Pacira Pharmaceuticals, Inc.

10578 Science Center Drive
Suite 125
San Diego, CA 92121
(858) 625 2424

5 Sylvan Way
Parsippany, NJ 07054
(973) 254 3560

TAKING CARE OF PATIENTS, TODAY AND TOMORROW

SEC Filings

10-K
PACIRA PHARMACEUTICALS, INC. filed this Form 10-K on 03/01/2017
Entire Document
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Year Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
Statement of Operations Data
(In thousands, except per share data)
Revenues:
 
 
 
 
 
 
 
 
 
   Net product sales
$
270,073

 
$
244,487

 
$
193,526

 
$
81,956

 
$
18,191

   Collaborative licensing and milestone revenue
3,426

 
1,426

 
1,287

 
972

 
18,390

   Royalty revenue
2,872

 
3,084

 
2,855

 
2,623

 
2,503

      Total revenues
276,371

 
248,997

 
197,668

 
85,551

 
39,084

Operating expenses:
 
 
 
 
 
 
 
 
 
   Cost of goods sold
110,104

1 
71,837

 
77,440

 
54,772

 
32,139

   Research and development
45,678

 
28,662

 
18,731

 
21,560

 
9,937

   Selling, general and administrative
152,613

2 
139,043

 
106,662

 
62,508

 
46,306

      Total operating expenses
308,395

 
239,542

 
202,833

 
138,840

 
88,382

Income (loss) from operations
(32,024
)
 
9,455

 
(5,165
)
 
(53,289
)
 
(49,298
)
Other (expense) income:
 
 
 
 
 
 
 
 
 
   Interest income
1,323

 
678

 
382

 
259

 
275

   Interest expense
(7,061
)
 
(7,725
)
 
(8,278
)
 
(7,253
)
 
(1,807
)
   Loss on early extinguishment of debt

 
(52
)
 

 
(3,398
)
 
(1,062
)
   Royalty interest obligation

 
(71
)
 
(323
)
 
(623
)
 
(278
)
   Other, net
(82
)
 
(165
)
 
(159
)
 
(47
)
 
(111
)
      Total other expense, net
(5,820
)
 
(7,335
)
 
(8,378
)
 
(11,062
)
 
(2,983
)
Income (loss) before income taxes
(37,844
)
 
2,120

 
(13,543
)
 
(64,351
)
 
(52,281
)
   Income tax (expense) benefit
(105
)
 
(264
)
 
(173
)
 
442

 

Net income (loss)
$
(37,949
)
 
$
1,856

 
$
(13,716
)
 
$
(63,909
)
 
$
(52,281
)
 
 
 
 
 
 
 
 
 
 
Net income (loss) per share:
 
 
 
 
 
 
 
 
 
   Basic net income (loss) per common share
$
(1.02
)
 
$
0.05

 
$
(0.39
)
 
$
(1.93
)
 
$
(1.72
)
   Diluted net income (loss) per common share
$
(1.02
)
 
$
0.04

 
$
(0.39
)
 
$
(1.93
)
 
$
(1.72
)
Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
 
   Basic
37,236

 
36,540

 
35,299

 
33,182

 
30,332

   Diluted
37,236

 
41,301

 
35,299

 
33,182

 
30,332

1 - Includes a $20.7 million charge for inventory and related reserves for the cost of EXPAREL batches impacted by a routine stability test that did not meet required specifications. For further discussion of this charge, see Note 4, Inventories, to our consolidated financial statements included herein.
2 - Includes a $7.1 million contract termination charge due to CrossLink Bioscience, LLC. For further discussion of this charge, see Note 15, Commercial Partners and Other Agreements, to our consolidated financial statements included herein.
 
December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
Balance Sheet Data
(In thousands)
Cash and cash equivalents, restricted cash,
short-term and long-term investments
$
172,597

 
$
172,427

 
$
182,598

 
$
73,785

 
$
42,573

Working capital (deficit) 3
198,251

 
102,794

 
71,715

 
(18,345
)
 
46,766

   Total assets 3
391,466

 
387,735

 
323,540

 
166,668

 
111,722

Long-term liabilities 3
127,652

 
19,555

 
14,917

 
6,628

 
32,376

Accumulated deficit
(346,238
)
 
(308,289
)
 
(310,145
)
 
(296,429
)
 
(232,520
)
   Total stockholders’ equity
218,976

 
218,392

 
171,145

 
41,249

 
65,855

3 - Includes a reclassification in prior periods of deferred financing costs per Accounting Standards Update 2015-03 Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. This retrospective application is described further in Note 3, Recent Accounting Pronouncements, to our consolidated financial statements included herein.

48

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Contact Investor Relations:
Susan Mesco
(973) 451-4030
Susan.Mesco@pacira.com


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