Full Press Release Details
Pacira BioSciences Reports Second Quarter
2020 Financial Results and Business Update
-- EXPAREL average daily sales return
to year-over-year growth in month of June 2020 --
-- Conference call today at 8:30 a.m.
PARSIPPANY, N.J., August 6,
2020 - Pacira BioSciences, Inc. (Nasdaq: PCRX), a leading provider of innovative non-opioid pain management options,
today reported financial results for the second quarter of 2020.
"We are very pleased to report that since the peak of
the impact from COVID-19 in April, we've seen a steady and continued increase in EXPAREL sales. This is a testimony to the
resolve of our physician partners who are dedicated to ensuring that patients receive their much-needed surgeries, particularly
in the ambulatory setting," said Dave Stack, chairman and chief executive officer of Pacira BioSciences. "This pandemic
has accelerated the shift of inpatient procedures to the 23-hour stay environment and we are well positioned to lead the way with
our innovative opioid alternatives."
"Today, we are in a stronger position than ever as we
wind down our partnership with DePuy Synthes and take full ownership of the EXPAREL franchise. Our recent financing strengthens
our financial foundation and supports our strategy to expand our footprint in non-opioid pain management and regenerative health
solutions while simultaneously ramping the top and bottom lines," continued Mr. Stack.
Second Quarter 2020 Financial Results
See "Non-GAAP Financial Information" below.
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, August 6, 2020, at 8:30 a.m. ET. To participate
in the conference call, dial 1-877-845-0779 and provide the passcode 3276818. 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 3276818. 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, non-GAAP selling, general and
administrative (SG&A) expense and adjusted EBITDA, because such measures exclude acquisition-related charges (gains) and product
discontinuation costs; stock-based compensation; amortization of debt discount; amortization of acquired intangible assets, an
income tax benefit and step-up in basis of inventory in connection with the acquisition of MyoScience, Inc. and gain on investment.
These measures supplement the company'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,
including adjusted EBITDA.
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.
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.
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.
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.
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) pandemic and related global economic conditions on our business and results of
operations; the cost and timing of an early termination payment to DePuy Synthes Sales, Inc.; 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