PCRX - Pacira BioSciences reports mixed Q2 earnings; updates FY23 outlook

2023-08-02 08:02:53 ET

• Pacira BioSciences press release ( NASDAQ: PCRX ): Q2 Non-GAAP EPS of $0.78 beats by $0.02 .
• Revenue of $169.5M (+0.1% Y/Y) misses by $5.48M .
• Adjusted EBITDA of $54.3 million.
• Pacira ended the second quarter of 2023 with cash, cash equivalents and available-for-sale investments of $220.8 million. Cash provided by operations was $43.5 million in the second quarter of 2023, compared to $29.8 million in the second quarter of 2022.
• Pacira is revising the following full-year financial guidance : EXPAREL net product sales of $550 million to $560 million versus the company’s previously guided range of $570 million to $580 million;
• ZILRETTA net product sales of $110 million to $115 million versus the company’s previously guided range of $115 million to $125 million;
• Non-GAAP gross margin of 73% to 74% versus the company’s previously guided range of 76% to 78%; and
• Stock-based compensation of $46 million to $49 million versus the company’s previously guided range of $51 million to $54 million.
• Pacira is reiterating the following full-year financial guidance: iovera° net product sales of $17 million to $20 million; Non-GAAP R&D expense of $70 million to $80 million; and Non-GAAP SG&A expense of $220 million to $230 million.

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