Vericel (VCEL) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full-year revenue, with Q4 revenue up 23% year-over-year to $92.9M, driven by strong MACI and Burn Care performance.

• Net income grew 17% in Q4 to $23.2M and full-year net income rose 59% to $16.5M.

• Delivered significant margin expansion, with Q4 gross margin at 79% and adjusted EBITDA margin at 40%.

• Ended the year with ~$200M in cash and investments and no debt, increasing by $35M in H2.

• Completed MACI sales force expansion and initiated the MACI Ankle MASCOT clinical study and international expansion efforts.

Financial highlights

• Q4 revenue: $92.9M, up 23% year-over-year; full-year revenue: $276.3M, up 16%.

• Q4 gross profit: $73M (79% margin); adjusted EBITDA: $37.3M (40% margin); full-year adjusted EBITDA: $70.9M (26% margin).

• Full-year gross margin: 74%, up nearly 200 basis points.

• Q4 diluted EPS: $0.45; full-year diluted EPS: $0.32.

• Operating cash flow for the year: $52M; cash and investments at year-end: ~$200M.

Outlook and guidance

• 2026 revenue guidance: $316–$326M, with MACI revenue expected at $280–$286M and Burn Care at $36–$40M.

• Q1 2026 revenue expected to exceed 20% growth, with MACI at $54–$55M and Burn Care at $9–$10M.

• Full-year 2026 gross margin guidance: ~75%; adjusted EBITDA margin: ~27%; operating expenses: ~$220M.

• Guidance excludes potential incremental BARDA revenue for NexoBrid.

• Strategic focus on expanding MACI sales force, lifecycle management, and international growth.