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Actionable news in PCRX: Pacira Pharmaceuticals, Inc.,

Pacira Pharmaceuticals, Inc. Reports

The following excerpt is from the company's SEC filing.

Quarter 2015 Financial Results

-- Total Revenues of $62.2 Million in Third Quarter --


Net Revenues of $59.7 Million in Third Quarter --

-- Conference Call Today at 9 a.m. ET --


October 27, 2015

— Pacira Pharmaceuticals, Inc. (NASDAQ: PCRX) today provided updates on EXPAREL® (bupivacaine liposome injectable suspension) for postsurgical pain in the United States and announced consolidated financial results for the

quarter ended

September 30, 2015

"Third quarter EXPAREL revenues grew

19 percent

ove r the same period last year," said Dave Stack, chief executive officer and chairman of Pacira. "These positive results, in a quarter that is seasonally low on procedure volume, demonstrate the continued progress in addressing the marketplace challenges that have impacted this year’s sales trajectory. We remain confident in our outlook as we position ourselves for future growth on multiple fronts. We continue to make strategic appointments to key leadership roles and further the development of internal and external opportunities for EXPAREL and beyond."

Recent Highlights

Legal Action Update:

In September, Pacira filed a lawsuit against the U.S. Food and Drug Administration (FDA), seeking to exercise its lawful rights to communicate truthful and non-misleading information about EXPAREL. The complaint outlined the company’s belief that the FDA had violated the Administrative Procedure Act (APA), First Amendment, Fifth Amendment and its own guidance materials and precedent by threatening enforcement action for promoting EXPAREL consistent with its approved indication. On October 22, 2015, the judge granted an order filed by the FDA requesting an extension to file their opposition brief and responsive pleadings to November 16, 2015, stating that the parties are engaging in settlement discussions in hopes of resolving the case or narrowing the dispute. An additional extension of 39 days was recently sent to the judge for approval.

Management Team Continues to Expand in Support of Future Growth Opportunities:

In August, Pacira announced the appointment of James B. Jones, MD, PharmD, to the position of senior vice president and chief medical officer. He will be responsible for overseeing and guiding the company’s clinical research and development efforts for the expanded uses of EXPAREL and the company’s DepoFoam® pipeline of products. Pacira also announced last week that James S. Scibetta had been appointed president. Reporting to Dave Stack, he will be responsible for the day-to-day operations and tactical execution of the company’s Customer and Patient Solutions group, comprised of customer-facing resources, and will continue to oversee the Pacira Science Center Campus activities. He will continue to serve as chief financial officer while Pacira conducts its search for his successor.

• EXPAREL net product revenues were

$59.7 million

quarter of 2015, compared to

$50.2 million

quarter of 2014.

• Total revenues were

$62.2 million

$52.0 million

• Total operating expenses were

$57.1 million

$53.0 million

• GAAP net income was

$3.1 million

per share (basic and diluted), in the

quarter of 2015, compared to a GAAP net loss of

$3.0 million

• Non-GAAP net income was

$12.9 million

per share (basic) and

per share (diluted), in the

quarter of 2015, compared to a non-GAAP net income of

$5.7 million

• Pacira ended the

quarter of 2015 with cash and cash equivalents, short-term investments and long-term investments ("cash") of

$164.4 million

• Pacira had

36.7 million

basic and

41.0 million

diluted weighted average shares of common stock outstanding in the

quarter of 2015.

2015 Outlook

Excluding stock-based compensation, Pacira affirms that it expects the following non-GAAP operating expenses for 2015:

• Research and development (R&D) expense of $20 million to $25 million.

• Selling, general and administrative (SG&A) expense of $115 million to $125 million.

Today’s Conference Call and Webcast Reminder

The Pacira management team will host a conference call to discuss the company’s financial results and recent developments today, Tuesday, October 27, 2015, at 9 a.m. ET. The call can be accessed by dialing 1-877-845-0779 (domestic) or 1-720-545-0035 (international) ten minutes prior to the start of the call and providing the Conference ID 93531752.

A replay of the call will be available approximately two hours after the completion of the call and can be accessed by dialing 1-855- 859-2056 (domestic) or 1-404-537-3406 (international) and providing the Conference ID 93531752. The replay of the call will be available for two weeks from the date of the live call.

The live, listen-only webcast of the conference call can also be accessed by visiting the "Investors &...