Pacira BioSciences, Inc. PCRX reported first-quarter 2020 earnings of 53 cents per share, surpassing the Zacks Consensus Estimate of 32 cents and also increasing from the year-ago figure of 22 cents.
Total revenues too improved 16% from the year-earlier figure of $91.3 million to $105.7 million. Further, the top line beat the Zacks Consensus Estimate of $101 million.
Shares of Pacira have decreased 6.5% so far this year compared with the industry’s decline of 10.9%.
Quarter in Detail
Pacira’s top line mainly comprises product revenues, other product sales and royalty revenues.
Exparel net product sales were $101.3 million, up 12% from $90.6 million in the year-ago quarter.
Exparel/bupivacaine liposome injectable suspension sales came in at $1.2 million compared with $0.3 million in the year-ago quarter. Exparel is a liposome injection of bupivacaine, which is indicated for single-dose administration into the surgical site to produce postsurgical analgesia.
Though the newly-added product iovera system generated sales worth $2.3 million in the first quarter of 2020, the figure reflects a sequential decline of 28.1%.
We remind investors that in April 2019, Pacira acquired the privately-held MyoScience, Inc. Following this buyout, Pacira 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, Pacira changed its corporate name to Pacira BioSciences, Inc.
Meanwhile, royalty revenues came in at $0.9 million in the reported quarter, up 125% year over year.
Research and development (R&D) expenses (excluding stock-based compensation) rose 10.6% to $14.6 million.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) decreased 9.2% year over year to $38.3 million in the reported quarter.
Due to the prevalent COVID-19 pandemic situation, Pacira does not have enough visibility to forecast its adverse impact. As a result, the company is temporarily withdrawing its full-year financial guidance.
In January 2020, Pacira announced that its phase IV study of Exparel in patients undergoing cesarean section achieved its primary endpoint with a statistically significant reduction in total postsurgical opioid consumption while maintaining pain scores through 72 hours.
Last December, Pacira announced positive results from its phase III PLAY study of Exparel administered as a single-dose infiltration in pediatric patients undergoing spinal or cardiac surgeries. The company is working to expand Exparel’s label, which should boost demand for the drug in the future quarters.
Pacira BioSciences Inc Price, Consensus and EPS Surprise
Pacira BioSciences Inc price-consensus-eps-surprise-chart | Pacira BioSciences Inc Quote
Zacks Rank & Stocks to Consider
Pacira currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the healthcare sector include Menlo Therapeutics Inc. MNLO, Lineage Cell Therapeutics Inc LCTX and Abeona Therapeutics Inc ABEO, all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Menlo Therapeutics’ loss per share estimates have narrowed 38.2% for 2020 and 66.7% for 2021 over the past 60 days.
Lineage Cell’s loss per share estimates have narrowed 5.6% for 2020 and 4.8% for 2021 over the past 60 days.
Abeona Therapeutics’ loss per share estimates have narrowed 21.1% for 2020 and 14.5% for 2021 over the past 60 days.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Pacira BioSciences Inc (PCRX) : Free Stock Analysis Report
Abeona Therapeutics Inc (ABEO) : Free Stock Analysis Report
Menlo Therapeutics Inc (MNLO) : Free Stock Analysis Report
Lineage Cell Therapeutics Inc (LCTX) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research