Pacira BioSciences (PCRX) FY2021 results: revenue $542 million, up 26.0% on the year

Pacira BioSciences, Inc. (PCRX) reported revenue of $542 million for fiscal 2021, the year ended 31 December 2021, up 26.0% on the year before. Net income was $42 million, down 71.2%, and diluted earnings per share $0.92. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2022.

Revenue

$542 million

+26.0% on the year

FY2014FY2021

Operating margin

16.6%

10.8% a year earlier

FY2014FY2021

Net income

$42 million

-71.2% on the year

FY2014FY2021

Diluted EPS

$0.92

-72.4% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	542	430	421	+26.0%
Cost of revenue	140	117	107	+19.5%
Gross profit	401	312	314	+28.5%
Gross margin	74.1%	72.7%	74.7%
Research and development	55.5	59.4	72.1	-6.5%
Selling, general and administrative	199	194	201	+3.0%
Operating income	89.9	46.4	10.5	+94.0%
Operating margin	16.6%	10.8%	2.5%
Interest expense	31.8	25.7	23.6	+23.7%
Pre-tax income	56.4	20.1	-10.7	+180.8%
Income tax	14.4	-125	0.3
Effective tax rate	25.6%	-624.4%	n/a
Net income	42.0	146	-11.0	-71.2%
Net margin	7.8%	33.9%	-2.6%
Diluted EPS	$0.92	$3.33	-$0.27	-72.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	126	77.0	70.5	+63.2%
Capital expenditure	45.9	37.8	10.2	+21.3%
Free cash flow	79.9	39.2	60.4	+103.5%
Free cash flow margin	14.7%	9.1%	14.3%
Cash from investing	-20.8	-278	-128
Cash from financing	381	222	3.7	+71.2%
Depreciation and amortisation	28.5	19.9	19.6	+43.4%
Share-based compensation	42.2	39.9	33.6	+5.8%
Diluted shares, weighted	46m	44m	42m	+4.5%
Shares outstanding at period end	45m	44m	42m	+2.5%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	730	620	355	+17.9%
Debt	1,049	463	306	+126.8%
Operating lease liabilities	71.7	71.0	40.9	+1.0%
Other liabilities	224	121	129	+84.9%
Total liabilities and equity	2,075	1,275	831	+62.8%
Fixed assets	188	137	105	+37.8%
Goodwill	145	99.5	99.5	+45.8%
Intangible assets	624	96.5	104	+546.5%
Investments	70.8	517	279	-86.3%
Cash and equivalents	586	100.0	78.2	+485.8%
Receivables	96.3	53.0	47.5	+81.6%
Inventory	98.5	64.7	58.3	+52.4%
Other assets	267	207	59.9	+28.8%
Total assets	2,075	1,275	831	+62.8%

10-K for the year ended 31 December 2021, filed 28 February 2022: the filing.