |
1.16 |
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding - basic |
|
46,088 |
|
|
|
45,501 |
|
|
|
46,019 |
|
|
|
45,185 |
|
Weighted average common shares
outstanding - diluted |
|
52,054 |
|
|
|
52,478 |
|
|
|
46,285 |
|
|
|
52,262 |
|
Non-GAAP
weighted average common shares outstanding - basic |
|
46,088 |
|
|
|
45,501 |
|
|
|
46,019 |
|
|
|
45,185 |
|
Non-GAAP
weighted average common shares outstanding - diluted |
|
46,447 |
|
|
|
46,871 |
|
|
|
46,285 |
|
|
|
46,655 |
|
Pacira BioSciences, Inc.Reconciliation of
GAAP to Non-GAAP Financial Information
(continued)(in
thousands)(unaudited) |
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Cost of goods sold
reconciliation: |
|
|
|
|
|
|
|
GAAP cost of goods sold |
$ |
48,207 |
|
|
$ |
50,627 |
|
|
$ |
97,227 |
|
|
$ |
86,701 |
|
Step-up of acquired Flexion fixed assets and inventory to fair
value and other |
|
(1,727 |
) |
|
|
(1,854 |
) |
|
|
(3,834 |
) |
|
|
(3,785 |
) |
Stock-based compensation |
|
(1,436 |
) |
|
|
(1,478 |
) |
|
|
(3,160 |
) |
|
|
(2,830 |
) |
Non-GAAP cost of goods
sold |
$ |
45,044 |
|
|
$ |
47,295 |
|
|
$ |
90,233 |
|
|
$ |
80,086 |
|
|
|
|
|
|
|
|
|
Research and
development reconciliation: |
|
|
|
|
|
|
|
GAAP research and
development |
$ |
18,824 |
|
|
$ |
26,282 |
|
|
$ |
35,964 |
|
|
$ |
47,887 |
|
Stock-based compensation |
|
(1,722 |
) |
|
|
(1,520 |
) |
|
|
(3,597 |
) |
|
|
(2,978 |
) |
Non-GAAP research and
development |
$ |
17,102 |
|
|
$ |
24,762 |
|
|
$ |
32,367 |
|
|
$ |
44,909 |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative reconciliation: |
|
|
|
|
|
|
|
GAAP selling, general and
administrative |
$ |
64,850 |
|
|
$ |
65,003 |
|
|
$ |
135,693 |
|
|
$ |
129,263 |
|
Stock-based compensation |
|
(7,797 |
) |
|
|
(8,546 |
) |
|
|
(16,188 |
) |
|
|
(16,925 |
) |
Non-GAAP selling, general and
administrative |
$ |
57,053 |
|
|
$ |
56,457 |
|
|
$ |
119,505 |
|
|
$ |
112,338 |
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - diluted reconciliation: |
|
|
|
|
|
|
|
GAAP weighted average common
shares outstanding - diluted |
|
52,054 |
|
|
|
52,478 |
|
|
|
46,285 |
|
|
|
52,262 |
|
Modified if-converted method adjustment (1) |
|
(5,607 |
) |
|
|
(5,607 |
) |
|
|
— |
|
|
|
(5,607 |
) |
Non-GAAP weighted average
common shares outstanding - diluted |
|
46,447 |
|
|
|
46,871 |
|
|
|
46,285 |
|
|
|
46,655 |
|
(1) On a non-GAAP
basis, the "if-converted" method was modified so that interest
expense is not added back to the numerator, and the denominator
would only include any incremental shares that would be issued for
the conversion premium as the company intends to settle the
principal amount of its 2025 convertible senior notes in cash. For
all periods presented, non-GAAP diluted net income per share did
not include any incremental shares related to the conversion
premium. |
|
Pacira BioSciences, Inc.Reconciliation of
GAAP Net Income to Adjusted EBITDA (Non-GAAP)(in
thousands)(unaudited) |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP net income |
$ |
25,763 |
|
|
$ |
19,876 |
|
|
$ |
6,227 |
|
|
$ |
26,704 |
|
|
|
|
|
|
|
|
|
Interest income |
|
(2,111 |
) |
|
|
(252 |
) |
|
|
(5,253 |
) |
|
|
(523 |
) |
Interest expense (1) |
|
3,865 |
|
|
|
8,833 |
|
|
|
13,454 |
|
|
|
19,079 |
|
Income tax expense |
|
12,091 |
|
|
|
2,131 |
|
|
|
5,153 |
|
|
|
2,597 |
|
Depreciation expense |
|
4,732 |
|
|
|
6,541 |
|
|
|
10,012 |
|
|
|
12,252 |
|
Amortization of acquired intangible assets |
|
14,322 |
|
|
|
14,322 |
|
|
|
28,644 |
|
|
|
28,644 |
|
EBITDA |
|
58,662 |
|
|
|
51,451 |
|
|
|
58,237 |
|
|
|
88,753 |
|
|
|
|
|
|
|
|
|
Other adjustments: |
|
|
|
|
|
|
|
Acquisition-related (gains) charges, restructuring charges and
other (2) |
|
(16,613 |
) |
|
|
(19,132 |
) |
|
|
(4,506 |
) |
|
|
(14,926 |
) |
Step-up of acquired Flexion inventory to fair value and other |
|
1,261 |
|
|
|
1,052 |
|
|
|
2,566 |
|
|
|
2,181 |
|
Stock-based compensation |
|
10,955 |
|
|
|
11,544 |
|
|
|
22,945 |
|
|
|
22,733 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
16,926 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
54,265 |
|
|
$ |
44,915 |
|
|
$ |
96,168 |
|
|
$ |
98,741 |
|
|
(1) Includes
amortization of debt discount and debt issuance costs(2) For the
three and six months ended June 30, 2022, excludes any depreciation
expense included in EBITDA above |
Pacira BioSciences, Inc.Reconciliation of
GAAP to Non-GAAP 2023 Financial Guidance(dollars
in millions) |
|
|
|
|
|
|
|
GAAP to Non-GAAP
Guidance |
|
GAAP |
|
Full-year Impact of GAAP to Non-GAAP Adjustments
(1) |
|
Non-GAAP |
EXPAREL net product sales |
|
$550 to $560 |
|
— |
|
— |
ZILRETTA net product
sales |
|
$110 to $115 |
|
— |
|
— |
iovera° net product sales |
|
$17 to $20 |
|
— |
|
— |
Gross margin |
|
71% to 72% |
|
Approximately 2% |
|
73% to 74% |
Research and development
expense |
|
$77 to $88 |
|
$7 to $8 |
|
$70 to $80 |
Selling, general and
administrative expense |
|
$252 to $264 |
|
$32 to $34 |
|
$220 to $230 |
Stock-based compensation |
|
$46 to $49 |
|
— |
|
— |
|
|
|
|
|
|
|
(1) The full-year
impact of GAAP to Non-GAAP adjustments primarily relates to
stock-based compensation. The full-year GAAP gross margin financial
guidance also includes the step-up of acquired Flexion fixed assets
and inventory to fair value from the acquisition of Flexion
Therapeutics, Inc., and other costs. |
Investor Contact:
Susan Mesco, (973) 451-4030
susan.mesco@pacira.com
Media Contact:
Sara Marino, (973) 370-5430
sara.marino@pacira.com
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