Business
Vericel Reports Second Quarter 2024 Financial Results
Total Revenue of $52.7 Million, with MACI Revenue Growth of 21% to $44.1 Million NexoBrid Revenue Growth of 76% Over Prior Quarter Gross Margin of 70% and
About this update from Vericel Corporation
[{"type":"text","content":"Total Revenue of $52.7 Million, with MACI Revenue Growth of 21% to $44.1 Million NexoBrid Revenue Growth of 76% Over Prior Quarter Gross Margin of 70% and Adjusted EBITDA Growth of 42% Full-Year Profitability Guidance Raised to 71% Gross Margin and 21% Adjusted EBITDA Margin Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., Aug. 01, 2024 (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, 2024. Second Quarter 2024 Financial Highlights Total net revenue of $52.7 millionMACI® net revenue growth of 21% to $44.1 millionBurn Care net revenue of $8.5 million, consisting of $7.8 million of Epicel® revenue and $0.8 million of NexoBrid® revenueGross margin of 70%, an increase of 430 basis points versus the prior yearNet loss of $4.7 million, or $0.10 per diluted shareNon-GAAP adjusted EBITDA increased 42% to $6.3 million, representing adjusted EBITDA margin of 12%, an increase of approximately 230 basis points versus the prior yearOperating cash flow of approximately $18.5 millionAs of June 30, 2024, the Company had approximately $154 million in cash, restricted cash and investments, and no debt First Half 2024 Financial Highlights Total net revenue increased 20% to $103.9 millionMACI net revenue growth of 20% to $84.3 millionBurn Care net revenue growth of 20% to $19.6 millionGross margin of 69%, an increase of approximately 430 basis points versus the prior yearNet loss of $8.5 million, or $0.18 per diluted shareNon-GAAP adjusted EBITDA increased 120% to $13.5 million, representing adjusted EBITDA margin of 13%, an increase of approximately 600 basis points versus the prior yearOperating cash flow of approximately $26 million Business Highlights and Updates Record second quarter total revenue and MACI revenueSecond highest number of MACI biopsies and surgeons taking biopsies in a quarter since launch, including the highest number of biopsies in any month since launchCommercial plans progressing for MACI Arthro™ in advance of anticipated launch later this quarterNexoBrid launch progressing with approximately 70 Pharmacy and Therapeutics (P&T) committee submissions, more than 40 burn centers obtaining approval and approximately 40 centers placin...