On January 5, 2023 Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its commitment to non-opioid pain management and regenerative health solutions, reported preliminary unaudited total revenue of $666.8 million for 2022, compared with $541.5 million for 2021, representing an increase of 23.1 percent (Press release, Pacira Pharmaceuticals, JAN 5, 2023, View Source [SID1234625922]). The company’s 2022 revenue includes net product sales of EXPAREL (bupivacaine liposome injectable suspension), ZILRETTA (triamcinolone acetonide extended-release injectable suspension), and the iovera° system. Pacira began recognizing sales of ZILRETTA in November 2021 following the completion of its acquisition of Flexion Therapeutics, Inc.

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"Despite ongoing macroeconomic challenges, Pacira continues to outperform the surgical market with significant adjusted EBITDA and durable cash flows that allow us to self-fund growth opportunities while paying down significant portions of our debt," said Dave Stack, chairman and chief executive officer of Pacira BioSciences. "We ended the year with a strong balance sheet and expect to report adjusted earnings per share of at least $2.50 for 2022, marking our ninth consecutive year of positive adjusted earnings. Further solidifying our financial condition, we prepaid $50 million of outstanding principal under our Term Loan B in December 2022 and we expect to use our strong cash position to make another significant pre-payment in 2023 to further reduce our interest expense. With three safe and unique opioid-sparing commercial assets and multiple near- and long-term opportunities across our portfolio, we believe Pacira is well-positioned for continued growth and value generation in 2023 and beyond."

Fourth Quarter and December 2022 Preliminary Revenue Highlights

EXPAREL net product sales of $138.0 million and $139.9 million for the fourth quarters of 2022 and 2021, respectively, and $47.1 million and $50.9 million for the months of December 2022 and 2021, respectively. EXPAREL continues to outperform a flat surgical market with average daily volumes up 10 percent over December 2021. Average daily volume growth was offset by a lower net selling price primarily due to the company’s implementation of 340B Drug Pricing and other strategic partnerships. Pacira 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 were 104 percent of the prior year for the fourth quarter of 2022 and 107 percent of the prior year for the month of December 2022. For the fourth quarter, the number of EXPAREL selling days were 61 in 2022, versus 64 in 2021. For the month of December, the number of EXPAREL selling days were 20 in 2022, versus 23 in 2021.
ZILRETTA net product sales of $28.0 million and $12.7 million for the fourth quarters of 2022 and 2021, respectively, and $9.4 million and $8.9 million for the months of December 2022 and 2021, respectively. A portion of ZILRETTA sales in the fourth quarter of 2021 occurred prior to the completion of the company’s acquisition of Flexion in November 2021.
iovera° net product sales of $4.6 million and $4.9 million for the fourth quarters of 2022 and 2021, respectively, and $1.7 million and $2.2 million for the months of December 2022 and 2021, respectively.
Other revenue, including sales of bupivacaine liposome injectable suspension, royalties and collaborative licensing revenue, was $1.4 million and $1.8 million in the fourth quarters of 2022 and 2021 and $1.4 million and $0.7 million for the months of December 2022 and 2021, respectively.

2022 Full-Year Preliminary Revenue Highlights

Full-year EXPAREL net product sales of $536.9 million in 2022, compared with $506.5 million in 2021.
Full-year ZILRETTA net product sales of $105.5 million in 2022, compared with $12.7 million in 2021. The company began recognizing ZILRETTA sales upon completing its acquisition of Flexion in November 2021.
Full-year iovera° net product sales of $15.3 million in 2022, compared with $16.2 million in 2021.
Other revenue, including sales of bupivacaine liposome injectable suspension, royalties and collaborative licensing revenue was $9.1 million in 2022, compared with $6.2 million in 2021.

The company did not provide 2022 revenue or gross margin guidance given the uncertainty around labor shortages, COVID-19, and the pace of recovery for the elective surgery market. To provide greater transparency, the company reported monthly intra-quarter unaudited net product sales for EXPAREL, ZILRETTA, and iovera°. 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 fourth quarter or full year 2022. Pacira expects to report its complete financial results for the fourth quarter and full-year 2022, along with financial guidance for 2023, in the first quarter of 2023.