Pacira BioSciences reports first-quarter 2020 financial results, updates business outlook
Pacira BioSciences released operating results for the first quarter of 2020 amid the COVID-19 pandemic, noting an initial growth in total revenue and Exparel net sales, according to a company press release.
The company also reported a decrease in total operating expenses from $90.2 million in the first quarter of 2019 to $88.6 million in 2020, stating in the release that expense reductions in response to COVID-19 could help neutralize the negative revenue effects of the pandemic.
“Prior to headwinds from the COVID-19 pandemic, which began in mid-March, we saw growing demand for Exparel continue with year-over-year growth rates of over 20%in January and February. Specifically, we saw demand continue to expand within the anesthesia community with Exparel-based nerve and field blocks continuing to take hold as institutional protocol for a variety of surgical procedures,” Pacira BioSciences chair and CEO Dave Stack said. “We remain steadfast in our long-term strategy to solidify our role as a leading provider of innovative non-opioid pain management and regenerative health solutions and believe the fundamentals of our business will continue to fuel our long-term expansion. Importantly, we are ready to quickly ramp up as elective surgery restrictions lift across the states and ambulatory centers address the backlog of patients who require surgery with increased resources and hours of operation.”
Due to uncertainty on the full impact of the COVID-19 pandemic, Pacira BioSciences has chosen to withdraw all financial guidance for the remainder of 2020.