Total Revenue of $276.3 Million, with MACI Revenue Growth of 21% to $239.5 Million
Net Income Growth of 59% to $16.5 Million
Fourth Quarter Total Revenue and MACI Revenue Growth of 23%
Record Fourth Quarter Gross Margin of 79% and Adjusted EBITDA Margin of 40%
Conference Call Today at 8:30am Eastern Time
CAMBRIDGE, Mass., Feb. 26, 2026 (GLOBE NEWSWIRE) -- Vericel Corporation (NASDAQ:VCEL), a leader in advanced therapies for the sports medicine and severe burn care markets, today reported financial results and business highlights for the fourth quarter and year ended December 31, 2025.
Fourth Quarter 2025 Financial Highlights
Total net revenue growth of 23% to $92.9 million
MACI
®
net revenue growth of 23% to $84.1 million
Burn Care net revenue of $8.8 million
Gross margin of 79%
Net income increased 17% to $23.2 million
Non-GAAP adjusted EBITDA increased 25% to $37.3 million, or 40% of revenue
Approximately $200 million in cash and investments, and no debt
Full-Year 2025 Financial Highlights
Total net revenue of $276.3 million
MACI net revenue growth of 21% to $239.5 million
Burn Care net revenue of $36.8 million
Gross margin of 74%
Net income increased 59% to $16.5 million
Non-GAAP adjusted EBITDA increased 33% to $70.9 million, or 26% of revenue
Operating cash flow of $52 million
Business Highlights and Updates
Record fourth quarter total revenue and MACI revenue
Highest number of MACI implants, implanting surgeons, surgeons taking biopsies and MACI biopsies in any quarter since launch in the fourth quarter
MACI revenue growth of 20% or more for the third consecutive year
Completed MACI sales force expansion
Approximately1,000 MACI Arthro
®
trained surgeons to date
Initiated MACI Ankle™ MASCOT clinical study
Remain on track to begin MACI commercial manufacturing in new facility in 2026
On track to submit MACI marketing authorization application to U.K. MHRA in 2026
“The Company delivered outstanding financial and business results in the fourth quarter, as we generated strong revenue and profit growth and completed a number of key business initiatives,” said Nick Colangelo, President and CEO of Vericel. “We are entering 2026 with a great deal of momentum and expect another year of high revenue and profit growth, an inflection in cash generation, and continued progress on our long-term growth initiatives.”
2026 Financial Guidance
Total revenue of $316 to $326 million
MACI revenue of $280 to $286 million
Gross margin of approximately 75%
Adjusted EBITDA margin of approximately 27%
Fourth Quarter 2025 Results
Total net revenue for the quarter ended December 31, 2025 increased 23% to $92.9 million, compared to $75.4 million in the fourth quarter of 2024. Total net product revenue for the quarter included $84.1 million of MACI (autologous cultured chondrocytes on porcine collagen membrane) net revenue, $8.1 million of Epicel
®
(cultured epidermal autografts) net revenue, and $0.7 million of NexoBrid
®
(anacaulase-bcdb) net revenue, compared to $68.3 million of MACI net revenue, $6.0 million of Epicel net revenue, and $1.0 million of NexoBrid net revenue, respectively, in the fourth quarter of 2024.
Gross profit for the quarter ended December 31, 2025 was $73.1 million, or 79% of net revenue, compared to $58.5 million, or 78% of net revenue, for the fourth quarter of 2024.
Total operating expenses for the quarter ended December 31, 2025 were $50.7 million, compared to $40.0 million for the same period in 2024. The increase in operating expenses was primarily due to increased headcount and related employee expenses and additional costs related to the Company’s new Burlington facility, including depreciation and manufacturing start up activities for MACI.
Net income for the quarter ended December 31, 2025 was $23.2 million, or $0.45 per diluted share, compared to $19.8 million, or $0.38 per diluted share, for the fourth quarter of 2024.
Non-GAAP adjusted EBITDA for the quarter ended December 31, 2025 was $37.3 million, or 40% of net revenue, compared to $29.9 million, or 40% of net revenue, for the fourth quarter of 2024. A table reconciling non-GAAP measures is included in this press release for reference.
Full-Year 2025 Results
Total net revenue for the year ended December 31, 2025 increased 16% to $276.3 million, compared to $237.2 million in 2024. Total net product revenue for the year included $239.5 million of MACI net revenue, $32.1 million of Epicel net revenue and $4.7 million of NexoBrid net revenue, compared to $197.3 million of MACI net revenue, $36.6 million of Epicel net revenue and $3.3 million of NexoBrid net revenue in 2024.
Gross profit for the year ended December 31, 2025 was $205.6 million, or 74% of net revenue, compared to $172.1 million, or 73% of net revenue, in 2024.
Total operating expenses for the year ended December 31, 2025 were $194.6 million, compared to $167.6 million in 2024. The increase in operating expenses was primarily due to increased headcount and related employee expenses and additional costs related to the Company’s new Burlington facility, including depreciation and manufacturing start up activities for MACI.
Net income for the year ended December 31, 2025 was $16.5 million, or $0.32 per diluted share, compared to $10.4 million, or $0.20 per diluted share, in 2024.
Non-GAAP adjusted EBITDA for the year ended December 31, 2025 was $70.9 million, or 26% of net revenue, compared to $53.4 million, or 23% of net revenue, in 2024. A table reconciling non-GAAP measures is included in this press release for reference.
Conference Call Information
Today’s conference call will be available live at 8:30 a.m. Eastern Time. The live webcast can be accessed on the Investor Relations section of the Vericel website at
. Presentation slides for the conference call will be available on the webcast and on the website. A replay of the webcast will be available until February 25, 2027.
To participate by telephone, dial 800-330-6730 or +1-312-471-1351 if connecting from outside the U.S. When connected, please use passcode: 476633.
About Vericel Corporation
Vericel is a leading provider of advanced therapies for the sports medicine and severe burn care markets. The Company combines innovations in biology with medical technologies, resulting in a highly differentiated portfolio of innovative cell therapies and specialty biologics that repair injuries and restore lives. Vericel markets three products in the United States. MACI (autologous cultured chondrocytes on porcine collagen membrane) is an autologous cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults. Epicel (cultured epidermal autografts) is a permanent skin replacement for the treatment of patients with deep dermal or full thickness burns greater than or equal to 30% of total body surface area. Vericel also holds an exclusive license for North American rights to NexoBrid (anacaulase-bcdb), a biological orphan product containing proteolytic enzymes, which is indicated for eschar removal in adults and pediatric patients with deep partial-thickness and/or full-thickness thermal burns. For more information, please visit
.
Epicel
®
, MACI
®
and MACI Arthro
®
are registered trademarks of Vericel Corporation. NexoBrid
®
is a registered trademark of MediWound Ltd. and is used under license to Vericel Corporation. © 2026 Vericel Corporation. All rights reserved.
GAAP v. Non-GAAP Measures
Vericel’s reported earnings are prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and represent earnings as reported to the Securities and Exchange Commission. Vericel has provided in this release certain financial information that has not been prepared in accordance with GAAP. Vericel’s management believes that the non-GAAP adjusted EBITDA described in this release, which includes adjustments for specific items that are generally not indicative of our core operations, provides additional information that is useful to investors in understanding Vericel’s underlying performance, business and performance trends, and helps facilitate period-to-period comparisons and comparisons of its financial measures with other companies in Vericel’s industry. However, the non-GAAP financial measures that Vericel uses may differ from measures that other companies may use. Non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation or as substitutes for results prepared in accordance with GAAP.
Forward-Looking Statements
Vericel cautions you that all statements other than statements of historical fact included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe that we have a reasonable basis for the forward-looking statements contained herein, they are based on current expectations about future events affecting us and are subject to risks, assumptions, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Our actual results may differ materially from those expressed or implied by the forward-looking statements in this press release. These statements are often, but are not always, made through the use of words or phrases such as “anticipates,” “intends,” “estimates,” “plans,” “expects,” “continues,” “believe,” “guidance,” “outlook,” “target,” “future,” “potential,” “goals” and similar words or phrases, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” or similar expressions.
Among the factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to, uncertainties associated with our expectations regarding future revenue, growth in revenue, market penetration for MACI
®
, MACI Arthro
®
, Epicel
®
, and NexoBrid
®
, growth in profit, gross margins and operating margins, the ability to continue to scale our manufacturing operations to meet the demand for our cell therapy products, including the timely qualification of a new manufacturing facility in Burlington, Massachusetts, the ability to sustain profitability, contributions to adjusted EBITDA, the expected target surgeon audience, potential fluctuations in sales and volumes and our results of operations over the course of the year, timing and conduct of clinical trial and product development activities, timing and likelihood of the FDA’s potential approval of the use of MACI to treat cartilage defects in the ankle, the timing and likelihood of obtaining market approval for MACI in the United Kingdom, the estimate of the commercial growth potential of our products and product candidates, competitive developments, changes in third-party coverage and reimbursement, including recent and future healthcare reform measures and private payor initiatives, surgeon adoption of MACI Arthro, physician and burn center adoption of NexoBrid, labor strikes, supply chain disruptions or other events or factors that might affect our ability to manufacture MACI or Epicel or affect MediWound’s ability to manufacture and supply sufficient quantities of NexoBrid to meet customer demand, including but not limited to conflicts in the Middle East region involving Israel, negative impacts on the global economy and capital markets resulting from the conflicts in Ukraine and the Middle East and political and military developments in South America, including those associated with potential further involvement by the U.S., changes in trade policies and regulations, including the potential for increases or changes in duties, current and potentially new tariffs or quotas, lingering effects of adverse developments affecting financial institutions, companies in the financial services industry or the financial services industry generally, changes in governmental monetary and fiscal policies, including, but not limited to, Federal Reserve policies in connection with continued inflationary pressures, the impact from future regulatory, judicial and legislative changes to our industry or to the broader landscape, including those included in the One Big Beautiful Bill Act (the “OBBBA”), a U.S. government shutdown and global geopolitical tensions.
These and other significant factors are discussed in greater detail in Vericel’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (SEC) on February 26, 2026, and in other filings with the SEC. These forward-looking statements reflect our views as of the date hereof and Vericel does not assume and specifically disclaims any obligation to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this release except as required by law.
Investor Contact:
Eric Burns
ir@vcel.com
+1 (734) 418-4411
VERICEL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts - unaudited)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Product sales, net
$
92,918
$
75,376
$
276,259
$
237,224
Total revenue
92,918
75,376
276,259
237,224
Cost of product sales
19,790
16,877
70,660
65,117
Gross profit
73,128
58,499
205,599
172,107
Research and development
7,253
4,923
27,563
24,797
Selling, general and administrative
43,460
35,097
166,992
142,791
Total operating expenses
50,713
40,020
194,555
167,588
Income from operations
22,415
18,479
11,044
4,519
Other income (expense):
Interest income
1,885
1,560
7,007
6,410
Interest expense
(162
)
(154
)
(630
)
(614
)
Other (expense) income
(36
)
70
(44
)
195
Total other income
1,687
1,476
6,333
5,991
Income before income taxes
24,102
19,955
17,377
10,510
Income tax expense
859
148
859
148
Net income
$
23,243
$
19,807
$
16,518
$
10,362
Net income per common share:
Basic
$
0.46
$
0.40
$
0.33
$
0.21
Diluted
$
0.45
$
0.38
$
0.32
$
0.20
Weighted-average common shares outstanding:
Basic
50,591
49,469
50,340
48,848
Diluted
52,071
52,210
52,151
51,679
VERICEL CORPORATION
RECONCILIATION OF REPORTED NET INCOME (LOSS) (GAAP)
TO ADJUSTED EBITDA (NON-GAAP MEASURE)
(in thousands - unaudited)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Net income
$
23,243
$
19,807
$
16,518
$
10,362
Stock-based compensation expense
8,423
7,917
38,767
36,495
Depreciation and amortization
3,088
1,477
11,544
5,504
Net interest income
(1,723
)
(1,406
)
(6,381
)
(5,796
)
Income tax expense
859
148
859
148
Pre-occupancy lease expense and tech transfer
3,391
1,924
9,571
6,725
Adjusted EBITDA (Non-GAAP)
$
37,281
$
29,867
$
70,878
$
53,438
VERICEL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands - unaudited)
December 31,
2025
2024
ASSETS
Current assets:
Cash and cash equivalents
$
100,092
$
74,520
Restricted cash
—
10,529
Short-term investments
37,407
41,693
Accounts receivable (net of allowance for doubtful accounts of $13 and $10, respectively)
84,634
61,375
Inventory
17,560
17,373
Other current assets
7,744
7,287
Total current assets
247,437
212,777
Property and equipment, net
108,397
103,161
Intangible assets, net
5,625
6,250
Right-of-use assets
64,774
70,098
Long-term investments
61,395
39,880
Other long-term assets
341
556
Total assets
$
487,969
$
432,722
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
15,828
$
23,848
Accrued expenses
19,236
17,065
Current portion of operating lease liabilities
13,969
9,257
Other current liabilities
116
116
Total current liabilities
49,149
50,286
Operating lease liabilities
82,284
89,593
Other long-term liabilities
1,896
876
Total liabilities
133,329
140,755
Total shareholders’ equity
354,640
291,967
Total liabilities and shareholders’ equity
$
487,969
$
432,722
