Pacira's (PCRX) Q4 Earnings Match Estimates, Revenues Fall
Pacira BioSciences, Inc. PCRX reported fourth-quarter 2022 adjusted earnings of 80 cents per share, on par with the Zacks Consensus Estimate. The company had reported adjusted earnings of 97 cents per share in the year-ago quarter.
Total revenues increased 8% to $172 million in the fourth quarter from the year-ago figure of $159.2 million, owing to a continuous strong uptake of the lead drug, Exparel. The top line missed the Zacks Consensus Estimate of $174 million.
Shares of Pacira have plunged 40.3% in the year compared with the industry’s decline of 16.8%.
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Quarter in Detail
Pacira’s top line mainly comprises product revenues, other product sales and royalty revenues.
Exparel net product sales were $138 million, down from $139.9 million generated in the year-ago quarter, missing the Zacks Consensus Estimate of $144 million. Sales of the drug increased by 4% on a sequential basis.
Exparel/bupivacaine liposome injectable suspension sales came in at $1 million in the reported quarter compared with the $1.1 million reported in the year-ago quarter. Exparel is a liposome injection of bupivacaine indicated for a single-dose administration into the surgical site for post-surgical pain management.
Iovera system generated sales worth $4.6 million in the fourth quarter of 2022, reflecting a decrease of 7% year over year.
Net product sales from Zilretta were $28 million in the fourth quarter of 2022, witnessing an increase of 121% over the $12.7 million recorded in the year-ago quarter. Pacira completed the acquisition of Flexion Therapeutics in November 2021, following which, the former began recognizing Zilretta sales.
Royalty revenues came in at $0.4 million in the reported quarter, which declined 33.3% from $0.6 million reported in the year-ago quarter.
Research and development (R&D) expenses (excluding stock-based compensation) increased 14.9% year over year to $15.7 million.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) increased 22.6% year over year to $54.7 million in the reported quarter.
Revenues in 2022 came in at $666.8 million, up 23% year over year, but just fell short of the Zacks Consensus Estimate of $667.03 million.
Pacira reported adjusted earnings of $2.59 per share compared with adjusted earnings of $3.00 per share in 2021 and on par with the Zacks Consensus Estimate.
2023 Financial Guidance
Rolling into 2023, Parica expects Exparel net product sales to be in the range of $570 million to $580 million, Zilretta net product sales in the range of $115 million to $125 million and iovera net product sales in the range of $17 million to $20 million.
For 2023, adjusted R&D expenses are expected to be in the $70 million to $80 million range, while adjusted SG&A expenses are anticipated to be in the band of $220 million to $230 million.
In January 2023, the company submitted a supplemental new drug application to the FDA for the label expansion of Exparel to treat sciatic nerve blocks in the popliteal fossa and femoral nerve blocks in the adductor canal.
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 #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some top-ranked stocks in the medical-drug industry are Catalyst Pharmaceuticals CPRX, Collegium Pharmaceutical COLL and Avita Medical RCEL. While CPRX sports a Zacks Rank #1 at present, COLL and RCEL both currently carry a Zacks Rank #2 (Buy).
Estimates for Catalyst’s 2023 earnings per share have improved from $1.10 per share to $1.13 in the past 60 days.
Earnings of Catalyst missed estimates in two of the trailing four quarters and beat the same twice. The average negative earnings surprise for CPRX is 4.10%. CPRX stock has risen 89.5% in the past year. Catalyst is expected to report its fourth-quarter results next month.
Estimates for Collegium Pharmaceutical’s 2023 earnings have risen from $5.84 to $6.20 per share in the past 60 days.
Collegium Pharmaceutical missed earnings estimates in three of the last four quarters, beating the same on one occasion. The average negative surprise is 33.06%. COLL stock has risen 40.4% in the past year.
Estimates for Avita’s 2023 loss per share have narrowed from $1.26 per share to $1.04 in the past 60 days.
Earnings of Avita missed estimates in one of the trailing four quarters and beat the same thrice. The average earnings surprise for RCEL is 22.16%. RCEL stock has risen 34.7% in the past year.
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