Pacira Biosciences, Inc. (NASDAQ: PCRX) reported a preliminary unaudited total revenue of $675.0 million for the year ended December 31, 2023, compared with $666.8 million for the year ended December 31, 2022. The company's stock moved 2.7% on the news and is now trading at $33.3 per share.
Frank D. Lee, Chief Executive Officer of Pacira Biosciences, expressed optimism about the company's future, stating, "We enter 2024 with a strong financial and operational foundation to support our mission to expand patient access to opioid-sparing pain management." He added, "In the coming year, we will continue to invest in long-term growth initiatives to ensure we are well positioned to fully capitalize on the substantial opportunities ahead of us, including the upcoming launch of exparel in two key lower extremity nerve blocks in 2024 and expansion of patient access with the rollout of the NOPAIN Act in 2025."
The company's financial report highlighted the following revenue figures: - Fourth quarter exparel net product sales of $143.9 million in 2023, compared with $138.0 million in 2022. - Fourth quarter zilretta net product sales of $28.7 million in 2023, compared with $28.0 million in 2022. - Fourth quarter iovera® net product sales of $6.0 million in 2023, compared with $4.6 million in 2022. - Other revenue, including sales of bupivacaine liposome injectable suspension and royalties, was $2.6 million in the fourth quarter of 2023, compared with $1.4 million in the fourth quarter of 2022.
For the full year 2023, the report included: - Full-year exparel net product sales of $538.1 million in 2023, compared with $536.9 million in 2022. - Full-year zilretta net product sales of $111.1 million in 2023, compared with $105.5 million in 2022. - Full-year iovera® net product sales of $19.7 million in 2023, compared with $15.3 million in 2022. - Other revenue, including sales of bupivacaine liposome injectable suspension and royalties, was $6.1 million in 2023, compared with $9.1 million in 2022.
Pacira Biosciences, Inc. is committed to providing a non-opioid pain management option to as many patients as possible and is focused on developing innovative interventions to address debilitating conditions involving the sympathetic nervous system, such as cardiac electrical storm, chronic pain, and spasticity.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $337,277 | $421,026 | $429,647 | $125 | $666,823 | $665,689 |
| Revenue Growth | n/a | 24.83% | 2.05% | -99.97% | 533358.4% | -0.17% |
| Operating Margins | 5% | 2% | 11% | 71939% | 9% | 7% |
| Net Margins | 0% | -3% | 34% | 33584% | 2% | 1% |
| Net Income (k) | -$471 | -$11,016 | $145,523 | $41,980 | $15,909 | $6,983 |
| Net Interest Expense (k) | $21,949 | $23,628 | $25,671 | $31,750 | $39,976 | $27,959 |
| Depreciation & Amort. (k) | $13,165 | $19,576 | $19,908 | $28,548 | $91,501 | $87,495 |
| Earnings Per Share | $40911 | -$0.27 | $3.33 | $0.92 | $0.34 | $0.12 |
| Diluted Shares (k) | 40,911 | 41,513 | 43,682 | 45,630 | 46,538 | 52,067 |
| Capital Expenditures | $14,514 | $10,159 | $37,801 | $45,866 | $30,076 | $18,855 |
| Current Ratio | 7.88 | 3.79 | 2.57 | 1.66 | 3.37 | 4.78 |
Pacira BioSciences has growing revenues and increasing reinvestment in the business, decent operating margins with a stable trend, and irregular cash flows. Furthermore, Pacira BioSciences has positive expected EPS Growth.
