PCRX Pacira BioSciences Inc.

52.37
-0.77  -1%
Previous Close 53.14
Open 55.97
52 Week Low 27.46
52 Week High 56
Market Cap $2,205,863,625
Shares 42,120,749
Float 41,534,446
Enterprise Value $2,274,067,601
Volume 973,330
Av. Daily Volume 668,050
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Upcoming Catalysts

Drug Stage Catalyst Date
EXPAREL - pediatric patients
Postoperative Pain Management
sNDA Filing
sNDA Filing
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Drug Pipeline

Drug Stage Notes
EXPAREL
Post surgical pain
Approved
Approved
Approval announced April 6, 2018.
EXPAREL
Postsurgical pain
Approved
Approved
Approved October 31, 2011.

Latest News

  1. -- Orthopedic co-promotion agreement to conclude in January 2021 --

    -- Significantly improves Pacira economics related to EXPAREL --

    PARSIPPANY, N.J., July 02, 2020 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (NASDAQ:PCRX), a leading provider of innovative non-opioid pain management options, today announced that the company has notified DePuy Synthes Sales Inc. that the agreement between the two companies to jointly market and promote the use of EXPAREL® (bupivacaine injectable suspension) for orthopedic procedures in the United States will terminate on January 2, 2021. Under this collaboration, which began in January 2017, DePuy Synthes field representatives, specializing in joint reconstruction, spine, sports medicine, trauma and…

    -- Orthopedic co-promotion agreement to conclude in January 2021 --

    -- Significantly improves Pacira economics related to EXPAREL --

    PARSIPPANY, N.J., July 02, 2020 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (NASDAQ:PCRX), a leading provider of innovative non-opioid pain management options, today announced that the company has notified DePuy Synthes Sales Inc. that the agreement between the two companies to jointly market and promote the use of EXPAREL® (bupivacaine injectable suspension) for orthopedic procedures in the United States will terminate on January 2, 2021. Under this collaboration, which began in January 2017, DePuy Synthes field representatives, specializing in joint reconstruction, spine, sports medicine, trauma and cranio-maxillofacial procedures, collaborate with the Pacira field teams to support EXPAREL use and education in orthopedic surgical settings. In addition to partnering with DePuy Synthes in support of orthopedic surgical procedures, Pacira field representatives have remained the overall EXPAREL account managers and commercial leads for soft tissue surgeons, anesthesiologists, and ambulatory surgery centers. 

    "DePuy Synthes has been a terrific partner and we have enjoyed the opportunity to collaborate with them and are grateful for their shared commitment to provide an opioid alternative to as many patients as possible. This collaboration has allowed us to significantly expand the use of EXPAREL, solidifying its role in opioid-sparing protocols across a range of orthopedic procedures," said Dave Stack, chairman and chief executive officer of Pacira BioSciences. "Over the years the partnership with DePuy Synthes has allowed Pacira to establish a firm commercial foundation in orthopedics and we now have the in-house expertise to take over and expand upon these relationships."

    Orthopedic practice is evolving from an inpatient hospital experience to the ambulatory setting with anesthesia-driven regional approaches playing an increasingly essential role. This growing market is already largely served by the Pacira salesforce, who are well-trained and proficient in the 23-hour stay environment. 

    "In addition to an evolving site of care call point for EXPAREL, the iovera° platform is shifting our commercial focus into the orthopedic, spine and sports medicine markets. Given the strategic planning modifications prompted by COVID-19, and the improvement to economics for Pacira with the conclusion of the partnership, we believe it is in the best interest of Pacira and our stakeholders to take ownership of this entire franchise beginning in 2021," concluded Mr. Stack.

    Pacira is nearing completion of the build-out of a 20,000 square foot education and training center in Tampa, which will allow for interactive, hands-on customer training related to both infiltration technique and best practice regional approaches to improve patient care.

    DePuy Synthes receives commissions on sales of EXPAREL under the agreement and will continue to do so for the remainder of 2020 as the two companies work together to support EXPAREL and a smooth transition. Pacira will pay an additional early termination payment in 2021. The initial term of the agreement began on January 24, 2017 with a defined end date of December 31, 2021. The agreement provided that either company could terminate the relationship without cause after three years of the effective date of the agreement with a six-month notification. 

    About Pacira BioSciences

    Pacira BioSciences, Inc. (NASDAQ:PCRX) is a leading provider of non-opioid pain management and regenerative health solutions dedicated to advancing and improving outcomes for health care practitioners and their patients. The company's long-acting local analgesic, EXPAREL® (bupivacaine liposome injectable suspension) was commercially launched in the United States in April 2012. EXPAREL utilizes DepoFoam®, a unique and proprietary product delivery technology that encapsulates drugs without altering their molecular structure, and releases them over a desired period of time. In April 2019, Pacira acquired the iovera°® system, a handheld cryoanalgesia device used to deliver precise, controlled doses of cold temperature only to targeted nerves. To learn more about Pacira, including the corporate mission to reduce overreliance on opioids, visit www.pacira.com.

    About EXPAREL

    EXPAREL (bupivacaine liposome injectable suspension) is indicated for single-dose infiltration in adults to produce postsurgical local analgesia and as an interscalene brachial plexus nerve block to produce postsurgical regional analgesia. Safety and efficacy have not been established in other nerve blocks. The product combines bupivacaine with DepoFoam, a proven product delivery technology that delivers medication over a desired time period. EXPAREL represents the first and only multivesicular liposome local anesthetic that can be utilized in the peri- or postsurgical setting. By utilizing the DepoFoam platform, a single dose of EXPAREL delivers bupivacaine over time, providing significant reductions in cumulative pain scores with up to a 78 percent decrease in opioid consumption; the clinical benefit of the opioid reduction was not demonstrated. Additional information is available at www.EXPAREL.com.

    Important Safety Information for Patients

    EXPAREL should not be used in obstetrical paracervical block anesthesia. In studies where EXPAREL was injected into the wound, the most common side effects were nausea, constipation, and vomiting. In studies where EXPAREL was injected near a nerve, the most common side effects were nausea, fever, and constipation. EXPAREL is not recommended to be used in patients younger than 18 years old or in pregnant women. Tell your healthcare provider if you have liver disease, since this may affect how the active ingredient (bupivacaine) in EXPAREL is eliminated from your body. EXPAREL should not be injected into the spine, joints, or veins. The active ingredient in EXPAREL: can affect your nervous system and your cardiovascular system; may cause an allergic reaction; may cause damage if injected into your joints.

    About iovera°

    The iovera° system is used to destroy tissue during surgical procedures by applying freezing cold. It can also be used to produce lesions in peripheral nervous tissue by the application of cold to the selected site for the blocking of pain. It is also indicated for the relief of pain and symptoms associated with osteoarthritis of the knee for up to 90 days. In one study, the majority of the patients suffering from osteoarthritis of the knee experienced pain and system relief beyond 150 days.1 The iovera° system's "1×90" Smart Tip configuration (indicating one needle which is 90 mm long) can also facilitate target nerve location by conducting electrical nerve stimulation from a separate nerve stimulator. The iovera° system is not indicated for treatment of central nervous system tissue.

    Important Safety Information

    The iovera° system is contraindicated for use in patients with the following: Cryoglobulinemia; Paroxysmal cold hemoglobinuria; cold urticaria; Raynaud's disease; open and/or infected wounds at or near the treatment line. Potential complications: As with any surgical treatment that uses needle-based therapy, there is potential for temporary site-specific reactions, including but not limited to: bruising (ecchymosis); swelling (edema); inflammation and/or redness (erythema); pain and/or tenderness; altered sensation (localized dysesthesia). Typically, these reactions resolve with no physician intervention. Patients may help the healing process by applying ice packs to the affected sites, and by taking over-the-counter analgesics.

    Forward-Looking Statements

    Any statements in this press release about the company's future expectations, plans, outlook, projections and prospects, and other statements containing the words "believes," "anticipates," "plans," "estimates," "expects," "intends," "may," "will," "would," "could," "can" and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to: the impact of the worldwide COVID-19 (Coronavirus) epidemic and related global economic conditions on our business and results of operations; the success of the company's sales and manufacturing efforts in support of the commercialization of EXPAREL; the rate and degree of market acceptance of EXPAREL; the size and growth of the potential markets for EXPAREL and the company's ability to serve those markets; the company's plans to expand the use of EXPAREL to additional indications and opportunities, and the timing and success of any related clinical trials; the ability to realize anticipated benefits and synergies from the acquisition of MyoScience; the ability to successfully integrate iovera° and any other future acquisitions into the company's existing business; the commercial success of iovera° and other factors discussed in the "Risk Factors" of the company's most recent Annual Report on Form 10-K and in other filings that the company periodically makes with the SEC. In addition, the forward-looking statements included in this press release represent the company's views as of the date of this press release. Important factors could cause actual results to differ materially from those indicated or implied by forward-looking statements, and as such the company anticipates that subsequent events and developments will cause its views to change. However, while the company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date of this press release.

    1Radnovich, R. et al. "Cryoneurolysis to treat the pain and symptoms of knee osteoarthritis: a multicenter, randomized, double-blind, sham-controlled trial." Osteoarthritis and Cartilage (2017) p1-10.

    Investor Contact:
    Susan Mesco, (973) 451-4030
    
    
    Media Contact:
    Coyne Public Relations
    Alyssa Schneider, (973) 588-2270
    

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  2. PARSIPPANY, N.J., June 16, 2020 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (NASDAQ:PCRX) today announced that it will present at the 2020 BMO Prescriptions for Success Healthcare Conference at 10:00 AM ET on Tuesday, June 23, 2020. Live audio of the virtual event can be accessed by visiting the "Events" page of the company's website at investor.pacira.com. A replay of the webcast will also be available for two weeks following the event.

    About Pacira

    Pacira BioSciences, Inc. (NASDAQ:PCRX) is a leading provider of non-opioid pain management and regenerative health solutions dedicated to advancing and improving outcomes for health care practitioners and their patients. The company's long-acting local analgesic, EXPAREL® (bupivacaine liposome…

    PARSIPPANY, N.J., June 16, 2020 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (NASDAQ:PCRX) today announced that it will present at the 2020 BMO Prescriptions for Success Healthcare Conference at 10:00 AM ET on Tuesday, June 23, 2020. Live audio of the virtual event can be accessed by visiting the "Events" page of the company's website at investor.pacira.com. A replay of the webcast will also be available for two weeks following the event.

    About Pacira

    Pacira BioSciences, Inc. (NASDAQ:PCRX) is a leading provider of non-opioid pain management and regenerative health solutions dedicated to advancing and improving outcomes for health care practitioners and their patients. The company's long-acting local analgesic, EXPAREL® (bupivacaine liposome injectable suspension) was commercially launched in the United States in April 2012. EXPAREL utilizes DepoFoam®, a unique and proprietary product delivery technology that encapsulates drugs without altering their molecular structure, and releases them over a desired period of time.  In April 2019, the company acquired the iovera⁰ system, a handheld cryoanalgesia device used to deliver precise, controlled doses of cold temperature only to targeted nerves. To learn more about Pacira, including the corporate mission to reduce overreliance on opioids, visit www.pacira.com.

     

    Company Contact:
    Pacira BioSciences, Inc.
    Christian Pedetti
    (973) 254-4387
    

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    View Full Article Hide Full Article
  3. PARSIPPANY, N.J., May 13, 2020 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (NASDAQ:PCRX) today reported that it will present at the 2020 RBC Capital Markets Global Healthcare Virtual Conference at 9:45 AM ET on Wednesday, May 20, 2020. Live audio of the event can be accessed by visiting the "Events" page of the company's website at investor.pacira.com. A replay of the webcast will also be available for two weeks following the event.

    About Pacira                                                                           

    Pacira BioSciences, Inc. (NASDAQ:PCRX) is a leading provider of non-opioid pain management and regenerative health solutions dedicated to advancing and improving outcomes for health care practitioners and their patients. The company's long-acting local analgesic, EXPAREL® (bupivacaine liposome injectable suspension) was commercially launched in the United States in April 2012. EXPAREL utilizes DepoFoam®, a unique and proprietary product delivery technology that encapsulates drugs without altering their molecular structure, and releases them over a desired period of time.  In April 2019, the company acquired the iovera⁰ system, a handheld cryoanalgesia device used to deliver precise, controlled doses of cold temperature only to targeted nerves. To learn more about Pacira, including the corporate mission to reduce overreliance on opioids, visit www.pacira.com.

    Company Contact:
    Pacira BioSciences, Inc.
    Christian Pedetti
    (973) 254-4387
    

    Primary Logo

    View Full Article Hide Full Article
  4. -- Total revenues increased 16 percent over prior year first quarter --
    -- Conference call today at 8:30 a.m. ET --

    PARSIPPANY, N.J., May 07, 2020 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (NASDAQ:PCRX), a leading provider of innovative non-opioid pain management options, today reported financial results for the first quarter of 2020.

    "Prior to headwinds from the COVID-19 pandemic, which began in mid-March, we saw growing demand for EXPAREL continue with year-over-year growth rates of over 20 percent in January and February. Specifically, we saw demand continue to expand within the anesthesia community with EXPAREL-based nerve and field blocks continuing to take hold as institutional protocol for a variety of surgical procedures," said Dave…

    -- Total revenues increased 16 percent over prior year first quarter --
    -- Conference call today at 8:30 a.m. ET --

    PARSIPPANY, N.J., May 07, 2020 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (NASDAQ:PCRX), a leading provider of innovative non-opioid pain management options, today reported financial results for the first quarter of 2020.

    "Prior to headwinds from the COVID-19 pandemic, which began in mid-March, we saw growing demand for EXPAREL continue with year-over-year growth rates of over 20 percent in January and February. Specifically, we saw demand continue to expand within the anesthesia community with EXPAREL-based nerve and field blocks continuing to take hold as institutional protocol for a variety of surgical procedures," said Dave Stack, chairman and chief executive officer of Pacira BioSciences. "We remain steadfast in our long-term strategy to solidify our role as a leading provider of innovative non-opioid pain management and regenerative health solutions and believe the fundamentals of our business will continue to fuel our long-term expansion. Importantly, we are ready to quickly ramp up as elective surgery restrictions lift across the states and ambulatory centers address the backlog of patients who require surgery with increased resources and hours of operation."


    First Quarter 2020 Financial Results

    • Total revenues were $105.7 million in the first quarter of 2020, a 16% increase over the $91.3 million reported for the first quarter of 2019.
    • EXPAREL net product sales were $101.3 million in the first quarter of 2020, a 12% increase over the $90.6 million reported for the first quarter of 2019.
    • First quarter iovera° net product sales were $2.3 million. Pacira began recognizing sales of iovera° in April 2019 after completing its acquisition of MyoScience, Inc., a privately held medical technology company.
    • Sales of bupivacaine liposome injectable suspension to a third-party licensee for use in veterinary practice were $1.2 million in the first quarter of 2020, compared to $0.3 million in 2019.
    • First quarter royalty revenue was $0.9 million compared to $0.4 million in 2019.
    • Total operating expenses were $88.6 million in the first quarter of 2020, compared to $90.2 million in the first quarter of 2019.
    • Research and development (R&D) expenses were $15.8 million in the first quarter of 2020, compared to $14.4 million in the first quarter of 2019. R&D expenses include $6.6 million and $6.4 million of product development and manufacturing capacity expansion costs in the first quarters of 2020 and 2019, respectively.
    • Selling, general and administrative (SG&A) expenses were $44.8 million in the first quarter of 2020, compared to $47.3 million in the first quarter of 2019.
    • GAAP net income was $8.2 million, or $0.19 per share (basic and diluted) in the first quarter of 2020, compared to a GAAP net loss of $2.8 million, or $0.07 per share (basic and diluted), in the first quarter of 2019.
    • Non-GAAP net income was $22.8 million, or $0.54 per share (basic) and $0.53 per share (diluted), in the first quarter of 2020, compared to non-GAAP net income of $9.3 million, or $0.22 per share (basic and diluted), in the first quarter of 2019.
    • Pacira ended the first quarter of 2020 with cash, cash equivalents, short-term and long-term investments ("cash") of $353.6 million. Cash provided by operations was $6.2 million in the first quarter of 2020, compared to $3.5 million in the first quarter of 2019.
    • Pacira had 42.0 million basic weighted average shares of common stock outstanding in the first quarter of 2020.
    • Pacira had 42.8 million diluted weighted average shares of common stock outstanding in the first quarter of 2020.

    See "Non-GAAP Financial Information" below.

    2020 Financial Guidance

    Prior to March 16, 2020, EXPAREL net product sales were tracking ahead of plan. Given the rapidly changing variables related to the COVID-19 pandemic, the company does not have sufficient visibility to accurately forecast the impact of this pandemic and, consequently, is temporarily withdrawing all full-year 2020 financial guidance. The company believes expense reductions resulting from COVID-19 will partially mitigate the negative revenue impact of the pandemic.

    Today's Conference Call and Webcast Reminder

    The Pacira management team will host a conference call to discuss the company's financial results and recent developments today, Thursday, May 7, 2020, at 8:30 a.m. ET. To participate in the conference call, dial 1-877-845-0779 and provide the passcode 8568879. International callers may dial 1-720-545-0035 and use the same passcode. In addition, a live audio of the conference call will be available as a webcast. Interested parties can access the event through the "Events" page on the Pacira website at investor.pacira.com.

    For those unable to participate in the live call, a replay will be available at 1-855-859-2056 (domestic) or 1-404-537-3406 (international) using the passcode 8568879. The replay of the call will be available for one week from the date of the live call. The webcast will be available on the Pacira website for approximately two weeks following the call.

    Non-GAAP Financial Information

    This press release contains financial measures that do not comply with U.S. generally accepted accounting principles (GAAP), such as non-GAAP net income, non-GAAP net income per share, non-GAAP cost of goods sold, non-GAAP gross margins, non-GAAP research and development (R&D) expense and non-GAAP selling, general and administrative (SG&A) expense, because such measures exclude acquisition-related (gains) charges and product discontinuation costs; stock-based compensation; amortization of debt discount; amortization of acquired intangible assets and loss on investment.

    These measures supplement Pacira's financial results prepared in accordance with GAAP. Pacira management uses these measures to better analyze its financial results, estimate its future cost of goods sold, gross margins, R&D expense and SG&A expense outlook for 2020 and to help make managerial decisions. In management's opinion, these non-GAAP measures are useful to investors and other users of our financial statements by providing greater transparency into the operating performance at Pacira and its future outlook. Such measures should not be deemed to be an alternative to GAAP requirements or a measure of liquidity for Pacira. Non-GAAP measures are also unlikely to be comparable with non-GAAP disclosures released by other companies. See the tables below for a reconciliation of GAAP to non-GAAP measures.

    About Pacira BioSciences

    Pacira BioSciences, Inc. (NASDAQ:PCRX) is a leading provider of non-opioid pain management and regenerative health solutions dedicated to advancing and improving outcomes for health care practitioners and their patients. The company's long-acting local analgesic, EXPAREL® (bupivacaine liposome injectable suspension) was commercially launched in the United States in April 2012. EXPAREL utilizes DepoFoam®, a unique and proprietary product delivery technology that encapsulates drugs without altering their molecular structure, and releases them over a desired period of time. In April 2019, Pacira acquired the iovera°® system, a handheld cryoanalgesia device used to deliver precise, controlled doses of cold temperature only to targeted nerves. To learn more about Pacira, including the corporate mission to reduce overreliance on opioids, visit www.pacira.com.

    About EXPAREL

    EXPAREL (bupivacaine liposome injectable suspension) is indicated for single-dose infiltration in adults to produce postsurgical local analgesia and as an interscalene brachial plexus nerve block to produce postsurgical regional analgesia. Safety and efficacy have not been established in other nerve blocks. The product combines bupivacaine with DepoFoam, a proven product delivery technology that delivers medication over a desired time period. EXPAREL represents the first and only multivesicular liposome local anesthetic that can be utilized in the peri- or postsurgical setting. By utilizing the DepoFoam platform, a single dose of EXPAREL delivers bupivacaine over time, providing significant reductions in cumulative pain scores with up to a 78 percent decrease in opioid consumption; the clinical benefit of the opioid reduction was not demonstrated. Additional information is available at www.EXPAREL.com.

    Important Safety Information for Patients

    EXPAREL should not be used in obstetrical paracervical block anesthesia. In studies where EXPAREL was injected into the wound, the most common side effects were nausea, constipation, and vomiting. In studies where EXPAREL was injected near a nerve, the most common side effects were nausea, fever, and constipation. EXPAREL is not recommended to be used in patients younger than 18 years old or in pregnant women. Tell your healthcare provider if you have liver disease, since this may affect how the active ingredient (bupivacaine) in EXPAREL is eliminated from your body. EXPAREL should not be injected into the spine, joints, or veins. The active ingredient in EXPAREL: can affect your nervous system and your cardiovascular system; may cause an allergic reaction; may cause damage if injected into your joints.

    About iovera°

    The iovera° system is used to destroy tissue during surgical procedures by applying freezing cold. It can also be used to produce lesions in peripheral nervous tissue by the application of cold to the selected site for the blocking of pain. It is also indicated for the relief of pain and symptoms associated with osteoarthritis of the knee for up to 90 days. In one study, the majority of the patients suffering from osteoarthritis of the knee experienced pain and system relief beyond 150 days.1 The iovera° system's "1×90" Smart Tip configuration (indicating one needle which is 90 mm long) can also facilitate target nerve location by conducting electrical nerve stimulation from a separate nerve stimulator. The iovera° system is not indicated for treatment of central nervous system tissue.

    1Radnovich, R. et al. "Cryoneurolysis to treat the pain and symptoms of knee osteoarthritis: a multicenter, randomized, double-blind, sham-controlled trial." Osteoarthritis and Cartilage (2017) p1-10.

    Important Safety Information

    The iovera° system is contraindicated for use in patients with the following: Cryoglobulinemia; Paroxysmal cold hemoglobinuria; cold urticaria; Raynaud's disease; open and/or infected wounds at or near the treatment line. Potential complications: As with any surgical treatment that uses needle-based therapy, there is potential for temporary site-specific reactions, including but not limited to: bruising (ecchymosis); swelling (edema); inflammation and/or redness (erythema); pain and/or tenderness; altered sensation (localized dysesthesia). Typically, these reactions resolve with no physician intervention. Patients may help the healing process by applying ice packs to the affected sites, and by taking over-the-counter analgesics.

    Forward-Looking Statements

    Any statements in this press release about the company's future expectations, plans, outlook, projections and prospects, and other statements containing the words "believes," "anticipates," "plans," "estimates," "expects," "intends," "may," "will," "would," "could," "can" and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to: the impact of the worldwide COVID-19 (Coronavirus) epidemic and related global economic conditions on our business and results of operations; the success of the company's sales and manufacturing efforts in support of the commercialization of EXPAREL; the rate and degree of market acceptance of EXPAREL; the size and growth of the potential markets for EXPAREL and the company's ability to serve those markets; the company's plans to expand the use of EXPAREL to additional indications and opportunities, and the timing and success of any related clinical trials; the ability to realize anticipated benefits and synergies from the acquisition of MyoScience; the ability to successfully integrate iovera° and any other future acquisitions into the company's existing business; the commercial success of iovera° and other factors discussed in the "Risk Factors" of the company's most recent Annual Report on Form 10-K and in other filings that the company periodically makes with the SEC. In addition, the forward-looking statements included in this press release represent the company's views as of the date of this press release. Important factors could cause actual results to differ materially from those indicated or implied by forward-looking statements, and as such the company anticipates that subsequent events and developments will cause its views to change. However, while the company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date of this press release.


    Pacira BioSciences, Inc.
    Condensed Consolidated Balance Sheets
    (in thousands)
    (unaudited)

      March 31,
    2020
      December 31,
    2019
    ASSETS      
    Current assets:      
    Cash, cash equivalents and short-term investments $ 318,464     $ 291,950  
    Accounts receivable, net 38,988     47,530  
    Inventories, net 59,666     58,296  
    Prepaid expenses and other current assets 14,476     10,781  
    Total current assets 431,594     408,557  
    Long-term investments 35,120     64,798  
    Fixed assets, net 108,105     104,681  
    Right-of-use assets, net 37,613     38,124  
    Goodwill 99,547     99,547  
    Intangible assets, net 102,421     104,387  
    Equity investment and other assets 6,979     10,971  
    Total assets $ 821,379     $ 831,065  
           
    LIABILITIES AND STOCKHOLDERS' EQUITY      
    Current liabilities:      
    Accounts payable $ 15,850     $ 12,799  
    Accrued expenses 44,717     70,427  
    Lease liabilities 3,968     4,935  
    Contingent consideration 14,041     18,179  
    Income taxes payable 1,737     1,333  
    Total current liabilities 80,313     107,673  
    Convertible senior notes 310,078     306,045  
    Lease liabilities 40,189     40,938  
    Contingent consideration 15,227     19,963  
    Other liabilities 1,535     1,502  
    Total stockholders' equity 374,037     354,944  
    Total liabilities and stockholders' equity $ 821,379     $ 831,065  

    Pacira BioSciences, Inc.
    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)

      Three Months Ended
      March 31,
      2020   2019
    Net product sales:      
    EXPAREL $ 101,269     $ 90,615  
    Bupivacaine liposome injectable suspension 1,206     291  
    Total EXPAREL / bupivacaine liposome injectable suspension net product sales 102,475     90,906  
    iovera° 2,270      
    Total net product sales 104,745     90,906  
    Royalty revenue 939     407  
    Total revenues $ 105,684     $ 91,313  
           
    Operating expenses:      
    Cost of goods sold 29,732     27,303  
    Research and development 15,819     14,384  
    Selling, general and administrative 44,780     47,305  
    Amortization of acquired intangible assets 1,967      
    Acquisition-related (gains) charges and product discontinuation, net (3,708 )   1,242  
    Total operating expenses 88,590     90,234  
    Income from operations 17,094     1,079  
           
    Other (expense) income:      
    Interest income 1,589     2,156  
    Interest expense (6,022 )   (5,814 )
    Other, net (4,104 )   61  
    Total other expense, net (8,537 )   (3,597 )
    Income (loss) before income taxes 8,557     (2,518 )
    Income tax expense (398 )   (253 )
    Net income (loss) $ 8,159     $ (2,771 )
           
    Net income (loss) per share:      
    Basic and diluted net income (loss) per common share $ 0.19     $ (0.07 )
    Weighted average common shares outstanding:      
    Basic 42,032     41,240  
    Diluted 42,785     41,240  

    Pacira BioSciences, Inc.
    Reconciliation of GAAP to Non-GAAP Financial Information
    (in thousands, except per share amounts)
    (unaudited)

      Three Months Ended
      March 31,
      2020   2019
    GAAP net income (loss) $ 8,159     $ (2,771 )
           
    Non-GAAP adjustments:      
    Acquisition-related (gains) charges and product discontinuation, net (3,708 )   1,242  
    Stock-based compensation 8,847     7,434  
    Amortization of debt discount 3,594     3,345  
    Amortization of acquired intangible assets 1,967      
    Loss on investment 3,971      
    Total Non-GAAP adjustments 14,671     12,021  
           
    Non-GAAP net income $ 22,830     $ 9,250  
           
    GAAP basic and diluted net income (loss) per common share $ 0.19     $ (0.07 )
           
    Non-GAAP basic net income per common share $ 0.54     $ 0.22  
    Non-GAAP diluted net income per common share $ 0.53     $ 0.22  
           
    Weighted average common shares outstanding - basic 42,032     41,240  
    Weighted average common shares outstanding - diluted 42,785     42,117  
           
    Cost of goods sold reconciliation:      
    GAAP cost of goods sold $ 29,732     $ 27,303  
    Stock-based compensation (1,219 )   (1,091 )
    Non-GAAP cost of goods sold $ 28,513     $ 26,212  
           
    Research and development reconciliation:      
    GAAP research and development $ 15,819     $ 14,384  
    Stock-based compensation (1,186 )   (1,218 )
    Non-GAAP research and development $ 14,633     $ 13,166  
           
    Selling, general and administrative reconciliation:      
    GAAP selling, general and administrative $ 44,780     $ 47,305  
    Stock-based compensation (6,442 )   (5,125 )
    Non-GAAP selling, general and administrative $ 38,338     $ 42,180  

     

    Investor Contact:
    Susan Mesco, (973) 451-4030
    
    
    Media Contact:
    Coyne Public Relations
    Alyssa Schneider, (973) 588-2270
    

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  5. -- Veteran Industry Executive and Anesthesiologist Brings Significant Clinical and Commercial Experience in Pain Management --

    PARSIPPANY, N.J., May 04, 2020 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (NASDAQ:PCRX), a leading provider of innovative non-opioid pain management options, today announces the appointment of Donald C. Manning, M.D., Ph.D., as the Company's Chief Medical Officer, effective immediately. Dr. Manning, who brings more than 20 years of experience in biopharmaceutical executive leadership, was most recently, Chief Medical Officer at Adynxx, Inc., a development company focused on advancing disease-modifying products for the treatment of pain management and inflammation. In his new position, Dr. Manning will report directly…

    -- Veteran Industry Executive and Anesthesiologist Brings Significant Clinical and Commercial Experience in Pain Management --

    PARSIPPANY, N.J., May 04, 2020 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (NASDAQ:PCRX), a leading provider of innovative non-opioid pain management options, today announces the appointment of Donald C. Manning, M.D., Ph.D., as the Company's Chief Medical Officer, effective immediately. Dr. Manning, who brings more than 20 years of experience in biopharmaceutical executive leadership, was most recently, Chief Medical Officer at Adynxx, Inc., a development company focused on advancing disease-modifying products for the treatment of pain management and inflammation. In his new position, Dr. Manning will report directly to David Stack, chairman and chief executive officer of Pacira BioSciences. 

    "We are delighted to have Don join our leadership team. Don's deep domain expertise in both anesthesiology and pharmacology will be of great value as we advance the commercial and clinical development of our non-opioid pain management portfolio. His career-long focus on patient quality of care is an excellent fit with our vision and culture, which is dedicated to making a fundamental difference in patients' lives," said Mr. Stack.

    "I am excited to be joining a talented and dedicated leadership team and to be working on the cutting edge of innovative technologies to provide opioid-sparing pain management to patients across a variety of surgical and rehabilitative settings. I look forward to applying my experiences in the commercial and clinical development of novel pain management solutions to help solve the devastating medical complications associated with opioid misuse and abuse," commented Dr. Manning.
                                                                
    Since 2012, Dr. Manning has served as Chief Medical Officer of Adynxx, Inc.,  Prior to Adynxx, Dr. Manning had a 14-year career in the pharmaceutical industry where he held positions of increasing scope and responsibility starting at Novartis, where he served as Global Head of Analgesics Development to Celgene, where he was Vice President and Neurosciences Therapeutic Area Head. Subsequent to that, Dr. Manning served as Vice President and Head of Clinical Development at Alpharma, as Vice President of Medical Affairs at King Pharma, and as Executive Vice President and Chief Medical Officer at Shionogi Inc.

    Dr. Manning received his B.S. in Physiology and Biochemistry from McGill University and earned his M.D. at Johns Hopkins School of Medicine and his Ph.D. in Pharmacology in the laboratory of Dr. Solomon H. Snyder at Johns Hopkins School of Medicine. He pursued residency training in Anesthesiology, fellowship training in Regional Anesthesia and Pain Management and a Post-Doctoral Fellowship in the Department of Neurosurgery under Dr. James Campbell all at Johns Hopkins. Before joining the pharmaceutical industry, Dr. Manning held clinical academic faculty positions in the Departments of Anesthesiology at Johns Hopkins, where he was co-director of the Pain Management Center and The University of Virginia Health Sciences Center.

    Dr. Manning has lectured and published widely on a variety of pain management topics and is a past-president and current board member of the Eastern Pain Association.

    About Pacira BioSciences

    Pacira BioSciences, Inc. (NASDAQ:PCRX) is a leading provider of non-opioid pain management and regenerative health solutions dedicated to advancing and improving outcomes for health care practitioners and their patients. The company's long-acting local analgesic, EXPAREL® (bupivacaine liposome injectable suspension) was commercially launched in the United States in April 2012. EXPAREL utilizes DepoFoam®, a unique and proprietary product delivery technology that encapsulates drugs without altering their molecular structure, and releases them over a desired period of time. In April 2019, Pacira acquired the iovera° system, a handheld cryoanalgesia device used to deliver precise, controlled doses of cold temperature only to targeted nerves. To learn more about Pacira, including the corporate mission to reduce overreliance on opioids, visit www.pacira.com.

    Forward-Looking Statements

    Any statements in this press release about the company's future expectations, plans, outlook, projections and prospects, and other statements containing the words "believes," "anticipates," "plans," "estimates," "expects," "intends," "may," "will," "would," "could," "can" and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to: the success of the company's sales and manufacturing efforts in support of the commercialization of EXPAREL; the rate and degree of market acceptance of EXPAREL; the size and growth of the potential markets for EXPAREL and the company's ability to serve those markets; the company's plans to expand the use of EXPAREL to additional indications and opportunities, and the timing and success of any related clinical trials; the ability to realize anticipated benefits and synergies from the acquisition of MyoScience; the ability to successfully integrate iovera° and any other future acquisitions into the company's existing business; the commercial success of iovera° and other factors discussed in the "Risk Factors" of the company's most recent Annual Report on Form 10-K and in other filings that the company periodically makes with the SEC. In addition, the forward-looking statements included in this press release represent the company's views as of the date of this press release. Important factors could cause actual results to differ materially from those indicated or implied by forward-looking statements, and as such the company anticipates that subsequent events and developments will cause its views to change. However, while the company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date of this press release.

    ____________________
    1Radnovich, R. et al. "Cryoneurolysis to treat the pain and symptoms of knee osteoarthritis: a multicenter, randomized, double-blind, sham-controlled trial." Osteoarthritis and Cartilage (2017) p1-10.

    Investor Contact:
    Susan Mesco, (973) 451-4030
    
                
    Media Contact:
    Coyne Public Relations
    Alyssa Schneider, (973) 588-2270
    

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