Pacira BioSciences (PCRX) FY2022 results: revenue $667 million, up 23.1% on the year

Pacira BioSciences, Inc. (PCRX) reported revenue of $667 million for fiscal 2022, the year ended 31 December 2022, up 23.1% on the year before. Net income was $16 million, down 62.1%, and diluted earnings per share $0.34. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.

Revenue

$667 million

+23.1% on the year

FY2015FY2022

Operating margin

9.0%

16.6% a year earlier

FY2015FY2022

Net income

$16 million

-62.1% on the year

FY2015FY2022

Diluted EPS

$0.34

-63.0% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	667	542	430	+23.1%
Cost of revenue	199	140	117	+42.1%
Gross profit	468	401	312	+16.5%
Gross margin	70.1%	74.1%	72.7%
Research and development	84.8	55.5	59.4	+52.7%
Selling, general and administrative	255	199	194	+27.7%
Operating income	60.0	89.9	46.4	-33.3%
Operating margin	9.0%	16.6%	10.8%
Interest expense	40.0	31.8	25.7	+25.9%
Pre-tax income	13.3	56.4	20.1	-76.4%
Income tax	-2.6	14.4	-125
Effective tax rate	-19.6%	25.6%	-624.4%
Net income	15.9	42.0	146	-62.1%
Net margin	2.4%	7.8%	33.9%
Diluted EPS	$0.34	$0.92	$3.33	-63.0%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	145	126	77.0	+15.6%
Capital expenditure	30.1	45.9	37.8	-34.4%
Free cash flow	115	79.9	39.2	+44.3%
Free cash flow margin	17.3%	14.7%	9.1%
Cash from investing	-225	-20.8	-278
Cash from financing	-402	381	222
Depreciation and amortisation	91.5	28.5	19.9	+220.5%
Share-based compensation	48.1	42.2	39.9	+13.8%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	47m	46m	44m	+2.0%
Shares outstanding at period end	46m	45m	44m	+2.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	775	730	620	+6.1%
Debt	689	1,049	463	-34.3%
Operating lease liabilities	64.8	71.7	71.0	-9.7%
Other liabilities	152	224	121	-32.2%
Total liabilities and equity	1,681	2,075	1,275	-19.0%
Fixed assets	184	188	137	-2.6%
Goodwill	163	145	99.5	+12.4%
Intangible assets	541	624	96.5	-13.4%
Investments	222	70.8	517	+213.0%
Cash and equivalents	104	586	100.0	-82.2%
Receivables	98.4	96.3	53.0	+2.2%
Inventory	96.1	98.5	64.7	-2.5%
Other assets	274	267	207	+2.6%
Total assets	1,681	2,075	1,275	-19.0%

10-K for the year ended 31 December 2022, filed 28 February 2023: the filing.