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Why Is Pacira (PCRX) Down 11.8% Since Last Earnings Report?
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A month has gone by since the last earnings report for Pacira (PCRX - Free Report) . Shares have lost about 11.8% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Pacira due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Pacira Q1 Earnings Miss Estimates, Revenues Beat
Pacira BioSciences, Inc. reported first-quarter 2023 adjusted earnings of 53 cents per share, missing the Zacks Consensus Estimate of 60 cents. The company had reported adjusted earnings of 64 cents per share in the year-ago quarter.
Total revenues increased 1.5% to $160.3 million in the first quarter. The top line surpassed the Zacks Consensus Estimate of $157 million.
Quarter in Detail
Pacira’s top line mainly comprises product sales and royalty revenues.
Exparel’s net product sales were $130 million, up from the $129.2 million generated in the year-ago quarter, beating the Zacks Consensus Estimate of $125 million.
The average daily volume growth of 6% in the first quarter was offset by a lower net selling price primarily due to the implementation of 340B Drug Pricing and other contracted relationships.
Exparel (bupivacaine liposome injectable suspension) is indicated in patients aged six years and older for single-dose infiltration to produce postsurgical local analgesia and in adults as an interscalene brachial plexus nerve block to produce postsurgical regional analgesia.
Zilretta’s net product sales came in at $24.3 million compared with $23.6 million in the year-ago quarter. Pacira completed the acquisition of Flexion Therapeutics in November 2021, following which the former began recognizing Zilretta sales.
Net product sales of iovera were $4 million compared with $3 million in the year-ago quarter.
Sales of bupivacaine liposome injectable suspension to third-party licenses were $0.7 million in the quarter, down from $1.6 million reported in the first quarter of 2022.
Royalty revenues were $0.9 million, up from $0.6 million in the year-ago quarter.
Research and development (R&D) expenses (excluding stock-based compensation) decreased to $15.3 million from $20.15 million in the year-ago quarter.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) increased 11.7% year over year to $62.5 million in the reported quarter.
2023 Guidance Reiterated
Parica expects Exparel's net product sales of $570-$580 million, Zilretta’s net product sales of $115-$125 million and the same for iovera is $17-$20 million.
For 2023, adjusted R&D expenses are expected to be $70-$80 million, while adjusted SG&A expenses are anticipated to be $220-$230 million.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended upward during the past month.
VGM Scores
Currently, Pacira has a nice Growth Score of B, a grade with the same score on the momentum front. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Pacira has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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Why Is Pacira (PCRX) Down 11.8% Since Last Earnings Report?
A month has gone by since the last earnings report for Pacira (PCRX - Free Report) . Shares have lost about 11.8% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Pacira due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Pacira Q1 Earnings Miss Estimates, Revenues Beat
Pacira BioSciences, Inc. reported first-quarter 2023 adjusted earnings of 53 cents per share, missing the Zacks Consensus Estimate of 60 cents. The company had reported adjusted earnings of 64 cents per share in the year-ago quarter.
Total revenues increased 1.5% to $160.3 million in the first quarter. The top line surpassed the Zacks Consensus Estimate of $157 million.
Quarter in Detail
Pacira’s top line mainly comprises product sales and royalty revenues.
Exparel’s net product sales were $130 million, up from the $129.2 million generated in the year-ago quarter, beating the Zacks Consensus Estimate of $125 million.
The average daily volume growth of 6% in the first quarter was offset by a lower net selling price primarily due to the implementation of 340B Drug Pricing and other contracted relationships.
Exparel (bupivacaine liposome injectable suspension) is indicated in patients aged six years and older for single-dose infiltration to produce postsurgical local analgesia and in adults as an interscalene brachial plexus nerve block to produce postsurgical regional analgesia.
Zilretta’s net product sales came in at $24.3 million compared with $23.6 million in the year-ago quarter. Pacira completed the acquisition of Flexion Therapeutics in November 2021, following which the former began recognizing Zilretta sales.
Net product sales of iovera were $4 million compared with $3 million in the year-ago quarter.
Sales of bupivacaine liposome injectable suspension to third-party licenses were $0.7 million in the quarter, down from $1.6 million reported in the first quarter of 2022.
Royalty revenues were $0.9 million, up from $0.6 million in the year-ago quarter.
Research and development (R&D) expenses (excluding stock-based compensation) decreased to $15.3 million from $20.15 million in the year-ago quarter.
Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) increased 11.7% year over year to $62.5 million in the reported quarter.
2023 Guidance Reiterated
Parica expects Exparel's net product sales of $570-$580 million, Zilretta’s net product sales of $115-$125 million and the same for iovera is $17-$20 million.
For 2023, adjusted R&D expenses are expected to be $70-$80 million, while adjusted SG&A expenses are anticipated to be $220-$230 million.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended upward during the past month.
VGM Scores
Currently, Pacira has a nice Growth Score of B, a grade with the same score on the momentum front. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Pacira has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.