Vericel jumps as preliminary FY 2022 sales in line with expectations

Vericel

10/01/2023 18:43

** Shares of drug developer Vericel Corp  VCEL.O  jump 14.1%
to $27.2 in afternoon trade 
    ** Co expects 2022 revenue to be between $164 mln and $165
mln, in line with analysts' estimates of $164.6 mln at midpoint
- Refinitiv 
    ** Brokerage BTIG says FY 2023 for VCEL depends on the
commercial launch of NexoBrid, which is expected in Q2 2023
    ** NexoBrid, co's topical burns treatment, was approved by
the U.S. health regulator in December last year  
    ** Results highlight a "solid end to what proved to be a
challenging year for VCEL" - BTIG
    ** 3 of 5 brokerages rate the stock "buy" or higher, and 2
"hold"; their median PT is $34
    ** Stock fell ~30% in the past 12 months
 (Reporting by Mariam E Sunny)
 ((Mariam.ESunny@thomsonreuters.com;))