Q2 2024 Vericel Corp Earnings Call Transcript
Key Points
- Vericel Corp (VCEL) reported record second-quarter revenue of nearly $53 million, driven by strong growth in MACI and NexoBrid demand.
- The company achieved a record second-quarter gross margin of 70% and adjusted EBITDA growth of 42% compared to the previous year.
- MACI revenue increased by 21% in the second quarter, exceeding guidance, with a significant increase in biopsies and surgeon engagement.
- Vericel Corp (VCEL) is on track to launch MACI Arthro, expanding its target surgeon base and addressing a significant market opportunity.
- The company expects FDA approval for a pediatric indication for NexoBrid, which could enhance its uptake in pediatric burn centers.
- Vericel Corp (VCEL) reported a net loss of $4.7 million for the quarter, although this was an improvement from the previous year's loss.
- Operating expenses increased to $42.6 million, primarily due to development and pre-launch activities for MACI Arthro and increased headcount.
- Epicel revenue was lower than expected in the second quarter due to variability in patient treatments and health issues.
- The burn care market, particularly for Epicel, remains volatile, impacting quarterly revenue consistency.
- Despite strong revenue growth, the company still faces challenges in achieving consistent profitability on a quarterly basis.
Ladies and gentlemen, thank you for standing by. Welcome to Vericel's second quarter 2024 conference call. (Operator Instructions) 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.
Thank you, operator, and good morning, everyone. Joining me on today's call are 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 representing
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