Vericel Reports 23% Q4 Revenue Growth to $92.9M and $23.2M Profit
Vericel delivered Q4 revenue of $92.9M, a 23% increase driven by MACI growth of 23% to $84.1M and achieved a 79% gross margin with $23.2M net income. Full-year net revenue rose 16% to $276.3M and non-GAAP EBITDA grew 33% to $70.9M on 21% MACI growth.
1. Fourth Quarter Financial Highlights
Vericel posted Q4 net revenue of $92.9 million, up 23% year-over-year, with MACI sales rising 23% to $84.1 million and burn care revenues of $8.8 million. Gross margin reached a record 79%, net income climbed 17% to $23.2 million, adjusted EBITDA was $37.3 million (40% margin), and the company held approximately $200 million in cash with no debt.
2. Full-Year 2025 Performance
Full-year net revenue grew 16% to $276.3 million, driven by MACI net sales of $239.5 million, up 21%, and burn care revenues of $36.8 million. Gross margin expanded to 74%, net income surged 59% to $16.5 million, adjusted EBITDA increased 33% to $70.9 million (26% margin), and operating cash flow reached $52 million.
3. Business Initiatives and Pipeline
Vericel achieved record quarterly implants and the highest number of implanting surgeons since MACI’s launch, expanded its sales force, and trained around 1,000 MACI Arthro surgeons. The company initiated the MACI Ankle MASCOT clinical study, is on track to start commercial manufacturing in a new facility in 2026, and plans a UK marketing authorization submission the same year.
4. 2026 Outlook
For 2026, Vericel expects total revenue of $316–$326 million, MACI sales of $280–$286 million, a gross margin of roughly 75%, and an adjusted EBITDA margin near 27%, reflecting continued adoption and manufacturing scale-up.