Vericel Posts Record Growth in 2Q19 on New Surgeons

• Full year revenue guidance raised to $112MM to $116MM, an increase of $2MM on both the high and low ends
• Growth driven by growing surgeon base and increased utilization
• Vericel has increased the estimated total MACI surgeon base from 3,000 to 5,000
• Leadership estimates that MACI has penetrated about 5% of the target addressable market of 60,000 patients per year
• MACI sales force expanded to 48 representatives

Performance by Segment

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

Net Earnings Data

Net earnings, inclusive of all revenue, are as follows.

Sources: Vericel; ORTHOWORLD estimates

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