Pacira Pharmaceuticals, Inc. (PCRX)

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Pacira Pharmaceuticals Inc (PCRX)

Q2 2013 Earnings Conference Call

August 06, 2013 / 9:00 a.m. ET


Dave Stack – President and CEO

Jim Scibetta – CFO

Jessica Cho – IR Associate


David Amsellem – Piper Jaffray & Co.

Richard Lau – Wedbush Securities

Douglas Tsao – Barclays Capital


Thank you for joining Pacira Pharmaceuticals second 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

Thank you and good morning, everyone. Welcome to Pacira's second-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 support 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 plans to expand the indications of EXPAREL to include nerve block; Pacira's plans to continue to manufacture and provide support services for commercial partners who have licensed DepoCyt; the Company's commercialization and marketing capabilities; and other statements containing the words "beliefs," "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 investor section of the Pacira website at www.Pacira.com or on the SEC website at www.SEC.gov.

Dave Stack

Thanks, Jessica. Good morning, everyone, and thank you for joining us today. Today we will primarily be discussing, about EXPAREL, our novel treatment for postsurgical pain management, which we launched commercially in the United States in April of 2012.

EXPAREL is the first and only long-acting multivascular liposome local anesthetic for use in a peri or post-surgical setting. They utilizes our proprietary DepoFoam technology to improve local analgesia for up to 72 hours with a reduced need for opioids.

EXPAREL remains the principal focus for Pacira today, as we continue to deliver on commercial success.

We plan to continue to build upon the EXPAREL brand through multiple clinical trials and initiative the use of EXPAREL use among key hospital and ambulatory surgery audiences as well as the expansion of the current label.

The second quarter was strong. We reported net sales of $15.2 million for EXPAREL, up 46% from the $10.4 million in the previous quarter.

As of the end of the second quarter, 1,435 distinct accounts have ordered EXPAREL since launch, a 35% increase over the prior quarter. In addition, as evidenced of the breadth of adoption of EXPAREL, we now have over a hundred hospitals, which have ordered more than $100,000 worth of EXPAREL since launch; a mile stone achievement in hospital penetration.

We recorded 370 new customers in the second quarter finishing the quota with an average of 30 new customers per week.

Not only do we continue to build momentum within existing accounts but also and across an increasingly broad range of surgical specialties and hospitals.

Our initial launch audience of could he colorectal general and plastic surgeons continue to expand the use of EXPAREL through open surgical and laparoscopic procedures. Abdominal soft tissue procedures saw increase use of EXPAREL through our iTAP initiative.

iTAP is short for infiltration into the transfers abdominal plasti, which is done under ultrasound guidance. Importantly this procedure is typically performed by anesthesiologist and other hospital audiences, who contributes to – [browning] market acceptance of the low opioid pain management strategy.

Along with anesthesiologist, orthopedic surgeons remain the key driver of formulary approvals in Q2 through the removal of restrictions in hospitals, which had previously approved EXPAREL with it's – with restrictions or through new formulary approvals without any restrictions.

From the current base of knee and hip procedures, we witnessed growing interest in shoulder, foot and ankle, as well as wrist and hand surgeries. We are working with our orthopedic customers through our own Pacira customer-touching resources, as well as through our orthopedic pilot program, where we have trained orthopedic distributor representatives on appropriate use of EXPAREL.

Department of Defense formulary wins also continue to major U.S. Navy and VA system hospitals, and these remain an important driver of our broad-base growth strategy.

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