Business
Vericel Announces Preliminary Fourth-Quarter and Full-Year 2020 Financial Results and Provides Business Updates
Record Quarterly and Full-Year Total Revenues Fourth Quarter Revenue Growth of Approximately 15% CAMBRIDGE, Mass., Jan. 11, 2021 (GLOBE NEWSWIRE) -- Vericel
About this update from Vericel Corporation
[{"type":"text","content":"Record Quarterly and Full-Year Total Revenues Fourth Quarter Revenue Growth of Approximately 15% CAMBRIDGE, Mass., Jan. 11, 2021 (GLOBE NEWSWIRE) -- Vericel Corporation (NASDAQ:VCEL), a leader in advanced therapies for the sports medicine and severe burn care markets, today announced preliminary unaudited financial results for the fourth quarter and year ended December 31, 2020, and provided business updates. Preliminary Unaudited Fourth-Quarter and Full-Year 2020 Financial ResultsPreliminary total net revenues for the fourth-quarter 2020 are expected to be in the range of $44.9-$45.4 million, with MACI® (autologous cultured chondrocytes on porcine collagen membrane) net revenue in the range of $34.4-$34.9 million, Epicel® (cultured epidermal autografts) net revenue of approximately $9.6 million, and NexoBrid® (concentrate of proteolytic enzymes enriched in bromelain) revenue of approximately $1 million related to the U.S. Biomedical Advanced Research and Development Authority’s (BARDA) procurement of NexoBrid for emergency response preparedness. Preliminary total net product revenues for the full-year 2020 are expected to be in the range of $123.9-$124.4 million, with MACI net revenue in the range of $94.1-$94.6 million, Epicel net revenue of approximately $27.5 million, and NexoBrid revenue of approximately $2.2 million related to the BARDA procurement. Cash and investments increased by approximately $14.5 million in the fourth quarter. As of December 31, 2020, the company had approximately $100 million in cash and investments and no debt, compared to $79.0 million as of December 31, 2019. Business Highlights and Updates Record fourth-quarter and full-year total net revenues;Record quarterly and full-year MACI implants and net revenue;Record fourth-quarter and full-year Epicel grafts and net revenue, and the second highest quarterly Epicel grafts and revenue in history;Received MACI biopsies from approximately 1,500 surgeons in 2020, up from approximately 1,400 surgeons in 2019;Record quarterly high in the number of surgeons taking MACI biopsies in the fourth quarter; andDouble-digit growth in MACI biopsies in the fourth quarter, achieving a record quarterly high and a record monthly high in December. “We delivered strong financial and operational results in the fourth quarter and for the full year, including record product vo...