Why Pacira BioSciences Shares Are Trading Lower Today
Pacira BioSciences Inc (NASDAQ: PCRX) reported Q1 sales of $160.3 million compared to $158.0 million a year ago and the consensus of $158.84 million.
The sales fell almost 7% sequentially from $172 million in Q4 FY22.
Exparel sales reached $130.4 million, slightly above the $129.2 million reported a year ago and down from $138.0 million in Q4.
Q1 average daily volume growth of 6% was offset by a lower net selling price primarily due to the implementation of 340B Drug Pricing and other contracted relationships.
Zilretta sales reached $24.3 million versus $23.6 million in Q1 FY22 and $28.0 million in Q4.
The company reported an adjusted EPS of $0.53, missing the consensus of $0.62 and below $0.80 in Q4 FY22.
EBITDA was $41.9 million in the first quarter of 2023, compared to $53.8 million a year ago, below $58.8 million in Q4 FY22.
Guidance: Pacira reiterated its FY23, with Exparel sales of $570-$580 million, Zilretta sales of $115-$125 million, and iovera° sales of $17-$20 million.
Price Action: PCRX shares are down 5.62% at $43.84 on the last check Wednesday.
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