On May 12, 2022 Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its commitment to non-opioid pain management and regenerative health solutions, reported preliminary unaudited net product sales for EXPAREL (bupivacaine liposome injectable suspension) and iovera° for the month of April 2022 (Press release, Pacira Pharmaceuticals, MAY 12, 2022, View Source [SID1234614393]). EXPAREL net product sales were $44.8 million, compared with $43.1 million for April 2021. EXPAREL average daily sales for the month of April 2022 were 109 percent of April 2021. The company reports average daily growth rates for EXPAREL to account for differences in the number of selling days per reporting period. The number of EXPAREL selling days were 21 in April 2022 and 22 in April 2021. Net product sales of iovera° were $1.1 million for the month of April 2022, compared with $1.5 million for April 2021.
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"We are pleased to report solid EXPAREL growth as we support the market transition to outpatient sites of care, with utilization expanding and significantly outperforming the elective surgery market amidst pockets of persistent operating disruptions and healthcare labor shortages," said Dave Stack, chairman and chief executive officer of Pacira BioSciences. "ZILRETTA and iovera° are gaining traction and we expect improving sales trends for both products as the year progresses and we build awareness around their value as both complementary and standalone non-opioid solutions for managing osteoarthritis. Importantly, we continue to execute from a position of financial strength having recently reported adjusted EBITDA of $53.8 million in the first quarter of 2022 and having ended the first quarter with a significant cash position. As such, we remain highly confident in our outlook for robust revenue and earnings growth as we cement our leadership position and deliver patients innovative, non-opioid solutions along the neural pain pathway."
Since early 2020, the company’s revenues have been impacted by COVID-19 and pandemic-related challenges that included the significant postponement or suspension in the scheduling of elective surgical procedures due to public health guidance and government directives. While the degree of impact has diminished during the course of the pandemic due to the introduction of vaccines and the lessening of elective surgery restrictions, certain pandemic-related operational challenges persist. It remains unclear how long it will take the elective surgery market to normalize or if restrictions on elective procedures will recur due to future COVID-19 variants or otherwise.
The company is not providing 2022 financial guidance at this time given the continued uncertainty around COVID-19 and the pace of recovery for the elective surgery market. To provide greater transparency, the company is reporting monthly intra-quarter unaudited net product sales for EXPAREL and iovera° until it has gained enough visibility around the impacts of COVID-19.
The company is also providing weekly EXPAREL utilization and elective surgery data within its investor presentation, which is accessible at investor.pacira.com. Pacira is currently not reporting preliminary monthly ZILRETTA net product sales as the required adjustments for certain product rebate programs are calculated after the end of the quarter. Pacira completed its acquisition of Flexion Therapeutics on November 19, 2021, which added ZILRETTA (triamcinolone acetonide extended-release injectable suspension) to its commercial offering.
The financial information included in this press release is preliminary, unaudited, and subject to adjustment. It does not present all information necessary for an understanding of the company’s financial results for the second quarter or full year 2022.