Vericel Corporation · NASDAQ:VCEL
Vericel — Q1 2024 Earnings Presentation
8 slides from Vericel's earnings presentation, May 8, 2024
Slide 1: Vericel Q1 2024 Results
VERICEL Q1 2024 RESULTS MAY 8, 2024
Slide 2: Safe Harbor
Safe Harbor Vericel cautions you that all statements other than statements NexoBrid®, growth in profit, gross margins and operating future impacts on our business or the economy generally of historical fact included in this presentation that address margins, the ability to continue to scale our manu
Slide 3: Q1 2024 Financial Highlights
Q1 2024 Financial Highlights Profitability Growth Outpacing High Revenue Growth Total Company revenue growth of 25% Rolling 4-Quarter Total Revenue Growth MACI revenue growth of 18% 23% 20% Burn Care revenue growth of 63% 16% 15% Gross margin of 69%, up over 400 bps vs. Q1 2023 Adjusted EBITDA of $7
Slide 4: Key Brand Updates
Key Brand Updates MACI Burn Care Record Q1 MACI revenue with highest number of Second highest Epicel quarterly revenue since implants, implanting surgeons, surgeons taking launch and highest Epicel quarterly revenue since biopsies and biopsies in a first quarter since 2021 launch NexoBrid launch pro
Slide 5: Q1 2024 Revenue Details
Q1 2024 Revenue Details Total Revenue ($M) $80 $70 Total revenue growth of $60 NexoBrid $51.3 25% driven by both $0.4 Epicel $50 $41.0 $10.7 franchises, with record $40 $34.6 $36.1 Q1 MACI revenue and $0.2 $6.8 MACI $0.9 $30 $26.7 $9.9 Burn Care revenue $9.8 $6.4 $20 $34.2 $40.2 growth of 63% $23.8
Slide 6: Q1 2024 Financial Results
Q1 2024 Financial Results Three Months Ended March 31, Unaudited, amounts in millions except per share amounts 2024 2023 Net Revenue $51.3 $41.0 Gross Profit 35.4 26.5 Gross Margin 69% 65% Research and Development 6.4 5.2 Selling, General and Administrative 34.4 29.5 Total Operating Expenses 40.8 34
Slide 7: Increasing 2024 Full-Year Revenue Guidance
Increasing 2024 Full-Year Revenue Guidance 2024 Net Revenue Guidance $237M to $238M to Total net revenue of $238–$242 million $241M $242M $Millions Gross margin of ~70% $198M Adjusted EBITDA margin of ~20% 2023 Actual 2024 February 2024 May Guidance Guidance Increased since previous guidance Vericel
Slide 8: Reconciliation of Reported Net Loss (GAAP) to Adjusted EBITDA (Non-GAAP Measure)
Reconciliation of Reported Net Loss (GAAP) to Adjusted EBITDA (Non- GAAP Measure) – Unaudited Three Months Ended (unaudited, amounts in thousands) March 31, Adjusted EBITDA (In Thousands) 2024 2023 Net Loss (GAAP) $ (3,862) $ (7,495) Stock-based compensation expense 9,834 8,731 Depreciation and amor