Vericel Corporation reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which specializes in advanced therapies for sports medicine and severe burn care, experienced a notable increase in total revenue, which reached $57.9 million for the three months ended September 30, 2024, compared to $45.6 million for the same period in 2023, marking a 27.0% increase. For the nine months ended September 30, 2024, total revenue was $161.8 million, up from $132.5 million in the prior year, reflecting a 22.1% growth.

The growth in revenue was primarily driven by increased sales of its flagship products, MACI® and Epicel®. Revenue from MACI for the three months ended September 30, 2024, was $44.7 million, an 18.8% increase from $37.6 million in the same quarter of 2023. Epicel revenue surged by 64.8%, reaching $12.2 million compared to $7.4 million in the prior year. The company also reported a gross profit of $41.7 million for the quarter, a 36.1% increase from $30.6 million in the same period last year.

Despite the revenue growth, Vericel reported a net loss of $901,000 for the three months ended September 30, 2024, an improvement from a net loss of $3.7 million in the same quarter of 2023. For the nine-month period, the net loss was $9.4 million, down from $16.2 million in the previous year, indicating a 41.6% reduction in losses.

The company’s total current assets decreased to $190.5 million as of September 30, 2024, from $205.6 million at the end of 2023. Cash and cash equivalents also fell to $53.7 million from $69.1 million, while short-term investments increased to $48.1 million from $40.5 million. Total assets rose to $390.4 million, up from $353.7 million at the end of 2023, and total shareholders’ equity increased to $257.5 million from $226.0 million.

Vericel's operating lease liabilities increased, reflecting ongoing investments in its facilities, including a new lease in Burlington, Massachusetts. The company has also been active in its stock option grants, with a significant increase in the number of options and restricted stock units granted compared to the previous year.

Overall, Vericel's financial performance for the third quarter of 2024 demonstrates a positive trajectory in revenue and profitability, supported by strategic product developments and operational efficiencies.