Third Quarter 2020 Financial Highlights
Total net revenues of $32.3 million, compared to $30.5 million in the third quarter of 2019;
MACI® net revenue of $24.4 million, Epicel® net revenue of $6.7 million and NexoBrid® revenue of $1.2 million related to the U.S. Biomedical Advanced Research and Development Authority (BARDA) procurement for national response preparedness;
Gross margin of 70%, compared to gross margin of 69% in the third quarter of 2019;
Net income of $3.6 million, or $0.08 per share, compared to $3.5 million, or $0.07 per share, in the third quarter of 2019;
Non-GAAP adjusted EBITDA of $6.7 million, compared to $6.8 million in the third quarter of 2019;
Operating cash flow of $4.6 million; and
Cash and investments of $85.5 million as of September 30, 2020, compared to $79.0 million as of December 31, 2019, and no debt.
Business Highlights and Updates
Reported record third quarter MACI revenue and total revenues, and the second highest quarterly Epicel revenue in history;
Achieved double-digit growth in MACI revenue, implants and biopsies in the third quarter, including a record monthly high for biopsies in September;
Announced the first delivery of NexoBrid to BARDA for emergency response preparedness; and
Announced that the FDA accepted for review the Biologics License Application for NexoBrid for the treatment of severe thermal burns, with a PDUFA goal date of June 29, 2021.