On April 12, 2022 Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its commitment to non-opioid pain management and regenerative health solutions, reported preliminary revenues of $157.4 to $158.4 million for the first quarter of 2022, compared with $119.0 million for the first quarter of 2021 (Press release, Pacira Pharmaceuticals, APR 12, 2022, View Source [SID1234612039]). The company’s revenues include net product sales of EXPAREL (bupivacaine liposome injectable suspension), ZILRETTA (triamcinolone acetonide extended-release injectable suspension), and the iovera° system. Pacira currently reports a range for preliminary quarterly ZILRETTA net product sales as the required adjustments for certain product rebate programs are calculated after the end of the quarter. The company began recognizing sales of ZILRETTA in November 2021 after completing its acquisition of Flexion Therapeutics, Inc.

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"We are excited to report that March marked record EXPAREL monthly sales, underscoring both our near- and long-term expectations for growth of this product. The increase was driven by the continued expansion and institutionalization of EXPAREL-based blocks as the foundation of enhanced recovery protocols across a variety of surgical procedures," said Dave Stack, chairman and chief executive officer of Pacira BioSciences. "We are also making strong progress incorporating ZILRETTA into our operations and recently introduced a simplified pricing and discounting program for our customers. Preliminary findings from our collaborative observational studies have continued to highlight the potential benefits of iovera° cold therapy as a novel approach to treating spasticity. We look forward to meeting with the U.S. Food and Drug Administration later this year to discuss our regulatory strategy for broadening the iovera° label to include this indication."

First Quarter and March 2022 Preliminary Revenue Highlights

•EXPAREL net product sales were $129.2 million and $114.7 million for the first quarters of 2022 and 2021 and $51.2 million and $44.3 million for the months March 2022 and 2021, respectively. EXPAREL daily sales were 113 percent of the prior year for the first quarter and 116 percent for the month of March, respectively. The company reports average daily growth rates for EXPAREL to account for differences in the number of selling days per reporting period. For the first quarter, EXPAREL selling days were 63 in both 2022 and 2021. For the month of March, EXPAREL selling days were 23 in 2022 and 2021. Sales of bupivacaine liposome injectable suspension to a third-party licensee for use in veterinary practice were $1.6 million and $0.8 million in the first quarters of 2022 and 2021, respectively.

•ZILRETTA net product sales are expected to be between $23.0 million and $24.0 million for the first quarter of 2022, compared with $24.6 million for the first quarter of 2021. First quarter 2021 ZILRETTA sales occurred prior to the company’s acquisition of Flexion in November 2021. 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.
•iovera° net product sales were $3.0 million and $3.3 million for the first quarters of 2022 and 2021 and $1.1 million and $1.5 million for the months of March 2022 and 2021.
•First quarter 2022 royalty revenue was $0.6 million, compared with $0.3 million in 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 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 completed its acquisition of Flexion Therapeutics on November 19, 2021, which added ZILRETTA 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 first quarter or full year 2022.