Vericel downgraded to Neutral from Buy at BTIG

BTIG analyst Ryan Zimmerman downgraded Vericel to Neutral from Buy without a price target. The company reported softer results than expectations and guided Q4 sales down meaningfully as MACI grew 29.6% while Epicel declined 25.2% in Q3, Zimmerman tells investors in a research note. The analyst says Epicel has proven softer and more variable than even management is able to predict. Zimmerman thinks Vericel will have to win back investors in the early part of fiscal 2023. The guidance for fiscal 2023 likely needs to be reset before the shares can work again, making Vericel a "show-me" story, writes the analyst.