Pacira Pharmaceuticals, Inc. (NASDAQ: PCRX) today announced consolidated financial results for the quarter ended September 30, 2012 and provided updates on the commercial launch of EXPAREL® (bupivacaine liposome injectable suspension) for postsurgical pain in the United States.
“We launched EXPAREL in April and have successfully doubled our product sales quarter over quarter with these results,” said Dave Stack, president and chief executive officer of Pacira. “In addition, we have completed the build-out of our EXPAREL next generation manufacturing facility ahead of schedule. As such, we are advancing with confidence several important initiatives, including continued exploration of additional therapeutic uses for EXPAREL and strategic marketing programs intended to accelerate growth. We look forward to a strong fourth quarter of 2012.”
Recent Highlights and Upcoming Events:
- EXPAREL Commercialization: In the third quarter ended September 30, 2012, EXPAREL sales totaled $4.6 million, up from $2.3 million in the second quarter of 2012. As of October 26, 2012, 628 accounts have ordered EXPAREL compared to 428 accounts as of August 3, 2012. Of these, 58 percent of all accounts have reordered EXPAREL and 63 percent of hospital accounts have reordered. Pacira works with an important mix of customers who are expanding their use with 115 hospitals, which have ordered six times or more and continue to see rapid expansion with an average of 22 new customers ordering each week in the quarter and for the month of October.
- Exploring Additional Indications for EXPAREL: During the third quarter, Pacira initiated a Phase 2/3 study investigating the use of EXPAREL as a single-dose injection femoral nerve block for total knee arthroplasty surgery. Additionally, Pacira announced data from its first completed Phase 4 IMPROVE study in open colectomy patients, demonstrating that the EXPAREL-based multimodal regimen achieved a statistically significant reduction in each primary endpoint in the study, including a 60 percent reduction in hospital length of stay.
- Fall Data Presentations and Publications: Through its ongoing Phase 4 and case studies, Pacira continues to generate strong data supporting both the clinical and economic benefits of EXPAREL use. Studies are ongoing in ileostomy reversal, open and laparoscopic colectomy procedures, as well as a wide range of plastic surgery uses and TAP (Transverse Abdominis Plane) infiltration. Over the next several months, Pacira expects data from these studies to be presented at the key society meetings and published in several top, peer-reviewed pain and surgical journals.
- Upcoming Investor Meetings: Pacira management will be attending the Brean Murray 2012 Life Sciences Summit in New York on November 7 th, will be presenting at the Jefferies Healthcare Conference in London on November 15 th and will be presenting at Piper Jaffray’s 24 th Annual Healthcare Conference in New York on November 27 th.
Third Quarter 2012 Financial Results
- Total revenues for the quarter ended September 30, 2012 were $8.5 million as compared with $4.0 million for the quarter ended September 30, 2011. The increase in revenues in the third quarter was primarily driven by $4.6 million of net product sales of EXPAREL, which represents the sale of product shipped directly to end-users, including hospitals and ambulatory surgery centers.
- Total operating expenses for the quarter ended September 30, 2012 were $24.2 million compared with $12.7 million for the quarter ended September 30, 2011. The increase was primarily driven by commercialization efforts for EXPAREL and the cost of EXPAREL product sold during the quarter. Additionally, there were certain non-recurring costs relating to repairs and maintenance to the manufacturing facilities.
- Net loss for the quarter ended September 30, 2012 was $15.7 million, or $0.49 per share (based on 32.4 million weighted average shares outstanding) compared to $9.5 million, or $0.55 per share (based on 17.2 million shares outstanding) for the quarter ended September 30, 2011. As of September 30, 2012, the Company had 32.5 million shares outstanding.
- Pacira ended the third quarter of 2012 with cash and cash equivalents, restricted cash and short-term investments of $68.7 million.