Business
Vericel Reports First Quarter 2020 Financial Results
Product Revenues of $26.7 Million Increase 22% Over First Quarter 2019 Positive Cash Flow for the Quarter Conference Call Today at 8:30am Eastern Time
About this update from Vericel Corporation
[{"type":"text","content":"Product Revenues of $26.7 Million Increase 22% Over First Quarter 2019\n Positive Cash Flow for the Quarter Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., May 05, 2020 (GLOBE NEWSWIRE) -- Vericel Corporation (NASDAQ:VCEL), a leader in advanced therapies for the sports medicine and severe burn care markets, today reported financial results and business highlights for the first quarter ended March 31, 2020. First Quarter 2020 Financial Highlights Total net product revenues increased 22% to $26.7 million, compared to $21.8 million in the first quarter of 2019, marking the twelfth consecutive quarter with record revenues for the reported quarter;MACI® net revenue of $20.3 million and Epicel® net revenue of $6.4 million; the cancellation of scheduled MACI procedures late in the first quarter due to restrictions on elective surgical procedures reduced the volume of MACI implants for the quarter by approximately 9%;Gross margin of 63%, compared to gross margin of 60% in the first quarter of 2019;Net loss of $4.7 million, or $0.10 per share, compared to $2.8 million, or $0.07 per share, in the first quarter of 2019;Non-GAAP adjusted EBITDA loss of $0.7 million, compared to $0.4 million in the first quarter of 2019;Operating cash flow of $4.7 million; andAs of March 31, 2020, the company had $83.3 million in cash and investments, compared to $79.0 million as of December 31, 2019, and no debt. Business Highlights and Updates Implemented multiple measures in response to the COVID-19 pandemic to safeguard the health and well-being of employees, their families, business partners and healthcare providers, while continuing to supply MACI and Epicel to patients with knee cartilage and severe burn injuries;Continued to provide field-based support for MACI and Epicel surgical cases, as needed, in compliance with applicable governmental orders and surgical facility policies and procedures;Implemented the MACI sales force expansion from 49 to 76 sales territories and from six to nine sales regions;Expanded utilization of virtual tools to support physician education initiatives in regions where executive orders or hospital policies restricted access;Continued to actively work with surgeon offices and patients to move cases through the pipeline and reschedule or prepare to reschedule cancelled and postponed cases;Implemented appropria...