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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.
Revenue by Segment
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
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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