Pacira BioSciences, Inc. (NASDAQ:PCRX) Q1 2022 Earnings Conference Call May 4, 2022 8:30 AM ET

Company Participants

Susan Mesco – Head-Investor Relations

Dave Stack – Chairman and Chief Executive Officer

Charlie Reinhart – Chief Financial Officer

Conference Call Participants

David Amsellem – Piper Sandler

Gregory Renza – RBC Capital Markets

Greg Fraser – Truist Securities

Anita Dushyanth – Berenberg Capital

Serge Belanger – Needham & Company

Evan Hua – BMO Capital

Operator

Thank you for standing by, and welcome to the Q1 2022 Pacira BioSciences Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentations, there'll be a question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded.

I would like to turn the conference over to your host, Ms. Susan Mesco, Head of Investor Relations. Please go ahead.

Susan Mesco

Thank you, Valerie, and good morning, everyone. Welcome to today's conference call to discuss our first 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 are joining 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 filings with the SEC, which are available on 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 a few prepared remarks to cover recent business highlights before turning to your questions, where we'd like to devote most of our time today. Pacira continues to drive innovation and non-opioid pain management with of notable progress taking place across our entire portfolio in the first quarter of 2022. We are pleased to cap off the first quarter with record high EXPAREL sales that exceeded $51 million for the month of March.

This is particularly impressive given the recent and ongoing pockets of persisting COVID-related operational disruptions in the elective surgery market, along with labor shortages, which continue across all surgical settings in the first quarter and especially around the Easter and Passover holidays in April. Strong top line sales coupled with our operational efficiency objectives continue to drive attractive adjusted EBITDA margins of over 34% for the first quarter, marking our 20th consecutive quarter of positive adjusted EBITDA.