On July 6, 2020 Pacira BioSciences, Inc. (Nasdaq: PCRX), a leading provider of innovative non-opioid pain management options, reported preliminary unaudited net revenue of $75.5 million for the second quarter of 2020, compared to $102.6 million for the second quarter of 2019 (Press release, Pacira Pharmaceuticals, JUL 6, 2020, View Source [SID1234561703]). During the second quarter of 2020, average daily sales of EXPAREL (bupivacaine liposome injectable suspension) were 30 percent, 81 percent and 107 percent of the prior year for the months of April, May, and June, respectively. During the second quarter of 2020, the Company’s product sales were negatively impacted by the COVID-19 pandemic, which mandated significant postponement or suspension in the scheduling of elective surgical procedures resulting from public health guidance and government directives. Elective surgery restrictions began to lift on a state-by-state basis in April 2020.
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"We are very encouraged by the rapid recovery and consistent uptake in EXPAREL sales and ordering accounts on a weekly basis since the peak of the COVID-19 pandemic impact in April," said Dave Stack, chairman and chief executive officer of Pacira BioSciences. "Ambulatory surgical centers have quickly returned to the operating room to accommodate patients who were required to wait for important surgical interventions during COVID-19-related shutdowns. These customers have been key to our return to year-over-year growth and underscore our investment in working closely with our anesthesia partners to broaden the use of long-acting EXPAREL regional approaches as a cornerstone for multimodal opioid-sparing strategies that continue to enable the shift of inpatient procedures to the 23-hour stay environment."
Second Quarter Financial Highlights
•Net product sales of EXPAREL/bupivacaine liposome injectable suspension for the second quarter of 2020 were $73.8 million, compared to $99.8 million in the same period in 2019.
•EXPAREL net product sales for the second quarter of 2020 were $73.0 million, compared to $98.9 million in the same period in 2019. Sales of bupivacaine liposome injectable suspension to a third-party licensee for use in veterinary practice for the second quarter of 2020 were $0.8 million, compared to $0.9 million in the same period in 2019.
•iovera° net product sales for the second quarter of 2020 were $1.4 million, compared to $2.0 million in the same period in 2019. Pacira began recognizing sales of iovera° in April 2019 after completing its acquisition of MyoScience, Inc., a privately held medical technology company.
•Royalty revenue for the second quarter of 2020 was $0.3 million, compared to $0.8 million for the same period in 2019.
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 second quarter financial results for 2020. Pacira expects to report its complete financial results for the second quarter and first half of 2020 during the Company’s conference call scheduled for August 2020.