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Mar 31, 2021
Vericel Q1 2021 Earnings Report
Reported a strong first quarter with revenue growth and increased profitability.
Key Takeaways
Vericel Corporation reported a 30% increase in total net revenue to $34.6 million for the first quarter of 2021, driven by strong performance in both sports medicine and burn care franchises. The company raised its full-year 2021 revenue guidance to $165 - $168 million and reported a net loss of $3.3 million, or $0.07 per share.
Total net revenue increased by 30% to $34.6 million compared to the first quarter of 2020.
MACI net revenue was $23.8 million, and Epicel net revenue was $9.8 million.
Net loss was $3.3 million, or $0.07 per share, compared to $4.7 million, or $0.10 per share, in the first quarter of 2020.
The company had $110 million in cash and investments as of March 31, 2021.
Revenue by Segment
Forward Guidance
Vericel expects total net revenue to be in the range of $165-$168 million and adjusted EBITDA margin to be in the range of 21.5% to 23.5% for the full year 2021. Gross margin guidance of 70% to 71% and estimated operating expenses of approximately $115 million maintained.
Positive Outlook
- Total net revenue expected to be in the range of $165-$168 million.
- Adjusted EBITDA margin expected to be in the range of 21.5% to 23.5%.
- Gross margin guidance of 70% to 71% maintained.
- Estimated operating expenses of approximately $115 million maintained.
Challenges Ahead
- Uncertainties associated with future revenue growth.
- Potential fluctuations in sales and volumes.
- Timing and conduct of clinical trial and product development activities.
- Competitive developments and changes in third-party coverage and reimbursement.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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