Business
Vericel Reports Third Quarter 2021 Financial Results
Third Quarter Total Net Revenue of $34.5 Million Year-To-Date 2021 Revenue Increased 38% to $108.6 Million Conference Call Today at 8:30am Eastern Time
About this update from Vericel Corporation
[{"type":"text","content":"Third Quarter Total Net Revenue of $34.5 Million Year-To-Date 2021 Revenue Increased 38% to $108.6 Million Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., Nov. 09, 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 third quarter ended September 30, 2021. Third Quarter 2021 Financial Highlights Total net revenue of $34.5 million, compared to $32.3 million in the third quarter of 2020MACI® net revenue of $23.9 million, Epicel® net revenue of $9.8 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 64%, compared to 70% in the third quarter of 2020Net loss of $4.9 million, or $0.11 per share, compared to net income of $3.6 million, or $0.08 per share, in the third quarter of 2020Non-GAAP adjusted EBITDA of $4.3 million, compared to $6.7 million in the third quarter of 2020Operating cash flow of $3.6 millionAs of September 30, 2021, the Company had approximately $119 million in cash and investments, compared to approximately $100 million as of December 31, 2020, and no debt Year-to-Date 2021 Financial Highlights Total net revenue of $108.6 million, compared to $79.0 million in 2020MACI net revenue of $74.2 million, Epicel net revenue of $31.8 million, and NexoBrid revenue of $2.6 million related to BARDA procurement for emergency response preparednessGross margin of 66%, compared to 64% for the same period in 2020Net loss of $12.0 million, or $0.26 per share, compared to net loss of $9.4 million, or $0.21 per share, for the same period in 2020Non-GAAP adjusted EBITDA of $16.7 million, compared to $2.5 million for the same period in 2020Operating cash flow of $18.5 million Business Highlights and Updates Growth in surgeons taking MACI biopsies in 2021 is on track to exceed 20% and growth in total MACI biopsies is expected to exceed 30%, compared to 2020Epicel net revenue growth of 48% compared to the third quarter of 2020 and the fourth straight quarter with Epicel revenue over $9 millionGrowth of over 30% in Epicel biopsies and treated patients through the first nine months of 2021 compared to the same period in 2020Followin...