Pacira BioSciences is a specialty pharma and medical device company focused on non-opioid pain management. Its flagship product, EXPAREL, is a long-acting local anesthetic injected at the surgical site that uses proprietary liposome technology to release bupivacaine gradually, providing up to 72–96 hours of postsurgical pain relief without opioids. EXPAREL accounts for roughly 79% of revenues and is sold to hospitals and ambulatory surgery centers primarily through a drop-ship model via wholesale distributors. Pacira's two smaller products are ZILRETTA, an extended-release intra-articular corticosteroid injection for osteoarthritis knee pain (~16% of revenues), and iovera°, a handheld cryoanalgesia device that delivers targeted cold to peripheral nerves for temporary pain relief (~3% of revenues). Revenue is driven by procedure volumes, product utilization rates, and net pricing. A key growth catalyst is the NOPAIN Act, which took effect January 1, 2025, requiring Medicare to separately reimburse non-opioid pain products like EXPAREL and iovera outside the standard surgical bundle — reducing the cost barrier for facilities to adopt Pacira's products over cheap generic alternatives. Pacira's pipeline includes PCRX-201, an intra-articular gene therapy for knee osteoarthritis now in Phase 2 that showed multi-year pain relief in Phase 1, as well as PCRX-2002, a long-acting local anesthetic hydrogel targeting up to 14 days of postsurgical pain relief. Pacira's "5x30" plan targets double-digit revenue growth and margin expansion by 2030.