Vericel Corp (NASDAQ:VCEL)
Vericel Corp (NASDAQ:VCEL) a key developer of expanded autologous cell treatments for the cure of patients with grave diseases and conditions, released financial report and business highlights for Q4 2016.
Total net revenues in the reported quarter came at around $16.5 million and included almost $12.7 million of Carticel® net revenues and nearly $3.8 million of Epicel® net revenues. Total Epicel and Carticel net revenues in 4Q2016 increased about 8% over the same quarter in 2015.
For the fiscal year closed December 31, 2016, total net revenue came at around $54.4 million, comprising Carticel net revenues of almost $38.9 million and about Epicel net revenues of $15.5 million. Total Epicel and Carticel net revenues for 2016 surged almost 8% compared to total Epicel and Carticel net revenues for 2015.
Nick Colangelo, the CEO and President of Vericel Corp (NASDAQ:VCEL), reported that in 2016 they created the key drivers for long-term growth of the firm by achieving two major regulatory milestones with the nod of a pediatric indication for Epicel and the nod of MACI.
These notable approvals, combined with marketing infrastructure and our expanded sales and a strong balance sheet, positions the firm for robust revenue growth in the coming years. Gross profit for the quarter closed December 31, 2016 came at $8.9 million compared to $8.2 million for the quarter closed December 31, 2015.
Vericel Corp (NASDAQ:VCEL) reported that R&D expenses for the quarter closed December 31, 2016 came at $4.3 million versus $7.4 million for the same period in 2015. The drop in fourth-quarter research and development costs in mainly due to higher R&D and regulatory costs incurred in 4Q2015 linked with the MACI®, Biologics License Application and the Humanitarian Device Exemption supplement filed in December 2015 to review the labeled indications for application of Epicel, offset in part by increased clinical trial costs linked with the open-label crossover extension part of the ixCELL-DCM trial.
S,G&A costs for the quarter closed December 31, 2016 came at $7.9 million compared to $5.7 million for the same period in 2015. This increase in S,G&A expenses in 2016 is mainly due to the costs linked with Vericel’s latest provider of patient reimbursement and support services for MACI and Carticel and additional facility fees, personnel costs, professional services and technology infrastructure linked to preparing for the commercial release of MACI.
In the last trading session, the stock price of Vericel Corp (NASDAQ:VCEL) traded in a narrow range and closed flat at $2.85.
|Last Price a/o 3:21 PM EST||$1.75|
|Market Cap (mlns)||40.76M|
|Shares Outstanding (mlns)||23.29M|
|Share Float (mlns)||22.53M|
|Short Interest Ratio||6.53|
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.