Vericel Corporation reported a significant increase in its financial performance for the fiscal year ended December 31, 2024, with total revenue reaching $237.2 million, a 20.1% increase from $197.5 million in 2023. The growth was primarily driven by strong sales of its MACI product, which generated $197.3 million, up 19.7% from the previous year. The company also saw revenue from Epicel increase by 16.0% to $36.6 million and a substantial rise in NexoBrid sales, which grew by 188.3% to $3.3 million. Vericel achieved a net income of $10.4 million, a significant turnaround from a net loss of $3.2 million in 2023.
The company’s operational metrics reflected positive trends, with gross profit increasing by 26.9% to $172.1 million, attributed to revenue growth and a fixed manufacturing cost structure. Research and development expenses rose to $24.8 million, driven by costs associated with the MACI arthroscopic development program and increased headcount. Selling, general, and administrative expenses also increased to $142.8 million, reflecting higher employee costs and marketing efforts related to the launch of MACI Arthro, which became commercially available in the third quarter of 2024.
Strategically, Vericel has made significant advancements, including the FDA's approval of a supplemental Biologics License Application (sBLA) for MACI, which now includes instructions for arthroscopic delivery. This innovation is expected to enhance the product's adoption among orthopedic surgeons, expanding the target surgeon base from 5,000 to 7,000. Additionally, the company is preparing to initiate a clinical trial for MACI's use in treating cartilage damage in the ankle, which could further drive growth.
As of December 31, 2024, Vericel employed approximately 357 full-time employees and maintained a strong cash position with $74.5 million in cash and cash equivalents. The company also has a revolving credit agreement of $150 million, which provides additional financial flexibility. Looking ahead, Vericel anticipates continued growth driven by its innovative product offerings and strategic initiatives, although it acknowledges potential risks related to market conditions and regulatory challenges.
About Vericel Corp
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