Vericel (VCEL) Tops Q3 EPS by 10c, Revenues Beat

Vericel (NASDAQ: VCEL) reported Q3 EPS of $0.08, $0.10 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $32.3 million versus the consensus estimate of $31.06 million.

Third Quarter 2020 Financial Highlights

• Total net revenues of $32.3 million, compared to $30.5 million in the third quarter of 2019;
• MACI® net revenue of $24.4 million, Epicel® net revenue of $6.7 million and NexoBrid® revenue of $1.2 million related to the U.S. Biomedical Advanced Research and Development Authority (BARDA) procurement for national response preparedness;
• Gross margin of 70%, compared to gross margin of 69% in the third quarter of 2019;
• Net income of $3.6 million, or $0.08 per share, compared to $3.5 million, or $0.07 per share, in the third quarter of 2019;
• Non-GAAP adjusted EBITDA of $6.7 million, compared to $6.8 million in the third quarter of 2019;
• Operating cash flow of $4.6 million; and
• Cash and investments of $85.5 million as of September 30, 2020, compared to $79.0 million as of December 31, 2019, and no debt.

“Our company executed exceedingly well during the third quarter as we generated stronger than expected financial results, drove strong commercial performance for MACI and Epicel, and achieved important milestones towards our goal of obtaining marketing approval of NexoBrid in the United States,” said Nick Colangelo, President and CEO of Vericel. “Our third quarter results demonstrated the strength of our business across several measures and, while uncertainties related to COVID-19 remain, we are highly confident in the underlying fundamentals of our business and we remain on track to deliver strong revenue and profit growth in the years ahead.”

For earnings history and earnings-related data on Vericel (VCEL) click here.

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