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Pacira's (PCRX) Q1 Earnings Lag Estimates, Revenues Beat
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Pacira BioSciences, Inc. (PCRX - Free Report) reported first-quarter 2021 earnings of 53 cents per share, missing the Zacks Consensus Estimate of 59 cents. The bottom line is flat with the year-ago earnings.
Total revenues increased 12.6% to $119 million in the first quarter of 2021 from the year-earlier figure of $105.7 million. The top line surpassed the Zacks Consensus Estimate of $117.2 million.
Shares of Pacira have increased 3.1% so far this year against the industry’s decrease of 8.5%.
Quarter in Detail
Pacira’s top line mainly comprises product revenues, other product sales and royalty revenues.
Exparel net product sales were $114.7 million, up 13.2% from $101.3 million generated in the year-ago quarter. However, sales of the drug declined 8.4% on a sequential basis.
Exparel/bupivacaine liposome injectable suspension sales came in at $0.8 million compared with $1.2 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.
Meanwhile, iovera system generated sales worth $3.3 million in the first quarter of 2021, reflecting a sequential increase of 37.5%.
Meanwhile, royalty revenues came in at $0.3 million in the reported quarter, down 66.7% year over year.
Research and development (R&D) expenses (excluding stock-based compensation) rose approximately 1% to $14.7 million.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) also increased around 6.8% year over year to $40.9 million in the reported quarter.
2021 Outlook
Per the company, due to the COVID-19 pandemic still negatively impacting sales, it is not providing the guidance for 2021.
Recent Updates
In March 2021, the FDA approved Pacira’s supplemental new drug application (sNDA) seeking approval of its Exparel for use in children aged six years and above.
In November 2020, the European Commission (“EC”) granted marketing authorization to Exparel as a brachial plexus block or femoral nerve block for the treatment of post-operative pain in adults. The authorization also allows using Exparel as a field block for the treatment of somatic post-operative pain from small- to medium-sized surgical wounds in adults. The nod from the EC should drive Exparel sales in future quarters. The company expects to launch Exparel in the third quarter of 2021 in Europe.
Pacira BioSciences, Inc. Price, Consensus and EPS Surprise
Corcept’s earnings estimates have been revised 7.6% upward for 2021 and 9.8% upward for 2022 over the past 60 days.
Infinity’s loss per share estimates have narrowed 8.3% for 2021 and 14.9% for 2022 over the past 60 days. The stock has rallied 50% year to date.
Ironwood’s earnings estimates have been revised 2.2% upward for 2021 and 2.9% upward for 2022 over the past 60 days.
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Pacira's (PCRX) Q1 Earnings Lag Estimates, Revenues Beat
Pacira BioSciences, Inc. (PCRX - Free Report) reported first-quarter 2021 earnings of 53 cents per share, missing the Zacks Consensus Estimate of 59 cents. The bottom line is flat with the year-ago earnings.
Total revenues increased 12.6% to $119 million in the first quarter of 2021 from the year-earlier figure of $105.7 million. The top line surpassed the Zacks Consensus Estimate of $117.2 million.
Shares of Pacira have increased 3.1% so far this year against the industry’s decrease of 8.5%.
Quarter in Detail
Pacira’s top line mainly comprises product revenues, other product sales and royalty revenues.
Exparel net product sales were $114.7 million, up 13.2% from $101.3 million generated in the year-ago quarter. However, sales of the drug declined 8.4% on a sequential basis.
Exparel/bupivacaine liposome injectable suspension sales came in at $0.8 million compared with $1.2 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.
Meanwhile, iovera system generated sales worth $3.3 million in the first quarter of 2021, reflecting a sequential increase of 37.5%.
Meanwhile, royalty revenues came in at $0.3 million in the reported quarter, down 66.7% year over year.
Research and development (R&D) expenses (excluding stock-based compensation) rose approximately 1% to $14.7 million.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) also increased around 6.8% year over year to $40.9 million in the reported quarter.
2021 Outlook
Per the company, due to the COVID-19 pandemic still negatively impacting sales, it is not providing the guidance for 2021.
Recent Updates
In March 2021, the FDA approved Pacira’s supplemental new drug application (sNDA) seeking approval of its Exparel for use in children aged six years and above.
In November 2020, the European Commission (“EC”) granted marketing authorization to Exparel as a brachial plexus block or femoral nerve block for the treatment of post-operative pain in adults. The authorization also allows using Exparel as a field block for the treatment of somatic post-operative pain from small- to medium-sized surgical wounds in adults. The nod from the EC should drive Exparel sales in future quarters. The company expects to launch Exparel in the third quarter of 2021 in Europe.
Pacira BioSciences, Inc. Price, Consensus and EPS Surprise
Pacira BioSciences, Inc. price-consensus-eps-surprise-chart | Pacira BioSciences, Inc. Quote
Zacks Rank & Stocks to Consider
Pacira currently carries a Zacks Rank #2 (Buy). Other stocks worth considering in the same sector include Corcept Therapeutics Incorporated (CORT - Free Report) , Infinity Pharmaceuticals, Inc. and Ironwood Pharmaceuticals, Inc. (IRWD - Free Report) , all carrying the same Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Corcept’s earnings estimates have been revised 7.6% upward for 2021 and 9.8% upward for 2022 over the past 60 days.
Infinity’s loss per share estimates have narrowed 8.3% for 2021 and 14.9% for 2022 over the past 60 days. The stock has rallied 50% year to date.
Ironwood’s earnings estimates have been revised 2.2% upward for 2021 and 2.9% upward for 2022 over the past 60 days.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How to Profit from Trillions on Spending for Infrastructure >>