Record Third Quarter Revenue
Vericel Corporation delivered record third quarter total revenue of $67.5 million, with MACI revenue growing 25% to $55.7 million, exceeding guidance expectations.
Strong MACI Performance
The company reported double-digit biopsy growth with record third quarter highs in both MACI biopsies and the number of surgeons taking biopsies. MACI's early launch indicators for MACI Arthro are strong, with more than 800 surgeons trained by the end of October.
Profit Growth and Cash Generation
Vericel achieved GAAP net income of $5.1 million and adjusted EBITDA margin of 25%. The company generated record third quarter operating cash flow of $22.1 million.
Burn Care Revenue Increase
Burn Care had a strong third quarter with revenue of $11.8 million, representing a 21% sequential increase over the second quarter.
International Expansion Plans
Vericel plans to initiate a stage approach to MACI OUS expansion with a planned MACI launch in the U.K., targeting a marketing application submission in the middle of next year.