-- EXPAREL® net product sales expected to be in
the range of $300 to $310 million in 2018 --
Pacira Pharmaceuticals, Inc. (NASDAQ:PCRX) today reported financial
results for the fourth quarter and full year of 2017 and its
outlook for 2018.
“2017 was a year of solid progress and set the stage for an
important year ahead,” said Dave Stack, chairman and chief
executive officer of Pacira. “EXPAREL has now been used in over 3.5
million patients across the United States and continues to grow. We
remain steadfast in our mission to provide a non-opioid option to
as many patients as possible, including defining the next steps for
the expanded nerve block indication through our pending sNDA. Our
strategic partnership with Johnson & Johnson continues to drive
EXPAREL use within the orthopedic setting. In addition, we are
advancing key collaborations to support best-practice opioid
minimization strategies. Finally, our education and awareness
campaigns are bearing fruit as more and more key stakeholders
including patients, physicians, medical societies and advocacy
organizations are recognizing and appreciating the benefits of
non-opioid postsurgical pain control.”
Highlights and Recent Events
- Collaboration with The University of Tennessee Medical
Center and CQ-Insights to minimize opioid use after hernia
surgery. In February 2018, The University of Tennessee
Medical Center and Pacira announced a continuous quality
improvement (CQI) project designed to develop low-or no-opioid
postsurgical pain management pathways for patients undergoing one
of the most common surgical procedures, hernia surgery.
- FDA’s Anesthetic and Analgesic Drug Products Advisory
Committee did not support approval of the EXPAREL sNDA for nerve
block. In February 2018, the FDA’s Anesthetic and
Analgesic Drug Products Advisory Committee’s (AADPAC) reviewed the
company’s supplemental New Drug Application, or sNDA, seeking
expansion of the EXPAREL label to include administration via nerve
block for prolonged regional analgesia. The AADPAC voted six to
four against approval of the expanded indication. The committee’s
feedback will be considered for the FDA in its review of the sNDA.
The FDA’s Prescription Drug User Fee Act goal date for completion
of its review is April 6, 2018.
- Partnership with WellStar Health Systems to minimize
opioid use and standardize outcomes across surgical
procedures. In January 2018, WellStar Health System, the
largest health system in Georgia, and Pacira announced a joint
commitment to address opioid use and dependence following surgery.
Through a comprehensive opioid minimization strategy, the
organizations will work together to educate hospital clinicians and
administrators about the burden of postsurgical opioids; develop
enhanced recovery protocols to reduce use in key surgical
procedures; and standardize the rollout of these protocols across
WellStar’s 11 hospitals.
- Promotions of Scott Braunstein, MD, to Chief Operating
Officer and Richard Scranton, MD, to Chief Scientific
Officer. In December 2017, Scott Braunstein, MD, was named
Chief Operating Officer and Richard Scranton, MD, was named Chief
Scientific Officer. Dr. Braunstein is overseeing the company’s
commercial and medical affairs functions while continuing to manage
strategy and corporate development. As Chief Scientific Officer,
Dr. Scranton is directing the company’s clinical research while
continuing to lead scientific communications, market access, and
health outcomes research and analytics for EXPAREL.
- Collaboration with Illinois Surgical Quality
Improvement Collaborative to minimize opioid exposure for
postsurgical patients. In December 2017, the Illinois
Surgical Quality Improvement Collaborative, a nationally recognized
partnership of 56 Illinois hospitals, and Pacira announced an
initiative to jointly develop programs and resources that will
support best practice pain management prescribing for surgical
patients throughout the state of Illinois. The focus of the
initiative is to develop and provide intensive, interactive
educational tools for hospitals in order to improve adherence to
evidence-based best practices for perioperative pain
management.
- Collaboration with Cancer Treatment Centers of America®
to educate physicians and patients about responsible opioid
use. In November 2017, Cancer Treatment Centers of
America, a national network of five hospitals and Pacira announced
a new collaboration dedicated to reducing the risk of opioid
dependence among cancer patients. The goal of the Opioid Risk
Reduction Initiative—an education effort focused on responsible use
and increased awareness of opioid alternatives—is to improve the
cancer patient experience through expanded pain management
options.
Fourth Quarter 2017 Financial Results
- EXPAREL net product sales were $78.7 million in the fourth
quarter of 2017, a 10% increase over the $71.4 million reported for
the fourth quarter of 2016.
- Total revenues were $79.1 million in the fourth quarter of
2017, an 8% increase over the $72.9 million reported for the fourth
quarter of 2016.
- Total operating expenses were $70.6 million in the fourth
quarter of 2017, compared to $75.4 million in the fourth quarter of
2016.
- GAAP net income was $4.6 million, or $0.11 per share (basic and
diluted), in the fourth quarter of 2017, compared to a GAAP net
loss of $4.0 million, or $0.11 per share (basic and diluted), in
the fourth quarter of 2016.
- Non-GAAP net income was $16.0 million, or $0.39 per share
(basic) and $0.38 per share (diluted), in the fourth quarter of
2017, compared to non-GAAP net income of $3.6 million, or $0.10 per
share (basic) and $0.09 per share (diluted), in the fourth quarter
of 2016.
- Pacira had 40.6 million basic weighted average shares of common
stock outstanding in the fourth quarter of 2017.
- Pacira had 41.6 million diluted weighted average shares of
common stock outstanding in the fourth quarter of 2017.
Full-Year 2017 Financial Results
- EXPAREL net product sales were $282.9 million in 2017, a 6%
increase over the $265.8 million reported in 2016.
- Total revenues were $286.6 million in 2017, a 4% increase over
the $276.4 million reported in 2016.
- Total operating expenses were $311.6 million in 2017, compared
to $308.4 million in 2016.
- GAAP net loss was $42.6 million, or $1.07 per share (basic and
diluted) in 2017, compared to a GAAP net loss of $37.9 million, or
$1.02 per share (basic and diluted) in 2016.
- Non-GAAP net income was $8.6 million, or $0.22 per share
(basic) and $0.21 per share (diluted), in 2017, compared to
non-GAAP net income of $25.2 million, or $0.68 per share (basic)
and $0.62 per share (diluted), in 2016.
- Pacira ended 2017 with cash, cash equivalents, short-term and
long-term investments (“cash”) of $371.4 million.
- Pacira had 39.8 million basic weighted average shares of common
stock outstanding in 2017.
- For non-GAAP measures, Pacira had 41.4 million diluted weighted
average shares of common stock outstanding in 2017.
2018 Outlook
Pacira announces its full year 2018 financial guidance as
follows. Pacira expects:
- EXPAREL net product sales of $300 million to $310
million.
- Non-GAAP gross margins of 70% to 72%.
- Non-GAAP research and development (R&D) expense of $50
million to $60 million.
- Non-GAAP selling, general and administrative (SG&A) expense
of $150 million to $160 million.
- Stock-based compensation of $30 million to $35 million.
See “Non-GAAP Financial Information” and “Reconciliations of
GAAP to Non-GAAP 2018 Financial Guidance” below.
Today’s Conference Call and Webcast
Reminder
The Pacira management team will host a conference call to
discuss the company’s financial results and recent developments
today, Wednesday, February 28, 2018, at 8:30 a.m. ET. The call
can be accessed by dialing 1-877-845-0779 (domestic) or
1-720-545-0035 (international) ten minutes prior to the start of
the call and providing the Conference ID 5198726.
A replay of the call will be available approximately two hours
after the completion of the call and can be accessed by dialing
1-855-859-2056 (domestic) or 1-404-537-3406 (international) and
providing the Conference ID 5198726. The replay of the call will be
available for two weeks from the date of the live call.
The live, listen-only webcast of the conference call can also be
accessed by visiting the “Investors & Media” section of the
company’s website at investor.pacira.com. A replay of the webcast
will be archived on the Pacira website for two weeks following the
call.
Non-GAAP Financial Information
This press release contains financial measures that do not
comply with U.S. generally accepted accounting principles (GAAP),
such as non-GAAP net income, non-GAAP cost of goods sold, non-GAAP
gross margins, non-GAAP research and development (R&D) expense
and non-GAAP selling, general and administrative (SG&A)
expense, because such measures exclude stock-based compensation,
amortization of debt discount, loss on early extinguishment of
debt, a contract termination fee with CrossLink BioScience, LLC, or
CrossLink, exit costs related to the discontinuation of DepoCyt(e)
production and inventory and related reserves from 2016.
These measures supplement the company’s financial results
prepared in accordance with GAAP. Pacira management uses these
measures to better analyze its financial results, estimate its
future cost of goods sold, gross margins, R&D expense and
SG&A expense outlook for 2018 and to help make managerial
decisions. In management’s opinion, these non-GAAP measures are
useful to investors and other users of our financial statements by
providing greater transparency into the operating performance at
Pacira and the company’s future outlook. Such measures should not
be deemed to be an alternative to GAAP requirements or a measure of
liquidity for Pacira. Non-GAAP measures are also unlikely to be
comparable with non-GAAP disclosures released by other companies.
See the tables below for a reconciliation of GAAP to non-GAAP
measures, and a reconciliation of our GAAP to non-GAAP 2018
financial guidance for gross margins, R&D expense and SG&A
expense.
About Pacira
Pacira Pharmaceuticals, Inc. (NASDAQ:PCRX) is a specialty
pharmaceutical company dedicated to advancing and improving
postsurgical outcomes for acute care practitioners and their
patients. The company’s flagship product, EXPAREL® (bupivacaine
liposome injectable suspension), is redefining pain management
after surgery as an opioid-free alternative indicated for
single-dose infiltration into the surgical site to produce
postsurgical analgesia. EXPAREL utilizes DepoFoam®, a unique and
proprietary product delivery technology that encapsulates drugs
without altering their molecular structure, and releases them over
a desired period of time. To learn more about Pacira, including the
corporate mission to reduce overreliance on opioids, visit
www.pacira.com.
About EXPAREL®
EXPAREL (bupivacaine liposome injectable suspension) is
currently indicated for single-dose infiltration into the surgical
site to produce postsurgical analgesia. The product combines
bupivacaine with DepoFoam®, a proven product delivery technology
that delivers medication over a desired time period. EXPAREL
represents the first and only multivesicular liposome local
anesthetic that can be utilized in the peri- or postsurgical
setting. By utilizing the DepoFoam platform, a single dose of
EXPAREL delivers bupivacaine over time, providing significant
reductions in cumulative pain score with up to a 45 percent
decrease in opioid consumption; the clinical benefit of the opioid
reduction was not demonstrated. Additional information is available
at www.EXPAREL.com.
Important Safety Information
EXPAREL is contraindicated in obstetrical paracervical block
anesthesia. In clinical trials, the most common adverse reactions
(incidence ≥10%) following EXPAREL administration were nausea,
constipation, and vomiting. EXPAREL is not recommended to be used
in the following patient population: patients <18 years old
and/or pregnant patients. Because amide-type local anesthetics,
such as bupivacaine, are metabolized by the liver, EXPAREL should
be used cautiously in patients with hepatic disease. Patients with
severe hepatic disease, because of their inability to metabolize
local anesthetics normally, are at a greater risk of developing
toxic plasma concentrations. EXPAREL is not recommended for the
following types or routes of administration: epidural, intrathecal,
regional nerve blocks, or intravascular or intra-articular use.
Non-bupivacaine-based local anesthetics, including lidocaine, may
cause an immediate release of bupivacaine from EXPAREL if
administered together locally. The administration of EXPAREL may
follow the administration of lidocaine after a delay of 20
minutes or more. Formulations of bupivacaine other than
EXPAREL should not be administered within 96 hours following
administration of EXPAREL. Central Nervous System (CNS) Reactions:
There have been reports of adverse neurologic reactions with the
use of local anesthetics. These include persistent anesthesia and
paresthesias. CNS reactions are characterized by excitation and/or
depression. Cardiovascular System Reactions: Toxic blood
concentrations depress cardiac conductivity and excitability which
may lead to dysrhythmias sometimes leading to death. Allergic
Reactions: Allergic-type reactions (eg, anaphylaxis and angioedema)
are rare and may occur as a result of hypersensitivity to the local
anesthetic or to other formulation ingredients. Chondrolysis: There
have been reports of chondrolysis (mostly in the shoulder joint)
following intra-articular infusion of local anesthetics, which is
an unapproved use.
Forward Looking Statements
Any statements in this press release about the company’s future
expectations, plans, outlook and prospects, and other statements
containing the words “believes,” “anticipates,” “plans,”
“estimates,” “expects,” “intends,” “may” and similar expressions,
constitute forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. Actual results
may differ materially from those indicated by such forward-looking
statements as a result of various important factors, including
risks relating to: the success of the company’s sales and
manufacturing efforts in support of the commercialization of
EXPAREL; the rate and degree of market acceptance of EXPAREL and
the company’s other products; the size and growth of the potential
markets for EXPAREL and the company’s ability to serve those
markets; the company’s plans to expand the use of EXPAREL to
additional indications and opportunities, and the timing and
success of any related clinical trials; the related timing and
success of United States Food and Drug Administration supplemental
New Drug Applications; the outcome of the U.S. Department of
Justice inquiry; the company’s plans to evaluate, develop and
pursue additional DepoFoam-based product candidates; clinical
trials in support of an existing or potential DepoFoam-based
product; the company’s commercialization and marketing
capabilities; the company’s and Patheon UK Limited’s ability to
successfully and timely construct dedicated EXPAREL manufacturing
suites; and other factors discussed in the “Risk Factors” of the
company’s most recent Annual Report on Form 10-K and in other
filings that the company periodically makes with the SEC. In
addition, the forward-looking statements included in this press
release represent the company’s views as of the date of this press
release. Important factors could cause actual results to differ
materially from those indicated or implied by forward-looking
statements, and as such the company anticipates that subsequent
events and developments will cause its views to change. However,
while the company may elect to update these forward-looking
statements at some point in the future, it specifically disclaims
any obligation to do so. These forward-looking statements should
not be relied upon as representing the company’s views as of any
date subsequent to the date of this press release.
(Tables to Follow)
|
Pacira Pharmaceuticals, Inc. |
Condensed Consolidated Balance
Sheets |
(in thousands) |
(unaudited) |
|
|
|
|
|
December 31, 2017 |
|
December 31, 2016 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash,
cash equivalents and short-term investments |
$ |
311,347 |
|
|
$ |
172,597 |
|
Accounts
receivable, net |
31,658 |
|
|
29,937 |
|
Inventories, net |
41,411 |
|
|
31,278 |
|
Prepaid
expenses and other current assets |
6,694 |
|
|
9,277 |
|
Total
current assets |
391,110 |
|
|
243,089 |
|
Long-term
investments |
60,047 |
|
|
— |
|
Fixed assets, net |
107,046 |
|
|
101,016 |
|
Goodwill |
55,197 |
|
|
46,737 |
|
Equity investment |
14,146 |
|
|
— |
|
Other assets |
825 |
|
|
624 |
|
Total
assets |
$ |
628,371 |
|
|
$ |
391,466 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
14,658 |
|
|
$ |
7,511 |
|
Accrued
expenses |
41,057 |
|
|
36,666 |
|
Convertible senior notes (1) |
324 |
|
|
— |
|
Current
portion of deferred revenue |
102 |
|
|
595 |
|
Income
taxes payable |
76 |
|
|
66 |
|
Total
current liabilities |
56,217 |
|
|
44,838 |
|
Convertible senior
notes (2) |
276,173 |
|
|
108,738 |
|
Other liabilities |
16,498 |
|
|
18,914 |
|
Total stockholders’
equity |
279,483 |
|
|
218,976 |
|
Total
liabilities and stockholders’ equity |
$ |
628,371 |
|
|
$ |
391,466 |
|
(1) Relates to our 3.25% convertible senior notes due 2019.
These notes are classified as current at December 31,
2017 because the note holders can convert any time during the
quarter ended March 31, 2018. These convertible senior
notes were classified as non-current at December 31, 2016.
(2) At December 31, 2017, $276.2 million relates to our
2.375% convertible senior notes due 2022 that are not currently
convertible. $108.7 million at December 31, 2016 relates to our
3.25% convertible senior notes due 2019, the remaining balance of
which is now classified in current liabilities
at December 31, 2017 as explained in footnote 1
above.
|
Pacira Pharmaceuticals, Inc. |
Consolidated Statements of
Operations |
(in thousands, except per share
amounts) |
(unaudited) |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Net product sales: |
|
|
|
|
|
|
|
EXPAREL |
$ |
78,651 |
|
|
$ |
71,428 |
|
|
$ |
282,905 |
|
|
$ |
265,802 |
|
DepoCyt(e) and other product sales |
176 |
|
|
337 |
|
|
1,437 |
|
|
4,271 |
|
Total net product
sales |
78,827 |
|
|
71,765 |
|
|
284,342 |
|
|
270,073 |
|
Collaborative licensing
and milestone revenue |
26 |
|
|
357 |
|
|
387 |
|
|
3,426 |
|
Royalty revenue |
225 |
|
|
780 |
|
|
1,901 |
|
|
2,872 |
|
Total
revenues |
79,078 |
|
|
72,902 |
|
|
286,630 |
|
|
276,371 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Cost of
goods sold |
21,295 |
|
|
23,621 |
|
|
87,915 |
|
|
110,104 |
|
Research
and development |
10,028 |
|
|
17,069 |
|
|
57,290 |
|
|
45,678 |
|
Selling,
general and administrative |
39,178 |
|
|
34,673 |
|
|
161,494 |
|
|
152,613 |
|
Product
discontinuation |
113 |
|
|
— |
|
|
4,868 |
|
|
— |
|
Total
operating expenses |
70,614 |
|
|
75,363 |
|
|
311,567 |
|
|
308,395 |
|
Income (loss) from
operations |
8,464 |
|
|
(2,461 |
) |
|
(24,937 |
) |
|
(32,024 |
) |
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
Interest
income |
1,273 |
|
|
401 |
|
|
4,078 |
|
|
1,323 |
|
Interest
expense |
(5,105 |
) |
|
(1,859 |
) |
|
(18,047 |
) |
|
(7,061 |
) |
Loss on
early extinguishment of debt (1) |
— |
|
|
— |
|
|
(3,732 |
) |
|
— |
|
Other,
net |
(2 |
) |
|
(75 |
) |
|
167 |
|
|
(82 |
) |
Total
other expense, net |
(3,834 |
) |
|
(1,533 |
) |
|
(17,534 |
) |
|
(5,820 |
) |
Income (loss) before
income taxes |
4,630 |
|
|
(3,994 |
) |
|
(42,471 |
) |
|
(37,844 |
) |
Income
tax benefit (expense) |
(35 |
) |
|
21 |
|
|
(140 |
) |
|
(105 |
) |
Net income (loss) |
$ |
4,595 |
|
|
$ |
(3,973 |
) |
|
$ |
(42,611 |
) |
|
$ |
(37,949 |
) |
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
Basic and
diluted net loss per common share |
$ |
0.11 |
|
|
$ |
(0.11 |
) |
|
$ |
(1.07 |
) |
|
$ |
(1.02 |
) |
Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
Basic |
40,602 |
|
|
37,431 |
|
|
39,806 |
|
|
37,236 |
|
Diluted |
41,575 |
|
|
37,431 |
|
|
39,806 |
|
|
37,236 |
|
(1) Amount relates to the loss on early extinguishment from our
repurchase of $118.2 million of principal amount of our 3.25%
convertible senior notes due 2019.
|
Pacira Pharmaceuticals, Inc. |
Reconciliation of GAAP to Non-GAAP Financial
Information |
(in thousands, except per share
amounts) |
(unaudited) |
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
GAAP net income
(loss) |
$ |
4,595 |
|
|
$ |
(3,973 |
) |
|
$ |
(42,611 |
) |
|
$ |
(37,949 |
) |
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
Stock-based compensation |
8,194 |
|
|
7,733 |
|
|
31,601 |
|
|
31,248 |
|
Inventory
and related reserves |
— |
|
|
(1,219 |
) |
|
— |
|
|
20,731 |
|
Loss on
early extinguishment of debt |
— |
|
|
— |
|
|
3,732 |
|
|
— |
|
Amortization of debt discount |
3,058 |
|
|
1,022 |
|
|
10,423 |
|
|
4,088 |
|
CrossLink
contract termination fee |
— |
|
|
— |
|
|
— |
|
|
7,062 |
|
Product
discontinuation costs |
113 |
|
|
— |
|
|
4,868 |
|
|
— |
|
Product
discontinuation inventory |
— |
|
|
— |
|
|
580 |
|
|
— |
|
Total
Non-GAAP adjustments |
11,365 |
|
|
7,536 |
|
|
51,204 |
|
|
63,129 |
|
|
|
|
|
|
|
|
|
Non-GAAP net
income |
$ |
15,960 |
|
|
$ |
3,563 |
|
|
$ |
8,593 |
|
|
$ |
25,180 |
|
|
|
|
|
|
|
|
|
GAAP basic and diluted
net income (loss) per common share |
$ |
0.11 |
|
|
$ |
(0.11 |
) |
|
$ |
(1.07 |
) |
|
$ |
(1.02 |
) |
|
|
|
|
|
|
|
|
Non-GAAP basic net
income per common share |
$ |
0.39 |
|
|
$ |
0.10 |
|
|
$ |
0.22 |
|
|
$ |
0.68 |
|
Non-GAAP diluted net
income per common share |
$ |
0.38 |
|
|
$ |
0.09 |
|
|
$ |
0.21 |
|
|
$ |
0.62 |
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding - basic |
40,602 |
|
|
37,431 |
|
|
39,806 |
|
|
37,236 |
|
Weighted average common
shares outstanding - diluted |
41,575 |
|
|
39,729 |
|
|
41,401 |
|
|
40,490 |
|
|
|
|
|
|
|
|
|
Cost of goods
sold reconciliation: |
|
|
|
|
|
|
|
GAAP cost of goods
sold |
$ |
21,295 |
|
|
$ |
23,621 |
|
|
$ |
87,915 |
|
|
$ |
110,104 |
|
Stock-based compensation |
(1,195 |
) |
|
(1,652 |
) |
|
(5,467 |
) |
|
(6,438 |
) |
Product
discontinuation inventory |
— |
|
|
— |
|
|
(580 |
) |
|
— |
|
Inventory
and related reserves |
— |
|
|
1,219 |
|
|
— |
|
|
(20,731 |
) |
Non-GAAP cost of goods
sold |
$ |
20,100 |
|
|
$ |
23,188 |
|
|
$ |
81,868 |
|
|
$ |
82,935 |
|
|
|
|
|
|
|
|
|
Research and
development reconciliation: |
|
|
|
|
|
|
|
GAAP research and
development |
$ |
10,028 |
|
|
$ |
17,069 |
|
|
$ |
57,290 |
|
|
$ |
45,678 |
|
Stock-based compensation |
(1,213 |
) |
|
(699 |
) |
|
(3,341 |
) |
|
(3,297 |
) |
Non-GAAP research and
development |
$ |
8,815 |
|
|
$ |
16,370 |
|
|
$ |
53,949 |
|
|
$ |
42,381 |
|
|
|
|
|
|
|
|
|
Selling,
general and administrative reconciliation: |
|
|
|
|
|
|
|
GAAP selling, general
and administrative |
$ |
39,178 |
|
|
$ |
34,673 |
|
|
$ |
161,494 |
|
|
$ |
152,613 |
|
Stock-based compensation |
(5,786 |
) |
|
(5,382 |
) |
|
(22,793 |
) |
|
(21,513 |
) |
CrossLink
contract termination fee |
— |
|
|
— |
|
|
— |
|
|
(7,062 |
) |
Non-GAAP selling,
general and administrative |
$ |
33,392 |
|
|
$ |
29,291 |
|
|
$ |
138,701 |
|
|
$ |
124,038 |
|
|
Pacira Pharmaceuticals, Inc. |
Reconciliation of GAAP to Non-GAAP 2018
Financial Guidance |
(dollars in millions) |
|
GAAP to Non-GAAP Guidance |
|
GAAP |
|
Stock-Based Compensation |
|
Non-GAAP |
EXPAREL net product
sales |
|
$300
to $310 |
|
— |
|
— |
Gross margin |
|
68% to
70% |
|
Approx. 2% |
|
70% to
72% |
Research and
development expense |
|
$53 to
$64 |
|
$3 to
$4 |
|
$50 to
$60 |
Selling, general and
administrative expense |
|
$172
to $184 |
|
$22 to
$24 |
|
$150
to $160 |
Stock-based
compensation |
|
$30 to
$35 |
|
— |
|
— |
Investor Contact:
Susan Mesco, (973) 451-4030
susan.mesco@pacira.com
Media Contact:
Coyne Public Relations
Alyssa Schneider, (973) 588-2270
aschneider@coynepr.com
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