Revenue Growth
Year-over-year revenues increased by 6%, driven by strong performance from EXPAREL and iovera. EXPAREL demand increased with year-over-year volumes up approximately 9%, marking the highest quarterly growth in over 3 years.
Manufacturing and Gross Margin
Improved manufacturing efficiencies and gross margins supported an increase in full-year guidance. Non-GAAP gross margins improved to 82% in the third quarter from 78% last year.
Pipeline Expansion
Clinical pipeline expanded with the in-licensing of AMT-143, a novel long-acting formulation of bupivacaine. The company also reported progress in its Phase II study of PCRX-201 for osteoarthritis of the knee.
Market Access and Coverage
The company is ahead of plan to surpass the full-year goal of 100 million covered lives across commercial and government payers. Approximately 60 million commercial lives now have access to EXPAREL via separate reimbursement.
Cash Flow and Shareholder Returns
Significant operating cash flow and a strong balance sheet enable investments in new growth initiatives. The company executed an additional $50 million in share repurchases during the quarter.