Pacira BioSciences, Inc. reported significant financial developments in its Q3 2024 10-Q filing, highlighting both revenue growth and increased losses compared to the previous fiscal period. As of September 30, 2024, the company had cash and cash equivalents of $245.965 million, up from $153.298 million at the end of 2023. Short-term available-for-sale investments also rose to $207.845 million from $125.283 million, contributing to a total current asset increase to $689.969 million, compared to $509.994 million at the end of 2023. However, total current liabilities surged to $306.401 million from $97.383 million, leading to a decrease in total stockholders’ equity to $749.583 million from $870.130 million.
Net product sales for the three months ended September 30, 2024, reached $167.722 million, a 3% increase from $163.583 million in the same period of 2023. Total revenues for the quarter were $168.573 million, up from $163.926 million year-over-year. However, total operating expenses skyrocketed to $308.1 million from $146.205 million, resulting in a loss from operations of $(139.527) million, compared to a profit of $17.721 million in Q3 2023. The net loss for the quarter was $(143.466) million, a stark contrast to a net income of $10.858 million in the prior year.
For the nine months ended September 30, 2024, net product sales totaled $509.933 million, a 4% increase from $492.481 million in 2023. However, the company reported a net loss of $(115.601) million for the nine-month period, compared to a net income of $17.085 million in 2023. The substantial losses were attributed to a goodwill impairment of $163.243 million, following the FDA's approval of a generic competitor to its flagship product, EXPAREL, and a court ruling invalidating one of its patents.
Strategically, Pacira has been active in restructuring, with charges of $1.2 million in Q3 2024 related to employee termination benefits and contract termination costs, totaling $7.7 million for the nine months. The company initiated a restructuring plan in February 2024 to reshape its executive team and reallocate resources towards its U.S. commercial portfolio. Additionally, Pacira completed a private placement of $287.5 million in convertible senior notes due 2029, which contributed to a net cash increase of $92.667 million for the nine months ended September 30, 2024.
Overall, while Pacira BioSciences experienced revenue growth in its product lines, the financial results were heavily impacted by increased operating expenses and significant goodwill impairment, reflecting ongoing challenges in the competitive landscape.
About Pacira BioSciences, Inc.
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