VERICEL
Q2 2023 RESULTS
AUGUST 2, 2023
Safe Harbor
Vericel cautions you that all statements other than statements of historical fact included in this presentation that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe that we have a reasonable basis for the forward- looking statements contained herein, they are based on current expectations about future events affecting us and are subject to risks, assumptions, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Our actual results may differ materially from those expressed or implied by the forward-looking statements in this press release. These statements are often, but are not always, made through the use of words or phrases such as "anticipates,"
"intends," "estimates," "plans," "expects," "continues," "believe," "guidance," "outlook," "target," "future," "potential," "goals" and similar words or phrases, or future or conditional verbs such as "will," "would," "should," "could," "may," or similar expressions.
Among the factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to, uncertainties associated with our expectations regarding future
revenue, growth in revenue, market penetration for MACI®, Epicel®, and NexoBrid®, growth in profit, gross margins and operating margins, the ability to continue to scale our manufacturing operations to meet the demand for our cell therapy products, including the timely completion of a new headquarters and manufacturing facility in Burlington, Massachusetts, the ability to achieve or sustain profitability, contributions to adjusted EBITDA, the expected target surgeon audience, potential fluctuations in sales and volumes and our results of operations over the course of the year, timing and conduct of clinical trial and product development activities, timing and likelihood of the FDA's potential approval of the arthroscopic delivery of MACI to the knee or the use of MACI to treat cartilage defects in the ankle, the estimate of the commercial growth potential of our products and product candidates, competitive developments, changes in third-party coverage and reimbursement, the ultimate timing of the commercial launch of NexoBrid in the United States, physician and burn center adoption of NexoBrid, supply chain disruptions or other events affecting MediWound Ltd.'s ability to manufacture and supply NexoBrid to meet customer demand, negative impacts on the global economy and capital markets resulting from the conflict in Ukraine, global geopolitical tensions or record inflation
and potential future impacts of the COVID-19 pandemic on our business or the economy generally.
These and other significant factors are discussed in greater detail in Vericel's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (SEC) on February 23, 2023, Vericel's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, filed with the SEC on August 2, 2023, and in other filings with the SEC. These forward-looking statements reflect our views as of the date hereof and Vericel does not assume and specifically disclaims any obligation to update any of these forward- looking statements to reflect a change in its views or events or circumstances that occur after the date of this release except as required by law.
Vericel Q2 2023 Financial Results - August 2, 2023 | 2 |
Q2 2023 Financial Highlights
Q2 Financial Highlights
Recent MACI Growth Rates
Epicel
$9.6
$45.9M
Total Revenues
$36.3
MACI
$4.4M
Adjusted EBITDA
$10.2M
Operating Cash Flow
30% | 32% | ||
27% | |||
24% | |||
Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 |
Total revenue growth of 24% and 60% growth in adjusted EBITDA
MACI trailing four-quarter growth of 28%
Vericel Q2 2023 Financial Results - August 2, 2023 | 3 |
Key Brand and Business Updates
MACI
Second-quarter revenue growth of 27%, representing the fourth straight quarter of 20%+ growth
Revenue growth of 29% in the first half of 2023 versus the prior year
Record number of surgeons taking MACI biopsies in a quarter and second highest number of MACI biopsies in a quarter
Human factors validation study for MACI arthroscopic delivery program planned for Q3 and program remains on track for an anticipated 2024 commercial launch; market research confirms significant opportunity with high level of surgeon interest
Burn Care
Second quarter Epicel growth of 17% versus the prior year and 40% sequential growth versus the first quarter
Strong attendance at NexoBrid educational sessions and product demonstrations at the American Burn Association (ABA) annual meeting
Corporate Highlights
Record second quarter total revenue of $45.9 million, with 24% growth versus the prior year
12th straight quarter of positive adjusted EBITDA and operating cash flow
Adjusted EBITDA growth of 60% in the second quarter versus the prior year
Executed long-term extension of supply agreement with Matricel GmbH for the MACI ACI-Maix collagen membrane
Vericel Q2 2023 Financial Results - August 2, 2023 | 4 |
Q2 Revenue Details
$60
Total Revenue ($M)
NexoBrid (BARDA)
Epicel
MACI
$50
$40
$30
$20
$10
$0
$26.2
$5.3
$20.8
$20.0
$4.9
$15.1
$39.5
$0.8 $12.2
$26.5
$37.0
$0.2 $8.2
$28.6
$45.9
$9.6
$36.3
MACI Second Quarter
Net Revenue Increased
27% to $36.3 Million
Q2 2019 | Q2 2020 | Q2 2021 | Q2 2022 | Q2 2023 |
Vericel Q2 2023 Financial Results - August 2, 2023 | 5 |
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Vericel Corporation published this content on 02 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2023 12:36:52 UTC.