Business
Vericel Reports Fourth Quarter and Full-Year 2022 Financial Results and Provides Full-Year 2023 Financial Guidance
Record Fourth Quarter Total Revenue of $52.7 Million and 31% Net Income Growth Full-Year 2022 Total Revenue of $164.4 Million, with MACI Revenue of $132
About this update from Vericel Corporation
[{"type":"text","content":"Record Fourth Quarter Total Revenue of $52.7 Million and 31% Net Income Growth Full-Year 2022 Total Revenue of $164.4 Million, with MACI Revenue of $132 Million Full-Year 2023 Total Revenue Guidance of $180 to $188 Million, with MACI Revenue of $152 to $156 Million Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., Feb. 23, 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 fourth quarter and year ended December 31, 2022, and provided full-year 2023 financial guidance. Fourth Quarter 2022 Financial Highlights Total net revenue of $52.7 millionMACI® net revenue of $46.3 million and Epicel® net revenue of $6.3 millionGross margin of 73%Net income of $5.9 million, or $0.12 per diluted shareNon-GAAP adjusted EBITDA of $14.9 million, or adjusted EBITDA margin of 28%Operating cash flow of $7.0 millionAs of December 31, 2022, the Company had approximately $140 million in cash and investments, and no debt Full Year 2022 Financial Highlights Total net revenue of $164.4 millionMACI net revenue of $132 million, Epicel net revenue of $31.7 million, and NexoBrid® revenue of $0.7 millionGross margin of 67%Net loss of $16.7 million, or $0.35 per diluted shareNon-GAAP adjusted EBITDA of $24.2 million, or adjusted EBITDA margin of 15%Operating cash flow of $17.7 million Business Highlights and Updates Record quarterly total revenue of $52.7 millionFourth-quarter MACI revenue growth of 24% compared to the prior year and approximately 50% sequential growth versus the prior quarter, representing the highest quarterly revenue since the launch of MACIFourth-quarter net income growth of 31% compared to the prior year10th straight quarter of positive adjusted EBITDA and operating cash flowAnnounced FDA approval of NexoBrid (anacaulase-bcbd) 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 2023Announced that the Company is planning to initiate a human factors validation study in 2023 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 commercial launch ...