Business
Vericel Reports Record Third Quarter Revenues and Net Income
Total Net Revenues of $32.3 Million and Net Income of $3.6 Million Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., Nov. 05, 2020 (GLOBE
About this update from Vericel Corporation
[{"type":"text","content":"Total Net Revenues of $32.3 Million and Net Income of $3.6 Million\n Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., Nov. 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 third quarter ended September 30, 2020. Third Quarter 2020 Financial Highlights Total net revenues of $32.3 million, compared to $30.5 million in the third quarter of 2019;MACI® net revenue of $24.4 million, Epicel® net revenue of $6.7 million and NexoBrid® revenue of $1.2 million related to the U.S. Biomedical Advanced Research and Development Authority (BARDA) procurement for national response preparedness;Gross margin of 70%, compared to gross margin of 69% in the third quarter of 2019;Net income of $3.6 million, or $0.08 per share, compared to $3.5 million, or $0.07 per share, in the third quarter of 2019;Non-GAAP adjusted EBITDA of $6.7 million, compared to $6.8 million in the third quarter of 2019;Operating cash flow of $4.6 million; andCash and investments of $85.5 million as of September 30, 2020, compared to $79.0 million as of December 31, 2019, and no debt. Business Highlights and Updates Reported record third quarter MACI revenue and total revenues, and the second highest quarterly Epicel revenue in history;Achieved double-digit growth in MACI revenue, implants and biopsies in the third quarter, including a record monthly high for biopsies in September;Announced the first delivery of NexoBrid to BARDA for emergency response preparedness; andAnnounced that the FDA accepted for review the Biologics License Application for NexoBrid for the treatment of severe thermal burns, with a PDUFA goal date of June 29, 2021. “Our company executed exceedingly well during the third quarter as we generated stronger than expected financial results, drove strong commercial performance for MACI and Epicel, and achieved important milestones towards our goal of obtaining marketing approval of NexoBrid in the United States,” said Nick Colangelo, President and CEO of Vericel. “Our third quarter results demonstrated the strength of our business across several measures and, while uncertainties related to COVID-19 remain, we are highly confident in the underlying fundamentals of our business and we ...