Vericel (VCEL) Tops Q2 EPS by 3c, Revenues Beat

Vericel (NASDAQ: VCEL) reported Q2 EPS of ($0.18), $0.03 better than the analyst estimate of ($0.21). Revenue for the quarter came in at $20 million versus the consensus estimate of $18.87 million.

Second Quarter 2020 Financial Highlights

• Total net product revenues of $20.0 million, compared to $26.2 million in the second quarter of 2019;
• MACI^® net revenue of $15.1 million and Epicel^® net revenue of $4.9 million;
• Gross margin of 57%, compared to gross margin of 66% in the second quarter of 2019;
• Net loss of $8.3 million, or $0.18 per share, compared to $19.8 million, or $0.45 per share, in the second quarter of 2019, which included the $17.5 million upfront license payment to MediWound Ltd. for North American rights to NexoBrid^®;
• Non-GAAP adjusted EBITDA loss of $3.5 million, compared to positive adjusted EBITDA of $1.8 million in the second quarter of 2019; and
• As of June 30, 2020, the company had $80.9 million in cash and investments, compared to $79.0 million as of December 31, 2019, and no debt.

“In light of the ongoing pandemic, we are very pleased with our second quarter results as we saw a strong recovery as the quarter progressed and COVID-19 restrictions on elective surgeries were lifted across the country,” said Nick Colangelo, President and CEO of Vericel. “Looking ahead, while uncertainties remain, we are confident in the fundamental prospects of our business and for the third quarter we expect MACI revenue growth over the third quarter of 2019, Epicel revenue to increase sequentially over the second quarter of 2020 and return to recent historical levels, and to recognize revenue in connection with the first delivery of NexoBrid under the BARDA procurement contract, which is scheduled to take place later this quarter.”

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

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