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Pacira's (PCRX) Q2 Earnings Miss Estimates, Revenues Rise Y/Y
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Pacira BioSciences, Inc. (PCRX - Free Report) reported second-quarter 2022 adjusted earnings of 51 cents per share, missing the Zacks Consensus Estimate of 81 cents. The company had reported adjusted earnings of 77 cents per share in the year-ago quarter.
Total revenues increased 25% to $169.4 million in the second quarter of 2022 from the year-ago figure of $135.6 million, owing to a continuous strong uptake of Exparel and successful synergies from the Flexion acquisition. The top line, however, missed the Zacks Consensus Estimate of $170 million.
Shares of Pacira were up 3.4% on Wednesday following the announcement of the earnings result. The stock has declined 3.8% in the year compared with the industry’s decrease of 20.4%.
Image Source: Zacks Investment Research
Quarter in Detail
Pacira’s top line mainly comprises of product revenues, other product sales and royalty revenues.
Exparel net product sales were $137 million, up 5.3% from $130.1 million generated in the year-ago quarter. Sales of the drug increased 6% on a sequential basis.
Exparel/bupivacaine liposome injectable suspension sales came in at $1 million in the reported quarter, which remained flat from the figure reported 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.
Iovera system generated sales worth $3.2 million in the second quarter of 2022, reflecting a decline of 15.8% year over year. Sales of the Iovera system witnessed a sequential increase of 6.7%.
Net product sales from Zilretta were $27.4 million in 2022 in the reported quarter. Pacira completed the acquisition of Flexion Therapeutics in November 2021, following which, the former began recognizing Zilretta sales.
Royalty revenues came in at $0.8 million in the reported quarter compared with $0.7 million reported in the year-ago period.
Research and development (R&D) expenses (excluding stock-based compensation) increased significantly year over year to $24.7 million.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) increased 30.1% year over year to $56.4 million in the reported quarter.
2022 Outlook
Pacira is not providing guidance for 2022 due to the COVID-19 pandemic still negatively impacting sales. As a result, it is reporting monthly intra-quarter unaudited net product sales for Exparel, Zilretta and iovera until it gains enough visibility around the impacts of COVID-19.
For 2022, adjusted R&D expenses are expected in the range of $75-$85 million, while adjusted SG&A expenses are anticipated in the band of $220-$230 million – both unchanged from the previous guidance.
Other Updates
Pacira completed patient enrollment in two phase III studies evaluating EXPAREL for treating nerve block in lower extremity surgeries. The first study is evaluating Exparel as an adductor canal block for addressing total knee arthroplasty while the second is investigating the drug as a popliteal sciatic nerve block for bunionectomy.
Per the company, positive data from these studies will support the supplemental new drug application filing for Exparel to include lower extremity nerve blocks.
The acquisition of Flexion Therapeutics added its only marketed drug, Zilretta (triamcinolone acetonide extended-release injectable suspension), to Pacira’s portfolio.
Zilretta was approved in 2017 as the first and only extended-release intra-articular therapy providing relief to osteoarthritis patients with knee pain.
The acquisition is likely to strengthen Pacira’s position in the non-opioid pain management market.
Pacira BioSciences, Inc. Price, Consensus and EPS Surprise
Aquestive Therapeutics’ loss per share estimates narrowed 10.7% for 2022 and 22.1% for 2023 in the past 60 days.
Earnings of Aquestive Therapeutics have surpassed estimates in three of the trailing four quarters and missed on the remaining occasion. AQST delivered an earnings surprise of 11.47%, on average.
Alaunos Therapeutics’ loss per share estimates narrowed 20.6% for 2022 and 9.1% for 2023 in the past 60 days.
Earnings of Alaunos Therapeutics have surpassed estimates in each of the trailing four quarters. TCRT delivered an earnings surprise of 34.25%, on average.
Verrica Pharmaceuticals’ loss per share estimates narrowed 19.3% for 2022 and 4.7% for 2023 in the past 60 days.
Earnings of Verrica Pharmaceuticals have surpassed estimates in each of the trailing four quarters. VRCA delivered an earnings surprise of 28.45%, on average.
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Pacira's (PCRX) Q2 Earnings Miss Estimates, Revenues Rise Y/Y
Pacira BioSciences, Inc. (PCRX - Free Report) reported second-quarter 2022 adjusted earnings of 51 cents per share, missing the Zacks Consensus Estimate of 81 cents. The company had reported adjusted earnings of 77 cents per share in the year-ago quarter.
Total revenues increased 25% to $169.4 million in the second quarter of 2022 from the year-ago figure of $135.6 million, owing to a continuous strong uptake of Exparel and successful synergies from the Flexion acquisition. The top line, however, missed the Zacks Consensus Estimate of $170 million.
Shares of Pacira were up 3.4% on Wednesday following the announcement of the earnings result. The stock has declined 3.8% in the year compared with the industry’s decrease of 20.4%.
Image Source: Zacks Investment Research
Quarter in Detail
Pacira’s top line mainly comprises of product revenues, other product sales and royalty revenues.
Exparel net product sales were $137 million, up 5.3% from $130.1 million generated in the year-ago quarter. Sales of the drug increased 6% on a sequential basis.
Exparel/bupivacaine liposome injectable suspension sales came in at $1 million in the reported quarter, which remained flat from the figure reported 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.
Iovera system generated sales worth $3.2 million in the second quarter of 2022, reflecting a decline of 15.8% year over year. Sales of the Iovera system witnessed a sequential increase of 6.7%.
Net product sales from Zilretta were $27.4 million in 2022 in the reported quarter. Pacira completed the acquisition of Flexion Therapeutics in November 2021, following which, the former began recognizing Zilretta sales.
Royalty revenues came in at $0.8 million in the reported quarter compared with $0.7 million reported in the year-ago period.
Research and development (R&D) expenses (excluding stock-based compensation) increased significantly year over year to $24.7 million.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) increased 30.1% year over year to $56.4 million in the reported quarter.
2022 Outlook
Pacira is not providing guidance for 2022 due to the COVID-19 pandemic still negatively impacting sales. As a result, it is reporting monthly intra-quarter unaudited net product sales for Exparel, Zilretta and iovera until it gains enough visibility around the impacts of COVID-19.
For 2022, adjusted R&D expenses are expected in the range of $75-$85 million, while adjusted SG&A expenses are anticipated in the band of $220-$230 million – both unchanged from the previous guidance.
Other Updates
Pacira completed patient enrollment in two phase III studies evaluating EXPAREL for treating nerve block in lower extremity surgeries. The first study is evaluating Exparel as an adductor canal block for addressing total knee arthroplasty while the second is investigating the drug as a popliteal sciatic nerve block for bunionectomy.
Per the company, positive data from these studies will support the supplemental new drug application filing for Exparel to include lower extremity nerve blocks.
The acquisition of Flexion Therapeutics added its only marketed drug, Zilretta (triamcinolone acetonide extended-release injectable suspension), to Pacira’s portfolio.
Zilretta was approved in 2017 as the first and only extended-release intra-articular therapy providing relief to osteoarthritis patients with knee pain.
The acquisition is likely to strengthen Pacira’s position in the non-opioid pain management market.
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 #5 (Strong Sell).
Some better-ranked stocks in the same sector include Aquestive Therapeutics, Inc. (AQST - Free Report) , Alaunos Therapeutics, Inc. (TCRT - Free Report) and Verrica Pharmaceuticals Inc. (VRCA - Free Report) , all carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Aquestive Therapeutics’ loss per share estimates narrowed 10.7% for 2022 and 22.1% for 2023 in the past 60 days.
Earnings of Aquestive Therapeutics have surpassed estimates in three of the trailing four quarters and missed on the remaining occasion. AQST delivered an earnings surprise of 11.47%, on average.
Alaunos Therapeutics’ loss per share estimates narrowed 20.6% for 2022 and 9.1% for 2023 in the past 60 days.
Earnings of Alaunos Therapeutics have surpassed estimates in each of the trailing four quarters. TCRT delivered an earnings surprise of 34.25%, on average.
Verrica Pharmaceuticals’ loss per share estimates narrowed 19.3% for 2022 and 4.7% for 2023 in the past 60 days.
Earnings of Verrica Pharmaceuticals have surpassed estimates in each of the trailing four quarters. VRCA delivered an earnings surprise of 28.45%, on average.