One-glance verdict
Undervalued
$112.50 our estimate vs market $36.49
Wall Street consensus: $33.57 (-70.2% lower than our fair-value estimate)
68% below our estimate, below the bear case
Fundamentals snapshot
Pacira BioSciences, Inc.
PCRX · NMS · Healthcare · Drug Manufacturers - Specialty & Generic
Current price
$36.49
52-week range
$18.80 - $36.67
Market cap
$1.46B
Balance sheet
Stretched
1.31x Concerning
Net debt $44.70M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 2.3% last year.
- Reward Returns 5.2% on equity, ahead of 16% of its peers.
- Reward Free cash flow was positive in 9/10 years.
- Risk Insider ownership is only 1.3% (peer median: 5.4%).
What this company does
Pacira BioSciences, Inc.
Pacira BioSciences develops and sells non-opioid pain relief products like EXPAREL for after surgery and ZILRETTA for knee pain, and also a device that uses cold to block nerve pain signals. Their main money comes from selling these products, and it matters because they offer alternatives to addictive painkillers.
How the company got here
Pacira BioSciences started in 2006 as Pacira Pharmaceuticals, Inc., focusing on developing new medicines. A major turning point was its name change to Pacira BioSciences in April 2019, signaling a broader commitment to non-opioid pain management and regenerative health solutions. This shift reflects a strategic move away from traditional pain relief methods towards innovative treatments that aim to reduce reliance on opioids. The company has since been dedicated to building a portfolio of products designed to address unmet needs in pain management and recovery.
What it actually does
Pacira BioSciences develops and sells treatments that help manage pain, particularly after surgery, and support the body's healing processes. Think of them as creating specialized medicines and devices that doctors and hospitals use to make patients more comfortable and help them recover faster, without relying on habit-forming opioid painkillers. Their work is all about finding smarter ways to handle pain and improve overall patient well-being.
EXPAREL
This is Pacira's flagship product, a type of injectable medicine called bupivacaine liposome. It's designed to provide pain relief directly at the surgical site after a procedure, numbing the area for an extended period. Essentially, it's a long-lasting local anesthetic that helps patients manage postsurgical pain without needing as many opioid medications. This segment represents a significant portion of Pacira's revenue, as it's widely used in various surgical settings.
ZILRETTA
ZILRETTA is another injectable treatment, this one containing a steroid called triamcinolone acetonide. It's specifically used to manage pain in patients suffering from osteoarthritis, particularly in the knee. Unlike pain relievers that are taken orally, ZILRETTA is injected directly into the knee joint to provide targeted, longer-lasting relief from inflammation and pain. This product line addresses a different but related area of pain management, focusing on chronic joint conditions.
iovera system
The iovera system is a medical device that uses cold therapy, or cryoanalgesia, to block pain signals. It's a non-opioid handheld device that healthcare providers use to deliver precise cold temperatures to specific nerves. This controlled cooling creates a temporary nerve block, interrupting the pain signals sent to the brain. It's used for various pain management needs, including before and after surgery, and for chronic pain conditions, offering another alternative to opioid-based treatments.
Regenerative Health Solutions & Development Pipeline
Beyond its current product offerings, Pacira is investing in the future of pain management and healing. This includes developing new technologies like PCRX-201, a gene therapy platform aimed at treating conditions like osteoarthritis by enabling local delivery of genetic medicines. They also have an agreement for NOCITA, a pain management product for animals, showing a broader application of their non-opioid pain relief technology. This segment represents the company's commitment to innovation and expanding its reach into new therapeutic areas.
What management is betting on now
Pacira's leadership is focused on expanding the use of its existing non-opioid pain relief products, like EXPAREL and ZILRETTA, into more surgical procedures and patient populations. They are also heavily investing in research and development to build out their pipeline of future treatments, including novel gene therapies and other regenerative health solutions. The core strategy is to solidify their position as a leader in non-opioid pain management by offering a comprehensive suite of products and continuously innovating to meet evolving patient and healthcare provider needs.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$31.01M
FY2025 Q1
$26.91M
FY2025 Q2
$9.31M
FY2025 Q3
$56.96M
FY2025 Q4
$43.47M
FY2026 Q1
$22.96M
FY2026 Q2
$56.12M
FY2026 Q3
$46.45M
Revenue
$176.65M
Net income
$28.52M
Diluted EPS
0.70
Operating cash flow
$50.07M
Free cash flow
$46.45M
Fetching…
Sources
Revenue
$192.40M
Net income
$4.65M
Diluted EPS
0.12
Operating cash flow
$57.46M
Free cash flow
$56.12M
Fetching…
Sources
Revenue
$177.38M
Net income
$2.92M
Diluted EPS
0.07
Operating cash flow
$25.68M
Free cash flow
$22.96M
Fetching…
Sources
Revenue
$196.87M
Net income
$1.64M
Diluted EPS
0.05
Operating cash flow
$43.69M
Free cash flow
$43.47M
Fetching…
Sources
Revenue
$179.52M
Net income
$5.43M
Diluted EPS
0.12
Operating cash flow
$60.83M
Free cash flow
$56.96M
Fetching…
Sources
Revenue
$181.10M
Net income
$-4.85M
Diluted EPS
-0.11
Operating cash flow
$12.01M
Free cash flow
$9.31M
Fetching…
Sources
Revenue
$168.92M
Net income
$4.81M
Diluted EPS
0.10
Operating cash flow
$35.46M
Free cash flow
$26.91M
Fetching…
Sources
Revenue
$187.25M
Net income
$16.04M
Diluted EPS
0.38
Operating cash flow
$33.13M
Free cash flow
$31.01M
Fetching…
Sources
Is it cheap or expensive?
Fair value $112.50 vs current price $36.49
Wall Street consensus is the average analyst price target: $33.57 (-70.2% lower than our fair-value estimate).
Our most-likely fair value is $112.50 a share — about 208.3% above today's price of $36.49, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Stretched
Net debt $44.7M. Interest coverage 1.3x.
Net debt
$44.70M
Interest coverage
1.31x
Pacira BioSciences, Inc.'s profit covers its interest bill about 1.3 times over. and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Stretched
Worse cushion
Baseline
Better cushion
PCRX
BASELINE
Pacira BioSciences, Inc.
Total debt $340.28M Interest coverage 1.31x This is the baseline the peer rows are being compared against.
Total debt $1.21B Interest coverage 2.17x +65% vs PCRX Carries about 1.7x more debt cushion than PCRX.
Total debt $131.73M Interest coverage -0.26x -100% vs PCRX This peer has almost no interest-payment cushion compared with PCRX.
Total debt $691.69M Interest coverage 5.51x +319% vs PCRX Carries about 4.2x more debt cushion than PCRX.
Total debt $244.15M Interest coverage 2.13x +62% vs PCRX Carries about 1.6x more debt cushion than PCRX.
Total debt $617.36M Interest coverage 4.05x +208% vs PCRX Carries about 3.1x more debt cushion than PCRX.
What you should know
The case for and against PCRX
3 Rewards
1 Risk
Rewards
-
Revenue grew 2.3% last year.
-
Returns 5.2% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Insider ownership is only 1.3% (peer median: 5.4%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
39.24x
Forward P/E
10.55x
P/B
2.04x
P/S
1.96x
EV/EBITDA
12.63x
PEG ratio
0.99x
Profitability
How much profit each dollar creates
Gross margin
78.0%
Operating margin
9.4%
Net margin
5.1%
ROE
5.2%
ROA
1.5%
Health
Liquidity and balance-sheet strength
Debt / equity
0.48x
Current ratio
4.68x
Quick ratio
3.38x
Total debt
$340.28M
Total cash
$295.58M
Growth
How the business has been compounding
Revenue TTM
$743.30M
Revenue 5Y CAGR
14.0%
EPS TTM
0.93
EPS 5Y CAGR
-22.2%
Cash flow
How much cash the business throws off
Operating CF TTM
$176.90M
Free CF TTM
$136.66M
FCF margin
18.4%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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