On November 14, 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 of $54.9 million for the month of October 2022 (Press release, Pacira Pharmaceuticals, NOV 14, 2022, View Source [SID1234624018]). The company’s net product sales include EXPAREL (bupivacaine liposome injectable suspension), ZILRETTA (triamcinolone acetonide extended-release injectable suspension), and the iovera° system. The company began recognizing sales of ZILRETTA in November 2021 after completing its acquisition of Flexion Therapeutics, Inc.

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"We continue to execute from a position of financial strength having recently reported adjusted EBITDA of $55 million in the third quarter of 2022 as EXPAREL continues to drive significant and durable operating cash flows. We remain well positioned for near- and long-term value creation as we grow revenue through increased market penetration, expansion into new indications, and enhanced reimbursement while simultaneously advancing new product development opportunities," said Dave Stack, chairman and chief executive officer of Pacira BioSciences.

"Even with continued near-term volatility in the marketplace, we remain confident in steady double-digit growth potential for EXPAREL and our entire portfolio of non-opioid pain management solutions as we expect our newly announced partnerships, such as our agreement with Sevāredent for oral and maxillofacial procedures, to take hold and begin to deliver on the promise of these collaborations. Moving forward, we remain steadfast in executing our strategy and look forward to 2022 being another record year for Pacira," continued Mr. Stack.

October 2022 Preliminary Net Product Sales Highlights

•EXPAREL net product sales were $45.0 million, compared with $42.5 million for October 2021. The company also reports average daily growth rates for EXPAREL to account for differences in the number of selling days per reporting period. EXPAREL average daily sales for the month of October 2022 were 106 percent of October 2021. There were 21 EXPAREL selling days in October 2022 and October 2021.
•ZILRETTA net product sales were $8.6 million for October 2022. ZILRETTA sales in October 2021 occurred prior to the completion of the company’s acquisition of Flexion in November 2021.
•iovera° net product sales were $1.3 million for October 2022, compared with $1.2 million for October 2021.

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 revenue or gross margin guidance at this time given the continued uncertainty around labor shortages, 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, ZILRETTA, 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 completed its acquisition of Flexion Therapeutics on November 19, 2021, which added ZILRETTA to its commercial offering.

The preliminary net product sales included in this press release are preliminary, unaudited and subject to change as certain required adjustments for product discount and rebate programs are finalized after the end of the quarter. This financial information does not present all information necessary for an understanding of the company’s fourth quarter and full-year 2022 financial results. Pacira expects to report its complete financial results for the fourth quarter and full-year 2022 in the first quarter of 2023.