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Dec 31, 2022
Vericel Q4 2022 Earnings Report
Reported fourth quarter and full-year 2022 financial results and provided full-year 2023 financial guidance.
Key Takeaways
Vericel Corporation reported a record fourth quarter with total revenue of $52.7 million and a 31% net income growth. The company also provided full-year 2023 total revenue guidance of $180 to $188 million, with MACI revenue of $152 to $156 million.
Record quarterly total revenue of $52.7 million.
Fourth-quarter MACI revenue growth of 24% compared to the prior year and approximately 50% sequential growth versus the prior quarter, representing the highest quarterly revenue since the launch of MACI.
Fourth-quarter net income growth of 31% compared to the prior year.
10th straight quarter of positive adjusted EBITDA and operating cash flow.
Vericel
Vericel
Forward Guidance
Total net revenue for 2023 is expected to be in the range of $180 to $188 million, with MACI revenue expected to be in the range of $152 to $156 million. Total Burn Care revenue, which includes Epicel and NexoBrid, is expected to be in the range of $28 to $32 million. Gross margin is expected to be in the high-60% range, and adjusted EBITDA margin is expected to be in the mid-teens % range.
Positive Outlook
- Total net revenue for 2023 expected to be in the range of $180 to $188 million
- MACI revenue expected to be in the range of $152 to $156 million
- Total Burn Care revenue, which includes Epicel and NexoBrid, expected to be in the range of $28 to $32 million
- Gross margin expected to be in the high-60% range
- Adjusted EBITDA margin expected to be in the mid-teens % range