Pacira Pharmaceuticals, Inc.
) reported first quarter 2013 net loss per share of 60 cents,
wider than the Zacks Consensus Estimate of a loss of 49 cents and
the year-ago loss of 47 cents.
First quarter revenues rose 48.5% year over year to $11.6
million, below the Zacks Consensus Estimate of $13 million.
Net revenues included product revenues, collaborative
licensing and development revenue and royalty revenues. Net
Exparel revenues were $10.4 million. Exparel, indicated for
administration into the surgical site to produce postsurgical
analgesia, was launched in Apr 2012. In the first year of launch,
it generated revenues of $25.1 million.
At the end of the reported quarter, 1,065 distinct customers
ordered Exparel, an increase of 30% sequentially. Pacira reported
an average of 22 new customers per week as of Mar 31, 2013 since
Major hospital system wins, rapid adoption in the lucrative
orthopedic market, increased formulary access and adoption by the
Department of Defense, the removal of formulary restrictions and
improved physician access should drive Exparel sales.
Pacira remains on track with its plans to expand manufacturing
facility and anticipates receiving FDA approval for the newly
installed manufacturing facility, Suite C in early 2014.
Research and development expenses soared 356.3% year over year
to $5.9 million, mainly due to costs associated with the
development of Exparel as a femoral nerve block for total knee
arthroplasty surgery and intercostal nerve block for thoracotomy.
Selling, general and administrative expenses increased 16% year
over year to $12.9 million, primarily driven by commercialization
efforts for Exparel.
Pacira currently carries a Zacks Rank #4 (Sell). Currently,
Lannett Company, Inc.
Catalyst Pharmaceutical Partners Inc.
look more attractive with a Zacks Rank #1 (Strong Buy).
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