Pacira BioSciences (PCRX) FY2023 results: revenue $675 million, up 1.2% on the year

Pacira BioSciences, Inc. (PCRX) reported revenue of $675 million for fiscal 2023, the year ended 31 December 2023, up 1.2% on the year before. Net income was $42 million, up 163.7%, and diluted earnings per share $0.89. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$675 million

+1.2% on the year

FY2016FY2023

Operating margin

13.0%

9.0% a year earlier

FY2016FY2023

Net income

$42 million

+163.7% on the year

FY2016FY2023

Diluted EPS

$0.89

+161.8% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	675	667	542	+1.2%
Cost of revenue	185	199	140	-7.3%
Gross profit	490	468	401	+4.9%
Gross margin	72.6%	70.1%	74.1%
Research and development	76.3	84.8	55.5	-10.1%
Selling, general and administrative	269	255	199	+5.9%
Operating income	87.7	60.0	89.9	+46.1%
Operating margin	13.0%	9.0%	16.6%
Interest expense	20.3	40.0	31.8	-49.2%
Pre-tax income	61.7	13.3	56.4	+363.8%
Income tax	19.7	-2.6	14.4
Effective tax rate	32.0%	-19.6%	25.6%
Net income	42.0	15.9	42.0	+163.7%
Net margin	6.2%	2.4%	7.8%
Diluted EPS	$0.89	$0.34	$0.92	+161.8%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	155	145	126	+6.5%
Capital expenditure	15.2	30.1	45.9	-49.6%
Free cash flow	139	115	79.9	+21.1%
Free cash flow margin	20.7%	17.3%	14.7%
Cash from investing	77.5	-225	-20.8
Cash from financing	-183	-402	381
Depreciation and amortisation	75.6	91.5	28.5	-17.4%
Share-based compensation	47.9	48.1	42.2	-0.4%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	52m	47m	46m	+11.7%
Shares outstanding at period end	46m	46m	45m	+1.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	870	775	730	+12.3%
Debt	522	689	1,049	-24.2%
Operating lease liabilities	54.8	64.8	71.7	-15.4%
Other liabilities	127	152	224	-16.4%
Total liabilities and equity	1,574	1,681	2,075	-6.4%
Fixed assets	174	184	188	-5.2%
Goodwill	163	163	145	0.0%
Intangible assets	483	541	624	-10.6%
Investments	128	222	70.8	-42.4%
Cash and equivalents	153	104	586	+47.2%
Receivables	106	98.4	96.3	+7.3%
Inventory	104	96.1	98.5	+8.6%
Other assets	263	274	267	-3.8%
Total assets	1,574	1,681	2,075	-6.4%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.