Vericel (VCEL) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 revenue of $92.9 million, up 23% year-over-year, with strong performance in both MACI and Burn Care franchises and record net income growth.

• Full-year revenue reached $276.3 million, exceeding guidance, with MACI revenue at $239.5 million and Burn Care at $36.8 million.

• Net income grew 17% to $23.2 million in Q4, with full-year net income up 59% to $16.5 million.

• Ended the year with ~$200 million in cash and investments and no debt, reflecting a robust financial position.

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

Financial highlights

• Q4 gross margin reached 79%, with adjusted EBITDA margin at 40%; full-year gross margin was 74% and adjusted EBITDA margin 26%.

• Q4 net income was $23.2 million, up from $19.8 million; diluted EPS $0.45.

• Full-year adjusted EBITDA was $70.9 million, with operating cash flow of $52 million.

• Cash and investments increased by $35 million in H2, totaling ~$200 million at year-end.

• Stock-based compensation in Q4 was $8.4 million.

Outlook and guidance

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

• 2026 gross margin expected at ~75%, adjusted EBITDA margin at ~27%, and OpEx of ~$220 million.

• Q1 2026 expected revenue: MACI $54–$55 million, Burn Care $9–$10 million; company expects to exceed 20% revenue growth in Q1.

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

• Continued momentum expected with high revenue and profit growth, increased cash generation, and progress on long-term initiatives.