Business
Vericel Reports Fourth Quarter and Full-Year 2019 Financial Results and Provides Full-Year 2020 Financial Guidance
Full Year 2019 Product Revenues of $117.9 Million Increased 30% Over 2018 Record Quarterly Revenue and Profit in the Fourth Quarter Conference Call Today at
About this update from Vericel Corporation
[{"type":"text","content":"Full Year 2019 Product Revenues of $117.9 Million Increased 30% Over 2018\n Record Quarterly Revenue and Profit in the Fourth Quarter Conference Call Today at 8:30am Eastern Standard Time CAMBRIDGE, Mass., Feb. 25, 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 fourth quarter and year ended December 31, 2019, and provided full-year 2020 financial guidance. Fourth Quarter 2019 Financial Highlights Total net product revenues increased 26% to $39.4 million, compared to $31.3 million in the fourth quarter of 2018, marking the eleventh consecutive quarter with record revenues for the reported quarter;MACI® net revenue of $33.6 million and Epicel® net revenue of $5.8 million;Gross margin of 73%, compared to gross margin of 72% in the fourth quarter of 2018;Net income of $9.5 million, or $0.20 per share, compared to $5.2 million, or $0.11 per share, in the fourth quarter of 2018; andNon-GAAP adjusted EBITDA of $12.8 million, compared to $7.7 million in the fourth quarter of 2018. Full-Year 2019 Financial Highlights Total net product revenues increased 30% to $117.9 million, compared to $90.9 million in 2018;MACI net revenue of $91.6 million and Epicel net revenue of $26.2 million;Gross margin of 68%, compared to gross margin of 65% in 2018;Net loss of $9.7 million, or $0.22 per share, which includes the $17.5 million upfront license payment to MediWound Ltd. for North American rights to NexoBrid®;Non-GAAP adjusted net income, excluding the $17.5 million upfront license payment to MediWound, of $7.8 million, or $0.18 per share, compared to a net loss of $8.1 million, or $0.20 per share, in 2018;Non-GAAP adjusted EBITDA of $21.2 million, compared to $4.7 million in 2018; andAs of December 31, 2019, the company had $79.0 million in cash and investments, compared to $82.9 million as of December 31, 2018; excluding the $17.5 million license payment to MediWound, the company’s cash balance increased by $13.6 million in 2019. Business Highlights and Updates Initiated the MACI sales force expansion from 49 to 76 sales territories and from six to nine sales regions, which remains on track to be implemented on April 1, 2020;Announced initiation of the NexoBrid Expanded Access Treatment...