Pacira BioSciences, Inc. (PCRX) Earnings Call Transcript & Summary

Welcome to the Pacira BioSciences 2020 Annual Meeting of Stockholders. I am Kristen Williams, Chief Administrative Officer and Corporate Secretary, and will preside over the meeting today. Due to the public health impact of the coronavirus outbreak and to support the health and well-being of our directors, employees, stockholders and other stakeholders, we are hosting the annual meeting as a virtual meeting this year. We appreciate your attendance, your interest and your support of Pacira. It is now 2 p.m., and the meeting will please come to order. For your reference, the agenda and rules of conduct have been posted on the online annual meeting portal. You may also submit written questions during the meeting and cast your vote on the online annual meeting portal. Before we start the formal business of the meeting, I would like to note that I am here with Dave Stack, CEO and Chairman. And Charlie Reinhart, Chief Financial Officer, is on the line as well. Also are representatives from KPMG LLP, the company's independent registered public accounting firm, and Tom Tighe, a representative of Broadridge, who is the inspector of elections. We will proceed as follows. First, we will conduct the official business of the 2020 Annual Meeting of Stockholders. After conclusion of the official business, the formal portion of the meeting will be adjourned. We will then answer your questions, if any, that have been submitted by stockholders through the annual meeting portal. We will now proceed to the business portion of the meeting. I have with me a complete list of the stockholders of record of the company's common stock as of April 15, 2020, the record date for this meeting. This list was certified by Computershare trust company, the company's transfer agent and registrar. The list of stockholders entitled to vote at this meeting has been available for examination electronically by stockholders for any purpose germane to the annual meeting upon request for 10 days prior to this meeting and is also available for inspection during the entire time of this meeting on the online portal. We have received an affidavit from Broadridge certifying that each stockholder of record on April 15, 2020, was duly given notice of this meeting. The proxy materials for the annual meeting were distributed to stockholders on or about April 24, 2020. Mr. Tighe has examined the proxies received and reports that more than 93% of the total shares of common stock entitled to vote at this meeting are represented and therefore a quorum is present, and we will now proceed with the business. Each of the proposals will be presented and discussed in the order set forth in the proxy statement. The actual vote on each proposal will, however, be deferred until all of the matters to be acted upon have been presented. The first matter to be voted upon is the election of 4 Class III directors, as described in the proxy. The Board of Directors has nominated each of Christopher Christie, Yvonne Greenstreet, Gary Pace and David Stack to be reelected as Class III directors for the 3-year terms ending at the 2023 Annual Meeting of Stockholders. The second item of business is the ratification of KPMG as the company's independent registered public accounting firm for the fiscal year ended December 31, 2020. The third item of business is to conduct an advisory vote to approve the compensation of the company's named executive officers, as disclosed in the proxy statement. Because no stockholder proposals for consideration at the annual meeting were received, there are no other items to be considered at the meeting, and we will now proceed to vote on the previously discussed matters. If you have already sent or given a written proxy or if you have voted over the telephone or Internet, you do not need to vote at this time unless you wish to revoke your proxy or prior vote. If you will be voting now, please do so via the online portal. Please remember that if you have already voted, it is not necessary to do so again. After voting has been completed on all matters, we will close the polls. The polls are now open for voting on the matters to be considered at this meeting. I will now pause to allow for any questions on the matters to be voted upon at this meeting and allow for stockholders to submit their votes. If you have not already done so, please vote by clicking on the button on the web portal and follow the instructions. Please also submit any questions related to the 3 proposals now. No general questions will be addressed at the Q&A after the meeting ends. [Voting]

I declare the polls are now closed and ask that the inspector of elections tabulate the votes. Based on the preliminary tabulations of the inspector of elections, we are happy to announce that all of the nominees for election as Class III directors have been duly elected; the appointment of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ended December 31, 2020, has been ratified; and the compensation of our named executive officers has been approved on an advisory basis. The final report of the inspector of elections shall be filed with the records of this meeting. Within 4 business days, the company will file a Form 8-K with the SEC disclosing the specific voting results for the matters voted on at this meeting. As there are no other formal -- as there is no other formal business to be addressed, I declare that the 2020 Annual Meeting of Stockholders is hereby adjourned. I invite you to stay for the Q&A session, which begins now. We will now address any stockholder questions that have been entered on -- entered today on the web portal. Because there are no questions, the meeting is now adjourned. Thank you all for attending today's meeting and for your continuing support of the company.