We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Pacira (PCRX) Q2 Earnings and Sales Miss, '23 View Updated
Read MoreHide Full Article
Pacira BioSciences, Inc. (PCRX - Free Report) reported second-quarter 2023 adjusted earnings of 78 cents per share, missing the Zacks Consensus Estimate of 81 cents. The company had reported adjusted earnings of 51 cents per share in the year-ago quarter.
Total revenues in the second quarter amounted to $169.5 million, also falling short of the Zacks Consensus Estimate of $176 million.
Shares of Pacira have lost 6.8% in the year against no change for the industry.
Image Source: Zacks Investment Research
Quarter in Detail
Pacira’s top line usually comprises product sales and royalty revenues. However, in the reported quarter, the company did not generate any royalty revenues. Total revenues comprised solely revenues from the sale of its products, such as Exparel, Zilretta and iovera.
Exparel’s net product sales were $135.1 million, down 1.4% from the year-ago figure, missing both the Zacks Consensus Estimate of $139 million and our estimate of $136.6 million.
Exparel (bupivacaine liposome injectable suspension) is indicated in patients aged six years and older for single-dose infiltration to produce postsurgical local analgesia and in adults as an interscalene brachial plexus nerve block to produce postsurgical regional analgesia.
Zilretta’s net product sales came in at $29.3 million compared with $27.4 million in the year-ago quarter. Pacira completed the acquisition of Flexion Therapeutics in November 2021, following which the former began recognizing Zilretta sales. The reported figure marginally missed the Zacks Consensus Estimate of $29.5 million, but beat our estimate of $28.9 million.
Net product sales of iovera were $4.38 million, up from $3.2 million in the year-ago quarter. Iovera sales, however, fell shy of the Zacks Consensus Estimate of $4.43 million, but marginally beat our estimate of $4.3 million.
Revenues generated from the sales of bupivacaine liposome injectable suspension to third-party licenses were pegged at $0.7 million, down from $1 million reported in the second quarter of 2022.
Research and development (R&D) expenses (excluding stock-based compensation) decreased to $17.1 million from $24.8 million in the year-ago quarter.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) of $57.1 million in the reported quarter remained flat year over year.
As of Jun 30, 2023, Pacira had cash, cash equivalents and available-for-sale investments of $220.8 million compared with $182.3 million as of Mar 31, 2023.
2023 Guidance Updated
Parica expects Exparel's net product sales in the range of $550-$560 million (previously$570-$580 million) in the year 2023. Net product sales from Zilretta are now expected in the range of $110-$115 million (previously $115-$125 million).
On the other hand, the company reiterated its previously provided guidance for iovera net product sales in the range of $17 million to $20 million. For 2023, expected adjusted R&D expenses of $70-$80 million and adjusted SG&A expenses of $220-$230 million also remain consistent with previously provided guidance.
Pacira BioSciences, Inc. Price, Consensus and EPS Surprise
In the past 90 days, the Zacks Consensus Estimate for J&J’s 2023 earnings per share has increased from $10.66 to $10.73. During the same period, the estimate for JNJ’s 2024 earnings per share has increased from $11.01 to $11.28. Year to date, shares of JNJ have lost 4.4%.
JNJ beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 5.58%.
In the past 90 days, the Zacks Consensus Estimate for ADC Therapeutics’ 2023 loss per share has widened from $2.60 to $2.61. During the same period, the estimate for ADC Therapeutics’ 2024 loss per share narrowed from $2.75 to $2.55. Year to date, shares of ADCT have lost 60.7%.
ADCT beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 10.70%.
In the past 90 days, the Zacks Consensus Estimate for ADMA Biologics’ 2023 loss per share has narrowed from 14 cents to 8 cents. The consensus estimate for 2024 earnings is currently pegged at 7 cents per share. Year to date, shares of ADMA have gained 7%.
ADMA beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 19.13%.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Pacira (PCRX) Q2 Earnings and Sales Miss, '23 View Updated
Pacira BioSciences, Inc. (PCRX - Free Report) reported second-quarter 2023 adjusted earnings of 78 cents per share, missing the Zacks Consensus Estimate of 81 cents. The company had reported adjusted earnings of 51 cents per share in the year-ago quarter.
Total revenues in the second quarter amounted to $169.5 million, also falling short of the Zacks Consensus Estimate of $176 million.
Shares of Pacira have lost 6.8% in the year against no change for the industry.
Image Source: Zacks Investment Research
Quarter in Detail
Pacira’s top line usually comprises product sales and royalty revenues. However, in the reported quarter, the company did not generate any royalty revenues. Total revenues comprised solely revenues from the sale of its products, such as Exparel, Zilretta and iovera.
Exparel’s net product sales were $135.1 million, down 1.4% from the year-ago figure, missing both the Zacks Consensus Estimate of $139 million and our estimate of $136.6 million.
Exparel (bupivacaine liposome injectable suspension) is indicated in patients aged six years and older for single-dose infiltration to produce postsurgical local analgesia and in adults as an interscalene brachial plexus nerve block to produce postsurgical regional analgesia.
Zilretta’s net product sales came in at $29.3 million compared with $27.4 million in the year-ago quarter. Pacira completed the acquisition of Flexion Therapeutics in November 2021, following which the former began recognizing Zilretta sales. The reported figure marginally missed the Zacks Consensus Estimate of $29.5 million, but beat our estimate of $28.9 million.
Net product sales of iovera were $4.38 million, up from $3.2 million in the year-ago quarter. Iovera sales, however, fell shy of the Zacks Consensus Estimate of $4.43 million, but marginally beat our estimate of $4.3 million.
Revenues generated from the sales of bupivacaine liposome injectable suspension to third-party licenses were pegged at $0.7 million, down from $1 million reported in the second quarter of 2022.
Research and development (R&D) expenses (excluding stock-based compensation) decreased to $17.1 million from $24.8 million in the year-ago quarter.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) of $57.1 million in the reported quarter remained flat year over year.
As of Jun 30, 2023, Pacira had cash, cash equivalents and available-for-sale investments of $220.8 million compared with $182.3 million as of Mar 31, 2023.
2023 Guidance Updated
Parica expects Exparel's net product sales in the range of $550-$560 million (previously$570-$580 million) in the year 2023. Net product sales from Zilretta are now expected in the range of $110-$115 million (previously $115-$125 million).
On the other hand, the company reiterated its previously provided guidance for iovera net product sales in the range of $17 million to $20 million. For 2023, expected adjusted R&D expenses of $70-$80 million and adjusted SG&A expenses of $220-$230 million also remain consistent with previously provided guidance.
Pacira BioSciences, Inc. Price, Consensus and EPS Surprise
Pacira BioSciences, Inc. price-consensus-eps-surprise-chart | Pacira BioSciences, Inc. Quote
Zacks Rank and Stocks to Consider
Pacira currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the overall medical sector are J&J (JNJ - Free Report) , ADC Therapeutics (ADCT - Free Report) and ADMA Biologics, Inc. (ADMA - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 90 days, the Zacks Consensus Estimate for J&J’s 2023 earnings per share has increased from $10.66 to $10.73. During the same period, the estimate for JNJ’s 2024 earnings per share has increased from $11.01 to $11.28. Year to date, shares of JNJ have lost 4.4%.
JNJ beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 5.58%.
In the past 90 days, the Zacks Consensus Estimate for ADC Therapeutics’ 2023 loss per share has widened from $2.60 to $2.61. During the same period, the estimate for ADC Therapeutics’ 2024 loss per share narrowed from $2.75 to $2.55. Year to date, shares of ADCT have lost 60.7%.
ADCT beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 10.70%.
In the past 90 days, the Zacks Consensus Estimate for ADMA Biologics’ 2023 loss per share has narrowed from 14 cents to 8 cents. The consensus estimate for 2024 earnings is currently pegged at 7 cents per share. Year to date, shares of ADMA have gained 7%.
ADMA beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 19.13%.