)
Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
Vericel (VCEL) investor relations material
Vericel Stephens Annual Investment Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Stephens Annual Investment Conference summary20 Nov, 2025
Financial and operational highlights
Achieved record Q3 revenue of $67.5 million, with MACI contributing $56 million and 25% growth; burn care also had a strong quarter at $12 million.
Adjusted EBITDA grew 70% to $17 million with a 25% margin; GAAP net income was $5 million; generated $20 million in operating/free cash flow.
Salesforce expansion is nearly complete, increasing from 75 to 100 territories, with new reps expected to be fully operational by January 1.
Margin expansion has outpaced expectations, with gross margin guided at 74% and adjusted EBITDA margin at 26% for the year.
Over $180 million in cash and strong free cash flow position support ongoing investments and disciplined M&A opportunities.
MACI growth drivers and market penetration
MACI's total addressable market (TAM) is about 60,000 patients annually, with strong penetration in patella and large defects, and single-digit penetration in smaller defects.
Arthroscopic delivery (Arthro) is expanding MACI's reach, especially for smaller defects and the trochlear area, with rapid adoption among trained surgeons.
Surgeon training has led to higher biopsy and implant growth, with new surgeons quickly adopting MACI after Arthro training.
Early data shows higher conversion rates for MACI Arthro implanting surgeons, with implant growth outpacing biopsy growth.
Salesforce expansion aims to drive both new surgeon activation and deeper penetration in existing accounts, supporting long-term growth targets.
Pricing, guidance, and long-term outlook
Maintains confidence in mid to high single-digit annual price increases for MACI, supported by strong prior authorization rates and product positioning as a high-tech biologic.
Preliminary outlook for MACI is 20% growth for next year, with expectations for continued momentum as more surgeons are trained and Salesforce expansion matures.
Long-term initiatives, including international expansion and process improvements, are expected to drive growth toward a $500 million MACI business and $200 million adjusted EBITDA by decade's end.
What drives MACI Arthro use in trochlear defects?
What specific hurdles slow Nexabrid utilization?
Salesforce expansion: volume vs deeper penetration
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Vericel earnings date
Q4 202527 Feb, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Vericel Corporation is a biopharmaceutical company focused on developing and manufacturing advanced cell therapies for patients with severe diseases and injuries. The company’s products include autologous cell therapies used in the treatment of cartilage defects, burns, and other medical conditions. The company is headquartered in Cambridge, Massachusetts, and its shares are listed on the NASDAQ.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage