Vericel Reports Second Quarter 2024 Financial Results
Vericel (NASDAQ:VCEL) reported strong Q2 2024 financial results, with total revenue of $52.7 million, a 15% increase year-over-year. MACI revenue grew 21% to $44.1 million, while Burn Care revenue reached $8.5 million. The company achieved a gross margin of 70%, up 430 basis points, and adjusted EBITDA increased 42% to $6.3 million. Vericel raised its full-year profitability guidance to 71% gross margin and 21% adjusted EBITDA margin. The company maintains a strong financial position with $154 million in cash and no debt. Key highlights include record Q2 total revenue, progress in NexoBrid launch, and anticipated MACI Arthro launch later this quarter.
Vericel (NASDAQ:VCEL) ha riportato risultati finanziari robusti per il Q2 2024, con un fatturato totale di 52,7 milioni di dollari, un aumento del 15% rispetto all'anno precedente. Il fatturato di MACI è cresciuto del 21% a 44,1 milioni di dollari, mentre il fatturato per la cura delle ustioni ha raggiunto 8,5 milioni di dollari. L'azienda ha ottenuto un margine lordo del 70%, in aumento di 430 punti base, e un EBITDA rettificato cresciuto del 42% a 6,3 milioni di dollari. Vericel ha alzato le prospettive di redditività per l'intero anno al 71% di margine lordo e al 21% di margine EBITDA rettificato. L'azienda mantiene una posizione finanziaria solida con 154 milioni di dollari in cassa e senza debiti. I momenti salienti includono un fatturato totale record nel Q2, progressi nel lancio di NexoBrid e un atteso lancio di MACI Arthro entro la fine di questo trimestre.
Vericel (NASDAQ:VCEL) reportó resultados financieros fuertes para el Q2 2024, con ingresos totales de 52,7 millones de dólares, un aumento del 15% en comparación con el año anterior. Los ingresos de MACI crecieron un 21% a 44,1 millones de dólares, mientras que los ingresos por cuidado de quemaduras alcanzaron los 8,5 millones de dólares. La compañía logró un margen bruto del 70%, un aumento de 430 puntos básicos, y el EBITDA ajustado aumentó un 42% a 6,3 millones de dólares. Vericel elevó su guía de rentabilidad para todo el año al 71% de margen bruto y un 21% de margen de EBITDA ajustado. La empresa mantiene una sólida posición financiera con 154 millones de dólares en efectivo y sin deudas. Los puntos destacados incluyen ingresos totales récord en el Q2, avances en el lanzamiento de NexoBrid y el esperado lanzamiento de MACI Arthro más adelante en este trimestre.
Vericel (NASDAQ:VCEL)가 2024년 2분기 재무 결과를 발표했으며, 총 수익은 5,270만 달러로 전년 대비 15% 증가했습니다. MACI 수익은 21% 증가한 4,410만 달러에 달했으며, 화상 치료 수익은 850만 달러에 도달했습니다. 이 회사는 70%의 총 마진을 달성했으며, 이는 430 베이시스 포인트 증가한 수치입니다. 조정된 EBITDA는 42% 증가하여 630만 달러에 달했습니다. Vericel은 연간 수익 가이던스를 71%의 총 마진과 21%의 조정된 EBITDA 마진으로 상향 조정했습니다. 이 회사는 1억 5,400만 달러의 현금과 무부채인 강력한 재무 상태를 유지하고 있습니다. 주요 하이라이트로는 2분기 총 수익 기록, NexoBrid 출시 진전 및 이번 분기 말 예정인 MACI Arthro 출시가 있습니다.
Vericel (NASDAQ:VCEL) a annoncé de solides résultats financiers pour le Q2 2024, avec un chiffre d'affaires total de 52,7 millions de dollars, soit une augmentation de 15 % par rapport à l'année précédente. Le chiffre d'affaires de MACI a progressé de 21 % pour atteindre 44,1 millions de dollars, tandis que le chiffre d'affaires lié aux soins des brûlures s'est élevé à 8,5 millions de dollars. L'entreprise a réalisé une marge brute de 70%, en hausse de 430 points de base, et l'EBITDA ajusté a augmenté de 42 % pour atteindre 6,3 millions de dollars. Vericel a relevé sa prévision de rentabilité pour l'année entière à une marge brute de 71 % et une marge d'EBITDA ajusté de 21 %. L'entreprise maintient une position financière solide avec 154 millions de dollars en cash et aucune dette. Parmi les faits marquants, on note un chiffre d'affaires total record au Q2, des avancées dans le lancement de NexoBrid et le lancement prévu de MACI Arthro plus tard ce trimestre.
Vericel (NASDAQ:VCEL) hat starke Q2 2024 Finanzzahlen berichtet, mit einem Gesamtumsatz von 52,7 Millionen Dollar, was einem Anstieg von 15 % im Jahresvergleich entspricht. Der MACI-Umsatz stieg um 21 % auf 44,1 Millionen Dollar, während der Umsatz aus der Brandpflege 8,5 Millionen Dollar erreichte. Das Unternehmen erzielte eine Bruttomarge von 70%, was einen Anstieg von 430 Basispunkten bedeutet, und das bereinigte EBITDA stieg um 42 % auf 6,3 Millionen Dollar. Vericel hob seine Gewinnprognose für das Gesamtjahr auf eine Bruttomarge von 71 % und eine bereinigte EBITDA-Marge von 21 % an. Das Unternehmen bleibt finanziell stark aufgestellt mit 154 Millionen Dollar in Bargeld und ohne Schulden. Zu den wichtigsten Höhepunkten gehören die Rekordumsätze im Q2, Fortschritte beim Launch von NexoBrid und die bevorstehende Einführung von MACI Arthro noch in diesem Quartal.
- Total revenue increased 15% year-over-year to $52.7 million
- MACI revenue grew 21% to $44.1 million
- Gross margin improved by 430 basis points to 70%
- Adjusted EBITDA increased 42% to $6.3 million
- Operating cash flow of $18.5 million for Q2
- Strong cash position of $154 million with no debt
- Raised full-year profitability guidance
- Net loss of $4.7 million, or $0.10 per diluted share
- Operating expenses increased to $42.6 million from $35.9 million in Q2 2023
Insights
Vericel's Q2 2024 results demonstrate robust growth and improving profitability, signaling a positive trajectory for the company. The 21% year-over-year increase in MACI revenue to
The company's focus on margin expansion is evident, with gross margin improving by 430 basis points to
Vericel's strong cash position of approximately
However, investors should note the ongoing net loss, albeit slightly improved from the previous year. The increased operating expenses, primarily due to development and pre-launch activities, suggest continued investment in future growth. The success of these initiatives, particularly the MACI Arthro launch, will be important for the company's long-term performance.
Vericel's Q2 results reveal promising market dynamics in the advanced therapies sector for sports medicine and severe burn care. The record-breaking MACI revenue and biopsy numbers indicate growing physician adoption and patient demand. This trend suggests a potential expansion of the addressable market for cartilage repair procedures.
The NexoBrid launch progress is particularly intriguing. With approximately 70 Pharmacy and Therapeutics committee submissions and over 40 burn centers gaining approval, we're seeing rapid market penetration. This swift adoption rate could signal a shift in burn treatment protocols, potentially disrupting traditional methods.
The anticipated FDA approval for NexoBrid's pediatric indication in Q3 2024 could open up a new, underserved market segment. This expansion, coupled with the imminent launch of MACI Arthro, positions Vericel to capture a larger share of the regenerative medicine market.
However, the competitive landscape in this space is evolving rapidly. Vericel's ability to maintain its growth trajectory will depend on continued innovation, successful product launches and effective market education. The company's investment in pre-launch activities and new facilities suggests a long-term commitment to maintaining its market leadership.
Overall, Vericel's performance indicates a growing acceptance of advanced therapies in medical practice, potentially heralding a broader shift towards regenerative medicine solutions in healthcare.
Total Revenue of
NexoBrid Revenue Growth of
Gross Margin of
Full-Year Profitability Guidance Raised to
Conference Call Today at 8:30am Eastern Time
CAMBRIDGE, Mass., Aug. 01, 2024 (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 second quarter ended June 30, 2024.
Second Quarter 2024 Financial Highlights
- Total net revenue of
$52.7 million - MACI® net revenue growth of
21% to$44.1 million - Burn Care net revenue of
$8.5 million , consisting of$7.8 million of Epicel® revenue and$0.8 million of NexoBrid® revenue - Gross margin of
70% , an increase of 430 basis points versus the prior year - Net loss of
$4.7 million , or$0.10 per diluted share - Non-GAAP adjusted EBITDA increased
42% to$6.3 million , representing adjusted EBITDA margin of12% , an increase of approximately 230 basis points versus the prior year - Operating cash flow of approximately
$18.5 million - As of June 30, 2024, the Company had approximately
$154 million in cash, restricted cash and investments, and no debt
First Half 2024 Financial Highlights
- Total net revenue increased
20% to$103.9 million - MACI net revenue growth of
20% to$84.3 million - Burn Care net revenue growth of
20% to$19.6 million - Gross margin of
69% , an increase of approximately 430 basis points versus the prior year - Net loss of
$8.5 million , or$0.18 per diluted share - Non-GAAP adjusted EBITDA increased
120% to$13.5 million , representing adjusted EBITDA margin of13% , an increase of approximately 600 basis points versus the prior year - Operating cash flow of approximately
$26 million
Business Highlights and Updates
- Record second quarter total revenue and MACI revenue
- Second highest number of MACI biopsies and surgeons taking biopsies in a quarter since launch, including the highest number of biopsies in any month since launch
- Commercial plans progressing for MACI Arthro™ in advance of anticipated launch later this quarter
- NexoBrid launch progressing with approximately 70 Pharmacy and Therapeutics (P&T) committee submissions, more than 40 burn centers obtaining approval and approximately 40 centers placing initial orders
- FDA approval of pediatric indication for NexoBrid expected in the third quarter of 2024
“The Company had another strong quarter as we generated record second quarter revenue, highlighted by continued high growth for MACI and solid progression in NexoBrid demand, and delivered another quarter of significant margin expansion as our growth in profitability continues to outpace our high revenue growth,” said Nick Colangelo, President and CEO of Vericel. “In light of the strong performance of our core portfolio in the first half of the year, with both MACI and the Burn Care franchise delivering
2024 Financial Guidance
- Reaffirmed total net revenue guidance of
$238 t o$242 million , or20% to23% growth - Profitability guidance raised to
71% gross margin and21% adjusted EBITDA margin, compared to the previous guidance of70% and20% , respectively
Second Quarter 2024 Results
Total net revenue for the quarter ended June 30, 2024 increased
Gross profit for the quarter ended June 30, 2024 was
Total operating expenses for the quarter ended June 30, 2024 were
Net loss for the quarter ended June 30, 2024 was
Non-GAAP adjusted EBITDA for the quarter ended June 30, 2024 was
As of June 30, 2024, the Company had approximately
Conference Call Information
Today’s conference call will be available live at 8:30 a.m. Eastern Time and can be accessed through the Investor Relations section of the Vericel website at http://investors.vcel.com/events-presentations. A slide presentation with highlights from today’s conference call will be available on the webcast and in the Investor Relations section of the Vericel website. Please access the site at least 15 minutes prior to the scheduled start time in order to download the required audio software, if necessary. To participate by telephone, please register here to receive dial-in details and your personal passcode. A replay of the webcast will be available on the Vericel website until August 1, 2025.
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
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.
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. © 2024 Vericel Corporation. All rights reserved.
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, uncertainties associated with our expectations regarding future revenue, growth in revenue, market penetration for MACI, 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 completion of a new headquarters and manufacturing facility in Burlington, Massachusetts, the ability to achieve or 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 arthroscopic delivery of MACI to the knee or 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, physician and burn center adoption of NexoBrid, supply chain disruptions or other events or factors affecting MediWound’s ability to manufacture and supply sufficient quantities of NexoBrid to meet customer demand, including but not limited to the ongoing Israel-Hamas war or other military conflicts in the Middle East, negative impacts on the global economy and capital markets resulting from the conflict in Ukraine and the Israel-Hamas war, adverse developments affecting financial institutions, companies in the financial services industry or the financial services industry generally, global geopolitical tensions or record inflation and potential future impacts on our business or the economy generally stemming from a resurgence of COVID-19 or another similar 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 June 30, 2024, filed with the SEC on August 1, 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 release except as required by law.
Investor Contact:
Eric Burns
ir@vcel.com
+1 (734) 418-4411
Media Contact:
Julie Downs
media@vcel.com
| VERICEL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts - unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six months ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Product sales, net | $ | 52,662 | $ | 45,922 | $ | 103,943 | $ | 86,939 | |||||||
| Total revenue | 52,662 | 45,922 | 103,943 | 86,939 | |||||||||||
| Cost of product sales | 16,061 | 15,981 | 31,988 | 30,478 | |||||||||||
| Gross profit | 36,601 | 29,941 | 71,955 | 56,461 | |||||||||||
| Research and development | 7,363 | 5,253 | 13,781 | 10,465 | |||||||||||
| Selling, general and administrative | 35,269 | 30,649 | 69,669 | 60,134 | |||||||||||
| Total operating expenses | 42,632 | 35,902 | 83,450 | 70,599 | |||||||||||
| Loss from operations | (6,031 | ) | (5,961 | ) | (11,495 | ) | (14,138 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 1,510 | 1,095 | 3,272 | 1,934 | |||||||||||
| Interest expense | (153 | ) | (149 | ) | (306 | ) | (294 | ) | |||||||
| Other expense | (8 | ) | (5 | ) | (15 | ) | (17 | ) | |||||||
| Total other income | 1,349 | 941 | 2,951 | 1,623 | |||||||||||
| Net loss | $ | (4,682 | ) | $ | (5,020 | ) | $ | (8,544 | ) | $ | (12,515 | ) | |||
| Net loss per common share: | |||||||||||||||
| Basic and diluted | $ | (0.10 | ) | $ | (0.11 | ) | $ | (0.18 | ) | $ | (0.26 | ) | |||
| Weighted-average common shares outstanding: | |||||||||||||||
| Basic and diluted | 48,686 | 47,572 | 48,413 | 47,480 | |||||||||||
| VERICEL CORPORATION RECONCILIATION OF REPORTED NET LOSS (GAAP) TO ADJUSTED EBITDA (NON-GAAP MEASURE) (in thousands - unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss | $ | (4,682 | ) | $ | (5,020 | ) | $ | (8,544 | ) | $ | (12,515 | ) | ||||
| Stock-based compensation expense | 9,520 | 8,761 | 19,354 | 17,492 | ||||||||||||
| Depreciation and amortization | 1,323 | 1,171 | 2,701 | 2,329 | ||||||||||||
| Net interest income | (1,357 | ) | (946 | ) | (2,966 | ) | (1,640 | ) | ||||||||
| Pre-occupancy lease expense | 1,509 | 475 | 2,986 | 475 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 6,313 | $ | 4,441 | $ | 13,531 | $ | 6,141 | ||||||||
| VERICEL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands - unaudited) | |||||||
| June 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 50,291 | $ | 69,088 | |||
| Restricted cash | 25,563 | 17,778 | |||||
| Short-term investments | 52,217 | 40,469 | |||||
| Accounts receivable (net of allowance for doubtful accounts of | 47,996 | 58,356 | |||||
| Inventory | 14,887 | 13,087 | |||||
| Other current assets | 6,432 | 6,853 | |||||
| Total current assets | 197,386 | 205,631 | |||||
| Property and equipment, net | 73,086 | 41,635 | |||||
| Intangible assets, net | 6,563 | 6,875 | |||||
| Right-of-use assets | 73,020 | 73,462 | |||||
| Long-term investments | 26,120 | 25,283 | |||||
| Other long-term assets | 664 | 771 | |||||
| Total assets | $ | 376,839 | $ | 353,657 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 25,216 | $ | 22,347 | |||
| Accrued expenses | 12,856 | 17,215 | |||||
| Current portion of operating lease liabilities | 5,791 | 6,187 | |||||
| Total current liabilities | 43,863 | 45,749 | |||||
| Operating lease liabilities | 89,801 | 81,856 | |||||
| Other long-term liabilities | 198 | 100 | |||||
| Total liabilities | $ | 133,862 | $ | 127,705 | |||
| Total shareholders’ equity | 242,977 | 225,952 | |||||
| Total liabilities and shareholders’ equity | $ | 376,839 | $ | 353,657 | |||
FAQ
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