Q1 2024 Pacira Biosciences Inc Earnings Call Transcript
Key Points
- Pacira BioSciences Inc (PCRX) reported solid sales growth for EXPAREL, ZILRETTA, and iovera°, with EXPAREL sales increasing to $132.4 million in Q1 2024.
- The company is advancing the launch of EXPAREL in new lower extremity nerve block indications, which is receiving positive market receptivity.
- Pacira BioSciences Inc (PCRX) is preparing for significant reimbursement opportunities with the implementation of NOPAIN, which will provide separate CMS reimbursement for EXPAREL starting in 2025.
- The company announced a $150 million stock repurchase plan, underscoring confidence in its growth outlook and belief in the stock's value.
- PCRX-201, a novel gene therapy product candidate, has shown promising preliminary results and received the FDA's first ever Regenerative Medicine Advance Therapy (RMAT) Designation for gene therapy in osteoarthritis.
- While EXPAREL's margins were within the guided range, ZILRETTA and iovera° margins weighed on consolidated margins for the quarter.
- The company faces challenges with the uptake of EXPAREL in lower extremity procedures like ACL repair, expecting a slower market uptake.
- There are ongoing legal and patent challenges, including the 495 patent litigation with eVenus, which could impact the company's competitive edge.
- The company is undergoing a transition period with significant changes in the commercial organization, which could lead to execution risks.
- Pacira BioSciences Inc (PCRX) is heavily reliant on the successful implementation and market adoption of NOPAIN legislation for future growth, which may not meet expectations or could face delays.
Thank you for standing by. My name is Hermione. And I will be your conference operator today. At this time, I would like to welcome everyone to Q1 2024 Pacira BioSciences Earnings Conference Call. (Operator Instructions)
I would now like to turn the call over to Susan Mesco, Head of Investor Relations. Please go ahead.
Thank you, and good afternoon, everyone. Welcome to today's conference call to discuss our first quarter 2024 financial results. Joining me are Frank Lee, Chief Executive Officer; and Charlie Reinhart, Chief Financial Officer. Jonathan Slonin, Chief Medical Officer, is also here for today's question-and-answer session.
Before we begin, let me remind you that this call will include forward-looking statements based on current expectations. Such statements represent our judgment as of today and may involve risks and uncertainties. For information concerning risk factors that could affect the company, please refer to our filings with the SEC, which are available from the SEC or the
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