Pacira Pharmaceuticals added former New Jersey Gov. Chris Christie to its board of directors and posted a 23 percent year-over-year increase in net sales of its flagship product Exparel, a nonopioid postsurgical pain management local analgesic.
Here are five takeaways from the company's third-quarter financial report and earnings call, as transcribed by The Motley Fool:
1. Pacira added Mr. Christie to its board of directors because of his "unwavering commitment to the opioid crisis," said Pacira Chairman and CEO David Stack. Mr. Christie was New Jersey's governor from January 2010 to January 2018.
2. Net sales of Exparel increased 23 percent year-over-year, from $82.7 million to $101.7 million. The product has been used in more than 6 million patients since its approval. Mr. Stack pointed to the company's orthopedic partnerships with Johnson & Johnson as key drivers of Exparel utilization.
3. Roughly 55 percent of Exparel procedures are occurring outside the hospital inpatient setting. On average, Pacira brings in 95 new customers every month, with over two-thirds of new customers representing ASCs.
4. Pacira expects to deliver net Exparel sales of $400 million to $410 million for the year, which represents a year-over-year increase of over 20 percent.
5. Overall, Pacira's total revenues were up 25 percent year over year, reaching $104.7 million in the third quarter. Total net product sales were $104.4 million, up 26 percent year over year.
6. Heading into the fourth quarter and 2020, Pacira has three goals:
- Drive top-line growth by expanding Exparel use in surgical settings and launching iovera, an opioid-free pain management solution for osteoarthritis patients
- Leverage the DepoFoam platform to gain new clinical candidates
- Build out the product pipeline through partnerships and acquisitions