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Pacira's (PCRX) Q2 Earnings Miss Estimates, Revenues In Line
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Pacira BioSciences, Inc. (PCRX - Free Report) reported second-quarter 2020 earnings of 12 cents per share, missing the Zacks Consensus Estimate of 16 cents and also decreasing from the year-ago figure of 41 cents.
Total revenues also declined 26% from the year-earlier figure of $102.6 million to $75.5 million in the reported quarter. Meanwhile, revenues were in line with the Zacks Consensus Estimate.
Shares of Pacira have rallied 28.3% so far this year against the industry’s decline of 3.8%.
Quarter in Detail
Pacira’s top line mainly comprises product revenues, other product sales and royalty revenues.
Exparel net product sales were $73 million, down 26% from $98.9 million in the year-ago quarter.
Exparel/bupivacaine liposome injectable suspension sales came in at $0.8 million compared with $0.9 million in the year-ago quarter. Exparel is a liposome injection of bupivacaine, indicated for a single-dose administration into the surgical site to produce postsurgical analgesia.
Though the newly-added product iovera system generated sales worth $1.4 million in the second quarter of 2020, the figure reflects a sequential decline of 39.1%.
We remind investors that in April 2019, Pacira acquired the privately-held MyoScience, Inc. Following this buyout, Pacira added the latter’s iovera system to its portfolio, which is highly complementary to Exparel as a non-opioid therapy. Moreover, upon closing the acquisition, Pacira changed its corporate name to Pacira BioSciences, Inc.
Meanwhile, royalty revenues came in at $0.3 million in the reported quarter, down 62.5% year over year.
Research and development (R&D) expenses (excluding stock-based compensation) fell 25.9% to $12.3 million.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) decreased 16% year over year to $36.8 million in the reported quarter.
2020 Outlook
Due to the prevalent COVID-19 pandemic situation, the company does not have enough visibility to forecast its adverse impact. As a result, Pacira is currently not providing full-year financial guidance.
Recent Developments
Earlier this month, the FDA accepted Pacira’s supplemental new drug application (sNDA) seeking an expansion of the Exparel’s label to include single-dose infiltration for providing postsurgical analgesia in children aged six years and above. The regulatory body set a target action date of Mar 22, 2021. There are currently no approved alternatives to opioids for managing severe post-surgical pain in pediatric patients.
Pacira is advancing Exparel in phase IV studies to expand its utilization in areas like cesarean section, spine and hip fracture.
Notably, in July 2020, Pacira concluded its partnership agreement with DePuy Synthes Sales for jointly marketing and promoting the use of Exparel for orthopedic procedures in the United States. The company now has full ownership of the Exparel franchise.
Pacira BioSciences, Inc. Price, Consensus and EPS Surprise
Pacira currently sports a Zacks Rank #1 (Strong Buy). Other stocks worth considering in the same sector include Actinium Pharmaceuticals, Inc. (ATNM - Free Report) , Bellicum Pharmaceuticals, Inc. and BioLineRx Ltd. , all carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Actinium Pharmaceuticals’ earnings estimates have moved 33.3% north for 2020 and 56.2% for 2021 over the past 60 days. The stock has surged 96.6% year to date.
Bellicum Pharmaceuticals’ loss per share estimates have narrowed 3.2% for 2020 and 1.1% for 2021 over the past 60 days.
BioLineRx’s loss per share estimates have narrowed 21.5% for 2020 and 31.6% for 2021 over the past 60 days.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
Image: Bigstock
Pacira's (PCRX) Q2 Earnings Miss Estimates, Revenues In Line
Pacira BioSciences, Inc. (PCRX - Free Report) reported second-quarter 2020 earnings of 12 cents per share, missing the Zacks Consensus Estimate of 16 cents and also decreasing from the year-ago figure of 41 cents.
Total revenues also declined 26% from the year-earlier figure of $102.6 million to $75.5 million in the reported quarter. Meanwhile, revenues were in line with the Zacks Consensus Estimate.
Shares of Pacira have rallied 28.3% so far this year against the industry’s decline of 3.8%.
Quarter in Detail
Pacira’s top line mainly comprises product revenues, other product sales and royalty revenues.
Exparel net product sales were $73 million, down 26% from $98.9 million in the year-ago quarter.
Exparel/bupivacaine liposome injectable suspension sales came in at $0.8 million compared with $0.9 million in the year-ago quarter. Exparel is a liposome injection of bupivacaine, indicated for a single-dose administration into the surgical site to produce postsurgical analgesia.
Though the newly-added product iovera system generated sales worth $1.4 million in the second quarter of 2020, the figure reflects a sequential decline of 39.1%.
We remind investors that in April 2019, Pacira acquired the privately-held MyoScience, Inc. Following this buyout, Pacira added the latter’s iovera system to its portfolio, which is highly complementary to Exparel as a non-opioid therapy. Moreover, upon closing the acquisition, Pacira changed its corporate name to Pacira BioSciences, Inc.
Meanwhile, royalty revenues came in at $0.3 million in the reported quarter, down 62.5% year over year.
Research and development (R&D) expenses (excluding stock-based compensation) fell 25.9% to $12.3 million.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) decreased 16% year over year to $36.8 million in the reported quarter.
2020 Outlook
Due to the prevalent COVID-19 pandemic situation, the company does not have enough visibility to forecast its adverse impact. As a result, Pacira is currently not providing full-year financial guidance.
Recent Developments
Earlier this month, the FDA accepted Pacira’s supplemental new drug application (sNDA) seeking an expansion of the Exparel’s label to include single-dose infiltration for providing postsurgical analgesia in children aged six years and above. The regulatory body set a target action date of Mar 22, 2021. There are currently no approved alternatives to opioids for managing severe post-surgical pain in pediatric patients.
Pacira is advancing Exparel in phase IV studies to expand its utilization in areas like cesarean section, spine and hip fracture.
Notably, in July 2020, Pacira concluded its partnership agreement with DePuy Synthes Sales for jointly marketing and promoting the use of Exparel for orthopedic procedures in the United States. The company now has full ownership of the Exparel franchise.
Pacira BioSciences, Inc. Price, Consensus and EPS Surprise
Pacira BioSciences, Inc. price-consensus-eps-surprise-chart | Pacira BioSciences, Inc. Quote
Zacks Rank & Other Stocks to Consider
Pacira currently sports a Zacks Rank #1 (Strong Buy). Other stocks worth considering in the same sector include Actinium Pharmaceuticals, Inc. (ATNM - Free Report) , Bellicum Pharmaceuticals, Inc. and BioLineRx Ltd. , all carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Actinium Pharmaceuticals’ earnings estimates have moved 33.3% north for 2020 and 56.2% for 2021 over the past 60 days. The stock has surged 96.6% year to date.
Bellicum Pharmaceuticals’ loss per share estimates have narrowed 3.2% for 2020 and 1.1% for 2021 over the past 60 days.
BioLineRx’s loss per share estimates have narrowed 21.5% for 2020 and 31.6% for 2021 over the past 60 days.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>