Vericel Reports Second Quarter 2024 Financial Results

Core Insights - Vericel Corporation reported total revenue of $52.7 million for Q2 2024, marking a 15% increase from $45.9 million in Q2 2023, with MACI revenue growing by 21% to $44.1 million [2][5] - The company raised its full-year profitability guidance to a gross margin of 71% and an adjusted EBITDA margin of 21% [5][4] - NexoBrid revenue saw significant growth of 76% over the prior quarter, contributing to the overall positive financial performance [1][4] Financial Highlights - Total net revenue for Q2 2024 was $52.7 million, with MACI net revenue at $44.1 million and Burn Care net revenue at $8.5 million [2][5] - Gross margin improved to 70%, an increase of 430 basis points compared to the previous year [2][6] - Non-GAAP adjusted EBITDA increased by 42% to $6.3 million, representing an adjusted EBITDA margin of 12% [2][8] Business Updates - The second quarter saw record total revenue and MACI revenue, alongside the second highest number of MACI biopsies since launch [4] - The company is progressing with commercial plans for MACI Arthro™ and has made significant strides in the launch of NexoBrid, with over 40 burn centers placing initial orders [4] - FDA approval for a pediatric indication for NexoBrid is anticipated in Q3 2024 [4] Cash Position - As of June 30, 2024, Vericel had approximately $154 million in cash, restricted cash, and investments, with no debt [9]