Vericel Corporation (VCEL) PT Raised to $58 at Stephens

Stephens analyst Chris Cooley raised the price target on Vericel Corporation (NASDAQ: VCEL) to $58.00 (from $56.00) while maintaining a Overweight rating.

The analyst commented: "VCEL reported 2Q24 revenue of $52.7 mil., which was slightly above consensus of $52.6 mil. The slight beat was driven by both MACI ($1.6 mil. / 4% beat) but was offset by Epicel ($1.6 mil. / 17% miss). NexoBrid generated revenue of $0.8 mil. beating consensus of $0.7 mil. Additionally, gross margins of 69.5% beat consensus of 68.5%, but adj. EBITDA margins of 12.0% missed consensus of 13.5%. Looking ahead, the company reiterated 2024 revenue guidance of $238 mil. - $242 mil. (vs. consensus of $240.3 mil.), but increased MACI guidance to 20% plus from high-teens growth. Additionally, 2024 guidance was raised for gross margins to 71% (from 70%) and for adj. EBITDA margins to 21% (from 20%). Overall, we view this quarter positively despite the volatility in the burn care business. We reiterate our OW/V rating and are raising our price target to $58 (previously $56). "

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