Pacira ( (PCRX) ) has released its Q3 earnings. Here is a breakdown of the information Pacira presented to its investors.
Pacira BioSciences, Inc. is a leader in delivering innovative, non-opioid pain therapies, focusing on the biotechnology sector with unique products aimed at transforming pain management. The company reported its third quarter 2024 financial results, highlighting significant developments in its non-opioid pain management portfolio and strategic investments for future growth.
Pacira’s third-quarter revenues reached $168.6 million, with net product sales from key offerings like EXPAREL, ZILRETTA, and iovera°. Despite a net loss of $143.5 million due to a goodwill impairment charge, the company maintained a positive adjusted EBITDA of $54.7 million. Recent strategic moves include the appointment of Shawn Cross as CFO and the establishment of a new product-specific J-code for EXPAREL.
The company’s total operating expenses increased significantly due to the goodwill impairment. However, Pacira’s non-GAAP net income showed improvement from the previous year, indicating solid underlying business performance. The recent CMS rulings favorably acknowledging EXPAREL and iovera° under the NOPAIN Act pave the way for enhanced reimbursement opportunities in outpatient settings.
Looking ahead, Pacira reiterates its financial guidance for 2024, projecting total revenues between $680 million and $705 million. The company is focused on leveraging its strategic investments and operational advancements to secure a strong position in the non-opioid pain management market, aiming for sustainable growth and value creation.
