Why Pacira BioSciences Shares Are Trading Lower Today

Pacira BioSciences Inc PCRX reported Q1 sales of $160.3 million compared to $158.0 million a year ago and the consensus of $158.84 million.

The sales fell almost 7% sequentially from $172 million in Q4 FY22.

Exparel sales reached $130.4 million, slightly above the $129.2 million reported a year ago and down from $138.0 million in Q4.

Q1 average daily volume growth of 6% was offset by a lower net selling price primarily due to the implementation of 340B Drug Pricing and other contracted relationships.

Zilretta sales reached $24.3 million versus $23.6 million in Q1 FY22 and $28.0 million in Q4.

The company reported an adjusted EPS of $0.53, missing the consensus of $0.62 and below $0.80 in Q4 FY22.

EBITDA was $41.9 million in the first quarter of 2023, compared to $53.8 million a year ago, below $58.8 million in Q4 FY22.

Guidance: Pacira reiterated its FY23, with Exparel sales of $570-$580 million, Zilretta sales of $115-$125 million, and iovera° sales of $17-$20 million.

Price Action: PCRX shares are down 5.62% at $43.84 on the last check Wednesday.