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Jun 30, 2023
Vericel Q2 2023 Earnings Report
Reported second quarter financial results and raised full-year financial guidance.
Key Takeaways
Vericel Corporation reported a record second quarter with total revenue of $45.9 million, a 24% increase compared to the prior year. The company raised its full-year 2023 revenue guidance to $190-197 million.
Total net revenue reached a record $45.9 million, representing 24% growth versus the prior year.
MACI net revenue grew by 27% to $36.3 million.
Epicel net revenue increased by 17% to $9.6 million.
The company had approximately $147 million in cash, restricted cash and investments, with no debt as of June 30, 2023.
Vericel
Vericel
Vericel Revenue by Segment
Revenue by Segment
MACI Net Revenue
CapyFin.comEpicel Net Revenue
CapyFin.com Forward Guidance
Vericel expects total net revenue for 2023 to be in the range of $190 to $197 million and maintains profitability guidance of gross margin in the high-60% range and adjusted EBITDA margin in the mid-teens % range.
Positive Outlook
- Total net revenue for 2023 now expected to be in the range of $190 to $197 million compared to the previous guidance of $184 to $192 million
- Maintaining profitability guidance of gross margin in the high-60% range
- Maintaining adjusted EBITDA margin in the mid-teens % range
- Further acceleration in total company revenue growth in 2024 driven by the planned launch of arthroscopic MACI
- Significant contribution from NexoBrid expected in 2024
Challenges Ahead
- Uncertainties associated with expectations regarding future revenue
- Uncertainties associated with growth in revenue, market penetration for MACI, Epicel, and NexoBrid
- Uncertainties associated with growth in profit, gross margins and operating margins
- The ability to continue to scale manufacturing operations to meet the demand for cell therapy products
- Potential fluctuations in sales and volumes and results of operations over the course of the year
Revenue & Expenses
Visualization of income flow from segment revenue to net income