Vericel (VCEL) reported earnings this morning and pleasantly surprised its investors:
Vericel Reports Record Third Quarter Revenues of $22.5 Million and Raises Full Year 2018 Revenue Guidance
Total net revenues increased 58% to $22.5 million compared to $14.3 million in the third quarter of 2017;
Gross margins of 64% compared to gross margins of 50% in the third quarter of 2017;
Net loss of $1.1 million, or $0.02 loss per share, compared to net loss of $5.4 million, or $0.16 per share, in the third quarter of 2017;
Non-GAAP adjusted EBITDA of $0.9 million compared to a loss of $2.9 million in the third quarter of 2017;
As of September 30, 2018, the company had $97.8 million in cash and short-term investments compared to $26.9 million in cash at December 31, 2017; and
Full year 2018 revenue guidance raised to $87 to $90 million compared to previous full year revenue guidance of $80 to $83 million.
As a consequence, shares are up approx. 30% as the shares hit a new 52-week high.