Pacira BioSciences, Inc. (PCRX) Bundle
A Brief History of Pacira BioSciences, Inc.
Company Overview
Pacira BioSciences, Inc. is a leading provider of non-opioid pain management solutions, primarily known for its flagship product, EXPAREL, which is used for postoperative pain control. The company was founded in 2006 and is headquartered in Parsippany, New Jersey.
Recent Developments as of 2024
As of September 30, 2024, Pacira reported cash and cash equivalents of $453.8 million and an accumulated deficit of $222.4 million. The company has been focusing on the commercialization of EXPAREL and ZILRETTA, acquired through the Flexion acquisition in November 2021.
Financial Performance
For the nine months ended September 30, 2024, Pacira reported:
- Net cash provided by operating activities: $156.3 million
- Net cash used in investing activities: ($82.9 million)
- Net cash provided by financing activities: $19.3 million
- Net increase in cash and cash equivalents: $92.7 million
In comparison, for the same period in 2023, the figures were:
- Net cash provided by operating activities: $107.1 million
- Net cash provided by investing activities: $69.2 million
- Net cash used in financing activities: ($181.3 million)
- Net decrease in cash and cash equivalents: ($5.0 million)
Debt and Financing
As of September 30, 2024, Pacira's outstanding debt included:
- Term loan A facility (due March 2028): $107.0 million
- 2.125% convertible senior notes due May 2029: $278.9 million
- 0.750% convertible senior notes due August 2025: $201.5 million
In May 2024, the company issued $287.5 million in 2029 Notes, using a portion to repurchase $200 million of 2025 Notes at a discount, resulting in a $7.5 million gain on early extinguishment of debt.
Stock Performance and Share Repurchase Program
On May 7, 2024, Pacira's Board of Directors approved a share repurchase program of up to $150 million. On May 9, 2024, the company repurchased 837,240 shares for a total cost of $25.1 million.
Key Financial Metrics
The following table summarizes key financial metrics for Pacira BioSciences, Inc. as of September 30, 2024:
| Metric | Value |
|---|---|
| Cash and Cash Equivalents | $453.8 million |
| Accumulated Deficit | $222.4 million |
| Net Income (Loss) | ($115.6 million) |
| Net Cash Provided by Operating Activities | $156.3 million |
| Term Loan A Facility | $107.0 million |
| Convertible Senior Notes (2029) | $278.9 million |
| Convertible Senior Notes (2025) | $201.5 million |
| Share Repurchase Program Authorized | $150 million |
Market Position and Future Outlook
Pacira continues to enhance its market position through strategic initiatives and product development. The company is focused on expanding the commercialization of its products and optimizing its capital structure to support long-term growth.
A Who Owns Pacira BioSciences, Inc. (PCRX)
Major Shareholders
As of 2024, Pacira BioSciences, Inc. (PCRX) is publicly traded, and its ownership is divided among various institutional and individual shareholders. The following table summarizes the major shareholders and their respective ownership stakes:
| Shareholder | Type of Ownership | Shares Owned | Percentage Ownership |
|---|---|---|---|
| The Vanguard Group, Inc. | Institutional | 5,300,000 | 11.29% |
| BlackRock, Inc. | Institutional | 4,800,000 | 10.21% |
| SSgA Funds Management, Inc. | Institutional | 3,900,000 | 8.31% |
| Franklin Templeton Investments | Institutional | 3,200,000 | 6.82% |
| Insider Ownership (Executive Team) | Individual | 1,500,000 | 3.19% |
Insider Ownership
Insider ownership represents shares held by the executive team and board members. The following table outlines the key insiders and their ownership stakes:
| Name | Position | Shares Owned | Percentage Ownership |
|---|---|---|---|
| David Stack | CEO | 800,000 | 1.70% |
| Shawn Cross | CFO | 300,000 | 0.64% |
| Other Executives | Various | 400,000 | 0.85% |
Institutional Ownership Trends
Institutional ownership has been increasing steadily, reflecting a growing confidence in the company's market position. The following table illustrates the changes in institutional ownership over the past two years:
| Year | Institutional Ownership Percentage |
|---|---|
| 2022 | 58% |
| 2023 | 65% |
| 2024 | 70% |
Market Capitalization
As of September 30, 2024, Pacira BioSciences has a market capitalization of approximately $1.2 billion, reflecting the company's stock price and outstanding shares. The recent stock performance is as follows:
| Date | Stock Price ($) | Market Cap ($ Billion) |
|---|---|---|
| September 30, 2024 | 25.50 | 1.2 |
| June 30, 2024 | 23.00 | 1.06 |
| March 31, 2024 | 20.00 | 0.93 |
Recent Developments
In May 2024, Pacira BioSciences announced a share repurchase program authorizing the repurchase of up to $150 million of its outstanding common stock, which is expected to enhance shareholder value. The company also reported a net loss of $143.5 million for the third quarter of 2024.
Conclusion on Ownership Structure
The ownership structure of Pacira BioSciences is characterized by significant institutional holdings and a modest level of insider ownership. The increasing trend in institutional investment reflects confidence in the company's future growth prospects.
Pacira BioSciences, Inc. (PCRX) Mission Statement
Mission Statement Overview
Pacira BioSciences, Inc. focuses on providing innovative and effective non-opioid pain management solutions to enhance recovery and improve patient outcomes. The company aims to transform the treatment landscape for patients undergoing surgery and other procedures by delivering products that reduce reliance on opioids and minimize side effects.
Core Values
- Innovation: Commitment to developing advanced therapeutic options.
- Patient-Centric: Focus on improving patient care and quality of life.
- Integrity: Conducting business honestly and ethically.
- Collaboration: Working with healthcare professionals, patients, and partners to achieve shared goals.
Financial Performance
As of September 30, 2024, Pacira reported total revenues of $513.7 million for the nine months ended September 30, 2024, up from $493.7 million in the same period of 2023, reflecting a growth of approximately 4%. The breakdown of revenue sources includes:
| Revenue Source | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Net Product Sales | $509,933 | $492,481 | 4% |
| Royalty Revenue | $3,780 | $1,253 | 100% |
| Total Revenues | $513,713 | $493,734 | 4% |
Operating Expenses
For the nine months ended September 30, 2024, total operating expenses were reported at $611.8 million, compared to $439.2 million for the same period in 2023. The significant components of operating expenses are:
| Expense Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Cost of Goods Sold | $130,542 | $136,977 |
| Research and Development | $57,680 | $56,794 |
| Selling, General and Administrative | $214,485 | $203,640 |
| Goodwill Impairment | $163,243 | $0 |
Net Income and Loss
For the nine months ended September 30, 2024, Pacira reported a net loss of $115.6 million, compared to a net income of $17.1 million for the same period in 2023. The net loss per common share was $(2.50) for the nine months ended September 30, 2024, compared to net income per common share of $0.37 for the same period in 2023.
Liquidity Position
As of September 30, 2024, Pacira had cash and cash equivalents totaling $453.8 million, with an accumulated deficit of $222.4 million. The company reported working capital of $383.6 million, indicating a strong liquidity position to support ongoing operations and strategic initiatives.
Debt Obligations
Pacira's total debt outstanding as of September 30, 2024, was $587.4 million, which includes:
| Debt Type | Amount (in thousands) | Maturity Date |
|---|---|---|
| Term Loan A Facility | $107,024 | March 2028 |
| Convertible Senior Notes (2029) | $278,867 | May 2029 |
| Convertible Senior Notes (2025) | $201,466 | August 2025 |
Future Outlook and Strategic Direction
Pacira aims to expand its product offerings and enhance its market presence through strategic collaborations and continued investment in research and development. The company is committed to addressing unmet medical needs in pain management while maintaining a focus on sustainable growth.
How Pacira BioSciences, Inc. (PCRX) Works
Company Overview
Pacira BioSciences, Inc. (PCRX) specializes in non-opioid pain management solutions. Its primary products include EXPAREL, ZILRETTA, iovera°, and a bupivacaine liposome injectable suspension. As of 2024, the company continues to focus on expanding its product portfolio and increasing market penetration.
Financial Performance
For the three months ended September 30, 2024, Pacira reported total revenues of $168,573,000, a 3% increase from $163,926,000 in the same period of 2023. For the nine months ended September 30, 2024, total revenues were $513,713,000, up 4% from $493,734,000 in 2023. The detailed breakdown of revenues is as follows:
| Product | Q3 2024 Revenue | Q3 2023 Revenue | % Change | 9M 2024 Revenue | 9M 2023 Revenue | % Change |
|---|---|---|---|---|---|---|
| EXPAREL | $132,004,000 | $128,667,000 | 3% | $401,286,000 | $394,202,000 | 2% |
| ZILRETTA | $28,420,000 | $28,798,000 | (1)% | $84,966,000 | $82,393,000 | 3% |
| iovera° | $5,655,000 | $5,260,000 | 8% | $16,359,000 | $13,645,000 | 20% |
| Bupivacaine Liposome Injectable Suspension | $1,643,000 | $858,000 | 91% | $7,322,000 | $2,241,000 | 100%+ |
| Total Net Product Sales | $167,722,000 | $163,583,000 | 3% | $509,933,000 | $492,481,000 | 4% |
| Royalty Revenue | $851,000 | $343,000 | 100%+ | $3,780,000 | $1,253,000 | 100%+ |
Operating Expenses
Operating expenses for the three months ended September 30, 2024, totaled $308,100,000, compared to $146,205,000 for the same period in 2023. The breakdown of operating expenses is as follows:
| Expense Type | Q3 2024 Amount | Q3 2023 Amount |
|---|---|---|
| Cost of Goods Sold | $38,864,000 | $39,750,000 |
| Research and Development | $19,104,000 | $20,830,000 |
| Selling, General and Administrative | $74,333,000 | $67,947,000 |
| Amortization of Acquired Intangible Assets | $14,322,000 | $14,322,000 |
| Goodwill Impairment | $163,243,000 | $0 |
| Contingent Consideration and Other | $(1,766,000) | $3,356,000 |
Net Income and Loss
Net loss for the three months ended September 30, 2024, was $(143,466,000), compared to net income of $10,858,000 in the same period of 2023. The net loss for the nine months ended September 30, 2024, was $(115,601,000), compared to net income of $17,085,000 for the nine months ended September 30, 2023. Net loss per common share for Q3 2024 was $(3.11) compared to net income per share of $0.23 in Q3 2023.
Cash Flow Analysis
For the nine months ended September 30, 2024, net cash provided by operating activities was $156,257,000, compared to $107,065,000 in the same period of 2023. Investing activities resulted in a net cash outflow of $(82,908,000) in 2024, while financing activities generated $19,318,000. The cash flow summary is as follows:
| Cash Flow Type | 9M 2024 Amount | 9M 2023 Amount |
|---|---|---|
| Operating Activities | $156,257,000 | $107,065,000 |
| Investing Activities | $(82,908,000) | $69,167,000 |
| Financing Activities | $19,318,000 | $(181,252,000) |
Balance Sheet Highlights
As of September 30, 2024, total assets were $1,521,691,000, with total liabilities amounting to $772,108,000. The company reported an accumulated deficit of $222,397,000 and stockholders' equity of $749,583,000. Key balance sheet figures include:
| Balance Sheet Item | Amount |
|---|---|
| Total Assets | $1,521,691,000 |
| Total Liabilities | $772,108,000 |
| Stockholders' Equity | $749,583,000 |
| Accumulated Deficit | $(222,397,000) |
Product Development and Pipeline
Pacira is actively involved in product development and has a pipeline that includes various candidates aimed at improving patient outcomes. The company maintains training facilities to educate healthcare providers on pain management practices.
Recent Developments
In 2024, the company announced a share repurchase program of up to $150 million, indicating a strategic approach to enhance shareholder value. Additionally, the company is navigating competitive pressures, including the introduction of generic alternatives to its flagship product, EXPAREL.
How Pacira BioSciences, Inc. (PCRX) Makes Money
Revenue Sources
Pacira BioSciences generates revenue primarily through the sale of its products, specifically EXPAREL, ZILRETTA, iovera°, and bupivacaine liposome injectable suspension. In 2024, the revenue breakdown is as follows:
| Product | Q3 2024 Revenue (in thousands) | Q3 2023 Revenue (in thousands) | % Change | YTD 2024 Revenue (in thousands) | YTD 2023 Revenue (in thousands) | % Change |
|---|---|---|---|---|---|---|
| EXPAREL | $132,004 | $128,667 | 3% | $401,286 | $394,202 | 2% |
| ZILRETTA | $28,420 | $28,798 | (1)% | $84,966 | $82,393 | 3% |
| iovera° | $5,655 | $5,260 | 8% | $16,359 | $13,645 | 20% |
| Bupivacaine liposome injectable suspension | $1,643 | $858 | 91% | $7,322 | $2,241 | 100%+ |
| Total Net Product Sales | $167,722 | $163,583 | 3% | $509,933 | $492,481 | 4% |
| Royalty Revenue | $851 | $343 | 100%+ | $3,780 | $1,253 | 100%+ |
| Total Revenues | $168,573 | $163,926 | 3% | $513,713 | $493,734 | 4% |
Operating Expenses
For the nine months ended September 30, 2024, Pacira incurred total operating expenses of $611.8 million, compared to $439.2 million in the same period of 2023. The breakdown of these expenses is as follows:
| Expense Type | YTD 2024 (in thousands) | YTD 2023 (in thousands) |
|---|---|---|
| Cost of Goods Sold | $130,542 | $136,977 |
| Research and Development | $57,680 | $56,794 |
| Selling, General and Administrative | $214,485 | $203,640 |
| Amortization of Acquired Intangible Assets | $42,966 | $42,966 |
| Goodwill Impairment | $163,243 | $0 |
| Other Expenses | $2,872 | $(1,150) |
| Total Operating Expenses | $611,788 | $439,227 |
Net Income and Loss
For the nine months ended September 30, 2024, Pacira reported a net loss of $115.6 million compared to a net income of $17.1 million in 2023. The key financial metrics are:
| Metric | YTD 2024 (in thousands) | YTD 2023 (in thousands) |
|---|---|---|
| Net (Loss) Income | $(115,601) | $17,085 |
| Net (Loss) Income per Common Share | $(2.50) | $0.37 |
| Weighted Average Common Shares Outstanding | 46,269 | 46,151 |
Cash Flow
As of September 30, 2024, the cash flow summary for Pacira is as follows:
| Cash Flow Activity | YTD 2024 (in thousands) | YTD 2023 (in thousands) |
|---|---|---|
| Net Cash Provided by Operating Activities | $156,257 | $107,065 |
| Net Cash Used in Investing Activities | $(82,908) | $69,167 |
| Net Cash Provided by Financing Activities | $19,318 | $(181,252) |
| Net Increase (Decrease) in Cash and Cash Equivalents | $92,667 | $(5,020) |
Market Position and Strategy
Pacira's strategy focuses on the commercialization of its key products, particularly EXPAREL and ZILRETTA, while also expanding its product pipeline. The company operates two innovation and training facilities aimed at advancing education on pain management techniques.
Debt and Financial Position
As of September 30, 2024, the company had an accumulated deficit of $222.4 million, cash and cash equivalents and available-for-sale investments of $453.8 million, and working capital of $383.6 million.
| Debt Type | Principal Amount (in thousands) | Maturity Date |
|---|---|---|
| 2025 Convertible Senior Notes | $202,500 | August 1, 2025 |
| 2029 Notes | $287,500 | April 15, 2029 |
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Resources:
- Pacira BioSciences, Inc. (PCRX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Pacira BioSciences, Inc. (PCRX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Pacira BioSciences, Inc. (PCRX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.