Earnings call transcript Q4 2022

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Vericel's Fourth Quarter 2022 Conference Call. At this time, all participants are in a listen-only mode. I would also like to remind you that this call is being recorded for replay. After the speakers’ presentation, there will be a question-and-answer session. Instruction] [Operator

turn Financial over Investor Planning now Vericel's Eric Relations. conference of Head and the will to call Burns, I Analysis and

Eric Burns

fourth business highlights. Thank Welcome to good and our quarter Vericel's discuss and you, call XXXX results morning financial conference operator, to everyone.

making I'm Litigation be results Reform involve XXXX. statements website. statements we Act we with begin, on risks call, the from also expectations more materially the described our may that differ actual to of to going Before covered could and you our under remind on today's are will SEC, forward-looking Securities cause available in uncertainties Private These and fully filings

In note press release today as of our Relations addition, only results views views not that our our statements any financial on available as as section our subsequent date. representing of a and website. of all copy Please of be Investor the forward-looking represent is should relied upon

have viewed from We our also with that access on website. webcast directly can on highlights or call today's the a short presentation be

Officer, this I’m Executive and Chief Chief Colangelo, Joe and Vericel's our President on call Financial by Officer, joined Nick Mara.

turn the to Nick. call over now I'll

Nick Colangelo

year. and business full trends call begin everyone. morning discussing financial which have quarter by MACI, for to and Thank I'll the year positive Eric, highlights you, start fourth good the current for today's and XXXX, very been

which we for revenue activities commercial profitability launch total and our year overall expect NexoBrid in XXXX, to Our continued company. for accelerate outlook growth the strong in a

FDA and delivered results generated for build XXXX year to second significant including development XXth commercial the performance quarterly straight detailed MACI to high on company an as revenue, to franchise. financial we enable guidance close XXXX provide achieved program, business delivered accelerated positive Q&A. strong in the and call more pathway then for flow financial a quarter our cash an the of believe milestones will opening a financial approval update NexoBrid, the regulatory will profitability The company and and operating record we Joe which arthroscopic before of our growth

year, and $XXX revenue full nearly million total in as investments $XX profitability $XXX growing to strong cash the with and For of was with adjusted year more generated ending million, million flow flow of million, in $XXX we XX% deliver $XX million we no operating and EBITDA MACI revenue continued cash debt. to the than cash

We which nearly also and compared and margin in generated as which income than increased record quarter, the of million quarter, gross the XXXX. to XX% total as in increased XX%, more the million of both versus prior $XX for of XX% net margin EBITDA of well revenue $X year nearly fourth adjusted approximately

taking were by end at came Our XX% our range, record high strong represented over million, XXXX approximately fourth guidance driven quarter the revenue quarterly XX% and $XX fourth in which sequential over over growth the the of results biopsies XXXX. XX% of third adoption MACI surgeons an XXXX. growth of quarter quarter of drivers we year driven in strengthening This Surgeon growth strong XXXX, grow for MACI. finished by with approximately approximately the as growth was continued from revenue key to of X,XXX increase

the had fourth in rate the in stabilization the also in year. We biopsy close and MACI growth quarter to continued conversion out biopsies

levels. to quarter large incidence full greater area anticipated to Epicel, and quarter of As to environment quarter have that I'll moment, into continues the discuss continued in operating positive body the revenue was improve. fourth as trends the XX% as declined respect of burns total in With than saw first lower surface a pre-XXXX we the year the than fourth

centers and we broad the see year during taking of a number fourth quarter the the dynamic, biopsies burn Notwithstanding had burn center record as and to in centers full year. patients engagement a of grafting similar this we number continued burn

the in health biopsy lower to in of surgery and patients While engagement on the was particularly going of related Epicel customer issues. to proportion lead mainly solid XXXX patient to the generated activity, fourth biopsy breadth quarter due

fewer organizational also XXXX, had which XXXX, customer, and had in referral significantly Epicel patterns impacted our per at grown graphs at there were that volume changes had on impact in patient which center. patient We significant a largest and some patient

base to with Epicel, with often Despite our leading these our engagement burn expanded the see very dynamics which to centers upon launch. well drive strong believe NexoBrid that customer led we positions we us and uptake variability

significant we're following generating we FDA addition MACI strong our label as Type progress human the in in last to in cartilage to In meeting results pipeline the financial made C of year delivery to the expanding knee. a month treatment validation initiate factors we our to this announced of support advancing also quarter, fourth the defects for planning December, arthroscopic the MACI include study with

opportunity earlier in surgeons an for respondents We and an procedures believe We required. adoption, year more Based patients cartilage either our surgeon be arthroscopic consider the than each that of MACI. that that now for provide initial primarily a of study U.S. for clinical MACI a of MACI now or could anticipate potential in very is delivery delivery upside and their on MACI arthroscopic will could perform a the XX,XXX perform provides additional for surgeons years than research, repair an of XX% patients. interest option and opportunity expressed which a arthroscopic XXXX, option for procedures additional as substantial approximately MACI, market several option portion was the exclusively attractive in arthroscopic launch which given an growth

as MACI the designed XX% common volume product treat condos, be To also defects, indicated only procedure increase defects allow the us which restorative repair was share would femoral to are to achieve those MACI they two believe approximately of treat utilization arthroscopically current arthroscopic addressable patient the on procedures. among we users instrument an that and arthroscopic in MACI the would that users, MACI MACI defects these increased centimeter a kit greater option expect to would the current administered to square for the is Arthroscopic which of market, four cartilage to if end, most offers potential available. MACI

We're MACI the significant clinical also the a ankle, the of is next over regarding MACI for market the believe opportunity in treatment could planned long-term. with driver market which $X program ankle potential with MACI. largest estimated development in an addressable billion for the that discussions injuries our growth a cartilage FDA for be We indication

NexoBrid FDA a from burn significant We've well. and activities our in was Turning franchise, care and are commercial widespread the meet interest to surgeons to enthusiasm center our which our exceed goals progressing quarter for this providers year. and of we're commercial expected healthcare in burn engagement internal of launch track on availability, approval of the is second company other ahead for the product NexoBrid milestone or burn regarding seen

in meeting, burn and where surgeons regarding our team conducted wound support to the following science by sessions we'll and number for NexoBrid be and have first a complete, Association preparation will NexoBrid significant conferences part in leading American last of profile the burn of of began NexoBrid sales closure. There of nearly approval. year, annual are peer-to-peer included educational including a pre-conference the where the the science wound surgeons of presence training launch the training Burn is hiring The month of high burn

approval largest will the launch lead target phase. Based to process Given dispensed on burn NexoBrid will gaining P&T through early committee at a our surgeon we of P&T the in is in use in of for centers dozens activity our committee hospital have centers NexoBrid, pharmacies the or approval target high during the who institutions. be our that priority widespread the NexoBrid interest champions respective at gain burn

This up product process quarter. the availability well in for the to few sync a NexoBrid timing up commercial can an which take with should months, second

the addressable care the significantly at of care the franchise, franchise to Looking billion. approval $X.X burn NexoBrid burn market over the for overall increases U.S. in our

expect will offset that Epicel believe to stream help of return and growth predictable Epicel over years, that we revenue provide more and we volatility. much the will revenue coming consistent a NexoBrid the While

care commercial of given in market. NexoBrid the infrastructure which also and our the existing a share relatively burn footprint Epicel, incremental In for voice with investment should addition, the from benefit and required larger limited higher commercial is overlap

turning Finally, XXXX. guidance to for

for year the revenue elements approximately and to $XXX MACI strong operating increase in details to profitability cash but expect on start the to current in of a as to moment, million $XXX operating generate flow. as wanted for I the further guidance provide to million key to touch continued environment of We year. well total the will Joe some our

by for this drivers continued which represent that As growth higher assume sustained this the the the morning, $XXX underlying MACI we per in year. guidance year does range The surgeons the to XXXX guidance key of surgeon growth biopsy upside to compared of per price full point, MACI for $XXX year. be revenue in we conversion or MACI net rate the framework potential biopsies levels, growth initial is expect driven At to we million be year will for implant. our in start million would not as revenue and any growth biopsy other our increase announced

approximately expect but MACI as by That quarter growth quarter into that fourth last for first this the operating overall high we positive year and the year, fourth the of a would quarter growth not versus strong environment continuing encouraged profile. straight be the MACI its the represent strong saw we’re also continuing being At to with very XX% resumes of in MACI, third start we for year-over-year XX-plus-percent the improve. to the only quarter growth said, trends quarter by point, first which

broader will More that in of of acceleration year. well broadly, very next adoption XXXX, growth expect the we even surgery XXXX for and and believe strong MACI in drive arthroscopic that launch growth another MACI’s year further positioned we

guidance, force per of achieved beyond. XXXX our or to our in high Importantly, XXXX and exceed historical in rep to we our significantly $X to expect prior productivity based year million expansion that and surpass last sales will XXXX on would begin level full our sales meet rep

the with we revenue become fourth addressable will Epicel in With company run care to of the rate the has removal of high in standard $XX quarter burn the total launch burn share expect We a U.S., in for $XXX enable the care very growth its $XX annualized respect versus burn franchise care primarily meaningful $XX of million take launch our market care of the potential by of to which to million, of a million build the eschar that second to franchise, NexoBrid, driven the million market. believe and growth NexoBrid.

I’ll to fourth to XXXX. discuss quarter as the full year guidance over well financial financial as Joe our results for now our call turn and

Joe Mara

fourth revenue in company MACI Total net good strong was Total of quarter. for was at range Nick, was full XX% MACI for growing the income revenue the driven quarter Thanks, $XX.X in million, high statement. revenue full $XXX the prior year guidance by with million. the and versus the year the million morning, results everyone. Starting end of $XXX.X year. our the fourth

For million QX, versus XX% the $XX.X year versus MACI the and grew third approximately quarter. revenue and XX% was prior

in very out business MACI As with we year. momentum the our two to the quarters close continued strong

was growth well continued revenue the related driven revenue as in year conversion stabilized preparedness. for XXXX price, a $X.X BARDA higher in second by and rate the quarter the was to as was and by growth consisting Epicel revenue the fourth NexoBrid biopsy of surgeon of Total of burn million response revenue in the of of million. Epicel MACI $X.X the $XX.X strong emergency million for year. care where importantly, half MACI procurement and million, $XX.X

the quarter quarter compared of XX% the or net XXXX. increase an for for fourth million profit was to XX% $XX.X Gross revenue,

which and than the revenue, expenses expenses expenses or to year. the period line in for in due compared same quarter year to was mid marketing $XXX.X sales XX% $XX.X last $XXX.X year XX% For prior were higher full million The our approximately of gross operating gross our XXXX Total gross full to guidance million with $XX.X $XXX in an million in headcount And operating was the the and range. in full expenses. higher year year and increase the profit million margin was the for for primarily increase were XXXX. operating million compared in

of versus $X.XX or increase adjusted prior the in million XX% quarter $X.X income to revenue, quarter of million for versus an fourth income $XX.X of adjusted our net quarter generated an this share or was importantly, XXXX, per the share XX% $X.XX of than XXXX. more Net that for increase was compared XXth for year. the EBITDA consecutive we’ve the quarter $X.X million represents Non-GAAP per EBITDA. or XX% the net positive And

$XX.X company’s was and million years. EBITDA adjusted last the generated year over over XXXX, million, over full similar over adjusted of two despite the to Epicel now we The For million million EBITDA $XX in generated the four lower the revenue. $XX $XX.X last years

expand our continued position product for grow we’ve and launchers, As very strong to multiple company a top profile. maintaining the while our line revenue, financial pipeline

operating million in debt. year Finally, of $XX.X million full and million we no $X ended cash cash flow we year, the investments and generated for in and $XXX with approximately and the the quarter

financial to guidance Transitioning XXXX. our for

million We expect total the to full revenue of million $XXX $XXX year. for

expect revenue million percentage the million in to to mid high We with $XXX be the teens MACI range $XXX growth range of in full the for to year.

XX% the XXXX. implants encouraging, strength and first MACI anticipate have referenced, driven with biopsies of versus and quarter approximately quarter we trends for strong quarter been first both Nick As of another by in growth

of a saw quarter, mix full quarter, revenue as of XXXX. in by or percentage year seasonality business generally MACI’s of similar would terms we expect we by In

the to franchise. burn care Moving

We Epicel for revenue which run expect revenue, million. $XX to burn includes NexoBrid our from care $XX revenue This the versus range be care and of million. year rate franchise revenue full burn approximately $XX both implies QX full growth approximately commercial million year to

and NexoBrid year. modest of second commercial vast during some in the in of revenue year, assuming In we anticipate half the the majority product would the second occurring revenue in with terms QX the uptake of revenue NexoBrid stocking availability quarter,

important care year we half its during exact meaningful of our As and is although difficult to expect driver growth take of to year. year, over it predict during the share a cadence uptake burn this revenue an second NexoBrid expect time. would the of market the the In also NexoBrid with of Nick mentioned, to be we quarterly revenue near-term, significant the launch

remain and of For to the very quarterly quarters. due product difficult predict volatility the Epicel, across revenues the nature

$X date, first we the revenue of to run anticipate based roughly be would million. quarter quarter in rate for with Although approximately fourth on line trends to the

high Moving improvement down approximately XXXX an to $XXX operating year margin the margin gross gross range, million. to EBITDA expect adjusted mid-teens XX% range compared full expected to the in P&L, we expenses the percentage in with in and be be

in million range in to state-of-the-art share investment with continues $XX for headquarters million would new an of construction build-out we also in capital anticipate manufacturing Finally, the therapy increase to project as corporate our the cell of facility our forward costs XXXX. the move $XX for

continued company guidance this strong growth for total, to In revenue XXXX full profitability year. and points the accelerating in

NexoBrid further in addition, we In our would of a also anticipate with year and XXXX of acceleration total growth of company launch the the MACI. market full on anticipated revenue arthroscopic

prepared open We’ll to call the concludes This our questions. your now remarks.

Operator

your Thank first you. Zimmerman [Operator line from is comes Our [BTIG]. Ryan, Ryan call Instructions] open.

Ryan Zimmerman

to understanding set I Good NexoBrid going guidance want number. But guys, your to help and Why account that Thanks Epicel is about do you it I progress it’s like here $XX is? with I that million think rate, for volatile, us came Why right? that rate, run how you’ve you it Just help million than appreciate NexoBrid. coming questions. you year. thought run kind morning less? a congrats all more? bit variability taking And on a the understand, not is for lower would because of to sufficiently given on the start how to And offset the feel to understand floor not $XX it a little when process is little were the just on think Why that that unpredictable expecting. just this that. we is

Joe Mara

is that Yes. for start Ryan. one. This Thanks Good morning, with I’ll question. Joe. the

to business rate so important Epicel with at of from Epicel, mindful very on realize run to where question, we’re perspective first of a kind is. think I the your it’s So,

$X the like to small as cetera. numbers, on So, what predict QX et in your million. QX, although as prepared patient revenue the remarks similar we we was based exactly $X a expect number revenue looks always the difficult roughly would it’s When talked to around into that about million, point, we move

could a So bit quarter-to-quarter. be it different obviously

started that’s do we rate, year. we where feel exiting like year, last saw But we coming this that that run

think a about As maybe to that for guidance, framework we the moment. for turning

thinking So, Epicel. that for million starting is the we’re it appropriate about is, point $XX way the really

So grow there. rate million certainly quarter that we look basically $X run will and to per from

pre-XXXX, growth. look years significant more in If you prior kind said we of

You saw typically growth the of or in mid-single-digit kind low-double-digit range.

on So, there, Again, $XX more. if you $XX now to, math million we’re a perhaps your million, the you run could question up $XX rate. bit do get million call it that right

NexoBrid So well. as guidance, as then we important the total think where that’s about is

so we’ve million us like And the of part the range remarks, there’ll second in NexoBrid But feel stocking mindful cadence we in for right get seen perspective, the about then in is, we quarter. be where again, prepared into get of can year. quarter, want again, second what of a are first $XX two and strong trends that. the really talked no some And far. QX full modest $XX that from still expect now availability certainly increase to the of and into be commercial the points an as some products We indicators QX. in Epicel to we as million your that as quarter, revenue the to So, combination kind question we

framework, in I of if but is mid-single-digit franchise, kind think meaningful again, on sense what makes over can a And take think that we’ve for date, long-term. based we share pretty we kind to seen NexoBrid. about range, of you which which you kind and giving the kind why specific again, by So, of of we’re does the talking guidance about we’re think that the numbers product, not put

where year. think range when the of and about again, franchise appropriate this a it NexoBrid, potential perspective, it’s we’re Epicel we is thinking about but from think So, I

Ryan Zimmerman

Okay.

a MACI turn And just quarter XXXX, one question, quarter moment. thought first of Joe, or heard I say for not you that to housekeeping off a just you mistake? say did XXXX? first XX% growth Let that me of I was

Joe Mara

Yes, sorry.

First in quarter XX% of XXXX, QX. year-over-year growth

Ryan Zimmerman

Okay.

right. Okay. All

that the Okay, business, I But productivity you is also sales And capture your comments given And you delivery guidance checked. we think about the keep just need force Do about helpful, like broader about as if check. upsize is implied think by appropriately then, included Or you customer to could I XX is growing just you and the it when I your – sized not upside? arthroscopic to feel was very business, last going base, think that to sales want what be to the Nick. about do it MACI opportunity? a are upsize your at, why what’s comments. think of force clear kind edition, productivity in

Nick Colangelo

Yes. Ryan, Nick. is thanks. This

leading number We into sales a that, from you’re to a million up gotten And about by year. couple XXXX. XX right. increase had rep was – in force productivity So did that one, territories our our point XX at from back XX% dollars to

As remember, back now expanding And we sales a we’re force XX. grew from were that of it the you given size at as kind up through XXs, MACI the current in kind even guidance. of range

we both plus procedure. arthroscopic XXXX. and we data the those I on Health we’ve open surgeons mentioned that as at doing, predominantly in end that back think segment project, The sort refreshing had talked that we do back there’s did of arthroscopic going of a procedure around arthroscopic MACI or we’ll either we XX,XXX that targeting is and time, Advances up meaningful exclusively as work know what about before

large about. sales think enough increasing number we of certainly if and the that we that’s that’s that mean surgeons, add may justify force, So would it new some something

of So the be year. work launch doing potential this during that next ahead we’ll year

Ryan Zimmerman

in Thank queue. back right. hop you. All I’ll

Nick Colangelo

you. Thank

Operator

Truist very Sam, from Thank of open. your call Instructions] Securities. you next [Operator Sam Our comes line is much. Brodovsky

Sam Brodovsky

good Hi. guidance. into the just incorporate providing and Thanks the the of the for in MACI to sort to patient looking start with guide? better and the rates MACI an you of census the But start question terms quarter. what to increasing in to need of appreciate or year, taking one terms conversion would start on congrats I’ll components of things on either you see improving –

Joe Mara

take Yes. to This I’ll Joe, is one that start.

as kind talked I a perspective, into which continued MACI’s we’ve So, seen was earlier what well from which we’ve Ryan’s strength a last strong close a first in certainly we is implants. QX is and comment, I think just what think sign. as again, the clarify year, really biopsies, look out good couple started then XX%, think And I of both to had really both quarters about above in QX as quarter, we to into

sign. certainly that’s encouraging So an

expectation the first in you quarter. so, the quarter approximately think be And for $XX gets is so our million around XX%, to to I

things so of basically full As for that we do full example, mix think look again seasonality year, full QX there. in number. to and kind mind roughly of midpoint, couple the a lines think our that it’s in actually of about by kind XX% year up you XX% of that the keep to about number We at if year quarter –

over operating of. of mindful quarters. perspective, certainly is there But terms conversion time. that’s think see that say see time. period of the want signals a think longer say, from which know and generally perhaps over time also for XXXX, something of in that see some would probably want seen of growth the we want a that is would case drivers we still we we over but multiple some is early we’ve we the for before the brand, periods can longer but environment period to those additional is, longer whether drivers, what to foundation I we'd improving, that growth that's up. of to And We measure we’re I rate our So ticking I’d think be

Sam Brodovsky

assume existing helpful. this those and the outside there, then guide quick year the providing for a Thanks. NexoBrid any guidance points does it coming contemplate just one accounts? just That's revenue does And on of for Thanks. thanks base, Epicel from accounts or

Nick Colangelo

tiered the force of talked sales targets deploying obviously and sort we do, is thing first aside focused this it's from Sam, on, hiring the Hey training is and surgeon approval Nick. have about P&T and No, committee sales about, really you the process. training we as force the Yes. them,

And the is the you'll the in if DETECT study access and includes Epicel there underway protocol. so pivotal But the that U.S., NexoBrid recall, also, obviously at study, ongoing or the are here pediatric accounts next users. that well that was sites expanded

So three sometimes different may clinical have those NexoBrid studies experience are sites Epicel with not. but where also centers, they're often

So the to I would then that burn NexoBrid well. in centers from and for as burn come are year, target XXX play just but say both all burn we utilization centers, would expect Epicel centers current

Sam Brodovsky

for Okay. questions. Thanks any the

Nick Colangelo

Thanks.

Joe Mara

Thanks.

Operator

Instruction] much. Ladenburg. your is very comes line you Thank open. [Operator Jeffrey call Our of next from Cohen Jeffrey,

Jeffrey Cohen

Hi, are Nick Joe, and how you?

Nick Colangelo

Jeff. Good,

Joe Mara

Doing morning. well. Good

Jeffrey Cohen

our from questions couple a Just end.

could design. setting If more the Is locked arthroscopic down device as work some you're you in a factors the far at about talk human this it of the doing its and as little point?

Nick Colangelo

people it the product, the human procedure, the video what website arthroscopic of we the is will amount I set just would study were going when the Yes, when the really instrument we factor understanding U.S. path FDA I not a the human have And we the drug way exactly of context in we a outside because that the and MACI go fair administered December, and that study arthroscopically. helps was Jeff, proposed or outside our be you the FDA give met be that think administered. drug do with for inappropriate outcomes, is to MACI one available how principally a because the looks arthroscopically delivered good forward. there's And either published where substance of data about, has the factors can U.S., agreed an was the which product think thing like MACI when outcomes changing

that them the cadaver to there. And really they that lab just the in arthroscopically, there's interface surgeons, bring do is means instruments to the appropriate. with product the issues So number interface, give a you surgeon it make faced no of orthopedic in on you sure how a instructions administer

obviously comparing streamlined accelerated versus pretty to a actual pathway it's an so us for had regulatory clinical and do And study. having an path

this allow study the plan the would would launch us that end to to the label XXXX. submit and the of planned for we So is and by year FDA expansion year to in

Jeffrey Cohen

helpful. procedures or standpoint Monday or and that's being talk the then actual Nick, not kit look done what arthroscopically there? may as and consumable instrument portions And flow may that might reposable far in you how Okay, as payer about the from could be the the

Nick Colangelo

you'll MACI, it's reimbursed Yes, J code. so typically under as recall for a

So it's and then – the separate paid the the reimburse a obviously of get surgeons code under facility a payers There's that, terms product. code, the in procedure payers code a CPT how which fee. a

that. of This kit is kind like that's different So set cutters, the instruments, a of economics. video see curettes, current in basically things the is the you size can disposable

so for won't And itself. be those reimbursement we'll the current the how MACI product exactly price to is determined but it impact sort of

Jeffrey Cohen

Got it.

Thanks the us. questions. for does taking Perfect. Okay. for That it

Nick Colangelo

Thanks Jeff.

Joe Mara

you. Thank

Operator

much. Please stand Thank by next our very you for question.

Sean Wainwright. from is HC comes question line Sean, next of your Our Lee open.

Sean Lee

can quick All One guys, just finishing have we more congratulations orders and outbreak, for BARDA year? right, morning a on questions. I great two from good year. any expect this next

Nick Colangelo

year, this commercial. Yes, just during no BARDA from orders

Sean Lee

And similar time all Great. would or to rolling NexoBrid, the of out Epicel launch strategy geographies what first you nationwide? would the same you burn the terms at Okay. be targeting start is before for doing, in in certain centers

Nick Colangelo

U.S. in talked the in about XXX year, previously we've typically centers half of episodes accredited as probably them. of burn each the used Well,

obviously So accounts. have those in we relationships

only with will start. We sales that are on NexoBrid reps accounts the other focus to adding

well in earlier here that claims patient we'll the as, centers using centers as by call I them for session tiered focus so, volume on volume data, as high be, the you Epicel the or studies both on obviously have various current in And the we've first, out Q&A in been U.S. cetera. et And that, will volumes, centers mentioned so targeting involved be it high NexoBrid

Sean Lee

my is expected question completed And track sorry, be XXXX? That's to facility. manufacturing to new be Is still just final in on everything Thanks. – on helpful. the ready still still there,

Nick Colangelo

completed be improvement the the on Yes, XXXX. track. by The of so tenantive everything project part to of scheduled remains is end

commercial mentioned Of course, in XXXX. early expect that we've would we production

XXXX and period So time the new FDA of facility. really is inspection validation that

Sean Lee

questions Great. Thanks. all the That's I have.

Nick Colangelo

Thank you.

Operator

Thank to remarks. Nick you I would turn for like to the Colangelo closing call much. very not back

Nick Colangelo

Well, significant in both close strong our expected much we and Okay. continued Overall, and and the profitability in strong everyone your line interest your revenue very you the driven results financial thank we business cash by growth franchises questions to another flow commercial of thanks year year and in for to XXXX, operating delivered company. and top and XXXX.

we products believe profile, for ahead. our years strong Given sustained well the significant positioned the financial market our growth for that opportunities company's really and long-term the in

again a have thanks So great day. and

Operator

your for today's you does participation Thank This conclude the program. conference. in

You now may disconnect.

Vericel (VCEL) 23 Feb 232022 Q4 Earnings call transcript