Business
Vericel Announces Preliminary Fourth-Quarter and Full-Year 2022 Financial Results and Accelerated Launch Timeline for MACI Arthroscopic Program
Full-Year Total Revenue Expected to be Approximately $164 to $165 Million MACI Full-Year Revenue Expected to be at the High End of Guidance Range, with Fourth
About this update from Vericel Corporation
[{"type":"text","content":"Full-Year Total Revenue Expected to be Approximately $164 to $165 Million MACI Full-Year Revenue Expected to be at the High End of Guidance Range, with Fourth Quarter Revenue Growth of Approximately 24% MACI Arthroscopic Commercial Launch Now Planned for 2024 CAMBRIDGE, Mass., Jan. 10, 2023 (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, 2022 and an accelerated launch timeline for MACI® arthroscopic delivery, which is now anticipated to be launched in 2024. Preliminary, Unaudited Fourth-Quarter and Full-Year 2022 Financial Results Total net revenue for full-year 2022 expected to be approximately $164 to $165 millionMACI net revenue for full-year 2022 expected to be approximately $132 millionBurn Care net revenue for full-year 2022 expected to be approximately $32.5 millionFourth quarter MACI revenue growth expected to be approximately 24% versus prior yearExpect tenth straight quarter with positive adjusted EBITDA and Operating Cash FlowAs of December 31, 2022, the Company had approximately $140 million in cash and investments and no debt Recent Business Highlights and Updates Following a Type C meeting with the FDA, the Company is planning to initiate a human factors validation study to support expanding the MACI label to include arthroscopic administration of MACI for the treatment of cartilage defects of the knee and now anticipates an accelerated potential commercial launch of arthroscopic MACI in 2024Announced FDA approval of NexoBrid® (anacaulase-bcdb) on December 28, 2022 for the removal of eschar in adults with deep partial-thickness and/or full-thickness thermal burns, with U.S. commercial availability expected in the second quarter of 2023Expect to hold a pre-IND meeting with the FDA in the first half of 2023 to discuss the MACI development program for the treatment of cartilage defects in the ankle “We made tremendous progress advancing our pipeline and expanding our business in 2022, highlighted by an accelerated regulatory pathway for the MACI arthroscopic delivery program and the recent approval of NexoBrid,” said Nick Colangelo, President and CEO of Vericel. “We also had very strong MACI performance to close the year ...