On August 10, 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 $50.2 million for the month of July 2022 (Press release, Pacira Pharmaceuticals, AUG 10, 2022, View Source [SID1234618014]). 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 are pleased to report continued EXPAREL growth despite lingering market disruptions. This solid performance underscores expanding adoption as the market continues to recognize the significant advantages of EXPAREL-based opioid-sparing approaches for postsurgical pain," said Dave Stack, chairman and chief executive officer of Pacira BioSciences. "We are rolling out key partnerships that provide a clear pathway for expanding our customer base by supporting training and education around EXPAREL best-practice across multiple service lines. Our ZILRETTA franchise continues to perform well and remains in the early stage of its growth trajectory. In addition, the market feedback around our Generation-2 iovera° device continues to be positive and we remain confident the product will return to more robust growth as the year progresses. On the clinical front, we are working diligently to advance a pipeline of new growth opportunities with top line results for our two Phase 3 studies of EXPAREL as a lower extremity nerve block on track for the third and fourth quarters."
July 2022 Preliminary Net Product Sales Highlights
EXPAREL net product sales were $40.9 million in each of July 2022 and 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 July 2022 were 105 percent of July 2021. The number of EXPAREL selling days were 20 in July 2022 and 21 in July 2021.
ZILRETTA net product sales were $8.2 million for July 2022. ZILRETTA sales in July 2021 occurred prior to the completion of the company’s acquisition of Flexion in November 2021.
iovera° net product sales were $1.1 million for July 2022, compared with $1.0 million for July 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 (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 third quarter or full year 2022.