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Jun 30, 2024
Vericel Q2 2024 Earnings Report
Reported total revenue of $52.7 million with MACI revenue growth of 21% and NexoBrid revenue growth of 76% over prior quarter, achieved a gross margin of 70% and Adjusted EBITDA growth of 42%, and raised full-year profitability guidance.
Key Takeaways
Vericel Corporation reported a strong second quarter with record revenue driven by MACI and NexoBrid growth. The company raised its full-year profitability guidance due to strong performance.
Total net revenue reached $52.7 million.
MACI® net revenue grew by 21% to $44.1 million.
Gross margin was 70%, an increase of 430 basis points versus the prior year.
Non-GAAP adjusted EBITDA increased 42% to $6.3 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 reaffirmed total net revenue guidance of $238 to $242 million, representing 20% to 23% growth, and raised profitability guidance to 71% gross margin and 21% adjusted EBITDA margin.
Positive Outlook
- Reaffirmed total net revenue guidance of $238 to $242 million, or 20% to 23% growth
- Profitability guidance raised to 71% gross margin
- Profitability guidance raised to 21% adjusted EBITDA margin
- The Company is very well-positioned for continued high revenue
- The Company is very well-positioned for continued high profit growth in 2024 and beyond
Challenges Ahead
- Uncertainties associated with expectations regarding future revenue, growth in revenue, market penetration for MACI, Epicel, and NexoBrid
- The ability to continue to scale manufacturing operations to meet the demand for cell therapy products
- The timely completion of a new headquarters and manufacturing facility in Burlington, Massachusetts
- Potential fluctuations in sales and volumes and results of operations over the course of the year
- Supply chain disruptions or other events or factors affecting MediWound’s ability to manufacture and supply sufficient quantities of NexoBrid to meet customer demand
Revenue & Expenses
Visualization of income flow from segment revenue to net income