Pacira Biosciences Inc. (NASDAQ:PCRX) Q2 2022 Results Conference Call August 3, 2022 8:30 AM ET

Company Participants

Susan Mesco - Head, IR

Dave Stack - Chairman, CEO

Charlie Reinhart - CFO

Conference Call Participants

David Amsellem - Piper Sandler

Chris Neyor - JP Morgan

Balaji Prasad - Barclays

Gregory Renza - RBC Capital Markets

Greg Fraser - Truist Securities

Serge Belanger - Needham

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Pacira BioScience's Second Quarter 2022 Earnings Call. [Operator Instructions]

I would now like to turn the call over to Susan Mesco, Head of Investor Relations. Please go ahead.

Susan Mesco

Thank you, Paula, and good morning, everyone. Welcome to today's conference call to discuss our second quarter 2022 financial results. Joining me on today's call are Dave Stack, Chairman and Chief Executive 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 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 begin today's discussion with brief prepared remarks to cover recent business highlights before turning to your questions. I continue to be proud of our team and its performance. We posted record revenue for the second quarter and continue to drive innovation in non-opioid pain management with notable progress across our portfolio throughout the first half of the year.

Second quarter EXPAREL sales were $137 million, making it the second highest quarter ever for the product. ZILRETTA was also a key contributor for the quarter, with sales exceeding $27 million, underscoring the rationale for our Flexion acquisition last year and the success of our integration. Despite ongoing headwinds, including labor shortages, COVID intrusions, reduced hospital services decreased hours at ambulatory surgery centers and the impact of inflation on certain elective procedures, EXPAREL continues to outpace the elective surgery market recovery with expanded utilization across all target market in sites of care.

I invite you to review our most recent IQVIA data in the Investor Relations section of our website. Strong sales combined with operating discipline allowed us to deliver significantly positive adjusted EBITDA of $44.9 million, marking our 21st consecutive quarter of positive adjusted EBITDA. We are proud of this record and our ability to manage our business across a variety of unpredictable market conditions. I can unequivocally say that Pacira has consistently delivered.