CAMBRIDGE, Mass. , Feb. 24, 2022 (GLOBE NEWSWIRE) — Vericel Corporation (NASDAQ: VCEL), a leader in complex treatments for the sports medicine and burn care markets, announced its monetary effects and highlight announcements for the fourth quarter and fiscal year ended December 31, 2021 and provided monetary guidance for 2022.
Financial highlights for the fourth quarter of 2021
2021 Financial Highlights
Company Highlights and Updates
“We achieved another solid year of earnings expansion and generated record adjusted EBITDA and operating cash flow to end the year in a very strong financial position,” said Nick Colangelo, President and Chief Executive Officer of Vericel. very well in all business spaces, generating record profits and biopsies for MACI in the fourth quarter and generating a profit expansion of more than 50% for the year. Progress in any of our franchises, we are well placed to pursue solid profit and profitability expansion in 2022 and beyond. “
Financial Management 2022
Fourth Quarter 2021 Results Total net sales for the 3 months ended December 31, 2021 increased 5% to $47. 6 million, to $45. 2 million in the fourth quarter of 2020. Total net product sales for the quarter included $37. 3 million of MACI (autologous chondrocytes grown in collagen membrane) and $9. 7 million of epicel net sales (cultured epidermal autografts), up to $34. 7 million of MACI net sales and $9. 6 million of Epicel net sales, respectively, in the fourth quarter of 2020. Total net sales for the quarter also included $0. 5 million in proceeds from barda’s acquisition of NexoBrid (bromelain-enriched proteolytic enzyme concentrate) for emergency preparedness, to $1. 0 million in the fourth quarter of 2020.
Gross revenue source for the 3 months ended December 31, 2021 is $34. 0 million, or 72% of net income, compared to $33. 6 million, or 74% of net income, for the fourth quarter of 2020.
Total operating expenses for the 3 months ended December 31, 2021 were $29. 9 million, compared to $21. 4 million for the same time in 2020. The accumulation of operating expenses is basically due to an accumulation in the percentage-based reimbursement expense due to the appreciation of the percentage price.
Net profit for the 3 months ended December 31, 2021 was $4. 5 million, or $0. 09 based on share, to net profit of $12. 2 million, or $0. 25 based on share, for the fourth quarter of 2020.
Non-GAAP adjusted EBITDA for the 3 months ended December 31, 2021,12. 8 million, or 27% of net sales, compared to $16. 0 million, or 35% of net sales, for the fourth quarter of 2020. A table that reconciles non-GAAP measured data is included in this press release for reference.
Total net profit for the year ended December 31, 2021 increased 26% to $156. 2 million to $124. 2 million in 2020. Total net profit for the year included $111. 6 million in NET profit from MACI and $41. 5 million in net profit from Epicel, to $94. 4 million in MACI net income and $27. 5 million in Epicel net income, respectively, in 2020. Total net income in 2021 also included $3. 1 million in proceeds from BARDA’s acquisition of NexoBrid for emergency preparedness, to $2. 2 million in revenue in 2020.
Gross revenue source for the year ended December 31, 2021 is $106. 0 million, or 68% of net income, compared to $84. 2 million, or 68% of net income, in 2020.
Total operating expenses for the year ended December 31, 2021 were $113. 9 million, compared to $81. 9 million in 2020. The accrual of operating expenses is basically due to an accumulation in percentage-based reimbursement expense due to the appreciation of the value percentage and a reduction in expenses in 2020 due to issues similar to COVID-19.
Net loss for the year ended December 31, 2021 $7. 5 million, or $0. 16 consistent with the share, compared to net profit of $2. 9 million, or $0. 06 consistent with the share, in 2020.
Non-GAAP adjusted EBITDA for the year ended December 31, 2021, $29. 5 million, or 19% of net sales, compared to $18. 6 million, or 15% of net sales, in 2020. This table includes a reconciliation of non-GAAP measures. press release for reference.
As of December 31, 2021, the Company had approximately $129 million in money and investments, up to approximately $100 million as of December 31, 2020, and had no debt.
Today’s conference call will be broadcast live at 8:30 a. m. m. , Eastern Time, and will be available through the Investor Relations segment of Vericel’s online page in http://investors. vcel. com/events-presentations. A slideshow with highlights of today’s convention call can be viewed on the webcast and in the Investor Relations segment of Vericel’s online page. Access the site at least 15 minutes before the scheduled start time to download the required audio software, if necessary. To participate in the live phone call, call (877) 312-5881 and view Vericel Corporation’s fourth quarter 2021 investor convention call. If you are calling from outside the United States, please use the foreign phone number (253) 237-1173.
If you are unable to participate in the live call, the webcast will take place in http://investors. vcel. com/events-presentations until February 24, 2023. A repeat of the call will also be performed. had until 11:30 a. m. (EDT) on February 28, 2022 by calling (855) 859-2056, or from outside the United States by calling (404) 537-3406. The convention ID is 5795764.
About Vericel CorporationVericel is a leader in complex cures for the sports medicine and burn care markets. The company markets two mobile cure products in the United States. MACI (autologous chondrocytes grown in porcine collagen membrane) is an autologous mobile scaffolding product indicated for the repair of symptomatic defects, single or multiple cartilage of full thickness of the knee with or without bone injury in adults. Epicel (cultured epidermal autografts) is a permanent skin replacement for the remedy of patients suffering from deep burns or full thickness greater than or equivalent to 30% of the total surface of the frame. The company also holds an exclusive license to the North American rights to NexoBrid, an orphan biological product in the registration phase for the debridement of severe thermal burns. For more information, visit the company’s online page on www. vcel. com.
GAAP v. Non-GAAP Measures Vericel’s reported earnings are listed in accordance with accounting principles sometimes accepted in the U. S. The U. S. Securities and Exchange Commission, or GAAP, and constitute earnings as reported to the Securities and Exchange Commission. Vericel has provided in this release certain monetary data that has not been ready in accordance with GAAP. Vericel’s control believes that the non-GAAP adjusted EBITDA described in the press release, which includes changes for express parts that are sometimes not indicative of our core business, provides more useful data for investors to understand Vericel’s underlying functionality, business and functionality trends, and is helping to facilitate period-to-period comparisons and comparisons of its measures. However, the non-GAAP monetary measures used through Vericel may differ from the measures that would possibly be used by other corporations. Non-GAAP monetary measures do not necessarily want to be implemented consistently, are not audited, and should not be considered in isolation or as a substitute for GAAP-ready effects.
Epicel® and MACI® are registered trademarks of Vericel Corporation. NexoBrid® is a registered trademark of MediWound Ltd. (MediWound) and is used under license through Vericel Corporation. © 2022 Vericel Corporation. All rights reserved.
Forward-Looking Statements Vericel cautions you that all statements other than statements of old facts included in this press release that relate to activities, occasions or developments that we expect, or anticipate will or possibly happen in the long term, are forward-looking statements. Although we have a moderate basis for the forward-looking statements contained herein, they are based on existing expectations relating to long-term events affecting us and are subject to risks, assumptions, uncertainties and aspects related to our operations. and our business environment, all of which are hard to expect and many of which are beyond our control. Our actual effects may differ materially from those expressed or implied through the forward-looking statements contained in this press release. These statements are often, though not always, made using words or words such as “anticipates,” “intends,” “estimates,” “plans,” “expects,” “continues,” “advises. “‘, ‘prospects’, ‘objective’, ‘long term’, ‘potential’, ‘objectives’ and similar words or words, or long-tense or conditional verbs such as ‘will’, ‘would’, ‘should’, ‘could’, ‘possibly’ or similar expressions.
Factors that may cause actual effects to differ materially from those set forth in the forward-looking statements include, but are not limited to, uncertainties related to our expectations related to long-term earnings, expansion of earnings, expansion of earnings, operating margins, the ability to make or maintain profits, contributions to adjusted EBITDA, expected target audience of surgeons, potential fluctuations in sales and volumes and our effects of the year’s operations, timing and conduct of clinical trial activities and product progression, timing of new food submission
Regarding COVID-19, ultimately we cannot wait if the recent spread of the Delta and Omicron variants of COVID-19 or a long-term resurgence of COVID-19 infections that would possibly restrict the effectiveness of approved vaccines will result in Las long-term restrictions on the performance of elective surgeries or the ability of physicians and/or their priorities for care, lead to understaffing in health care facilities, the willingness or ability of patients to seek care or increase the influence of the epidemic on the overall health care infrastructure. Other disruptions or potential disruptions come with restrictions on the corporate entity’s ability of workers to travel and access consumers for training, promotion and case assistance, delays in product progression efforts and quarantines and other government-mandated needs. for “shelter in place” or other tiered mitigation measures. endeavors or projects that could possibly have an effect on our ability to source fabrics for our operations or our ability to manufacture, sell and support the use of our products. With respect to NexoBrid, the COVID-19 pandemic would potentially affect the FDA’s reaction times to regulatory filings in the long term, its ability to monitor our clinical trials, and/or conduct mandatory reviews or inspections of processing facilities. . production involved in the production of NexoBrid, all or part of which may also cause significant time delays, which may also limit the progression and eventual commercialization of NexoBrid. The overall impact of these interruptions can also have an indirect effect on the company’s monetary situation, money flows and the effects of its operations.
These and other vital points are discussed in more detail in Vericel’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (SEC) on February 24, 2022, and in other filings filed with the SECOND. These forward-looking statements reflect our prospects as of the date hereof and Vericel does not have and, in particular, disclaims any legal liability to update any such forward-looking statements to reflect any replacements in their revisions or occasions or occurrences thereafter. the date of such release as required by law.
Investor Contact: Eric Burnsir@vcel. com 1 (734) 418-4411
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