Pacira BioSciences, Inc. (NASDAQ:PCRX) Q3 2022 Earnings Conference Call November 3, 2022 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
Gregory Renza - RBC Capital Markets
Serge Belanger - Needham
Gary Nachman - BMO Capital Markets
Susan Mesco
Good morning everyone. Welcome to today's conference call to discuss our Third Quarter 2022 Financial Results. Joining me on today's 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 will join 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 our SEC filings 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 begin today's discussion with prepared remarks to cover recent business highlights before turning to your questions.
We are pleased to report our third quarter results which were a success across all measures including revenue growth, increased adjusted EBITDA, and value creation. On the clinical and regulatory front, beyond the recently reported positive results of our two Phase 3 lower extremity nerve block studies, we are poised to deliver several additional near-term milestones across our durable opioid-sparing portfolio.
Third quarter EXPAREL sales were $132.6 million with expanding utilization across all target markets and sites of care and year-over-year growth of 9% despite a challenging macro environment.
The third quarter also marked the 11 million patients treated with EXPAREL in the United States. We began to see improvement in year-over-year EXPAREL growth trends beginning in mid-August culminating with September average daily sales exceeding 2021 by 13%.
Strong sales combined with operating discipline allowed us to deliver significantly positive adjusted EBITDA of $55 million, marking our 22nd consecutive quarter of positive adjusted EBITDA. We are pleased with this impressive record and the execution of our team in a challenging operating environment. We can unequivocally say that despite these unpredictable market conditions, Pacira has consistently delivered.