Q3 2024 Pacira Biosciences Inc Earnings Call Transcript
Key Points
- Pacira BioSciences Inc (PCRX) has aligned with a clear mission to deliver innovative, non-opioid pain therapies, focusing on musculoskeletal pain and adjacencies.
- The company has established a modernized commercial market access strategy, including a new J-code for EXPAREL and separate CMS coverage for EXPAREL and iovera under NOPAIN.
- EXPAREL sales increased to $132 million in the third quarter, supported by volume growth and a price increase.
- The company is advancing its pipeline with promising developments in PCRX-201, a novel gene therapy for osteoarthritis of the knee, showing encouraging early-stage clinical trial results.
- Pacira BioSciences Inc (PCRX) maintains a strong financial position with over $450 million in cash and investments, supporting its long-term growth strategy.
- Implementation of the NOPAIN reimbursement policy is expected to take time, potentially delaying its impact on revenue.
- The company faces ongoing patent litigation challenges, with a recent unfavorable ruling on the 495 patent.
- ZILRETTA sales remained flat, indicating potential challenges in driving growth for this product.
- There is uncertainty regarding the potential entry of generic competitors, which could impact pricing and market share.
- The company incurred a significant non-cash, non-recurring charge related to goodwill impairment following a court decision.
Good day, and welcome to the third-quarter 2024 Pacira BioSciences, Inc., earnings conference call. (Operator Instructions) As a reminder, this call may be recorded.
I would 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 third-quarter 2024 financial results. Joining me are Frank Lee, Chief Executive Officer; and Shawn Cross, Chief Financial Officer. Kristen Williams, Chief Administrative Officer; Lauren Riker, Senior Vice President, Finance; and Jonathan Slonin, Chief Medical Officer are also here for today's question-and-answer session.
Before we begin, let me remind you that this call will include forward-looking statements, subject to the Safe Harbor provisions of federal securities laws. Such statements represent our judgment as of today and may involve risks and uncertainties, which may cause our actual results, performance, or achievements to differ
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