Pacira BioSciences reports 2021 second-quarter financial results
Pacira BioSciences Inc. reported record revenue and other financial results from the second quarter of 2021, according to a company press release.
Total revenue increased from $75.5 million for the second quarter of 2020 to $135.6 million, which accounted for increases in Exparel net product sales, iovera net product sales, sales of bupivacaine liposome injection, and royalty and collaborative licensing and milestone revenues.
Generally accepted accounting principles (GAAP) net income was $19.1 million, which came out to $0.42 (diluted) per share. This increased from a net loss of $7.3 million ($0.17 per share) in 2020. Non-GAAP net income also increased from $5 million, or $0.12 per share, in 2020 to $35.3 million, or $0.77 per share.
Adjusted earnings before interest, taxes, and amortization (EBITDA) increased from $8.5 million in 2020 to $50.3 million.
“We made terrific progress in the first half of 2021 with strong sales momentum in the second quarter and continuing in recent weeks,” Dave Stack, chair and CEO of Pacira BioSciences, said in the release. “Record revenue in the second quarter significantly ramped our bottom line, allowing us to achieve our highest-ever adjusted EBITDA for a quarter. Market dynamics remain highly favorable and leave us confident that we will deliver robust topline growth, improved margins, and accelerating earnings for the remainder of 2021, leaving us well-positioned to achieve the goals laid out within our [5]-year plan.”
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