Vericel (NASDAQ: VCEL) reported Q4 EPS of $0.25, $0.05 better than the analyst estimate of $0.20. Revenue for the quarter came in at $45.2 million versus the consensus estimate of $45 million.

Fourth Quarter 2020 Financial Highlights

• Total net revenue increased 15% to $45.2 million, compared to $39.4 million in the fourth quarter of 2019
• MACI® net revenue of $34.7 million, Epicel® net revenue of $9.6 million and NexoBrid® revenue of $1.0 million related to the U.S. Biomedical Advanced Research and Development Authority (BARDA) procurement for national response preparedness
• Gross margin of 74%, compared to gross margin of 73% in the fourth quarter of 2019
• Net income of $12.2 million, or $0.25 per share, compared to $9.5 million, or $0.20 per share, in the fourth quarter of 2019
• Non-GAAP adjusted EBITDA of $16.0 million, or 35% of net revenue, compared to $12.8 million, or 33% of net revenue, in the fourth quarter of 2019
• Operating cash flow of $11.3 million

“We delivered a record fourth quarter across multiple financial and operational metrics and ended the year in a very strong financial position,” said Nick Colangelo, President and CEO of Vericel. “With revenue growth for both products in 2020, we demonstrated the resiliency of the Company’s growth profile and are on track for significant growth in the years ahead. Our guidance for 2021 reflects a return to MACI’s pre-COVID growth trajectory, continued momentum for Epicel, and significant adjusted EBITDA growth.”

GUIDANCE:

Vericel sees FY2021 revenue of $161-164 million, versus the consensus of $157.03 million.

• Total net revenue for 2021 expected to grow 30%-32% to approximately $161 million to $164 million
• Gross margin expected to be 70% to 71%
• Adjusted EBITDA margin expected to be 21% to 23%

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