Vericel Announces Preliminary Full-Year and Fourth Quarter 2023 Financial Results

Full-Year Total Revenue Expected to be Approximately $197.5 Million, Representing 20% Growth, with Fourth Quarter Revenue Growth of 23% to $65 Million

MACI Full-Year Revenue Expected to be Approximately $164.8 Million, Representing 25% Growth, with Fourth Quarter Revenue Growth of 22% to $56.7M

Fourth Quarter Burn Care Revenue Growth of Approximately 31%

CAMBRIDGE, Mass., Jan. 09, 2024 (GLOBE NEWSWIRE) -- Vericel Corporation (NASDAQ:VCEL), a leader in advanced therapies for the sports medicine and severe burn care markets, today announced preliminary, unaudited financial results for the fourth quarter and year ended December 31, 2023.

Preliminary, Unaudited Full-Year 2023 Financial Results

• Total net revenue expected to be approximately $197.5 million, representing 20% growth
• MACI net revenue expected to be approximately $164.8 million, representing 25% growth
• Burn Care net revenue expected to be approximately $32.7 million, consisting of approximately $31.6 million of Epicel revenue and $1.1 million of NexoBrid revenue
• Gross margin expected to be in the high-60% range
• Adjusted EBITDA margin expected to be in the mid-teens percentage range, with full-year adjusted EBITDA growth expected to be approximately 30%
• As of December 31, 2023, the Company had approximately $152 million in cash, restricted cash and investments and no debt

Preliminary, Unaudited Fourth Quarter Financial Results and Commercial Highlights

• Total net revenue expected to be approximately $65.0 million, representing 23% growth
• MACI net revenue expected to be approximately $56.7 million, representing 22% growth, marking the sixth straight quarter of 20%+ MACI growth
• Burn Care net revenue expected to be approximately $8.3 million, representing 31% growth, consisting of approximately $7.8 million of Epicel revenue and $0.5 million of NexoBrid revenue
• Positive adjusted EBITDA and Operating Cash Flow expected for the 14^th straight quarter
• Gross margin expected to be greater than 70%
• Adjusted EBITDA margin expected to be approximately 30%
• Highest number of MACI implants, implanting surgeons, surgeons taking biopsies and MACI biopsies in a quarter since launch
• Highest number of Epicel biopsies in a quarter since 2021
• NexoBrid commercial launch in the U.S., with over 50 burn centers submitting packages to Pharmacy and Therapeutics (P&T) committees and over 25 burn centers with P&T committee approvals