-- Third quarter revenue of
-- Conference call today at
Third Quarter 2022 Financial Highlights
- Total revenues of
$167.5 million - Net product sales of
$132.6 million for EXPAREL,$26.5 million for ZILRETTA, and$4.5 million for iovera° - Net loss of
$0.7 million , or$(0.02) per share (basic and diluted) - Adjusted EBITDA of
$55.2 million
“In the third quarter, we continued to post increasing revenue and adjusted EBITDA, which underscores the success we are achieving in bringing our innovative non-opioid pain management solutions to patients,” said
Recent Business Highlights
- New EXPAREL Patent and Notice of Allowance. In October, the
U.S. Patent and Trademark Office (USPTO) issued Patent Number 11,452,691. This patent is a chemical composition patent, with an expiration date ofJanuary 22, 2041 . This patent is now listed in theU.S. Food and Drug Administration’s Approved Drug Products with Therapeutic Equivalents Evaluations (Orange Book) and is the 8th listed patent. The company also received a Notice of Allowance from the USPTO for aU.S. Patent Application that is a product by process patent for EXPAREL. After issuance, Pacira will submit this patent for listing in the Orange Book. - Positive Topline Data from Two Phase 3 Registration Studies of EXPAREL as a Lower Extremity Nerve Block. In September, the company announced positive topline results from two Phase 3 registration studies of EXPAREL as a single-dose nerve block for postsurgical regional analgesia in lower extremity surgeries. The first study evaluated EXPAREL as a femoral nerve block in the adductor canal for total knee arthroplasty and the second study evaluated EXPAREL as a sciatic nerve block in the popliteal fossa for bunionectomy. Both studies achieved statistical significance for the primary endpoint demonstrating a statistically significant reduction in cumulative pain scores from 0 to 96 hours (p<0.01) and the key secondary endpoint reduction in postsurgical opioid consumption through 96 hours (p<0.01) compared with bupivacaine HCl. In the bunionectomy study, EXPAREL also achieved statistical significance for the percentage of opioid-free subjects (p<0.001) through 96 hours compared with bupivacaine HCl. EXPAREL was well tolerated with a safety profile consistent with bupivacaine HCl.
- Positive CHMP Opinion for EXPAREL for the Treatment of Postsurgical Pain in Children Aged 6 or Older. In September, the company announced that the European Medicines Agency’s (EMA)
Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion recommending marketing authorization for an expanded indication of EXPAREL to include use in children aged 6 years and older as a field block for treatment of somatic post-operative pain from small- to medium-sized surgical wounds. The CHMP opinion was based on the results of the Phase 3 PLAY study of EXPAREL infiltration in pediatric patients undergoing spinal or cardiac surgeries. Overall findings were consistent with the pharmacokinetic and safety profiles for adult patients with no safety concerns identified at a dose of 4 mg/kg. - Positive Phase 1 Data for PCRX-201. The company recently finished analyzing data from its Phase 1 study of PCRX-201, a novel, intra-articular gene therapy product candidate that produces IL-1Ra for osteoarthritis. Based upon very compelling initial Phase 1 efficacy and safety data for PCRX-201, we are working with investigators and plan to request an FDA meeting to discuss the regulatory pathway forward for osteoarthritis of the knee—a very important and exciting addition to our durable non-opioid pain management pipeline.
Third Quarter 2022 Financial Results
- Total revenues were
$167.5 million in the third quarter of 2022, versus the$127.7 million reported for the third quarter of 2021. - EXPAREL net product sales were
$132.6 million in the third quarter of 2022, versus the$121.9 million reported for the third quarter of 2021. - ZILRETTA net product sales were
$26.5 million in the third quarter of 2022. The company began recognizing ZILRETTA sales upon completing its acquisition ofFlexion Therapeutics, Inc. inNovember 2021 . - Third quarter 2022 iovera° net product sales were
$4.5 million , versus the$4.2 million reported for the third quarter of 2021. - Sales of bupivacaine liposome injectable suspension to a third-party licensee for use in veterinary practice were
$3.0 million in the third quarter of 2022, versus the$0.7 million reported for the third quarter of 2021. - Third quarter royalty and collaborative licensing and milestone revenues were
$0.9 million in both 2022 and 2021. - Total operating expenses were
$146.2 million in the third quarter of 2022, versus the$96.3 million reported for the third quarter of 2021. - Research and development (R&D) expenses were
$19.4 million in the third quarter of 2022, compared to$11.6 million in the third quarter of 2021. R&D expenses included$7.2 million and$4.7 million of product development and manufacturing capacity expansion costs in the third quarters of 2022 and 2021, respectively. - Selling, general and administrative (SG&A) expenses were
$61.3 million in the third quarter of 2022, compared to$47.9 million in the third quarter of 2021. - GAAP net loss was
$0.7 million , or$(0.02) per share (basic and diluted) in the third quarter of 2022, compared to GAAP net income of$17.7 million , or$0.40 per share (basic) and$0.39 per share (diluted), in the third quarter of 2021. - Non-GAAP net income was
$29.9 million , or$0.65 per share (basic) and$0.64 per share (diluted) in the third quarter of 2022, compared to$32.5 million , or$0.73 per share (basic) and$0.72 per share (diluted), in the third quarter of 2021. - Adjusted EBITDA was
$55.2 million in the third quarter of 2022, compared to$48.1 million in the third quarter of 2021. - Pacira ended the third quarter of 2022 with cash, cash equivalents and available-for-sale investments (“cash”) of
$346.1 million . Cash provided by operations was$42.7 million in the third quarter of 2022, compared to$60.3 million in the third quarter of 2021. - Pacira had 45.8 million basic and diluted weighted average shares of common stock outstanding in the third quarter of 2022.
See “Non-GAAP Financial Information” below.
Financial Guidance
Since early 2020, the company’s revenues have been impacted by COVID-19 and pandemic-related challenges that included the significant postponement or suspension in the scheduling of elective surgical procedures due to public health guidance and government directives. While the degree of impact has diminished during the course of the pandemic due to the introduction of vaccines and the lessening of elective surgery restrictions, certain pandemic-related operational challenges persist. It remains unclear how long it will take the elective surgery market to normalize or if restrictions on elective procedures will recur due to future COVID-19 variants or otherwise. Given the continued uncertainty around labor shortages, COVID-19 and the pace of recovery for the elective surgery market, the company is currently not providing revenue or gross margin guidance. To provide greater transparency, Pacira is reporting monthly intra-quarter unaudited net product sales for EXPAREL, ZILRETTA, and iovera° until it has gained enough visibility around the impacts of COVID-19. Pacira is also providing weekly EXPAREL utilization and elective surgery data within its investor presentation, which is accessible at investor.pacira.com
Today the company is reiterating its full-year 2022 operating expense guidance as follows:
- Non-GAAP R&D expense of
$75 million to$85 million ; and - Non-GAAP SG&A expense of
$220 million to$230 million . - Stock-based compensation of
$47 million to$50 million .
See “Non-GAAP Financial Information” 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,
Non-GAAP Financial Information
This press release contains financial measures that do not comply with
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, R&D expense and SG&A expense outlook for 2022 and to help make managerial decisions. In management’s opinion, these non-GAAP measures are useful to investors and other users of the Company's financial statements by providing greater transparency into the operating performance of Pacira and its 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.
About Pacira
About EXPAREL®
EXPAREL (bupivacaine liposome injectable suspension) is indicated in patients 6 years of age and older for single-dose infiltration to produce postsurgical local analgesia, and in adults as an interscalene brachial plexus nerve block to produce postsurgical regional analgesia. Safety and efficacy have not been established in other nerve blocks. The product combines bupivacaine with multivesicular liposomes, 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 multivesicular liposome platform, a single dose of EXPAREL delivers bupivacaine over time, providing significant reductions in cumulative pain scores with up to a 78 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 about EXPAREL for Patients
EXPAREL should not be used in obstetrical paracervical block anesthesia. In studies in adults where EXPAREL was injected into a wound, the most common side effects were nausea, constipation, and vomiting. In studies in adults where EXPAREL was injected near a nerve, the most common side effects were nausea, fever, and constipation. In the study where EXPAREL was given to children, the most common side effects were nausea, vomiting, constipation, low blood pressure, low number of red blood cells, muscle twitching, blurred vision, itching, and rapid heartbeat. EXPAREL can cause a temporary loss of feeling and/or loss of muscle movement. How much and how long the loss of feeling and/or muscle movement depends on where and how much of EXPAREL was injected and may last for up to 5 days. EXPAREL is not recommended to be used in patients younger than 6 years old for injection into the wound, for patients younger than 18 years old, for injection near a nerve, and/or in pregnant women. Tell your health care provider if you or your child has liver disease, since this may affect how the active ingredient (bupivacaine) in EXPAREL is eliminated from the body. EXPAREL should not be injected into the spine, joints, or veins. The active ingredient in EXPAREL can affect the nervous system and the cardiovascular system; may cause an allergic reaction; may cause damage if injected into the joints; and can cause a rare blood disorder.
About ZILRETTA®
On
Indication and Select Important Safety Information for ZILRETTA
Indication: ZILRETTA is indicated as an intra-articular injection for the management of OA pain of the knee. Limitation of Use: The efficacy and safety of repeat administration of ZILRETTA have not been demonstrated.
Contraindication: ZILRETTA is contraindicated in patients who are hypersensitive to triamcinolone acetonide, corticosteroids or any components of the product.
Warnings and Precautions:
- Intra-articular Use Only: ZILRETTA has not been evaluated and should not be administered by epidural, intrathecal, intravenous, intraocular, intramuscular, intradermal, or subcutaneous routes. ZILRETTA should not be considered safe for epidural or intrathecal administration.
- Serious Neurologic Adverse Reactions with
Epidural and Intrathecal Administration : Serious neurologic events have been reported following epidural or intrathecal corticosteroid administration. Corticosteroids are not approved for this use. - Hypersensitivity reactions: Serious reactions have been reported with triamcinolone acetonide injection. Institute appropriate care if an anaphylactic reaction occurs.
- Joint infection and damage: A marked increase in joint pain, joint swelling, restricted motion, fever and malaise may suggest septic arthritis. If this occurs, conduct appropriate evaluation and if confirmed, institute appropriate antimicrobial treatment.
Adverse Reactions: The most commonly reported adverse reactions (incidence ≥1%) in clinical studies included sinusitis, cough, and contusions.
Please see ZILRETTALabel.com for full Prescribing Information.
About iovera°®
The iovera° system uses the body’s natural response to cold to treat peripheral nerves and immediately reduce pain without the use of drugs. Treated nerves are temporarily stopped from sending pain signals for a period of time, followed by a restoration of function. Treatment with iovera° treatment works by applying targeted cold to a peripheral nerve. A precise cold zone is formed under the skin that is cold enough to immediately prevent the nerve from sending pain signals without causing damage to surrounding structures. The effect on the nerve is temporary, providing pain relief until the nerve regenerates and function is restored. Treatment with iovera° does not include injection of any substance, opioid, or any other drug. The effect is immediate and can last up to 90 days. The iovera° system is not indicated for treatment of central nervous system tissue. Additional information is available at www.iovera.com.
Important Safety Information for iovera°®
The iovera° system is contraindicated for use in patients with the following: Cryoglobulinemia; Paroxysmal cold hemoglobinuria; cold urticaria; Raynaud’s disease; open and/or infected wounds at or near the treatment line. Potential complications: As with any surgical treatment that uses needle-based therapy, there is potential for temporary site-specific reactions, including but not limited to: bruising (ecchymosis); swelling (edema); inflammation and/or redness (erythema); pain and/or tenderness; altered sensation (localized dysesthesia). Typically, these reactions resolve with no physician intervention. Patients may help the healing process by applying ice packs to the affected sites, and by taking over-the-counter analgesics.
Forward-Looking Statements
Any statements in this press release about Pacira’s future expectations, plans, trends, outlook, projections and prospects, and other statements containing the words “believes,” “anticipates,” “plans,” “estimates,” “expects,” “intends,” “may,” “will,” “would,” “could,” “can” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements related to the acquisition of
(Tables to Follow)
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
2022 | 2021 | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 109,424 | $ | 585,578 | |
Short-term available-for-sale investments | 219,301 | 70,831 | |||
Accounts receivable, net | 93,471 | 96,318 | |||
Inventories, net | 96,799 | 98,550 | |||
Prepaid expenses and other current assets | 14,416 | 14,771 | |||
Total current assets | 533,411 | 866,048 | |||
Noncurrent available-for-sale investments | 17,394 | — | |||
Fixed assets, net | 193,646 | 188,401 | |||
Right-of-use assets, net | 69,662 | 76,410 | |||
157,361 | 145,175 | ||||
Intangible assets, net | 581,002 | 623,968 | |||
Deferred tax assets | 155,531 | 153,364 | |||
Investments and other assets | 26,358 | 21,987 | |||
Total assets | $ | 1,734,365 | $ | 2,075,353 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
Current liabilities: | |||||
Accounts payable | $ | 12,933 | $ | 10,543 | |
Accrued expenses | 76,357 | 127,555 | |||
Lease liabilities | 8,364 | 7,891 | |||
Convertible senior notes, net | — | 350,466 | |||
Current portion of long-term debt, net | 33,872 | 24,234 | |||
Income taxes payable | — | 429 | |||
Total current liabilities | 131,526 | 521,118 | |||
Convertible senior notes, net | 404,151 | 339,267 | |||
Long-term debt, net | 309,848 | 335,263 | |||
Lease liabilities | 65,401 | 71,727 | |||
Contingent consideration | 34,204 | 57,598 | |||
Other liabilities | 19,112 | 19,972 | |||
Total stockholders’ equity | 770,123 | 730,408 | |||
Total liabilities and stockholders’ equity | $ | 1,734,365 | $ | 2,075,353 |
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended | Nine Months Ended | ||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||
Net product sales: | |||||||||||
EXPAREL | $ | 132,642 | $ | 121,926 | $ | 398,854 | $ | 366,663 | |||
ZILRETTA | 26,494 | — | 77,546 | — | |||||||
iovera° | 4,467 | 4,182 | 10,694 | 11,264 | |||||||
Bupivacaine liposome injectable suspension | 2,957 | 683 | 5,469 | 2,465 | |||||||
Total net product sales | 166,560 | 126,791 | 492,563 | 380,392 | |||||||
Royalty revenue | 906 | 931 | 2,305 | 1,822 | |||||||
Collaborative licensing and milestone revenue | — | — | — | 125 | |||||||
Total revenues | 167,466 | 127,722 | 494,868 | 382,339 | |||||||
Operating expenses: | |||||||||||
Cost of goods sold | 50,678 | 34,651 | 137,379 | 101,248 | |||||||
Research and development | 19,405 | 11,578 | 67,292 | 40,031 | |||||||
Selling, general and administrative | 61,283 | 47,856 | 190,546 | 147,191 | |||||||
Amortization of acquired intangible assets | 14,322 | 1,967 | 42,966 | 5,900 | |||||||
Acquisition-related charges (gains) and other | 489 | 237 | (13,232) | 2,256 | |||||||
Total operating expenses | 146,177 | 96,289 | 424,951 | 296,626 | |||||||
Income from operations | 21,289 | 31,433 | 69,917 | 85,713 | |||||||
Other (expense) income: | |||||||||||
Interest income | 1,234 | 177 | 1,757 | 816 | |||||||
Interest expense | (9,856) | (7,333) | (28,935) | (21,327) | |||||||
Other, net | (10,598) | (46) | (11,369) | (2,600) | |||||||
Total other expense, net | (19,220) | (7,202) | (38,547) | (23,111) | |||||||
Income before income taxes | 2,069 | 24,231 | 31,370 | 62,602 | |||||||
Income tax expense | (2,762) | (6,571) | (5,359) | (15,492) | |||||||
Net (loss) income | $ | (693) | $ | 17,660 | $ | 26,011 | $ | 47,110 | |||
Net (loss) income per share: | |||||||||||
Basic net (loss) income per common share | $ | (0.02) | $ | 0.40 | $ | 0.57 | $ | 1.07 | |||
Diluted net (loss) income per common share(1) | $ | (0.02) | $ | 0.39 | $ | 0.56 | $ | 1.03 | |||
Weighted average common shares outstanding: | |||||||||||
Basic | 45,831 | 44,476 | 45,400 | 44,151 | |||||||
Diluted(1) | 45,831 | 45,463 | 52,220 | 45,674 | |||||||
(1) Upon adoption of Accounting Standards Update, or ASU, 2020-06 on |
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands, except per share amounts)
(unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
GAAP net income | $ | (693 | ) | $ | 17,660 | $ | 26,011 | $ | 47,110 | ||||||
Non-GAAP adjustments: | |||||||||||||||
Collaborative licensing and milestone revenue | — | — | — | (125 | ) | ||||||||||
Acquisition-related charges (gains) and other | 489 | 237 | (13,232 | ) | 2,256 | ||||||||||
Step-up of acquired Flexion fixed assets and inventory to fair value | 1,973 | — | 5,758 | — | |||||||||||
Stock-based compensation | 12,682 | 10,784 | 35,415 | 31,356 | |||||||||||
Amortization of debt discount | 695 | 5,844 | 2,107 | 17,245 | |||||||||||
Amortization of acquired intangible assets | 14,322 | 1,967 | 42,966 | 5,900 | |||||||||||
Impairment on investment | 10,000 | — | 10,000 | — | |||||||||||
Loss on investment | — | — | — | 2,584 | |||||||||||
Tax impact of non-GAAP adjustments | (9,618 | ) | (3,959 | ) | (25,274 | ) | (14,007 | ) | |||||||
Total Non-GAAP adjustments | 30,543 | 14,873 | 57,740 | 45,209 | |||||||||||
Non-GAAP net income | $ | 29,850 | $ | 32,533 | $ | 83,751 | $ | 92,319 | |||||||
GAAP basic net (loss) income per common share | $ | (0.02 | ) | $ | 0.40 | $ | 0.57 | $ | 1.07 | ||||||
GAAP diluted net (loss) income per common share(1) | $ | (0.02 | ) | $ | 0.39 | $ | 0.56 | $ | 1.03 | ||||||
Non-GAAP basic net income per common share | $ | 0.65 | $ | 0.73 | $ | 1.84 | $ | 2.09 | |||||||
Non-GAAP diluted net income per common share(1) | $ | 0.64 | $ | 0.72 | $ | 1.80 | $ | 2.02 | |||||||
Weighted average common shares outstanding - basic | 45,831 | 44,476 | 45,400 | 44,151 | |||||||||||
Weighted average common shares outstanding - diluted | 45,831 | 45,463 | 52,220 | 45,674 | |||||||||||
Non-GAAP weighted average common shares outstanding - diluted(1) | 46,526 | 45,463 | 46,612 | 45,674 | |||||||||||
(1) Upon adoption of ASU 2020-06 on | |||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Information (continued) (in thousands, except per share amounts) (unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Cost of goods sold reconciliation: | |||||||||||||||
GAAP cost of goods sold | $ | 50,678 | $ | 34,651 | $ | 137,379 | $ | 101,248 | |||||||
Step-up of acquired Flexion fixed assets and inventory to fair value | (1,973 | ) | — | (5,758 | ) | — | |||||||||
Stock-based compensation | (1,599 | ) | (1,512 | ) | (4,429 | ) | (4,429 | ) | |||||||
Non-GAAP cost of goods sold | $ | 47,106 | $ | 33,139 | $ | 127,192 | $ | 96,819 | |||||||
Research and development reconciliation: | |||||||||||||||
GAAP research and development | $ | 19,405 | $ | 11,578 | $ | 67,292 | $ | 40,031 | |||||||
Stock-based compensation | (1,783 | ) | (1,156 | ) | (4,761 | ) | (3,591 | ) | |||||||
Non-GAAP research and development | $ | 17,622 | $ | 10,422 | $ | 62,531 | $ | 36,440 | |||||||
Selling, general and administrative reconciliation: | |||||||||||||||
GAAP selling, general and administrative | $ | 61,283 | $ | 47,856 | $ | 190,546 | $ | 147,191 | |||||||
Stock-based compensation | (9,300 | ) | (8,116 | ) | (26,225 | ) | (23,336 | ) | |||||||
Non-GAAP selling, general and administrative | $ | 51,983 | $ | 39,740 | $ | 164,321 | $ | 123,855 | |||||||
Weighted average shares outstanding - diluted reconciliation: | |||||||||||||||
GAAP weighted average common shares outstanding - diluted | 45,831 | 45,463 | 52,220 | 45,674 | |||||||||||
Dilutive impact on Non-GAAP net income(1) | 695 | — | — | — | |||||||||||
Modified if-converted method adjustment(2) | — | — | (5,608 | ) | — | ||||||||||
Non-GAAP weighted average common shares outstanding - diluted | 46,526 | 45,463 | 46,612 | 45,674 | |||||||||||
(1) As the Company reported a GAAP net loss for the three months ended (2) On a non-GAAP basis, the "if-converted" method was modified so that interest expense is not added back to the numerator, and the denominator would only include any incremental shares that would be issued for the conversion premium as the Company intends to settle the principal amount of its 2025 convertible senior notes in cash. For the three and nine months ended |
Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA (Non-GAAP)
(in thousands)
(unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
GAAP net (loss) income | $ | (693 | ) | $ | 17,660 | $ | 26,011 | $ | 47,110 | ||||||
Interest income | (1,234 | ) | (177 | ) | (1,757 | ) | (816 | ) | |||||||
Interest expense(1) | 9,856 | 7,333 | 28,935 | 21,327 | |||||||||||
Income tax expense | 2,762 | 6,571 | 5,359 | 15,492 | |||||||||||
Depreciation expense | 5,878 | 3,763 | 18,130 | 9,578 | |||||||||||
Amortization of acquired intangible assets | 14,322 | 1,967 | 42,966 | 5,900 | |||||||||||
EBITDA | 30,891 | 37,117 | 119,644 | 98,591 | |||||||||||
Other adjustments: | |||||||||||||||
Acquisition-related charges (gains) and other(2) | 489 | 237 | (14,437 | ) | 2,256 | ||||||||||
Step-up of acquired Flexion inventory to fair value | 1,172 | — | 3,353 | — | |||||||||||
Stock-based compensation | 12,682 | 10,784 | 35,415 | 31,356 | |||||||||||
Collaborative licensing and milestone revenue | — | — | — | (125 | ) | ||||||||||
Impairment on investment | 10,000 | — | 10,000 | — | |||||||||||
Loss on investment | — | — | — | 2,584 | |||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 55,234 | $ | 48,138 | $ | 153,975 | $ | 134,662 |
(1) Includes amortization of debt discount and debt issuance costs
(2) Excludes any depreciation expense included in EBITDA above
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) includes GAAP to non-GAAP adjustments that reflect how the Company’s management analyzes its financial results. The adjusted EBITDA figures presented here are unlikely to be comparable with adjusted EBITDA disclosures released by other companies.
Reconciliation of GAAP to Non-GAAP 2022 Financial Guidance
(in millions)
GAAP to Non-GAAP Guidance | GAAP | Stock-Based Compensation | Non-GAAP | |||
Research and development expense | ||||||
Selling, general and administrative expense | ||||||
Stock-based compensation | — | — |
Investor Contact:Susan Mesco , (973) 451-4030 susan.mesco@pacira.com Media Contact:Coyne Public Relations Kristin Capone , (973) 588-2108 kcapone@coynepr.com
Source:
2022 GlobeNewswire, Inc., source