Vericel Corporation ($VCEL) announced its fourth quarter and full year financial results. The company reported that its total net revenues for the quarter ended December 31, 2016 were approximately $16.5 million, consisting of $12.7 million of Carticel® net revenue and $3.8 million of Epicel® net revenues. Its total net revenues for the year ended December 31, 2016 were approximately $54.4 million. The figure consisted of approximately $38.9 million of Carticel net revenues and approximately $15.5 million of Epicel net revenues.

The company’s research and development expenses for the quarter and year ended December 31, 2016 were $4.3 million and $15.3 million, respectively, versus $7.4 million and $18.9 million for the same periods in 2015.  its gross profit for the quarter and year ended December 31, 2016 was $8.9 million and $26.1 million respectively.

Vericel stock has plunged more than 34 percent in the past 12 months while its Year to Date loss is close to 6 percent. The stock now shows signs of stabilizing. The company recently announced receiving fast track designation from the FDA for its investigational product ixmyelocel‑T for reduction in the risk of death and cardiovascular hospitalization in patients with chronic advanced heart failure due to ischemic dilated cardiomyopathy.