On June 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 for EXPAREL (bupivacaine liposome injectable suspension) and iovera° for the month of May 2022 (Press release, Pacira Pharmaceuticals, JUN 14, 2022, View Source [SID1234615959]). EXPAREL net product sales were $44.9 million, compared with $41.2 million for May 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 May 2022 were 104 percent of May 2021. The number of EXPAREL selling days were 22 in May 2022 and 21 in May 2021. Net product sales of iovera° were $1.1 million for the month of May 2022, compared with $1.0 million for May 2021.

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"EXPAREL utilization continues to expand and support the market’s transition to outpatient sites of care. Importantly, EXPAREL is consistently and significantly outperforming the elective surgery market’s recovery, which is facing pockets of persistent pandemic-related disruptions and labor shortages," said Dave Stack, chairman and chief executive officer of Pacira BioSciences. "In addition, ZILRETTA is performing well, with a steady increase in new users and more than 220 accounts added year-to-date. For iovera°, the broad rollout of our Generation-2 device is now underway, and we expect the product to return to more robust year-over-year growth later this year."

"Our state-of-the-art training facility in Tampa continues to broaden interest in all three products and accommodates the market’s growing demand for best-practice education around regional blocks.
With the established growth and long-term potential of our product portfolio, we remain highly confident in our outlook for strong revenue and earnings growth as we further cement our leadership position in non-opioid pain management," continued Mr. Stack.

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 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.