Vericel (NASDAQ: VCEL) reported Q1 EPS of ($0.07), $0.03 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $34.06 million versus the consensus estimate of $32.05 million.

First Quarter 2021 Financial Highlights

• Total net revenue increased 30% to $34.6 million, compared to $26.7 million in the first quarter of 2020
• MACI® net revenue of $23.8 million, Epicel® net revenue of $9.8 million and NexoBrid® revenue of $0.9 million related to the U.S. Biomedical Advanced Research and Development Authority (BARDA) procurement for emergency response preparedness
• Gross margin of 66%, compared to 63% in the first quarter of 2020
• Net loss of $3.3 million, or $0.07 per share, compared to $4.7 million, or $0.10 per share, in the first quarter of 2020
• Non-GAAP adjusted EBITDA of $4.6 million, or 13% of net revenue, compared to adjusted EBITDA loss of $0.7 million in the first quarter of 2020
• Operating cash flow of $10.1 million
• As of March 31, 2021, the Company had $110 million in cash and investments, compared to $100 million as of December 31, 2020, and no debt

“We entered 2021 with a great deal of momentum and delivered another quarter of strong results across both our sports medicine and burn care franchises,” said Nick Colangelo, President and CEO of Vericel. “Our first quarter results demonstrate the strength of the Company’s financial profile as we continue to generate strong revenue growth and increase profitability and cash flow. Based on these results and our strong underlying business fundamentals, we remain on track for significant growth across both of our franchises and have raised our full-year 2021 revenue and adjusted EBITDA guidance.”

GUIDANCE:

Vericel sees FY2021 revenue of $165-168 million, versus the consensus of $162.53 million.

• Total net revenue now expected to be in the range of $165-$168 million, compared to previous guidance of approximately $161-$164 million
• Adjusted EBITDA margin now expected to be in the range of 21.5% to 23.5%, compared to previous guidance of 21 to 23%
• Gross margin guidance of 70% to 71% and estimated operating expenses of approximately $115 million maintained

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