Business
Vericel Reports First Quarter 2023 Financial Results and Raises Full-Year 2023 Financial Guidance
Record First Quarter Total Revenue of $41 Million MACI Revenue Increased 32% to $34.2 Million Full-Year 2023 Revenue Guidance Raised to $184-$192 Million
About this update from Vericel Corporation
[{"type":"text","content":"Record First Quarter Total Revenue of $41 Million MACI Revenue Increased 32% to $34.2 Million Full-Year 2023 Revenue Guidance Raised to $184-$192 Million Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., May 10, 2023 (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, 2023, and provided updated full-year 2023 financial guidance. First Quarter 2023 Financial Highlights Total net revenue of $41.0 millionMACI® net revenue of $34.2 million and Epicel® net revenue of $6.8 millionGross margin of 65%Net loss of $7.5 million, or $0.16 per diluted shareNon-GAAP adjusted EBITDA of $1.7 millionOperating cash flow of $7.9 millionAs of March 31, 2023, the Company had approximately $139 million in cash and investments, and no debt Business Highlights and Updates Record first quarter total revenueHighest first quarter MACI revenue since launch, representing growth of 32% compared to the prior yearHighest number of surgeons taking MACI biopsies and second highest number of MACI biopsies in a quarter since launch11th straight quarter of positive adjusted EBITDA and operating cash flowMACI arthroscopic delivery program remains on track for an anticipated 2024 commercial launchTracking ahead of initial goals on NexoBrid® Pharmacy and Therapeutics (P&T) committee submissions and approvals at target burn centersNexoBrid selected for inclusion in the pre-conference healthcare professional educational sessions at the upcoming American Burn Association (ABA) annual meeting with hands-on lab demonstrations by leading burn surgeons “The Company had a very strong start to the year, delivering record quarterly MACI and total revenue and another quarter of profitability and operating cash flow,” said Nick Colangelo, President and CEO of Vericel. “MACI has continued on its high-growth trajectory with first quarter revenue growth of more than 30% and, based on our positive first quarter performance and strong underlying business fundamentals, we have increased our 2023 full-year revenue guidance. We look forward to the upcoming commercial launch of NexoBrid and continue to advance the MACI arthroscopic delivery program, which we believe will drive further growth in t...