Vericel Corporation (NASDAQ:VCEL) Q1 2024 Earnings Conference Call May 8, 2024 8:30 AM ET

Company Participants

Eric Burns - Vice President of Finance & Investor Relations
Nick Colangelo - Chief Executive Officer
Joe Mara - Chief Financial Officer

Conference Call Participants

Ryan Zimmerman - BTIG
Sam Brodovsky - Truist Securities
George Sellers - Stephens, Inc.
Swayampakula Ramakanth - H.C. Wainwright

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Vericel's First Quarter 2024 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 Eric Burns, Vericel's Vice President of Finance and Investor Relations.

Eric Burns

Thank you, operator, and good morning, everyone. Joining me on today's call are Vericel's President and Chief Executive Officer, Nick Colangelo and our Chief Financial Officer, Joe Mara.

Before we begin, let me remind you that 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 are 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 first quarter financial results press release in a short presentation with highlights from today's call are available in the Investor Relations section of our website. I will now turn it over to Nick.

Nick Colangelo

Thank you, Eric, and good morning, everyone. I'll begin today's call by discussing our financial and business highlights for the first quarter as well as our expectations for the remainder of the year. Joe will then provide a more detailed review of our first quarter financial results and guidance for 2024 before opening the call to Q&A.

We entered the year with a great deal of momentum after an outstanding close to 2023 and that momentum continued through the first quarter as we delivered another quarter of top tier revenue growth, including record first quarter total revenue and significant growth in profitability. Total revenue for the quarter increased 25% to more than $51 million which was above the top end of our guidance range with record first quarter MACI revenues and more than 60% growth in Burn Care revenue.