Pacira BioSciences, Inc. (NASDAQ:PCRX) Q4 2022 Results Conference Call February 28, 2023 8:30 AM ET

Company Participants

Susan Mesco - Head, Investor Relations

Dave Stack - Chairman & Chief Executive Officer

Roy Winston - Chief Medical Officer

Charlie Reinhart - Chief Financial Officer

Conference Call Participants

David Amsellem - Piper Sandler

Glen Santangelo - Jefferies

Gregory Renza - RBC Capital Markets

Oren Livnat - H.C. Wainwright

Andreas Argyrides - Wedbush

Greg Fraser - Truist Securities

Operator

Good day and thank you for standing by. Welcome to the Quarter Four 2022 Pacira BioSciences, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to Susan Mesco. Please go ahead.

Susan Mesco

Thank you, Chris, and good morning, everyone. Welcome to today's conference call to discuss our fourth quarter 2022 financial results. Joining me on the call are Dave Stack, Chairman and Chief Executive Officer; Roy Winston, Chief Medical Officer; and Charlie Reinhart, Chief Financial Officer. Additional members of our executive team are here for today's question-and-answer session.

Before we begin, let me remind you that this call will include forward-looking statements based on current expectations. Such statements represent our judgment as of today and may involve risks and uncertainties. For information concerning risk factors that could affect the Company, please refer to the Company's filings with the SEC, which are available from the SEC or our website.

With that, I will now turn the call over to Dave Stack.

Dave Stack

Thank you, Susan. Good morning, everyone, and thank you for joining us. We'll start today's call with prepared remarks covering recent business highlights before turning to your questions. 2022 was another strong year for Pacira as we continue to outperform the elective surgery market, operating from a position of financial strength.

We posted record revenues of $667 million in 2022, a 23% increase over 2021. Our growing top line, combined with ongoing operating discipline drove significantly positive adjusted EBITDA of $213 million for the year and $59 million for the quarter, and adjusted diluted earnings per share of $2.59 for the year and $0.80 for the quarter.

Our performance allows us to fund internal and external growth initiatives while also optimizing our balance sheet with the planned prepayment of our term loan B. This marks our ninth consecutive year of positive adjusted earnings and impressive records that we are proud of.