Vericel Corp (NASDAQ:VCEL) Q1 2022 Earnings Conference Call May 4, 2022 8:30 AM ET

Company Participants

Eric Burns - Executive Director, Financial Planning and Analysis & IR

Dominick Colangelo - CEO, President & Director

Joseph Mara - CFO & Treasurer

Conference Call Participants

Ryan Zimmerman - BTIG

Christopher Cooley - Stephens Inc.

Jeffrey Cohen - Ladenburg Thalmann & Co.

Danielle Antalffy - SVB Leerink

Samuel Brodovsky - Truist Securities

Arthur He - H.C. Wainwright & Co.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Vericel's First Quarter 2022 Conference Call. [Operator Instructions].

I will now turn the conference call over to Eric Burns, Vericel's Head of Financial Planning and Analysis and Investor Relations.

Eric Burns

Thank you, operator, and good morning, everyone. Welcome to Vericel's First Quarter 2022 Conference Call to discuss our financial results and business highlights. Before we begin, let me remind you on today's call, we will be making forward-looking statements covered under the Private Securities Litigation Reform Act of 1995. These statements may involve risks and uncertainties that could cause actual results to differ materially from expectations and described more fully in our filings with the SEC.

In addition, all forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. Please note that a copy of our financial results press release and a short presentation with highlights on today's call are available on our website. I am joined on this call by Vericel's President and Chief Executive Officer, Dominick "Nick" Colangelo, and our Chief Financial Officer, Joe Mara.

I'll now turn the call over to Nick.

Dominick Colangelo

Thank you, Eric, and Good morning, everyone. I'll begin today's call by discussing financial and business highlights for the first quarter and our expectations for the rest of the year and then turn the call over to Joe for a more detailed review of our first quarter financial performance and guidance for 2022 before opening the call to Q&A. Overall, we're very pleased with our financial and operational performance to start the year across both our sports medicine and burn care franchises despite the continued impact of COVID-19, particularly in the first half of the quarter.

The company remains on track to deliver another year of significant revenue growth, margin expansion and operating cash flow. And as such, we're reaffirming our full year financial guidance. We also continue to make significant progress on key regulatory and clinical programs for both franchises. And importantly, we remain on track for the planned midyear resubmission of the NexoBrid BLA. From a financial perspective, we generated total net revenue of approximately $36 million for the first quarter, which represents 7% total product revenue growth for MACI and Epicel compared to the first quarter of 2021.