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Vericel reported 4Q23 orthopedic sales of $56.7 million, +22.3% compared to the fourth quarter of 2022. The company generated $164.8 million in orthopedic sales during 2023 and grew +24.9% compared to the prior year.
The strong fourth quarter resulted in record MACI revenues of $57 million and the sixth consecutive quarter of 20%-plus growth for MACI. The company saw the highest number of MACI implants, implanting surgeons, surgeons taking biopsies and biopsies in any quarter since launch. Vericel estimates that it is 50% penetrated in its current total addressable market of 5,000 surgeons.
However, the third quarter of 2024 is likely to bring the launch of MACI Arthro. These kits target two- to four-centimeter femoral condyle defects, which comprise the largest segment in MACI’s addressable market. The segment represents approximately 20,000 patients annually, or one-third of MACI’s $3 billion total addressable market. Based on past experience, Vericel expects to reach 50% penetration in the segment’s larger surgeon base over time.
Vericel expects MACI growth between 20% and 22% in 2024, implying orthopedic revenues between $198 million and $201 million.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 4Q23 | 4Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Sports Medicine | $56.7 | $46.4 | $10.3 | 22.3% |
| Segment | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| Sports Medicine | $164.8 | $132.0 | $32.8 | 24.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $52.7 | |
| Cost of Sales | $14.4 | 27.4% |
| General and Admin | $26.9 | 51.1% |
| R & D | $5.2 | 10% |
| Other | $0.2 | 0.3% |
| Net Income | $5.9 | 11.2% |
Vericel reported 4Q23 orthopedic sales of $56.7 million, +22.3% compared to the fourth quarter of 2022. The company generated $164.8 million in orthopedic sales during 2023 and grew +24.9% compared to the prior year.
The strong fourth quarter resulted in record MACI revenues of $57 million and the sixth consecutive quarter of 20%-plus...
Vericel reported 4Q23 orthopedic sales of $56.7 million, +22.3% compared to the fourth quarter of 2022. The company generated $164.8 million in orthopedic sales during 2023 and grew +24.9% compared to the prior year.
The strong fourth quarter resulted in record MACI revenues of $57 million and the sixth consecutive quarter of 20%-plus growth for MACI. The company saw the highest number of MACI implants, implanting surgeons, surgeons taking biopsies and biopsies in any quarter since launch. Vericel estimates that it is 50% penetrated in its current total addressable market of 5,000 surgeons.
However, the third quarter of 2024 is likely to bring the launch of MACI Arthro. These kits target two- to four-centimeter femoral condyle defects, which comprise the largest segment in MACI’s addressable market. The segment represents approximately 20,000 patients annually, or one-third of MACI’s $3 billion total addressable market. Based on past experience, Vericel expects to reach 50% penetration in the segment’s larger surgeon base over time.
Vericel expects MACI growth between 20% and 22% in 2024, implying orthopedic revenues between $198 million and $201 million.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 4Q23 | 4Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Sports Medicine | $56.7 | $46.4 | $10.3 | 22.3% |
| Segment | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| Sports Medicine | $164.8 | $132.0 | $32.8 | 24.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $52.7 | |
| Cost of Sales | $14.4 | 27.4% |
| General and Admin | $26.9 | 51.1% |
| R & D | $5.2 | 10% |
| Other | $0.2 | 0.3% |
| Net Income | $5.9 | 11.2% |
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
