Shares of Pacira BioSciences, Inc. PCRX were down in pre-market trading on Tuesday after the company announced preliminary results for the second quarter of 2020. The company’s complete financial results for the period are due next month.
However, Pacira’s shares have outperformed the industry so far this year. The stock has rallied 19.8% against the industry’s decrease of 4.8%.
Second-Quarter 2020 Preliminary Results
Pacira reported preliminary net sales of $75.5 million for the quarter, ahead of the Zacks Consensus Estimate of $54.1 million. However, revenues were down 26.4% year over year as the company’s product sales were negatively impacted by the COVID-19 pandemic.
Preliminary net product sales of Exparel were $73.8 million, down 26% from $99.8 million in the year-ago quarter.
Exparel/bupivacaine liposome injectable suspension was $0.8 million compared with $0.9 million reported in the year-ago quarter. Exparel is a liposome injection of bupivacaine, indicated for a single-dose administration into the surgical site to produce postsurgical analgesia.
Newly-added product iovera system generated sales worth $1.4 million in the quarter compared with $2 million a year ago.
We remind investors that in April 2019, Pacira acquired the privately-held MyoScience, Inc. following which, it added the latter’s iovera system to its portfolio, which is highly complementary to Exparel as a non-opioid therapy. Moreover, upon closing the acquisition, the company changed its corporate name to Pacira BioSciences, Inc.
Preliminary royalty revenues came in at $0.3 million in the reported quarter compared with $0.8 million a year earlier.
Zacks Rank & Other Stocks to Consider
Pacira currently carries a Zacks Rank #2 (Buy). Other top-ranked stocks in the same sector include Amneal Pharmaceuticals, Inc. AMRX, Avenue Therapeutics, Inc. ATXI and BioLineRx Ltd. BLRX. While Amneal Pharmaceuticals sports a Zacks Rank #1 (Strong Buy), Avenue Therapeutics and BioLineRx hold the same Zacks Rank as Pacira. You can see the complete list of today’s Zacks #1 Rank stocks here.
Amneal Pharmaceuticals’ earnings estimates have moved 16.3% north for 2020 and 7.9% for 2021 over the past 60 days.
Avenue Therapeutics’ loss per share estimates have narrowed 21.3% for 2020 and 5.5% for 2021 over the past 60 days. The stock has increased 5.4% year to date.
BioLineRx’s loss per share estimates have narrowed 19.1% for 2020 and 13.1% for 2021 over the past 60 days.
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