Vericel (VCEL) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached a record $85.4M, up 26.5% YoY; net income rose to $14.2M from $5.1M, with growth across MACI, Epicel and NexoBrid.

• Nine-month revenue was $231.3M, up 26%; adjusted EBITDA was $49.6M and free cash flow was $45.1M.

Financial highlights

• Q3 gross profit was $62.6M versus $49.6M; operating income was $12.2M versus $3.5M YoY.

• Q3 operating expenses increased 9.3% YoY to $50.4M, primarily due to higher headcount and marketing expenses.

• Nine-month operating income was $4.6M versus an $11.4M loss; net income was $10.1M versus a $6.7M loss.

• Nine-month operating cash flow was $50.3M; cash and equivalents were $133.5M at September 30, 2026.

Outlook and guidance

• FY 2026 revenue guidance rose to $344M–$346M from $330M–$340M; the midpoint had increased cumulatively by $24M through three quarterly revisions.

• MACI FY revenue guidance increased to $290M–$292M from $284M–$290M, implying 21%–22% growth; Q4 midpoint guidance implies ~$102M revenue and ~21% growth.

• Burn Care FY guidance rose to ~$54M from $46M–$50M; gross margin guidance remained ~75%.

• Adjusted EBITDA margin guidance increased to ~28% from 27%; management cited Q4 momentum, expected continued margin expansion in 2027 and progress toward midterm targets.