Vericel Corporation · NASDAQ:VCEL
Vericel — Q1 2023 Earnings Presentation
10 slides from Vericel's earnings presentation, May 10, 2023
Slide 1: Vericel Q1 2023 Results
VERICEL Q1 2023 RESULTS MAY 10, 2023
Slide 2: Safe Harbor
Safe Harbor Vericel cautions you that all statements other than revenue, growth in revenue, market penetration for and the ongoing or future impacts of the COVID-19 statements of historical fact included in this presentation MACI®, Epicel®, and NexoBrid®, growth in profit, gross pandemic on our busi
Slide 3: Q1 2023 Financial Highlights
Q1 2023 Financial Highlights Q1 Financial Highlights Recent MACI Growth Rates 32% 30% Epicel $6.8 24% $1.7M Adjusted EBITDA $41.0M Total Revenues $7.9M $34.2 Operating Cash Flow MACI Q3 2022 Q4 2022 Q1 2023 As of March 31, 2023, approximately $139 MACI trailing three quarter growth of 28% million in
Slide 4: Key Brand and Business Updates
Key Brand and Business Updates MACI Burn Care Corporate Highlights Highest first quarter MACI Tracking ahead of initial goals on Record first quarter total revenue since launch, NexoBrid Pharmacy and revenue of $41 million representing growth of 32% Therapeutics (P&T) committee 11th straight quarter
Slide 5: Q1 Revenue Details
Q1 Revenue Details Total Revenue ($M) $60 $50 NexoBrid $41.0 (BARDA) $40 $34.6 $36.1 $6.8 MACI First Quarter Net Epicel $0.2 $30 $26.7 $0.9 $9.9 Revenue Increased 32% $9.8 MACI $21.8 $6.4 to $34.2 Million $20 $5.2 $34.2 $23.8 $26.0 $10 $20.3 $16.6 $0 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Vericel Q
Slide 6: First-Quarter 2023 Financial Results
First-Quarter 2023 Financial Results Three Months Ended March 31, Unaudited, amounts in millions except per share amounts 2023 2022 Net Revenue $41.0 $36.1 Gross Profit 26.5 23.5 Gross Margin 65% 65% Research and Development 5.2 4.9 Selling, General and Administrative 29.5 25.9 Total Operating Expen
Slide 7: Increasing 2023 Revenue Guidance
Increasing 2023 Revenue Guidance 2023 Net Revenue Guidance $184M-$192M $180M-$188M Total net revenue of $184–$192 million ❖ MACI revenue of $156–$160 million with growth of 18%–21% vs. 2022 $Millions ❖ Burn Care revenue of $28–$32 million $164.4 Gross margin in the high-60% range Adjusted EBITDA mar
Slide 8: Appendix
VERICEL Q1 2023 FINANCIAL RESULTS APPENDIX 8
Slide 9: 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) 2023 2022 Net Loss (GAAP) $ (7,495) $ (7,091) Stock-based compensation expense 8,731 9,531 Depreciation and amor
Slide 10: Vericel Capitalization Table
Vericel Capitalization Table Capitalization (as of March 31, 2023) Shares Common Stock 47,507,256 Options Outstanding 6,917,666 Unvested Restricted Stock Units 954,256 Total 55,379,178 Vericel Q1 2023 Financial Results – May 10, 2023 10