Business
Vericel Reports Second Quarter 2021 Financial Results and Raises Full-Year 2021 Revenue Guidance
Second Quarter Total Net Revenue Increased 97% to $39.5 Million Full-Year 2021 Revenue Guidance Raised to $168-$171 Million Conference Call Today at 8:30am
About this update from Vericel Corporation
[{"type":"text","content":"Second Quarter Total Net Revenue Increased 97% to $39.5 Million Full-Year 2021 Revenue Guidance Raised to $168-$171 Million Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., Aug. 04, 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 second quarter ended June 30, 2021. Second Quarter 2021 Financial Highlights Total net revenue of $39.5 million, an increase of 97% compared to the second quarter of 2020 and 51% compared to the second quarter of 2019MACI® net revenue of $26.5 million, Epicel® net revenue of $12.2 million, and NexoBrid® revenue of $0.8 million related to the U.S. Biomedical Advanced Research and Development Authority (BARDA) procurement for emergency response preparednessGross margin of 68%, compared to 57% in the second quarter of 2020Net loss of $3.8 million, or $0.08 per share, compared to $8.3 million, or $0.18 per share, in the second quarter of 2020Non-GAAP adjusted EBITDA of $7.8 million, or 20% of net revenue, compared to adjusted EBITDA loss of $3.5 million in the second quarter of 2020Operating cash flow of $4.8 millionAs of June 30, 2021, the Company had $116 million in cash and investments, compared to $100 million as of December 31, 2020, and no debt Business Highlights and Updates MACI net revenue growth of 76% compared to the second quarter of 2020 and 27% compared to the second quarter of 2019MACI biopsy growth of more than 50% in the first half of 2021 compared to the same period in 2020, with a record quarterly high in the number of biopsies and the number of surgeons taking biopsies in the second quarterRecord quarterly Epicel revenue, with growth of 148% compared to the second quarter of 2020 and 128% compared to the second quarter of 2019Record quarterly high in the number of Epicel biopsies and grafting burn centers “The Company continued to execute extremely well in the second quarter as we delivered another quarter of strong financial and commercial results,” said Nick Colangelo, President and CEO of Vericel. “Based on the strength of the underlying growth drivers for MACI and Epicel, we believe that the Company is well-positioned to continue driving sustainable penetration into the addressable markets for both products in ...