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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vericel Corporation | NASDAQ:VCEL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.59 | 3.19% | 51.44 | 51.41 | 51.44 | 52.175 | 49.585 | 50.66 | 159,391 | 17:50:45 |
|
Michigan
|
|
94-3096597
|
(State or other jurisdiction of
|
|
(I.R.S. employer
|
incorporation or organization)
|
|
identification no.)
|
|
|
|
64 Sidney Street
|
||
Cambridge, MA 02139
|
||
(Address of principal executive offices, including zip code)
|
Large accelerated filer -
o
|
|
Accelerated filer -
x
|
Non-accelerated filer -
o
|
|
Smaller reporting company -
x
|
|
|
Emerging growth company -
o
|
COMMON STOCK, NO PAR VALUE
|
|
43,347,348
|
(Class)
|
|
Outstanding at November 2, 2018
|
|
|
|
|
|
|
PART I — FINANCIAL INFORMATION
|
|
|
|
|
|
Item 1.
|
||
|
|
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||
|
|
|
|
||
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||
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Item 2.
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||
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Item 3.
|
||
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Item 4.
|
||
|
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PART II — OTHER INFORMATION
|
|
|
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 1B.
|
||
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|
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Item 2.
|
||
|
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Item 6.
|
||
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
||||
|
|
2018
|
|
2017
|
||||
ASSETS
|
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
53,289
|
|
|
$
|
26,862
|
|
Short term investments
|
|
44,462
|
|
|
—
|
|
||
Accounts receivable (net of allowance for doubtful accounts of $286 and $249, respectively)
|
|
15,528
|
|
|
18,270
|
|
||
Inventory
|
|
3,638
|
|
|
3,793
|
|
||
Other current assets
|
|
2,339
|
|
|
1,581
|
|
||
Total current assets
|
|
119,256
|
|
|
50,506
|
|
||
Property and equipment, net
|
|
5,207
|
|
|
4,071
|
|
||
Total assets
|
|
$
|
124,463
|
|
|
$
|
54,577
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
|
||
Accounts payable
|
|
$
|
4,580
|
|
|
$
|
5,552
|
|
Accrued expenses
|
|
5,592
|
|
|
5,573
|
|
||
Deferred rent
|
|
534
|
|
|
420
|
|
||
Current portion of term loan credit agreement (net of deferred costs of $69 and $67, respectively)
|
|
4,097
|
|
|
350
|
|
||
Warrant liabilities
|
|
—
|
|
|
1,014
|
|
||
Other
|
|
189
|
|
|
181
|
|
||
Total current liabilities
|
|
14,992
|
|
|
13,090
|
|
||
Revolving and term loan credit agreement (net of deferred costs of $150 and $196, respectively)
|
|
13,183
|
|
|
16,888
|
|
||
Deferred rent
|
|
1,813
|
|
|
2,059
|
|
||
Total liabilities
|
|
29,988
|
|
|
32,037
|
|
||
COMMITMENTS AND CONTINGENCIES (Note 13)
|
|
|
|
|
|
|
||
Shareholders’ equity:
|
|
|
|
|
|
|
||
Common stock, no par value; shares authorized — 75,000; shares issued and outstanding — 43,170 and 35,861, respectively
|
|
468,447
|
|
|
383,020
|
|
||
Other comprehensive loss
|
|
(18
|
)
|
|
—
|
|
||
Warrants
|
|
302
|
|
|
397
|
|
||
Accumulated deficit
|
|
(374,256
|
)
|
|
(360,877
|
)
|
||
Total shareholders’ equity
|
|
94,475
|
|
|
22,540
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
124,463
|
|
|
$
|
54,577
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Product sales, net
|
|
$
|
22,484
|
|
|
$
|
14,260
|
|
|
$
|
59,522
|
|
|
$
|
40,574
|
|
Cost of product sales
|
|
8,138
|
|
|
7,186
|
|
|
23,531
|
|
|
21,965
|
|
||||
Gross profit
|
|
14,346
|
|
|
7,074
|
|
|
35,991
|
|
|
18,609
|
|
||||
Research and development
|
|
3,113
|
|
|
2,919
|
|
|
10,581
|
|
|
9,357
|
|
||||
Selling, general and administrative
|
|
12,569
|
|
|
8,186
|
|
|
35,314
|
|
|
25,427
|
|
||||
Total operating expenses
|
|
15,682
|
|
|
11,105
|
|
|
45,895
|
|
|
34,784
|
|
||||
Loss from operations
|
|
(1,336
|
)
|
|
(4,031
|
)
|
|
(9,904
|
)
|
|
(16,175
|
)
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
0
|
|
|
|
|
||||
Decrease (increase) in fair value of warrants
|
|
420
|
|
|
(1,060
|
)
|
|
(2,524
|
)
|
|
(512
|
)
|
||||
Foreign currency translation loss
|
|
—
|
|
|
(6
|
)
|
|
(49
|
)
|
|
(20
|
)
|
||||
Interest income
|
|
307
|
|
|
2
|
|
|
390
|
|
|
6
|
|
||||
Interest expense
|
|
(460
|
)
|
|
(317
|
)
|
|
(1,340
|
)
|
|
(878
|
)
|
||||
Other income
|
|
—
|
|
|
5
|
|
|
48
|
|
|
6
|
|
||||
Total other income (expense)
|
|
267
|
|
|
(1,376
|
)
|
|
(3,475
|
)
|
|
(1,398
|
)
|
||||
Net loss
|
|
$
|
(1,069
|
)
|
|
$
|
(5,407
|
)
|
|
$
|
(13,379
|
)
|
|
$
|
(17,573
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share attributable to common shareholders (Basic and Diluted)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.16
|
)
|
|
$
|
(0.34
|
)
|
|
$
|
(0.54
|
)
|
Weighted average number of common shares outstanding (Basic and Diluted)
|
|
42,925
|
|
|
33,667
|
|
|
39,163
|
|
|
32,783
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net loss
|
|
$
|
(1,069
|
)
|
|
$
|
(5,407
|
)
|
|
$
|
(13,379
|
)
|
|
$
|
(17,573
|
)
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
||||||||
Net change in unrealized loss on investments
|
|
$
|
(18
|
)
|
|
—
|
|
|
$
|
(18
|
)
|
|
$
|
—
|
|
|
Comprehensive loss
|
|
$
|
(1,087
|
)
|
|
$
|
(5,407
|
)
|
|
$
|
(13,397
|
)
|
|
$
|
(17,573
|
)
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2018
|
|
2017
|
||||
Operating activities:
|
|
|
|
|
|
|
||
Net loss
|
|
$
|
(13,379
|
)
|
|
(17,573
|
)
|
|
Adjustments to reconcile net loss to net cash used for operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization expense
|
|
1,133
|
|
|
1,186
|
|
||
Stock compensation expense
|
|
5,739
|
|
|
2,053
|
|
||
Change in fair value of warrants
|
|
2,524
|
|
|
512
|
|
||
Inventory provision
|
|
303
|
|
|
232
|
|
||
Loss on sale of fixed assets
|
|
23
|
|
|
—
|
|
||
Foreign currency translation loss
|
|
49
|
|
|
20
|
|
||
Change in operating assets and liabilities:
|
|
|
|
|
|
|
||
Inventory
|
|
(148
|
)
|
|
(793
|
)
|
||
Deferred rent
|
|
(132
|
)
|
|
91
|
|
||
Accounts receivable
|
|
2,742
|
|
|
1,663
|
|
||
Prepaid and other current assets
|
|
(758
|
)
|
|
(202
|
)
|
||
Accounts payable
|
|
(1,212
|
)
|
|
(1,068
|
)
|
||
Accrued expenses
|
|
19
|
|
|
(9
|
)
|
||
Other assets and liabilities, net
|
|
74
|
|
|
(129
|
)
|
||
Net cash used for operating activities
|
|
(3,023
|
)
|
|
(14,017
|
)
|
||
Investing activities:
|
|
|
|
|
|
|
||
Purchases of short term investments
|
|
(44,480
|
)
|
|
—
|
|
||
Expenditures for property, plant and equipment
|
|
(2,101
|
)
|
|
(792
|
)
|
||
Net cash used in investing activities
|
|
(46,581
|
)
|
|
(792
|
)
|
||
Financing activities:
|
|
|
|
|
|
|
||
Net proceeds from equity offering
|
|
70,028
|
|
|
—
|
|
||
Net proceeds from common stock issuance due to stock option exercises
|
|
3,310
|
|
|
7,549
|
|
||
Proceeds from exercise of warrants
|
|
2,716
|
|
|
—
|
|
||
Other
|
|
(23
|
)
|
|
(252
|
)
|
||
Net cash provided by financing activities
|
|
76,031
|
|
|
7,297
|
|
||
Net increase (decrease) in cash and cash equivalents
|
|
26,427
|
|
|
(7,512
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
26,862
|
|
|
22,978
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
53,289
|
|
|
$
|
15,466
|
|
|
|
|
|
|
1.
|
Organization
|
2.
|
Basis of Presentation
|
|
|
Nine Months Ended September 30, 2018
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Supplementary Cash Flows information:
|
|
|
|
|
||||
Warrants exercised for common stock
|
|
$
|
3,538
|
|
|
$
|
—
|
|
Interest paid (net of interest capitalized)
|
|
1,161
|
|
|
691
|
|
||
Shares converted to common from preferred stock
|
|
—
|
|
|
38,389
|
|
||
Additions to equipment in process included in accounts payable
|
|
191
|
|
|
486
|
|
3.
|
Recent Accounting Pronouncements
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Revenue by product (in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
MACI and Carticel implants and kits
|
|
|
|
|
|
|
|
|
||||||||
Implants - based on contracted rate
|
|
$
|
243
|
|
|
$
|
8,046
|
|
|
$
|
18,354
|
|
|
$
|
11,145
|
|
Implants - subject to third party reimbursement
|
|
15,593
|
|
|
1,079
|
|
|
23,156
|
|
|
15,172
|
|
||||
Biopsy kits - direct bill
|
|
488
|
|
|
412
|
|
|
1,392
|
|
|
1,274
|
|
||||
Change in estimates related to prior periods
|
|
125
|
|
|
372
|
|
|
(273
|
)
|
|
230
|
|
||||
Epicel
|
|
|
|
|
|
|
|
|
||||||||
Direct bill (hospital)
|
|
6,035
|
|
|
4,351
|
|
|
16,893
|
|
|
12,753
|
|
||||
Total revenue
|
|
$
|
22,484
|
|
|
$
|
14,260
|
|
|
$
|
59,522
|
|
|
$
|
40,574
|
|
|
Revenue Concentration
|
|
Accounts Receivable Concentration
|
||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
September 30,
|
|
December 31,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
MACI and Carticel
1
|
<10%
|
|
55
|
%
|
|
24
|
%
|
|
25
|
%
|
|
<10%
|
|
46
|
%
|
Epicel
|
<10%
|
|
10
|
%
|
|
<10%
|
|
|
13
|
%
|
|
<10%
|
|
<10%
|
|
5.
|
Selected Balance Sheet Components
|
(In thousands)
|
September 30, 2018
|
|
December 31, 2017
|
||||
Raw materials
|
$
|
3,130
|
|
|
$
|
3,532
|
|
Work-in-process
|
456
|
|
|
226
|
|
||
Finished goods
|
52
|
|
|
35
|
|
||
Inventory
|
$
|
3,638
|
|
|
$
|
3,793
|
|
(In thousands)
|
September 30, 2018
|
|
December 31, 2017
|
||||
Machinery and equipment
|
$
|
1,424
|
|
|
$
|
1,249
|
|
Furniture, fixtures and office equipment
|
757
|
|
|
872
|
|
||
Computer equipment and software
|
3,695
|
|
|
3,536
|
|
||
Leasehold improvements
|
4,459
|
|
|
4,213
|
|
||
Construction in process
|
2,084
|
|
|
822
|
|
||
Total property and equipment, gross
|
12,419
|
|
|
10,692
|
|
||
Less: Accumulated depreciation
|
(7,212
|
)
|
|
(6,621
|
)
|
||
|
$
|
5,207
|
|
|
$
|
4,071
|
|
(In thousands)
|
September 30, 2018
|
|
December 31, 2017
|
||||
Bonus related compensation
|
$
|
2,180
|
|
|
$
|
2,693
|
|
Employee related accruals
|
2,955
|
|
|
2,389
|
|
||
Other accrued expenses
|
457
|
|
|
491
|
|
||
|
$
|
5,592
|
|
|
$
|
5,573
|
|
6.
|
Stock Purchase Warrants
|
|
|
September 2016 Warrants
|
|
December 2017 Warrants
|
Exercise price
|
|
$2.25
|
|
$4.27
|
Expiration date
|
|
September 9, 2022
|
|
December 6, 2023
|
Total shares issuable on exercise
|
|
58,537
|
|
53,902
|
|
|
|
|
|
7.
|
Debt
|
(In thousands)
|
|
||
Years Ending December 31,
|
Amount
|
|
|
2018
|
$
|
417
|
|
2019
|
5,000
|
|
|
2020
|
5,000
|
|
|
2021
|
7,083
|
|
|
2022
|
—
|
|
|
Thereafter
|
—
|
|
|
|
$
|
17,500
|
|
8.
|
Stock-based Compensation
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Cost of goods sold
|
|
$
|
284
|
|
|
$
|
119
|
|
|
$
|
820
|
|
|
$
|
316
|
|
Research and development
|
|
365
|
|
|
177
|
|
|
1,282
|
|
|
391
|
|
||||
Selling, general and administrative
|
|
1,283
|
|
|
459
|
|
|
3,637
|
|
|
1,346
|
|
||||
Total non-cash stock-based compensation expense
|
|
$
|
1,932
|
|
|
$
|
755
|
|
|
$
|
5,739
|
|
|
$
|
2,053
|
|
|
|
Nine Months Ended September 30,
|
||||
Service-Based Stock Options
|
|
2018
|
|
2017
|
||
Expected dividend rate
|
|
—
|
%
|
|
—
|
%
|
Expected stock price volatility
|
|
82.3 – 88.3%
|
|
|
80.1 – 88.2%
|
|
Risk-free interest rate
|
|
2.4 – 2.9%
|
|
|
1.8 – 2.3%
|
|
Expected life (years)
|
|
5.3 – 6.3
|
|
|
5.5 – 6.3
|
|
|
|
|
|
|
|
|
|
|
9.
|
Cash Equivalents and Investments
|
|
|
September 30, 2018
|
||||||||||||||
|
|
|
|
Gross Unrealized
|
|
|
||||||||||
(In thousands)
|
|
Amortized Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
||||||||
Money market funds
|
|
$
|
18,684
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18,684
|
|
Repurchase agreements
|
|
10,002
|
|
|
—
|
|
|
—
|
|
|
10,002
|
|
||||
Commercial paper
|
|
21,832
|
|
|
—
|
|
|
—
|
|
|
21,832
|
|
||||
Corporate notes
|
|
13,058
|
|
|
—
|
|
|
(11
|
)
|
|
13,047
|
|
||||
U.S. government securities
|
|
3,174
|
|
|
—
|
|
|
(1
|
)
|
|
3,173
|
|
||||
U.S. asset-backed securities
|
|
8,430
|
|
|
—
|
|
|
(6
|
)
|
|
8,424
|
|
||||
|
|
$
|
75,180
|
|
|
$
|
—
|
|
|
$
|
(18
|
)
|
|
$
|
75,162
|
|
Classified as:
|
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
|
|
|
|
|
|
|
$
|
30,700
|
|
||||||
Short-term investments
|
|
|
|
|
|
|
|
44,462
|
|
|||||||
|
|
|
|
|
|
$
|
75,162
|
|
10.
|
Fair Value Measurements
|
•
|
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
|
•
|
Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
|
•
|
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
|
|
|
|
Fair value measurement category
|
|
|
|
Fair value measurement category
|
||||||||||||||||||||||||
(In thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Money market funds
|
|
$
|
18,684
|
|
|
$
|
18,684
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Repurchase agreements
|
|
10,002
|
|
|
—
|
|
|
10,002
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Commercial paper
|
|
21,832
|
|
|
—
|
|
|
21,832
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Corporate notes
|
|
13,047
|
|
|
—
|
|
|
13,047
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
U.S. government securities
|
|
3,173
|
|
|
—
|
|
|
3,173
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
U.S. asset-backed securities
|
|
8,424
|
|
|
—
|
|
|
8,424
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
|
$
|
75,162
|
|
|
$
|
18,684
|
|
|
$
|
56,478
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Warrant liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,014
|
|
|
$
|
—
|
|
|
$
|
1,014
|
|
|
$
|
—
|
|
Warrant Liabilities (In thousands)
|
|
||
Balance at December 31, 2017
|
$
|
1,014
|
|
Increase in fair value (net of expired warrants)
|
2,524
|
|
|
Warrant exercise
|
(3,538
|
)
|
|
Balance at September 30, 2018
|
$
|
—
|
|
11.
|
Shareholders' Equity
|
12.
|
Net Loss Per Common Share
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Amounts in thousands except per share amounts)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss
|
|
$
|
(1,069
|
)
|
|
$
|
(5,407
|
)
|
|
$
|
(13,379
|
)
|
|
$
|
(17,573
|
)
|
Denominator for basic and diluted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted-average common shares outstanding
|
|
42,925
|
|
|
33,667
|
|
|
39,163
|
|
|
32,783
|
|
||||
Net loss per share attributable to common shareholders (basic and diluted)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.16
|
)
|
|
$
|
(0.34
|
)
|
|
$
|
(0.54
|
)
|
(In thousands)
|
|
Total
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
More than 5 years
|
||||||||||||||
Operating leases
|
|
$
|
16,915
|
|
|
$
|
1,273
|
|
|
$
|
4,908
|
|
|
$
|
4,902
|
|
|
$
|
4,811
|
|
|
$
|
957
|
|
|
$
|
64
|
|
Debt and interest related payments
|
|
20,860
|
|
|
814
|
|
|
6,290
|
|
|
5,817
|
|
|
7,939
|
|
|
—
|
|
|
—
|
|
|||||||
Purchase commitments
|
|
3,206
|
|
|
526
|
|
|
711
|
|
|
681
|
|
|
644
|
|
|
644
|
|
|
—
|
|
|||||||
Total
|
|
$
|
40,981
|
|
|
$
|
2,613
|
|
|
$
|
11,909
|
|
|
$
|
11,400
|
|
|
$
|
13,394
|
|
|
$
|
1,601
|
|
|
$
|
64
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Total revenues
|
|
$
|
22,484
|
|
|
$
|
14,260
|
|
|
$
|
59,522
|
|
|
$
|
40,574
|
|
Cost of product sales
|
|
8,138
|
|
|
7,186
|
|
|
23,531
|
|
|
21,965
|
|
||||
Gross profit
|
|
14,346
|
|
|
7,074
|
|
|
35,991
|
|
|
18,609
|
|
||||
Total operating expenses
|
|
15,682
|
|
|
11,105
|
|
|
45,895
|
|
|
34,784
|
|
||||
Loss from operations
|
|
(1,336
|
)
|
|
(4,031
|
)
|
|
(9,904
|
)
|
|
(16,175
|
)
|
||||
Other income (expense)
|
|
267
|
|
|
(1,376
|
)
|
|
(3,475
|
)
|
|
(1,398
|
)
|
||||
Net loss
|
|
$
|
(1,069
|
)
|
|
$
|
(5,407
|
)
|
|
$
|
(13,379
|
)
|
|
$
|
(17,573
|
)
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Revenue by product (in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Carticel and MACI
|
|
$
|
16,449
|
|
|
$
|
9,909
|
|
|
$
|
42,629
|
|
|
$
|
27,821
|
|
Epicel
|
|
6,035
|
|
|
4,351
|
|
|
16,893
|
|
|
12,753
|
|
||||
Total Revenue
|
|
$
|
22,484
|
|
|
$
|
14,260
|
|
|
$
|
59,522
|
|
|
$
|
40,574
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Gross profit
|
|
$
|
14,346
|
|
|
$
|
7,074
|
|
|
$
|
35,991
|
|
|
$
|
18,609
|
|
Gross profit %
|
|
64
|
%
|
|
50
|
%
|
|
60
|
%
|
|
46
|
%
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Research and development costs
|
|
$
|
3,113
|
|
|
$
|
2,919
|
|
|
$
|
10,581
|
|
|
$
|
9,357
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Dilated Cardiomyopathy
|
|
$
|
153
|
|
|
$
|
909
|
|
|
$
|
1,119
|
|
|
$
|
4,050
|
|
MACI
|
|
2,095
|
|
|
1,430
|
|
|
7,169
|
|
|
3,678
|
|
||||
Epicel
|
|
865
|
|
|
580
|
|
|
2,293
|
|
|
1,629
|
|
||||
Total research and development costs
|
|
$
|
3,113
|
|
|
$
|
2,919
|
|
|
$
|
10,581
|
|
|
$
|
9,357
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Selling, general and administrative costs
|
|
$
|
12,569
|
|
|
$
|
8,186
|
|
|
$
|
35,314
|
|
|
$
|
25,427
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Decrease (increase) in fair value of warrants
|
|
$
|
420
|
|
|
$
|
(1,060
|
)
|
|
$
|
(2,524
|
)
|
|
$
|
(512
|
)
|
Foreign currency translation loss
|
|
—
|
|
|
(6
|
)
|
|
(49
|
)
|
|
(20
|
)
|
||||
Other income
|
|
—
|
|
|
5
|
|
|
48
|
|
|
6
|
|
||||
Net interest expense
|
|
(153
|
)
|
|
(315
|
)
|
|
(950
|
)
|
|
(872
|
)
|
||||
Total other expense
|
|
$
|
267
|
|
|
$
|
(1,376
|
)
|
|
$
|
(3,475
|
)
|
|
$
|
(1,398
|
)
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Cost of goods sold
|
|
$
|
284
|
|
|
$
|
119
|
|
|
$
|
820
|
|
|
$
|
316
|
|
Research and development
|
|
365
|
|
|
177
|
|
|
1,282
|
|
|
391
|
|
||||
Selling, general and administrative
|
|
1,283
|
|
|
459
|
|
|
3,637
|
|
|
1,346
|
|
||||
Total non-cash stock-based compensation expense
|
|
$
|
1,932
|
|
|
$
|
755
|
|
|
$
|
5,739
|
|
|
$
|
2,053
|
|
Exhibit No.
|
|
Description
|
|
|
|
10.1**†
|
|
|
|
|
|
10.2**†
|
|
|
|
|
|
10.3**†
|
|
|
|
|
|
31.1**
|
|
|
|
|
|
31.2**
|
|
|
|
|
|
32.1**
|
|
|
|
|
|
32.2**
|
|
|
|
|
|
101.INS**
|
|
|
|
|
|
101.SCH**
|
|
|
|
|
|
101.CAL**
|
|
|
|
|
|
101.LAB**
|
|
|
|
|
|
101.PRE**
|
|
|
|
|
|
101 DEF**
|
|
|
VERICEL CORPORATION
|
|
|
|
|
|
/s/ DOMINICK C. COLANGELO
|
|
Dominick C. Colangelo
|
|
President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
|
|
|
|
/s/ GERARD MICHEL
|
|
Gerard Michel
|
|
Chief Financial Officer and Vice President, Corporate Development
|
|
(Principal Financial Officer)
|
1 Year Vericel Chart |
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