Pacira Pharmaceuticals, Inc. (PCRX)

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Pacira Pharmaceuticals, Inc. (PCRX)

Q1 2013 Earnings Conference Call

May 8, 2013 09:00 ET


Jessica Cho - Investor Relations

Dave Stack - President and Chief Executive Officer

Jim Scibetta - Chief Financial Officer


Richard Lau - Wedbush Securities

David Amsellem - Piper Jaffray

Douglas Tsao - Barclays

Corey Davis - Jefferies

Patti Bank - DISCERN Securities



Thank you for joining us for Pacira Pharmaceuticals’ First Quarter 2013 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Following the formal remarks, Pacira’s management team will open the lines for a question-and-answer period. Please be advised that this call is being recorded at the company’s request and will be archived on the company’s website for two weeks from today’s date.

At this time, I would like to introduce Jessica Cho of Pacira Pharmaceuticals. Please go ahead.

Jessica Cho - Investor Relations

Thank you, and good morning, everyone. Welcome to Pacira’s first quarter 2013 financial results conference call. Joining me on the call today from Pacira are Dave Stack, President and Chief Executive Officer; and Jim Scibetta, Chief Financial Officer.

Before I turn the call over to the management team for their prepared remarks, I would like to remind you that certain remarks made by management during this call about the company’s future expectations, plans and prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements about the company’s future expectations, plans and prospects include statements regarding the company’s plans and expectations regarding EXPAREL, the success of our sales and manufacturing efforts in the part of the commercialization of EXPAREL, the rate and degree of market acceptance of EXPAREL, the size and growth of the potential markets for EXPAREL, and the company’s ability to serve those markets, Pacira’s plan to expand that indications of EXPAREL to include nerve block, serious plans to continue to manufacture and provide support services for commercial partners who have licensed DepoCyt(e), the company’s commercialization and marketing capabilities and other statements containing the words believes, anticipates, plans, expects, and similar expressions.

Any such forward-looking statements are based on assumptions that the company believes are reasonable, but are subject to a wide range of risks and uncertainties. Actual results may differ materially from those expressed or implied by such forward-looking statements. Many of these and other risks and uncertainties are described in the Risk Factors section of Pacira’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and in other filings with the SEC, which are available through the Investors section of the Pacira website, at www.pacira.com or on the SEC website at www.sec.gov.

Dave Stack - President and Chief Executive Officer

Thanks, Jessica. Good morning, everyone, and thank you for joining us today. Today we will primarily be talking about EXPAREL, our novel treatment for post-surgical pain management, which we launched commercially in the United States in April of 2012. The first and only multivesicular liposome local anesthetic for use in the peri or post-surgical settings, EXPAREL uses our proprietary DepoFoam technology to improve local analgesia for up to 72 hours with a reduced need for opioids.

With the first full year of EXPAREL sales now complete, we continue to build momentum through both new accounts and expanded use within existing accounts. During this quarter, we reported net sales of $10.4 million for EXPAREL, up 33% from the $7.8 million in the previous quarter. As of the end of the first quarter, 1,065 distinct customers have ordered EXPAREL, an increase of over 30% from the fourth quarter. Of this total, 308 customers ordered six times or more, up 61% from the preceding quarter, while 175 customers ordered 10 times or more, up 59% from the fourth quarter of 2012. We also maintain an average of 22 new customers per week as of the first quarter and now have access in orders from over 90% of the top 100 target hospital accounts in the United States and 64% of the top 500 targeted hospital accounts.

As you can see from the continued growth from new customers and expanded use from existing customers, we are very pleased with how the launch of EXPAREL has gone and the rapid adoption by a number of surgical specialties and anesthesia physicians. When you do what we do, hearing everyday from physicians and nurses how EXPAREL has improved the quality of patient care and patient satisfaction, we are energized to work with our customers on expanding the access to this important product and to educate healthcare providers on appropriate patient selection and infiltration technique.

Our 1 January for the launch year was helpful in shedding light on ongoing market dynamics of seasonality. Plastic surgery, a significant driver of our December EXPAREL growth was slower in January. In addition, as has been reported by other companies working in the acute care hospital space, we saw pronounced growth in December as patients rushed through a surgery before increasing year-end insurance deductibles. This market acceleration did not carry into the first quarter, as many of these patients canceled elective procedures based on these increasing deductibles in the New Year and their inability to pay.

Coupled with the seasonal impact of winter weather and the reports of the lack of hospital beds for elective procedures based on the flu epidemic, the net effect was a relatively soft January when compared to our very active December. It is key to point out though that we continue to report sales trend and acceleration in February and March and in the quarter on a strong note as expected. As many of you will know, this analysis does not conform to the monthly reports from the national tracking services, furthering our belief that at least at this point in the launch, data from tracking services are not reliable as forecasting tools.

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