The Parsippany, N.J.-based company posted a net loss of -$19.7 million, or -49¢ per share, on sales of $70.9 million for the 3 months ended June 30, for bottom-line loss of -148% on sales growth of 2% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -11¢, behind consensus on The Street, where analysts were looking for sales of $73.8 million.
“We are pleased to report another quarter of solid Exparel growth and remain on track to deliver our full-year financial guidance,” chairman & CEO Dave Stack said in prepared remarks. “We continue to successfully advance our strategy to expand the role of Exparel as the only single-dose long-acting local analgesic for postsurgical pain. On the clinical front, we published the results of our phase 4 study in a top-tier journal highlighting the statistically significant superiority of Exparel over bupivacaine for reducing or even eliminating opioids while also providing a statistically significant improvement in postsurgical pain for total knee arthroplasty surgery.”
“In addition, our nerve block studies are now complete and leave us well positioned to resubmit our sNDA later this year. Finally, we continue to be very encouraged by the progress of our J&J partnership with their sales and medical education teams now actively supporting Exparel in the orthopedic space. Looking ahead, we are very confident in the near- and long-term prospects for Exparel,” he added.
PCRX shares were trading at $38.15 apiece today in afternoon activity, down -2.6%.