Pacira Pharmaceuticals, Inc. (NASDAQ:PCRX) today provided updates on the commercial success of EXPAREL® (bupivacaine liposome injectable suspension) for postsurgical pain in the United States and announced consolidated financial results for the quarter ended June 30, 2013.
“The second quarter marks the commencement of the second year of launch, and we are pleased with the strong sales growth and traction of EXPAREL,” said Dave Stack, president, chief executive officer and chairman of Pacira. “Broad market acceptance across a wide range of surgical specialties, bolstered by a series of commercial initiatives and a growing body of clinical evidence, has led to formulary approval and expanded access among both existing and new customers alike.”
- EXPAREL Commercialization: In the second quarter ended June 30, 2013, EXPAREL sales totaled $15.2 million, up from $10.4 million in the first quarter. Pacira continued its steady expansion, reporting 370 total new accounts in the second quarter, up from 246 new accounts in the previous quarter. Pacira also reported an average of 30 new customers per week for the second quarter of 2013. As of June 30, 2013, 1,435 total accounts ordered EXPAREL since launch, with 104 accounts ordering more than $100,000 of EXPAREL each.
- Data Continues to Shift the Pain Control Paradigm and Support the Utility of EXPAREL Among Surgeons and Anesthesiologists
- Internal: During the second quarter, the Company announced a new study supporting the use of EXPAREL infiltrated into the transversus abdominis plane (or iTAP) for postsurgical analgesia in abdominal hernia repair. Additionally, Pacira recently published results from two studies in ileostomy reversal patients, the second and third in its prospective Phase 4 IMPROVE program.
- External: Now that more surgeons and anesthesiologists have experience with EXPAREL, they are beginning to present more of their own findings. In May, a retrospective study led by Jacob Hutchins, M.D., Director of Perioperative and Interventional Pain Service at the University of Minnesota’s Department of Anesthesiology, was presented on the use of EXPAREL in TAP infiltration for hand-assisted nephrectomies and colorectal procedures at the 2013 Annual Meeting of the American Society of Regional Anesthesia and Pain Medicine (ASRA), showing low pain scores, high patient satisfaction, and no treatment-related adverse events. Data from a study conducted by the University of Texas Health Science Center at the Bariatric Medical Institute comparing the use of EXPAREL to an ON-Q pain ball in patients undergoing bariatric surgery were presented at the 2013 Annual Meeting of the Society of American Gastrointestinal and Endoscopic Surgeons (SAGES), which showed that patients treated with EXPAREL had improved pain scores and required less opioid.
Second Quarter 2013 Financial Results
- EXPAREL net product sales for the quarter ended June 30, 2013 totaled $15.2 million, an increase of $12.9 million from the reported $2.3 million for the corresponding period in 2012. This increase in net product sales was driven by a rise in the number of new accounts and an increase of orders within existing accounts, including hospital and ambulatory surgery centers, ordering EXPAREL. Total revenues for the quarter ended June 30, 2013 were $17.1 million compared with $12.3 million for the quarter ended June 30, 2012. This increase was primarily driven by the $12.9 million increase in EXPAREL revenue for the second quarter partially offset by a $6.4 million decrease in collaborative licensing and development revenue due to the recognition of deferred revenue during 2012 associated with the termination of certain licensing agreements.
- Total operating expenses for the quarter ended June 30, 2013 were $29.2 million compared with $19.0 million for the quarter ended June 30, 2012, an increase of $10.2 million. Cost of revenues increased $3.5 million primarily due to the cost of EXPAREL product sold. Research and development expenses increased $3.0 million due to clinical development costs for the ongoing pivotal trials of EXPAREL administered as a femoral nerve block for total knee arthroplasty surgery and as an intercostal nerve block for thoracotomy. Selling, general and administrative expenses increased $3.7 million due to greater commercialization efforts for EXPAREL.
- Net loss for the quarter ended June 30, 2013 was $14.0 million, or $0.42 per share (based on 33.1 million weighted average shares outstanding), compared to $8.3 million, or $0.27 per share (based on 31.0 million weighted average shares outstanding) for the quarter ended June 30, 2012. As of June 30, 2013, the Company had 33.2 million shares of common stock outstanding.
- Pacira ended the second quarter of 2013 with cash and cash equivalents, restricted cash and short-term investments (“cash”) of $97.0 million.
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