Business
Vericel Reports Second Quarter 2023 Financial Results and Raises Full-Year 2023 Financial Guidance
Record Second Quarter Total Revenue of $45.9 Million, Representing 24% Growth versus Prior Year MACI Revenue Growth of 27% to $36.3 Million Epicel Revenue
About this update from Vericel Corporation
[{"type":"text","content":"Record Second Quarter Total Revenue of $45.9 Million, Representing 24% Growth versus Prior Year MACI Revenue Growth of 27% to $36.3 Million Epicel Revenue Growth of 17% to $9.6 Million Full-Year 2023 Revenue Guidance Raised to $190-197 Million Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., Aug. 02, 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 second quarter ended June 30, 2023, and provided updated full-year 2023 financial guidance. Second Quarter 2023 Financial Highlights Total net revenue of $45.9 millionMACI® net revenue of $36.3 million and Epicel® net revenue of $9.6 millionGross margin of 65%Net loss of $5.0 million, or $0.11 per diluted shareNon-GAAP adjusted EBITDA of $4.4 millionOperating cash flow of $10.2 millionAs of June 30, 2023, the Company had approximately $147 million in cash, restricted cash and investments, and no debt Business Highlights and Updates Record second quarter total revenue of $45.9 million, representing 24% growth versus the prior yearMACI second-quarter revenue growth of 27%, representing the fourth straight quarter of 20%+ growth compared to the prior yearMACI revenue growth of 29% in the first half of 2023 versus the prior yearHighest number of surgeons taking MACI biopsies in a quarter and second highest number of MACI biopsies in a quarter since launchSecond quarter Epicel growth of 17% versus the prior year and 40% sequential growth versus the first quarter12th straight quarter of positive adjusted EBITDA and operating cash flow, with adjusted EBITDA growth of 60% in the second quarter versus the prior yearHuman factors validation study for MACI arthroscopic delivery program planned for Q3 and program remains on track for an anticipated 2024 commercial launch; market research confirms significant opportunity with high level of surgeon interestExecuted long-term extension of exclusive supply agreement with Matricel GmbH for the MACI ACI-Maix collagen membrane “The Company continues to execute well, generating very strong revenue growth for both MACI and Epicel in the second quarter, as well as our 12th consecutive quarter of positive adjusted EBITDA and operating cash flow,” said Nick Colangelo, President and CEO ...