Q1 2024 Vericel Corp Earnings Call Transcript
Key Points
- Vericel Corp reported a 25% increase in total revenue to $51 million, surpassing the top end of their guidance.
- MACI revenue grew by 18% to over $40 million, indicating strong performance and market adoption.
- First quarter gross margin improved by over 400 basis points, demonstrating enhanced profitability.
- Adjusted EBITDA grew by more than 300%, with a significant increase in profit growth outpacing revenue growth.
- Epicel revenue increased by 56% to $10.5 million, marking the second highest quarterly revenue ever for Epicel.
- Net loss for the quarter was $3.9 million, indicating ongoing challenges in achieving net profitability.
- The increase in operating expenses to $40.8 million, primarily due to development activities and increased headcount, could pressure future earnings.
- The company's reliance on the successful launch and adoption of new products like NexoBrid to sustain growth.
- Complexities in hospital onboarding processes for NexoBrid could delay its revenue contribution.
- Potential variability in quarterly revenue due to specialty distributor and hospital ordering patterns, as seen with NexoBrid.
Ladies and gentlemen, thank you for standing by. Welcome to Vericel's first quarter 2024 conference call. I would also like to remind you that this call is being recorded for replay. I will now turn the conference call over to Eric Burns, Vericel's Vice President of Finance and Investor Relations.
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Thank you, operator, and good morning, everyone. Joining me on today's call our Vericel's President and Chief Executive Officer, Nick Colangelo; and our Chief Financial Officer, Joe Mara.
Before we begin let me remind you that on today's call, we will be making forward-looking statements covered under the Private Securities Litigation Reform Act of 1995. These statements may involve risks and uncertainties that could cause actual results to differ materially from expectations and are described more fully in our filings with the SEC.
In addition, all forward-looking statements represent our views only as of today and should not be relied upon as
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