Pacira BioSciences, Inc. (NASDAQ:PCRX), a pharmaceutical company specializing in the development of pharmaceutical preparations, announced today that Dr. Gary Pace has decided to retire from the company's Board of Directors, effective June 30, 2024. The company confirmed that Dr. Pace's retirement is not due to any disagreements with Pacira's operations, policies, or practices.
In conjunction with his retirement, Dr. Pace is set to enter into a consulting agreement with Pacira, effective from July 1, 2024, to June 30, 2025. Under the terms of the agreement, he will provide consulting services for up to eight hours per calendar quarter, for which he will be compensated $3,200 per quarter.
Additionally, during the Annual Meeting held in San Diego on Monday, shareholders voted on several key proposals. The election of four Class I directors to serve until the 2027 Annual Meeting resulted in Laura Brege, Mark Froimson, Mark Kronenfeld, and Michael Yang securing their positions on the board. Shareholders also ratified the appointment of KPMG LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024, and approved the compensation of the company’s named executive officers.
These corporate governance updates are based on the latest 8-K filing with the Securities and Exchange Commission. The company's full report, including detailed voting results and the forthcoming consulting agreement amendment, will be available in the company's Quarterly Report on Form 10-Q for the period ending June 30, 2024.
In other recent news, Pacira BioSciences, Inc. reported Q1 2024 revenue of $149 million, slightly below consensus estimates, with Exparel sales at $118 million. The company is currently undergoing restructuring and management changes, including hiring a new Chief Commercial Officer (CCO) and Chief Business Officer (CBO). Pacira also recently launched a private placement of $250 million in convertible senior notes due in 2029, with net proceeds of approximately $242 million expected.
Analysts from firms including RBC Capital Markets, Barclays (LON:BARC), and JMP Securities have given Pacira various ratings, with price targets ranging from $38.00 to $57.00. Piper Sandler reaffirmed an Overweight rating with a $42.00 price target, while Needham maintained a Buy rating but lowered the price target to $43 from $45 following Pacira's Q1 revenue report.
InvestingPro Insights
As Pacira BioSciences, Inc. (NASDAQ:PCRX) navigates through its latest corporate governance changes, investors and stakeholders may find additional context in the company's financial health and market performance. According to InvestingPro data, Pacira has a market capitalization of approximately $1.33 billion and a P/E ratio of 18.64, which adjusts to 20.97 based on the last twelve months as of Q1 2024. The company's revenue growth for the same period was a modest 1.88%, with a gross profit margin of nearly 62% indicating strong profitability in its operations.
InvestingPro Tips highlight that analysts expect Pacira's net income to grow this year, an optimistic sign for potential investors. Furthermore, the company's liquid assets are reported to exceed short-term obligations, suggesting a stable financial position for handling near-term liabilities. For those considering a deeper dive into Pacira's financial metrics and future prospects, there are additional InvestingPro Tips available, offering comprehensive analysis and forecasting.
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