Vericel Corporation (NASDAQ:VCEL) Q4 2023 Earnings Conference Call February 29, 2024 8:30 AM ET

Company Participants

Julie Downs - Head, Corporate Communications

Nick Colangelo - President and CEO

Joe Mara - Chief Financial Officer

Conference Call Participants

Ryan Zimmerman - BTIG

Mike Kratky - Leerink Partners

Sam Brodovsky - Truist Securities

George Sellers - Stephens

Jeffrey Cohen - Ladenburg

Swayampakula Ramakanth - HCW

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Vericel’s Fourth Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. I would also like to remind you that this call is being recorded for replay.

I will now turn the conference call over to Julie Downs, Vericel’s Head of Corporate Communications.

Julie Downs

Thank you, Operator, and good morning, everyone. Welcome to Vericel’s fourth quarter 2023 conference call to discuss our financial results and business highlights.

Before we begin, let me remind you that on today’s call, we will be making forward-looking statements covered under the Private Security Litigation Reform Act of 1995. These statements may involve risks and uncertainties that could cause actual results to differ materially from expectations and are described more fully in our filings with the SEC, which are available on our website. 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 fourth quarter financial results press release is available in the Investor Relations section of our website. We also have a short presentation with highlights from today’s call that can be viewed directly on the webcast or accessed on our website.

I am joined on this call by Vericel’s President and Chief Executive Officer, Nick Colangelo; and our Chief Financial Officer, Joe Mara.

I will now turn the call over to Nick.

Nick Colangelo

Thank you, Julie, and good morning, everyone. I’ll begin today’s call by discussing financial and business highlights for the fourth quarter and full year, as well as our expectations for 2024. Joe will then provide a more detailed update on our 2023 financial results and financial guidance for this year before opening the call to Q&A.

The company executed exceptionally well in 2023 and delivered outstanding financial and business results in the fourth quarter, generating top-tier revenue growth and even higher profitability growth.

Total revenue for the full year increased 20% to over $197 million, which was at the top end of our guidance range, with MACI revenue growing 25% to nearly $165 million and burn care revenue of nearly $33 million.