Pacira BioSciences (NASDAQ:PCRX) reports preliminary 2Q20 revenue of $75.5M, down from $102.6M in 2Q19, driven by the negatively impacted EXPAREL sales due to COVID-19 disruptions.
Average daily sales of EXPAREL were 30% and 81% of the prior year in April and May, respectively, while June rebounded to 107%.
EXPAREL net Q2 sales were $73.0M, down 26% from $98.9M a year ago.
Sales of iovera° were $1.4M vs. $2M last year and royalty revenue was $0.3M compared to $0.8M a year ago.
On another note, the company has proposed a direct offering of $300M convertible senior notes due 2025 with initial purchasers’ over-allotment option of additional $45M worth notes. Interest rate and others terms are yet to be determined.
It intends to use net proceeds to repurchase part of its 2.375% convertible senior notes and for general corporate purposes.
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