Business
Vericel Reports Fourth Quarter and Full-Year 2020 Financial Results and Provides Full-Year 2021 Financial Guidance
Record Fourth Quarter Total Revenue, Gross Margin, Net Income and Operating Cash Flow Full-Year 2021 Total Revenue Expected to Grow 30%-32% to Approximately
About this update from Vericel Corporation
[{"type":"text","content":"Record Fourth Quarter Total Revenue, Gross Margin, Net Income and Operating Cash Flow Full-Year 2021 Total Revenue Expected to Grow 30%-32% to Approximately $161 to $164 Million Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., Feb. 24, 2021 (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, 2020, and provided full-year 2021 financial guidance. Fourth Quarter 2020 Financial Highlights Total net revenue increased 15% to $45.2 million, compared to $39.4 million in the fourth quarter of 2019MACI® net revenue of $34.7 million, Epicel® net revenue of $9.6 million and NexoBrid® revenue of $1.0 million related to the U.S. Biomedical Advanced Research and Development Authority (BARDA) procurement for national response preparednessGross margin of 74%, compared to gross margin of 73% in the fourth quarter of 2019Net income of $12.2 million, or $0.25 per share, compared to $9.5 million, or $0.20 per share, in the fourth quarter of 2019Non-GAAP adjusted EBITDA of $16.0 million, or 35% of net revenue, compared to $12.8 million, or 33% of net revenue, in the fourth quarter of 2019Operating cash flow of $11.3 million Full-Year 2020 Financial Highlights Total net revenue increased 5% to $124.2 million, compared to $117.9 million in 2019MACI net revenue of $94.4 million, Epicel net revenue of $27.5 million and NexoBrid revenue of $2.2 million related to the BARDA procurement for national response preparednessGross margin of 68%, compared to gross margin of 68% in 2019Net income of $2.9 million, or $0.06 per share, compared to a net loss of $9.7 million, or $0.22 per share, in 2019Non-GAAP adjusted EBITDA of $18.6 million, or 15% of net revenue, compared to $21.2 million, or 18% of net revenue, in 2019Operating cash flow of $17.6 millionAs of December 31, 2020, the company had $100 million in cash and investments, compared to $79 million as of December 31, 2019, and no debt Business Highlights and Updates Record fourth-quarter and full-year total net revenueRecord quarterly gross margin, net income and operating cash flowRecord quarterly and full-year MACI implants and net revenueRecord fourth-quarter and full-year Epicel grafts and net rev...