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Product / Company Performance

Vericel to Expand MACI Salesforce Again on Strong Demand -

Vericel reported 3Q19 MACI revenue of USD $20.6MM, +25.3% vs. 3Q18.


  • Vericel expects full year 2019 total revenue in the range of $116MM to $118MM
  • The company believes the target addressable market for MACI is still underpenetrated and expects to maintain double-digit growth in the years ahead
  • Vericel plans to expand their MACI sales force to 76 territories (49 currently) in six to nine regions by 2Q20
  • Leadership believes that the number of biopsies received is the best indicator of future sales performance; company received biopsies from 1,300 surgeons in the last four quarters, up 26% from the four quarters ending 3Q18
  • ORTHOWORLD projects Vericel full year 2019 MACI revenue of $88MM, +30% vs. 2018


ORTHOWORLD estimates segment sales and growth on an as-reported basis, as follows ($MM).

  3Q19 3Q18 $ Chg % Chg
Orthobiologics $20.6 $16.4 $4.2 25.3%
  9Mo 19 9Mo 18 $ Chg % Chg
Orthobiologics $58.0 $42.6 $15.4 36.1%

Net earnings are as follows.

  Amt % of Sales
Sales $30.4  
   Cost of Sales -$9.3 30.6%
   Selling and Admin -$15.0 49.2%
   R & D -$3.1 10.2%
   Other $0.4 1.4%
Net Earnings $3.5 11.4%

Mike Evers is ORTHOWORLD’s Market Analyst. He can be reached by email.

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