Q3 2024 Vericel Corp Earnings Call Transcript
Key Points
- Vericel Corp (VCEL) reported a 27% increase in total revenue for the third quarter, reaching approximately $58 million, surpassing their guidance.
- The company achieved significant margin expansion and operating cash flow, with profit growth outpacing revenue growth.
- Vericel Corp (VCEL) received FDA approval for Macy Arthro and the NRI pediatric indication, positioning the company for sustained high revenue and profit growth.
- Macy revenue grew 19% in the third quarter to $44.7 million, with strong growth drivers such as increased biopsies and surgeon engagement.
- The company generated over $10 million in operating cash flow and ended the quarter with $151 million in cash and investments, maintaining a strong financial position with no debt.
- Operating expenses increased to $44.1 million from $35.7 million in the same period last year, primarily due to development and commercial launch activities.
- Net loss for the quarter was $0.9 million, although this was an improvement from the previous year's $3.7 million loss.
- The company anticipates some impact on margins due to the depreciation of their new manufacturing facility starting next year.
- Despite strong performance, the company remains cautious about predicting future growth rates for Nexobrid and Macy Arthro, indicating potential variability.
- The burn care segment, while showing strong growth, remains difficult to predict due to variability in quarterly performance.
Ladies and Gentlemen, Thank you for standing by. Welcome to Vericel third quarter, 2024 conference call at this time, all participants are in a listen-only mode. 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, Vice President of Finance and Investor Relations.
Thank you, operator and Good Morning everyone. Joining me on today's call are Vericel of President and Chief Executive Officer Dominick Colangelo and our Chief Finance Officer Joe Mara.
Before we begin, let me remind you that on today's call, we will make forward-looking statements covering the private Security Litigation Reform Act of 1995.
These statements may involve risks and uncertainties that could cause actual results to affirm the chilly some expectations and the sky more fully in our finds with the SEC.
In addition, all forward-looking statements represent our views only as of today and should not be
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