On January 9, 2019 Pacira BioSciences, Inc. (NASDAQ: PCRX), a leading provider of innovative non-opioid pain management options, reported preliminary unaudited net revenue of $421.0 million for 2019, a 25% increase compared with net revenue of $337.3 million reported for 2018 (Press release, Pacira Pharmaceuticals, JAN 9, 2020, View Source [SID1234552929]). Preliminary fourth quarter net revenues were $122.4 million in 2019, as compared with $95.1 million in 2018.

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"2019 was a year of outstanding results led by strong EXPAREL (bupivacaine liposome injectable suspension) revenue growth as it becomes a critical mainstay of anesthesiologists’ opioid-sparing strategies for a wide range of soft tissue and orthopedic procedures. In addition, we successfully advanced the initial commercial rollout of iovera°, which we believe positions us to become the preferred provider of opioid-sparing pain management for both inpatient and ambulatory surgeries," said Dave Stack, chairman and chief executive officer of Pacira BioSciences. "As we look ahead to 2020 and beyond, we expect continued topline growth to drive substantial operating leverage and cash flow, providing us with significant financial flexibility to capitalize on internal and external growth opportunities that support our global leadership position in innovative, non-opioid pain management."

2019 Full Year & Fourth Quarter Revenue Highlights

• Fourth quarter net product sales of EXPAREL/bupivacaine liposome injectable suspension were $118.6 million in 2019, compared to $94.7 million in 2018.
• Fourth quarter EXPAREL net product sales were $116.9 million in 2019, compared to $94.4 million in 2018. Sales of bupivacaine liposome injectable suspension to a third-party licensee for use in veterinary practice were $1.7 million in 2019, compared to $0.3 million in 2018.
• Full-year EXPAREL net product sales were $407.9 million in 2019, compared to $331.1 million in 2018. Sales of bupivacaine liposome injectable suspension to a third-party licensee for use in veterinary practice were $3.2 million in 2019, compared to $1.3 million in 2018.
• Fourth quarter iovera° net product sales were $3.2 million in 2019. Full-year iovera° net product sales were $7.9 million in 2019. Pacira began recognizing sales of iovera° in April 2019 after completing its acquisition of MyoScience, Inc., a privately held medical technology company.
• Fourth quarter royalty revenue was $0.6 million and full-year was $2.1 million; compared to $0.4 million and $1.9 million in 2018, respectively.
• The company’s 2019 financial guidance was as follows: EXPAREL net product sales in the range of $400 million to $410 million and iovera° net product sales in the range of $8 million to $10 million.

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 fourth

quarter and full-year financial results for 2019. Pacira expects to report its complete financial results for the fourth quarter and full-year 2019, along with financial guidance for 2020, in the first quarter of 2020.