Pacira BioSciences reports increase in total 2021 revenues compared with 2020
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Pacira BioSciences Inc. reported $127.7 million total revenues for the third quarter of 2021, vs. its reported $117.5 million for the third quarter of 2020, according to a press release.
The company saw an increase in Exparel net product sales ($121.9 million) vs. that for its third quarter of 2020 ($113.7 million). Iovera net product sales, sales of bupivacaine liposome injection, and royalty and collaborative licensing and milestone revenues also contributed to the increased total revenue.
Generally accepted accounting principles (GAAP) net income was $17.7 million, which came to $0.39 (diluted) per share. This decreased from $130.1 million ($2.94 per share) in 2020, which included a “$124.6 million income tax benefit related to the release of a valuation allowance on deferred tax assets,” according to the report.
However, non-GAAP net income increased from $29.9 million, or $0.68 per share, in 2020 to $32.5 million, or $0.72 per share.
Adjusted earnings before interest, taxes, and amortization increased from $34.2 million in 2020 to $48.1 million.
“Throughout the third quarter we made significant progress advancing our corporate growth strategy,” David Stack, chair and CEO of Pacira BioSciences, said in the release. “We delivered solid topline growth and Exparel continues to significantly outpace the recovery of the elective surgery market, which is facing ongoing pandemic-related challenges. This underscores the growing adoption of Exparel in outpatient settings, non-elective procedures and beyond. October saw a positive shift in market dynamics, and we expect the fourth quarter to return to more robust year-over-year topline growth.”
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