Vericel Reports Third Quarter 2024 Financial Results

Core Insights - Vericel Corporation reported a total revenue growth of 27% to $57.9 million for the third quarter of 2024, compared to $45.6 million in the same period of 2023 [5][2] - The company achieved a gross margin of 72%, an increase of 480 basis points year-over-year, and a significant adjusted EBITDA growth of 84% to $10.0 million [2][6] - Full-year profitability guidance has been raised, with expectations of a gross margin of 72% and an adjusted EBITDA margin of 22% [5] Financial Highlights - Total net revenue for Q3 2024 was $57.9 million, with MACI® net revenue growing 19% to $44.7 million and Burn Care net revenue increasing 66% to $13.2 million [2][5] - Year-to-date total net revenue increased 22% to $161.8 million, with MACI net revenue growth of 19% to $129.0 million and Burn Care net revenue growth of 35% to $32.9 million [3] - The company reported a net loss of $0.9 million, or $0.02 per diluted share, compared to a net loss of $3.7 million, or $0.08 per diluted share, in Q3 2023 [7][2] Business Developments - Vericel achieved record highs in total revenue, MACI revenue, and Epicel revenue for the third quarter [4] - The FDA approved MACI Arthro™ for repairing symptomatic cartilage defects in the knee, and a pediatric indication for NexoBrid was also approved [4] - The company is on track to submit MACI Ankle™ IND in the first half of 2025 and expects to initiate clinical studies in the second half of 2025 [4] Cash Position - As of September 30, 2024, Vericel had approximately $151 million in cash, restricted cash, and investments, with no debt [8]