Pacira Pharmaceuticals (PCRX) saw its loss widen to $19.87 million, or $0.52 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $3.85 million, or $0.10 a share. On an adjusted basis, net loss for the quarter stood at $7.33 million, or $0.19 a share compared with a net profit of $5.66 million, or $0.14 a share in the last year period. Revenue during the quarter grew 5.82 percent to $69.28 million from $65.47 million in the previous year period. Operating margin for the quarter stood at negative 20.28 percent as compared to a negative 3.44 percent for the previous year period.
Operating loss for the quarter was $14.05 million, compared with an operating loss of $2.25 million in the previous year period.
"Were pleased with our strong first quarter highlighted by important strategic advances and solid revenue growth," said Dave Stack, chairman and chief executive officer of Pacira. “Our newly launched partnerships with DePuy Synthes and Trinity Health center on our shared commitment to providing patients and healthcare providers with an opioid-sparing solution. We are also advancing a robust clinical program with important value-drivers on the near-term horizon, including mid-year data readouts for our two Phase 3 nerve block studies and the publication of our successful Phase 4 study in total knee arthroplasty. Finally, we significantly strengthened our balance sheet during the first quarter. We believe the foundation is in place to drive EXPAREL sales growth for the rest of 2017 and beyond."
Pacira Pharmaceuticals projects revenue to be in the range of $290 million to $310 million for financial year 2017.
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