Business
Vericel Reports Second Quarter 2020 Financial Results
Product Revenues of $20.0 Million Reported for the Second Quarter Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., Aug. 05, 2020 (GLOBE
About this update from Vericel Corporation
[{"type":"text","content":"Product Revenues of $20.0 Million Reported for the Second Quarter\n Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., Aug. 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 second quarter ended June 30, 2020.Second Quarter 2020 Financial Highlights Total net product revenues of $20.0 million, compared to $26.2 million in the second quarter of 2019;MACI® net revenue of $15.1 million and Epicel® net revenue of $4.9 million;Gross margin of 57%, compared to gross margin of 66% in the second quarter of 2019;Net loss of $8.3 million, or $0.18 per share, compared to $19.8 million, or $0.45 per share, in the second quarter of 2019, which included the $17.5 million upfront license payment to MediWound Ltd. for North American rights to NexoBrid®;Non-GAAP adjusted EBITDA loss of $3.5 million, compared to positive adjusted EBITDA of $1.8 million in the second quarter of 2019; andAs of June 30, 2020, the company had $80.9 million in cash and investments, compared to $79.0 million as of December 31, 2019, and no debt. Business Highlights and Updates Total net product revenues, which decreased approximately 23% for the quarter, declined approximately 78% in April and 32% in May compared to the same periods in 2019, and increased approximately 29% in June compared to June 2019; MACI implants, which declined approximately 84% in April and 37% in May compared to the same periods in 2019, increased approximately 21% in June compared June 2019;MACI biopsies declined approximately 79% in April and 22% in May compared to the same periods in 2019, and increased approximately 23% in June compared June 2019;Epicel graft volume, which declined 70% in April, increased approximately 20% in the May through June period compared to the same period in 2019;Epicel biopsies increased approximately 6% in the second quarter compared to the second quarter of 2019; andThe company announced the submission of a Biologics License Application to the FDA for NexoBrid for the treatment of severe thermal burns. “In light of the ongoing pandemic, we are very pleased with our second quarter results as we saw a strong recovery as the quarter progressed and COVID-19 restrictions on elective surgeries we...