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Vericel Corporation (VCEL-1.28%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $57,905,000 from $45,581,000 in the same quarter the previous year. This increase was driven by growth in MACI, Epicel, and NexoBrid sales.
The company reported a gross profit of $41,653,000 for the quarter, compared to $30,608,000 in the previous year, with the increase attributed to revenue growth and a primarily fixed manufacturing cost structure.
Research and development expenses for the quarter were $6,093,000, up from $5,676,000 in the previous year, primarily due to higher headcount and employee expenses.
Selling, general, and administrative expenses increased to $38,025,000 from $29,989,000, primarily due to higher headcount, employee expenses, and marketing programs.
Net loss for the quarter was $901,000, compared to $3,660,000 in the previous year. The decrease in net loss was due to increased revenue and gross profit.
Cash provided by operating activities was $35,921,000, while cash used in investing and financing activities was $64,383,000 and $11,946,000, respectively.
The filing also details the company's liquidity, indicating that current cash, cash equivalents, and investments are expected to support operations for at least 12 months.
Vericel continues to focus on expanding its product offerings, with the recent FDA approval for MACI Arthro and ongoing plans to initiate a MACI Ankle clinical trial in 2025.
The company monitors ongoing military conflicts in the Middle East, which could potentially impact the supply of NexoBrid, although no material disruptions are anticipated at this time.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vericel Corporation quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.