Business
Vericel Reports Third Quarter 2023 Financial Results and Raises Full-Year 2023 Financial Guidance
Record Third Quarter Revenue of $45.6 Million, Representing 18% Growth versus Prior Year MACI Revenue Growth of 21% to $37.6 Million Full-Year 2023 Revenue
About this update from Vericel Corporation
[{"type":"text","content":"Record Third Quarter Revenue of $45.6 Million, Representing 18% Growth versus Prior Year MACI Revenue Growth of 21% to $37.6 Million Full-Year 2023 Revenue Guidance Raised to $192.5-197.5 Million Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., Nov. 08, 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 third quarter ended September 30, 2023. Third Quarter 2023 Financial Highlights Total net revenue of $45.6 millionMACI® net revenue of $37.6 million, Epicel® net revenue of $7.4 million and NexoBrid® net revenue of $0.6 millionGross margin of 67%Net loss of $3.7 million, or $0.08 per diluted shareNon-GAAP adjusted EBITDA of $5.4 millionOperating cash flow of $7.2 millionAs of September 30, 2023, the Company had approximately $149 million in cash, restricted cash and investments, and no debt Business Highlights and Updates Record third quarter total revenue, representing 18% growth versus the prior yearYear-to-date total revenue increased 19% to $132.5 millionMACI third-quarter revenue growth of 21%, marking the fifth straight quarter of 20%+ growth13th straight quarter of positive adjusted EBITDA and operating cash flow, with adjusted EBITDA growth of 64% versus the prior yearRecord third-quarter highs for MACI biopsies and the number of surgeons taking biopsiesCompleted human factors validation study for MACI arthroscopic delivery program during the third quarter, with commercial launch anticipated in the first half of 2024Announced U.S. commercial availability of NexoBrid, significantly expanding the total addressable market for Vericel Burn CareAnnounced publication of positive results from NexoBrid Phase 3 DETECT study in the Journal of Burn Care & Research, demonstrating that treatment with NexoBrid resulted in early complete eschar removal in more than 90% of treated burn patients and reduced the need for surgical excision compared to Gel Vehicle and standard of care “The Company continued to execute well in the third quarter, delivering strong financial results and achieving significant milestones, and as a result we are once again raising our full-year 2023 revenue guidance,” said Nick Colangelo, President and CEO of Vericel. “We believe that we are ve...