On the product sales front, MACI soared 48% to $20.8 million and Epicel surged 8% to $5.3 million. Vericel also has got the licensing rights for NexoBrid from MediWound, which is used in the treatment of severe thermal burns. The company plans to file a Biologics License Application (BLA) with the FDA by second quarter of 2020.
Commenting on the Q2 performance, CEO Nick Colangelo said, “Given the significant growth in new surgeons and biopsy volume, as well as the strength in Epicel demand, we have increased our revenue guidance for 2019.”
Colangelo also added, “Looking forward, we anticipate submitting the NexoBrid BLA in the second quarter of 2020 which, upon FDA approval, would create a third growth driver for the company in 2021 and beyond.”
Operating expenses more than doubled to $37.3 million over last year due to $17.5 million license payment to MediWound. Cash and short-term investments contracted 20% to $66 million.
2019 Outlook
Vericel expects the demand for its products to increase in the latter half of the year. The company now expects sales to be in the range of $112-116 million, compared to the prior outlook of $110-114 million. The street is anticipating top line to come in at $113.2 million and adjusted loss of 33 cents per share.