Vericel Corporation Records Q2 2023 Revenue of $45.9 Million
In the second quarter of 2023, Vericel Corporation,(VCEL) a leading biotechnology c ompany, faced a net loss of $5.0 million. Despite this, the company managed to generate revenue of $45.9 million during the same period. The financial statements, released as unaudited, showcase the company's performance and financial position for the quarter ended June 30, 2023.
Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets
The company's total assets stood at $310.7 million as of June 30, 2023, compared to $273.0 million on December 31, 2022. The key components of current assets included cash and cash equivalents ($43.0 million), restricted cash ($27.8 million), and short-term investments ($54.8 million). Additionally, the company reported total current liabilities of $35.6 million, with accounts payable and accrued expenses being significant components.
Condensed Consolidated Statements of Operations
During the three months ended June 30, 2023, Vericel Corporation reported net product sales of $45.9 million, an increase from $36.8 million in the same period last year. Other revenue contributed an additional $220,000, bringing the total revenue for the quarter to $45.9 million. The cost of product sales amounted to $15.9 million, resulting in a gross profit of $29.9 million.
However, the company incurred operating expenses of $35.9 million, leading to a loss from operations of $5.9 million for Q2 2023. Including other income of $941,000, Vericel's net loss for the quarter was $5.0 million, translating to a basic and diluted net loss per common share of $0.11.
Condensed Consolidated Statements of Comprehensive Loss
The comprehensive loss for the three months ended June 30, 2023, was $5.0 million, which includes an unrealized gain of $15,000 on investments.
Condensed Consolidated Statements of Shareholders' Equity
Shareholders' equity as of June 30, 2023, was reported at $198.9 million, reflecting an increase compared to $192.3 million as of December 31, 2022. The common stock balance reached $612.1 million, while the accumulated deficit amounted to $412.5 million.
Condensed Consolidated Statements of Cash Flows
For the six months ended June 30, 2023, Vericel Corporation reported net cash provided by operating activities of $18.1 million. The company's investing activities yielded a net cash inflow of $392,000, while financing activities provided $1.3 million in net cash.
The cash, cash equivalents, and restricted cash at the end of the period amounted to $70.8 million, compared to $62.2 million as of June 30, 2022.
Vericel Corporation continues to invest in research and development, striving to achieve its mission of developing and commercializing innovative therapies for patients in need. The unaudited financial statements provide an overview of the company's progress during the second quarter of 2023 and serve as a basis for further evaluation and strategic decision-making.