Vericel reported its fourth‑quarter and full‑year 2025 financial results, posting total revenue of $276.3 million, up 16% from $237.2 million in 2024. The flagship MACI product generated $239.5 million, a 21% increase, while Epicel and NexoBrid contributed $32.1 million and $4.7 million, respectively.
Net income rose to $16.5 million, or $0.32 per diluted share, a 59% increase from 2024. Adjusted EBITDA reached $70.9 million, or 26% of revenue, up from $53.4 million (23%) in 2024. Gross profit was $205.6 million, representing 74% of revenue, and operating expenses climbed to $194.6 million, driven by expanded headcount and costs associated with the new Burlington manufacturing facility.
In the fourth quarter alone, revenue was $92.9 million, up 23% from $75.4 million in Q4 2024. Q4 EPS of $0.45 per diluted share beat analyst estimates of $0.40–$0.39, reflecting strong MACI sales and effective cost control. Gross margin in Q4 reached a record 79%, higher than the 74% full‑year margin, driven by a favorable product mix and efficient manufacturing.
Management highlighted continued profitability and a strong cash‑generation trajectory as the Burlington facility moves toward full operation. CEO Nick Colangelo said 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.” CFO Joseph Mara noted that the company “had an outstanding close to the year with record fourth‑quarter revenue of $92.9 million and 23% growth versus the prior year.”
For 2026, Vericel reaffirmed its guidance, projecting total revenue of $316 million to $326 million, MACI revenue of $280 million to $286 million, and a gross margin of approximately 75%. The guidance reflects confidence in continued MACI adoption, expansion of the sales force, and the commercial launch of MACI in the new facility, while acknowledging potential margin pressure from strategic investments.
Analysts noted that the earnings beat was driven by strong MACI demand and disciplined cost management, but cautioned that the 2026 guidance signals possible margin compression as the company invests in manufacturing and sales expansion. The company’s cash position remains robust, with no debt and significant reserves, positioning it to sustain growth.
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