Vericel Announces Preliminary 2024 Financial Results, 2025 Financial Guidance and Increased Mid-Term Profitability Targets
Vericel (VCEL) reported strong preliminary 2024 results with total revenue of approximately $237-237.5 million, representing 20% growth. MACI revenue reached $197.2-197.7 million (20% growth), while Burn Care revenue hit $40 million (22% growth).
The fourth quarter showed impressive performance with total revenue of $75.2-75.7 million, including record-breaking MACI implants, surgeons, and biopsies. Gross margin reached approximately 77%, with adjusted EBITDA margin at 39%. The company ended 2024 with $167 million in cash and no debt.
Looking ahead, Vericel projects 20-23% revenue growth for 2025, with gross margin of 73-74% and adjusted EBITDA margin of 25-26%. The company also increased its mid-term profitability targets, expecting gross margin in the high-70% range and adjusted EBITDA margin in the high-30% range by 2029.
Vericel (VCEL) ha riportato risultati preliminari solidi per il 2024, con ricavi totali di circa 237-237,5 milioni di dollari, con una crescita del 20%. I ricavi di MACI hanno raggiunto 197,2-197,7 milioni di dollari (crescita del 20%), mentre i ricavi per la Burn Care hanno toccato i 40 milioni di dollari (crescita del 22%).
Il quarto trimestre ha mostrato una performance impressionante, con ricavi totali di 75,2-75,7 milioni di dollari, includendo impianti MACI da record, chirurghi e biopsie. Il margine lordo ha raggiunto circa il 77%, con un margine EBITDA rettificato del 39%. La società ha concluso il 2024 con 167 milioni di dollari in contante e senza debiti.
Guardando al futuro, Vericel prevede una crescita dei ricavi del 20-23% per il 2025, con un margine lordo del 73-74% e un margine EBITDA rettificato del 25-26%. Inoltre, l'azienda ha aumentato i suoi obiettivi di redditività a medio termine, aspettandosi un margine lordo nella fascia alta del 70% e un margine EBITDA rettificato nella fascia alta del 30% entro il 2029.
Vericel (VCEL) informó resultados preliminares sólidos para 2024, con ingresos totales de aproximadamente 237-237.5 millones de dólares, lo que representa un crecimiento del 20%. Los ingresos de MACI alcanzaron 197.2-197.7 millones de dólares (20% de crecimiento), mientras que los ingresos por Burn Care llegaron a 40 millones de dólares (22% de crecimiento).
El cuarto trimestre mostró un rendimiento impresionante con ingresos totales de 75.2-75.7 millones de dólares, incluyendo implantes de MACI, cirujanos y biopsias récord. El margen bruto alcanzó aproximadamente el 77%, con un margen EBITDA ajustado del 39%. La empresa cerró 2024 con 167 millones de dólares en efectivo y sin deudas.
Mirando hacia adelante, Vericel proyecta un crecimiento de ingresos del 20-23% para 2025, con un margen bruto del 73-74% y un margen EBITDA ajustado del 25-26%. La empresa también ha aumentado sus objetivos de rentabilidad a mediano plazo, esperando un margen bruto en el rango alto del 70% y un margen EBITDA ajustado en el rango alto del 30% para 2029.
Vericel (VCEL)은 2024년 강력한 예비 실적을 보고했으며, 총 수익은 약 2억 3,700만에서 2억 3,750만 달러로 20% 성장했습니다. MACI의 수익은 1억 9,720만에서 1억 9,770만 달러에 도달했으며(20% 성장), Burn Care의 수익은 4천만 달러에 도달했습니다(22% 성장).
4분기는 총 수익이 7천 520만에서 7천 570만 달러로 인상적인 실적을 보였으며, 기록적인 MACI 이식, 외과의사 및 생검을 포함했습니다. 총 마진은 약 77%에 달했으며, 조정된 EBITDA 마진은 39%였습니다. 회사는 2024년을 1억 6,700만 달러의 현금과 무부채로 마쳤습니다.
앞으로 Vericel은 2025년 수익 성장을 20-23%로 예상하며, 총 마진은 73-74%, 조정된 EBITDA 마진은 25-26%가 될 것으로 보입니다. 또한, 회사는 중기 수익성 목표를 상향 조정하여 2029년까지 총 마진이 70%대 후반, 조정된 EBITDA 마진이 30%대 후반이 될 것으로 예상하고 있습니다.
Vericel (VCEL) a rapporté des résultats préliminaires solides pour 2024, avec un chiffre d'affaires total d'environ 237-237,5 millions de dollars, représentant une croissance de 20%. Le chiffre d'affaires de MACI a atteint 197,2-197,7 millions de dollars (croissance de 20%), tandis que le chiffre d'affaires dédié aux soins des brûlures a atteint 40 millions de dollars (croissance de 22%).
Le quatrième trimestre a montré une performance impressionnante avec un chiffre d'affaires total de 75,2-75,7 millions de dollars, comprenant des implants MACI record, des chirurgiens et des biopsies. La marge brute a atteint environ 77%, avec une marge EBITDA ajustée de 39%. L'entreprise a terminé 2024 avec 167 millions de dollars en liquidités et aucune dette.
En regardant devant soi, Vericel prévoit une croissance du chiffre d'affaires de 20-23% pour 2025, avec une marge brute de 73-74% et une marge EBITDA ajustée de 25-26%. De plus, l'entreprise a augmenté ses objectifs de rentabilité à moyen terme, s'attendant à ce que la marge brute se situe dans la fourchette supérieure des 70% et que la marge EBITDA ajustée se situe dans la fourchette supérieure des 30% d'ici 2029.
Vericel (VCEL) berichtete über starke vorläufige Ergebnisse für 2024 mit einem Gesamtumsatz von etwa 237-237,5 Millionen US-Dollar, was einem Wachstum von 20% entspricht. Der Umsatz von MACI erreichte 197,2-197,7 Millionen US-Dollar (20% Wachstum), während der Umsatz im Bereich Burn Care 40 Millionen US-Dollar (22% Wachstum) betrug.
Das vierte Quartal zeigte eine beeindruckende Leistung mit einem Gesamtumsatz von 75,2-75,7 Millionen US-Dollar, einschließlich rekordverdächtiger MACI-Implantate, Chirurgen und Biopsien. Der Bruttogewinn betrug etwa 77%, während die bereinigte EBITDA-Marge bei 39% lag. Das Unternehmen beendete 2024 mit 167 Millionen US-Dollar in bar und ohne Schulden.
Blick in die Zukunft rechnet Vericel für 2025 mit einem Umsatzwachstum von 20-23%, mit einer Bruttomarge von 73-74% und einer bereinigten EBITDA-Marge von 25-26%. Das Unternehmen hat auch seine mittelfristigen Rentabilitätsziele angehoben und erwartet, dass die Bruttomarge bis 2029 im hohen 70%-Bereich und die bereinigte EBITDA-Marge im hohen 30%-Bereich liegen wird.
- 20% total revenue growth in 2024 reaching $237-237.5 million
- Record Q4 gross margin of 77% and adjusted EBITDA margin of 39%
- Achieved GAAP Net Income profitability in 2024
- Strong cash position of $167 million with no debt
- Projected 20-23% revenue growth for 2025
- 40% increase in NexoBrid hospital orders in Q4
- None.
Insights
The preliminary 2024 results and 2025 guidance showcase exceptional financial performance. Total revenue of
Three key financial metrics stand out: First, achieving GAAP profitability marks a important milestone for sustainability. Second, the
The burn care segment's
The market implications of these results are substantial. The record-breaking MACI metrics across implants, surgeons and biopsies indicate expanding market penetration and physician adoption. Having over 150 MACI Arthro trained surgeons by year-end creates a strong foundation for 2025 growth.
Two market dynamics are particularly noteworthy: First, the successful expansion into arthroscopic procedures through MACI Arthro opens up a significantly larger addressable market. Second, the burn care segment's growth suggests successful market development strategies for both Epicel and NexoBrid.
The new corporate headquarters and manufacturing facility, scheduled for commercial production in 2026, positions Vericel for long-term scalability. This infrastructure investment, combined with the strong cash position and growing margins, suggests a company transitioning from growth phase to sustainable market leadership in advanced therapies.
Full-Year 2024 Total Revenue Growth of
MACI Full-Year 2024 Revenue Growth of
Highest Quarterly MACI Implants, Surgeons, and Biopsies Since Launch and Strong Early MACI Arthro Launch Indicators
Record Fourth Quarter Gross Margin of Approximately
2025 Total Revenue Guidance of
Mid-Term Profitability Targets Increased to Gross Margin in the High
CAMBRIDGE, Mass., Jan. 14, 2025 (GLOBE NEWSWIRE) -- Vericel Corporation (NASDAQ:VCEL), a leader in advanced therapies for the sports medicine and severe burn care markets, today announced preliminary, unaudited financial results for the fourth quarter and year ended December 31, 2024, full-year 2025 financial guidance and updated mid-term profitability targets.
Preliminary, Unaudited Full-Year 2024 Financial Results
- Total net revenue expected to be approximately
$237 t o$237.5 million , representing20% growth - MACI® net revenue expected to be approximately
$197.2 t o$197.7 million , representing20% growth - Burn Care net revenue expected to be approximately
$40 million , representing22% growth, consisting of approximately$36.6 million of Epicel® revenue and$3.3 million of NexoBrid® revenue - Gross margin expected to be approximately
72.5% - Achieved Full-Year GAAP Net Income profitability
- Non-GAAP adjusted EBITDA margin expected to be approximately
22% - As of December 31, 2024, the Company had approximately
$167 million in cash, restricted cash and investments, and no debt, an increase of approximately$16 million for the quarter
Preliminary, Unaudited Fourth Quarter Financial Results
- Total net revenue expected to be approximately
$75.2 million to$75.7 million - MACI net revenue expected to be approximately
$68.2 t o$68.7 million , representing20% to21% growth versus the prior year and approximately53% growth versus the prior quarter - Burn Care net revenue expected to be approximately
$7 million , consisting of approximately$6 million of Epicel revenue and$1 million of NexoBrid revenue - Gross margin expected to be approximately
77% - GAAP Net Income expected to be approximately
$17.5 t o$18.5 million - Non-GAAP adjusted EBITDA margin expected to be approximately
39%
Key Business Highlights and Updates
- Highest number of MACI implants, implanting surgeons, surgeons taking biopsies and MACI biopsies in any quarter since launch in the fourth quarter
- More than 150 MACI Arthro trained surgeons through year-end
- NexoBrid hospital orders in the fourth quarter increased approximately
40% versus the prior quarter - Completed construction of new corporate headquarters and manufacturing facility and remain on track to initiate commercial manufacturing in the new facility in 2026
2025 Financial Guidance
- Total net revenue growth for 2025 expected to be
20% to23% - Gross margin expected to be
73% to74% - Adjusted EBITDA margin expected to be
25% to26%
Mid-Term Profitability Targets
- Gross margin is expected to increase to the high
-70% range by 2029 - Adjusted EBITDA margin expected to increase to the high
-30% range by 2029
“The Company executed extremely well in 2024, delivering high revenue growth across both franchises and very strong margin expansion and profitability,” said Nick Colangelo, President and CEO of Vericel. “We are entering 2025 with a great deal of momentum and expect another year of high revenue growth, increasing utilization of MACI Arthro and significant growth in profitability and cash generation as we continue to progress toward our mid-term financial targets.”
Vericel is scheduled to present at the 43rd Annual J.P. Morgan Healthcare Conference at 10:30 a.m. ET (7:30 a.m. PT) on Wednesday, January 15, 2025. A webcast of the presentation will be available on the Investor Relations section of the Vericel Corporation website at: http://investors.vcel.com.
About Vericel Corporation
Vericel is a leading provider of advanced therapies for the sports medicine and severe burn care markets. The Company combines innovations in biology with medical technologies, resulting in a highly differentiated portfolio of innovative cell therapies and specialty biologics that repair injuries and restore lives. Vericel markets three products in the United States. MACI (autologous cultured chondrocytes on porcine collagen membrane) is an autologous cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults. Epicel (cultured epidermal autografts) is a permanent skin replacement for the treatment of patients with deep dermal or full thickness burns greater than or equal to
Epicel® and MACI® are registered trademarks of Vericel Corporation. NexoBrid® is a registered trademark of MediWound Ltd. and is used under license to Vericel Corporation. © 2025 Vericel Corporation. All rights reserved.
Preliminary and Unaudited Nature of Reported Results
Our revenue expectations for the fourth quarter and full-year ended 2024, as well as our estimates concerning gross margin, net income, adjusted EBITDA, cash, restricted cash and investments are preliminary, unaudited and are subject to change based on the completion of ongoing internal control, review, and audit procedures. As a result, these amounts may differ materially from the amounts that will be reflected in the Company’s consolidated financial statements for the year ended December 31, 2024. Accordingly, you should not place undue reliance on this preliminary estimate.
GAAP v. Non-GAAP Measures
Vericel’s reported earnings are prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and represent earnings as reported to the Securities and Exchange Commission. Vericel has provided in this release certain financial information that has not been prepared in accordance with GAAP. Vericel’s management believes that the non-GAAP adjusted EBITDA described in this release, which includes adjustments for specific items that are generally not indicative of our core operations, provides additional information that is useful to investors in understanding Vericel’s underlying performance, business and performance trends, and helps facilitate period-to-period comparisons and comparisons of its financial measures with other companies in Vericel’s industry. However, the non-GAAP financial measures that Vericel uses may differ from measures that other companies may use. Non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation or as substitutes for results prepared in accordance with GAAP.
Forward-Looking Statements
Vericel cautions you that all statements other than statements of historical fact included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe that we have a reasonable basis for the forward-looking statements contained herein, they are based on current expectations about future events affecting us and are subject to risks, assumptions, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Our actual results may differ materially from those expressed or implied by the forward-looking statements in this press release. These statements are often, but are not always, made through the use of words or phrases such as “anticipates,” “intends,” “estimates,” “plans,” “expects,” “continues,” “believe,” “guidance,” “outlook,” “target,” “future,” “potential,” “goals” and similar words or phrases, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” or similar expressions.
Among the factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to, the inherent uncertainties associated with our expectations concerning expected revenue results for the fourth quarter and full-year ended 2024, gross margin, net income, adjusted EBITDA, and estimates of our cash, restricted cash and investments as of December 31, 2024. Vericel’s revenue expectations for the fourth quarter and full-year ended 2024, as well as its estimates concerning gross margin, net income, adjusted EBITDA, and cash, restricted cash and investments are preliminary, unaudited and are subject to change during ongoing internal control, review and audit procedures. Additional factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to, uncertainties associated with our expectations regarding future revenue, growth in revenue, market penetration for MACI, MACI Arthro, Epicel, and NexoBrid, growth in profit, gross margins and operating margins, the ability to continue to scale our manufacturing operations to meet the demand for our cell therapy products, including the timely qualification of a new manufacturing facility in Burlington, Massachusetts, the ability to sustain profitability, contributions to adjusted EBITDA, the expected target surgeon audience, potential fluctuations in sales and volumes and our results of operations over the course of the year, timing and conduct of clinical trial and product development activities, timing and likelihood of the FDA’s potential approval of the use of MACI to treat cartilage defects in the ankle, the estimate of the commercial growth potential of our products and product candidates, competitive developments, changes in third-party coverage and reimbursement, surgeon adoption of MACI Arthro, physician and burn center adoption of NexoBrid, labor strikes, changes in surgeon and hospital treatment prioritizations caused by the temporary shortage of essential medical supplies, supply chain disruptions or other events or factors that might affect our ability to manufacture MACI or Epicel or affect MediWound’s ability to manufacture and supply sufficient quantities of NexoBrid to meet customer demand, including but not limited to, damage or disruption caused by natural disasters and the ongoing military conflicts in the Middle East region involving Israel, negative impacts on the global economy and capital markets resulting from the conflict in Ukraine and the Middle East conflicts, changes in trade policies and regulations, including the potential for increases or changes in duties, current and potentially new tariffs or quotas, lingering effects of adverse developments affecting financial institutions, companies in the financial services industry or the financial services industry generally, possible changes in governmental monetary and fiscal policies, including, but not limited to, Federal Reserve policies in connection with continued inflationary pressures and the impact of the recent elections in the United States, global geopolitical tensions and potential future impacts on our business or the economy generally stemming from a public health emergency.
These and other significant factors are discussed in greater detail in Vericel’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (SEC) on February 29, 2024, Vericel’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed with the SEC on November 7, 2024, and in other filings with the SEC. These forward-looking statements reflect our views as of the date hereof and Vericel does not assume and specifically disclaims any obligation to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this press release except as required by law.
Investor Contact:
Eric Burns
ir@vcel.com
+1 (734) 418-4411
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