 -- EXPAREL average daily sales return to year-over-year growth in month of June 2020 -- -- Conference call today at 8:30 a.m. ET --PARSIPPANY, N.J., Aug. 06, 2020 GLOBE NEWSWIRE -- Pacira BioSciences, Inc. Nasdaq: PCRX, a leading provider of innovative non-opioid pain management options, today reported financial results for the second quarter of 2020.We are very pleased to report that since the peak of the impact from COVID-19 in April, weve seen a steady and continued increase in EXPAREL sales. This is a testimony to the resolve of our physician partners who are dedicated to ensuring that patients receive their much-needed surgeries, particularly in the ambulatory setting, said Dave Stack, chairman and chief executive officer of Pacira BioSciences. This pandemic has accelerated the shift of inpatient procedures to the 23-hour stay environment and we are well positioned to lead the way with our innovative opioid alternatives.Today, we are in a stronger position than ever as we wind down our partnership with DePuy Synthes and take full ownership of the EXPAREL franchise. Our recent financing strengthens our financial foundation and supports our strategy to expand our footprint in non-opioid pain management and regenerative health solutions while simultaneously ramping the top and bottom lines, continued Mr. Stack.Second Quarter 2020 Financial Results Total revenues were 75.5 million in the second quarter of 2020, a 26 decrease versus the 102.6 million reported for the second quarter of 2019. EXPAREL net product sales were 73.0 million in the second quarter of 2020, a 26 decrease versus the 98.9 million reported for the second quarter of 2019. Second quarter 2020 iovera net product sales were 1.4 million, a 31 decrease versus the 2.0 million reported for the second quarter of 2019. Sales of bupivacaine liposome injectable suspension to a third-party licensee for use in veterinary practice were 0.8 million in the second quarter of 2020, compared to 0.9 million in the second quarter of 2019. Second quarter 2020 royalty revenues were 0.3 million, compared to 0.8 million in the second quarter of 2019. Total operating expenses were 82.7 million in the second quarter of 2020, compared to 97.3 million in the second quarter of 2019. Research and development RD expenses were 13.6 million in the second quarter of 2020, compared to 17.8 million in the second quarter of 2019. RD expenses include 6.1 million and 6.8 million of product development and manufacturing capacity expansion costs in the second quarters of 2020 and 2019, respectively. Selling, general and administrative SGA expenses were 43.3 million in the second quarter of 2020, compared to 49.1 million in the second quarter of 2019. GAAP net loss was 7.3 million, or 0.17 per share basic and diluted, in the second quarter of 2020, compared to GAAP net income of 2.7 million, or 0.07 per share basic and 0.06 per share diluted, in the second quarter of 2019. Non-GAAP net income was 5.0 million, or 0.12 per share basic and diluted, in the second quarter of 2020, compared to non-GAAP net income of 17.5 million, or 0.42 per share basic and 0.41 per share diluted, in the second quarter of 2019. Adjusted EBITDA was 8.5 million in the second quarter of 2020, versus adjusted EBITDA of 21.9 million in the second quarter of 2019. Pacira ended the second quarter of 2020 with cash, cash equivalents, short-term and long-term investments cash of 335.1 million. Cash used in operations was 15.6 million in the second quarter of 2020, compared to cash provided by operations of 22.8 million in the second quarter of 2019. Pacira had 42.2 million basic weighted average shares of common stock outstanding in the second quarter of 2020. For non-GAAP measures, Pacira had 42.9 million diluted weighted average shares of common stock outstanding in the second quarter of 2020.See Non-GAAP Financial Information below.Recent Highlights Preliminary net product sales for July 2020. Today the company also reported preliminary unaudited net product sales of EXPAREL and iovera of 38.1 million and 0.8 million, respectively, for the month of July 2020. Given the rapidly changing variables related to the COVID-19 pandemic, the company does not have sufficient visibility to accurately forecast the impact of the pandemic and is currently not providing full-year 2020 financial guidance. In order to provide greater transparency, the company plans to report monthly intra-quarter unaudited net product sales until it has gained sufficient visibility around the impacts of COVID-19. FDA acceptance of sNDA for EXPAREL use in pediatric patients. In August 2020, Pacira announced the U.S. Food and Drug Administration FDA has accepted the submission of its supplemental new drug application sNDA seeking expansion of the EXPAREL label to include single-dose infiltration to provide postsurgical analgesia in children aged six and over. The expected action date by the FDA under the Prescription Drug User Fee Act PDUFA is March 22, 2021. Issuance of 402.5 million aggregate principal amount of 0.750 convertible senior notes due 2025. In July 2020, Pacira issued 402.5 million in aggregate principal amount of convertible senior notes due 2025 in a private placement. Pacira used approximately 211.1 million of the net proceeds to repurchase 185.0 million aggregate principal amount of its outstanding 2.375 Convertible Senior Notes due 2022. Pacira intends to use the remainder of the net proceeds from the offering for general corporate purposes, including working capital, research and development expenditures and the license or acquisition of complementary products andor technologies. Conclusion of EXPAREL agreement with DePuy Synthes. In July 2020, Pacira announced the conclusion of its agreement with DePuy Synthes Sales Inc. to jointly market and promote the use of EXPAREL for orthopedic procedures in the United States. Under this collaboration, which began in January 2017, DePuy Synthes field representatives, specializing in joint reconstruction, spine, sports medicine, trauma and cranio-maxillofacial procedures, collaborate with the Pacira field teams to support EXPAREL use and education in orthopedic surgical settings. In addition to partnering with DePuy Synthes in support of orthopedic surgical procedures, Pacira field representatives have remained the overall EXPAREL account managers and commercial leads for soft tissue surgeons, anesthesiologists, and ambulatory surgery centers.Todays Conference Call and Webcast ReminderThe Pacira management team will host a conference call to discuss the companys financial results and recent developments today, Thursday, August 6, 2020, at 8:30 a.m. ET. To participate in the conference call, dial 1-877-845-0779 and provide the passcode 3276818. International callers may dial 1-720-545-0035 and use the same passcode. In addition, a live audio of the conference call will be available as a webcast. Interested parties can access the event through the Events page on the Pacira website at investor.pacira.com.For those unable to participate in the live call, a replay will be available at 1-855-859-2056 domestic or 1-404-537-3406 international using the passcode 3276818. The replay of the call will be available for one week from the date of the live call. The webcast will be available on the Pacira website for approximately two weeks following the call.Non-GAAP Financial InformationThis press release contains financial measures that do not comply with U.S. generally accepted accounting principles GAAP, such as non-GAAP net income, non-GAAP net income per share, non-GAAP cost of goods sold, non-GAAP gross margins, non-GAAP research and development RD expense, non-GAAP selling, general and administrative SGA expense and adjusted EBITDA, because such measures exclude acquisition-related charges gains and product discontinuation costs; stock-based compensation; amortization of debt discount; amortization of acquired intangible assets, an income tax benefit and step-up in basis of inventory in connection with the acquisition of MyoScience, Inc. and gain on investment.These measures supplement the companys financial results prepared in accordance with GAAP. Pacira management uses these measures to better analyze its financial results, estimate its future cost of goods sold, gross margins, RD expense and SGA expense outlook for 2020 and to help make managerial decisions. In managements opinion, these non-GAAP measures are useful to investors and other users of our financial statements by providing greater transparency into the operating performance at Pacira and its future outlook. Such measures should not be deemed to be an alternative to GAAP requirements or a measure of liquidity for Pacira. Non-GAAP measures are also unlikely to be comparable with non-GAAP disclosures released by other companies. See the tables below for a reconciliation of GAAP to non-GAAP measures, including adjusted EBITDA.About Pacira BioSciencesPacira BioSciences, Inc. Nasdaq: PCRX is a leading provider of non-opioid pain management and regenerative health solutions dedicated to advancing and improving outcomes for health care practitioners and their patients. The companys long-acting local analgesic, EXPAREL bupivacaine liposome injectable suspension was commercially launched in the United States in April 2012. EXPAREL utilizes DepoFoam, a unique and proprietary product delivery technology that encapsulates drugs without altering their molecular structure, and releases them over a desired period of time. 