Business
Vericel Reports Third Quarter 2022 Financial Results
Total Net Product Revenue of $38.6 Million MACI Net Revenue Increased 30% to $31.0 Million Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., Nov.
About this update from Vericel Corporation
[{"type":"text","content":"Total Net Product Revenue of $38.6 Million MACI Net Revenue Increased 30% to $31.0 Million Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., Nov. 09, 2022 (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, 2022. Third Quarter 2022 Financial Highlights Total net revenue of $38.6 millionMACI® net revenue of $31.0 million, Epicel® net revenue of $7.3 million, and NexoBrid® revenue of $0.2 millionGross margin of 65%Net loss of $6.6 million, or $0.14 per shareNon-GAAP adjusted EBITDA of $3.3 millionOperating cash flow of $4.1 millionAs of September 30, 2022, approximately $133 million in cash and investments, and no debt Business Highlights and Updates Third-quarter MACI revenue growth of 30% compared to the prior year and 8% sequential growth versus the prior quarter, representing the highest quarterly revenue outside of the seasonally-high fourth quarter since the launch of MACINinth straight quarter of positive adjusted EBITDA and operating cash flowFDA’s review of NexoBrid BLA is progressing, with inspections of manufacturing facilities in Taiwan and Israel underwayType C meeting with the FDA scheduled for December to discuss MACI arthroscopic delivery program “The Company executed well in the third quarter, delivering strong MACI revenue growth, record third-quarter total revenue, and continued quarterly profitability and positive operating cash flow,” said Nick Colangelo, President and CEO of Vericel. “We also continued to advance important pipeline programs with planned meetings with the FDA for both the MACI arthroscopic delivery and ankle development programs, as well as continued pre-launch activities for the potential launch of NexoBrid, which we believe positions the Company for continued strong growth in the years ahead.” Full-Year 2022 Financial Guidance Update Total net revenue expected to be in the range of $164 to $166 millionMACI revenue expected to be approximately $130 to $132 millionTotal burn care revenue, including Epicel and NexoBrid, expected to be approximately $34 millionGross margin expected to be in the mid-60% rangeAdjusted EBITDA margin in the mid-teens % range Third Quarter 2022 ResultsTotal net revenue f...