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Pacira (PCRX) Down 8.9% Since Last Earnings Report: Can It Rebound?
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A month has gone by since the last earnings report for Pacira (PCRX - Free Report) . Shares have lost about 8.9% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Pacira due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Pacira Q2 Earnings and Sales Miss, ’23 View Updated
Pacira BioSciencesreported 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.
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, owing to the timing and product mix of orders and related sales made by Aratana for veterinary use. 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. Lovera 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.
How Have Estimates Been Moving Since Then?
It turns out, estimates review have trended downward during the past month.
The consensus estimate has shifted -12.77% due to these changes.
VGM Scores
Currently, Pacira has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Pacira has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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Pacira (PCRX) Down 8.9% Since Last Earnings Report: Can It Rebound?
A month has gone by since the last earnings report for Pacira (PCRX - Free Report) . Shares have lost about 8.9% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Pacira due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Pacira Q2 Earnings and Sales Miss, ’23 View Updated
Pacira BioSciencesreported 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.
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, owing to the timing and product mix of orders and related sales made by Aratana for veterinary use. 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. Lovera 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.
How Have Estimates Been Moving Since Then?
It turns out, estimates review have trended downward during the past month.
The consensus estimate has shifted -12.77% due to these changes.
VGM Scores
Currently, Pacira has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Pacira has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.