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Jun 30, 2021
Vericel Q2 2021 Earnings Report
Reported a strong financial performance with significant revenue growth and improved profitability.
Key Takeaways
Vericel Corporation reported a significant increase in revenue for the second quarter of 2021, with total net revenue increasing by 97% to $39.5 million. The company also raised its full-year 2021 revenue guidance to $168-$171 million. Net loss decreased to $3.8 million, or $0.08 per share, and non-GAAP adjusted EBITDA was $7.8 million, or 20% of net revenue.
Total net revenue increased by 97% to $39.5 million compared to Q2 2020.
MACI net revenue grew by 76% compared to the second quarter of 2020.
Epicel net revenue increased by 148% compared to the second quarter of 2020, achieving a record quarterly high.
Full-year 2021 revenue guidance was raised to $168-$171 million.
Vericel
Vericel
Vericel Revenue by Segment
Revenue by Segment
MACI Net Revenue
CapyFin.comEpicel Net Revenue
CapyFin.comNexoBrid Net Revenue
CapyFin.com Forward Guidance
Vericel expects total net revenue to be in the range of $168-$171 million and adjusted EBITDA margin to be in the range of 23% to 25%. They are maintaining gross margin guidance of 70% to 71% and estimated operating expenses of approximately $115 million.
Positive Outlook
- Total net revenue now expected to be in the range of $168-$171 million, compared to previous guidance of approximately $165-$168 million
- Adjusted EBITDA margin now expected to be in the range of 23% to 25%, compared to previous guidance of 21.5% to 23.5%
- Maintaining gross margin guidance of 70% to 71%
- The Company continued to execute extremely well in the second quarter
- The Company is well-positioned to continue driving sustainable penetration into the addressable markets for both products in the years ahead
Challenges Ahead
- Estimated operating expenses of approximately $115 million
- Uncertainties associated with expectations regarding future revenue
- Potential fluctuations in sales and volumes and our results of operations over the course of the year
- Wide-ranging impacts of the COVID-19 pandemic on our business or the economy generally
- The COVID-19 pandemic may impact the FDA’s response times to future regulatory submissions
Revenue & Expenses
Visualization of income flow from segment revenue to net income