TAMPA, Fla. - Pacira BioSciences, Inc. (NASDAQ:PCRX), a company dedicated to non-opioid pain management and regenerative health solutions, reported its financial outcomes for the first quarter of 2024, showcasing a strong start to the year. The company also declared a new $150 million share repurchase program, reflecting confidence in its growth trajectory.
First Quarter 2024 Financial Highlights revealed total revenues of $167.1 million, with net product sales of $132.4 million for EXPAREL, $25.8 million for ZILRETTA, and $5.0 million for iovera°. Pacira also posted a net income of $9.0 million, or $0.19 per share (basic and diluted), and an adjusted EBITDA of $44.6 million.
Chief Executive Officer Frank D. Lee expressed satisfaction with the performance of the company's opioid-sparing products and noted the positive market response to EXPAREL's expansion in new indications. Lee also highlighted the anticipated separate Medicare reimbursement for EXPAREL starting January 2025 as a significant growth catalyst.
In addition to the financial results, Pacira reported positive efficacy and safety data for its gene therapy product candidate, PCRX-201, at the OARSI 2024 World Congress. The U.S. Food and Drug Administration also granted PCRX-201 a Regenerative Medicine Advanced Therapy (RMAT) designation in March 2024.
The company also secured three new patents for EXPAREL, further strengthening its intellectual property portfolio. These patents are listed in the FDA's Orange Book and extend protection into the early 2040s.
Pacira reiterated its full-year 2024 financial guidance, expecting total revenue between $680 million to $705 million, with a non-GAAP gross margin of 74% to 76%. The company anticipates non-GAAP R&D expense to be between $70 million to $80 million, and non-GAAP SG&A expense between $245 million to $265 million.
The company's solid financial position is evidenced by cash, cash equivalents, and available-for-sale investments totaling $325.9 million at the end of the first quarter of 2024.
InvestingPro Insights
Pacira BioSciences, Inc. (NASDAQ:PCRX) is demonstrating financial resilience and a strategic focus on growth, as evidenced by the recent announcement of its $150 million share repurchase program. The company's commitment to non-opioid pain management solutions and regenerative health has also been recognized by the market, with a strong start to 2024.
Key InvestingPro Data metrics highlight the company's financial health and investor sentiment. Pacira's adjusted market capitalization stands at $1.23 billion, reflecting the market's current valuation of the company. The adjusted P/E ratio for the last twelve months as of Q4 2023 is 22.94, suggesting that the company is trading at a valuation that is potentially attractive relative to its earnings. Additionally, the company's gross profit margin is a robust 61.34%, indicating efficient management of production costs and a strong pricing power in the market.
InvestingPro Tips provide further insights into Pacira's potential for growth and investment appeal. A significant tip is the company's high shareholder yield, which is a positive sign for current and prospective investors. Furthermore, analysts predict that Pacira will be profitable this year, which is supported by the company's recent financial results and its guidance for the full year of 2024.
For investors looking for more in-depth analysis and additional tips on Pacira BioSciences, InvestingPro offers a comprehensive suite of tools and data. There are 9 additional tips available on InvestingPro that can offer investors a more nuanced understanding of PCRX's financial health and future prospects. To access these insights, interested readers can visit https://www.investing.com/pro/PCRX and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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