Vericel Posts Record Q4 Revenue of $92.9M, 80% Gross Margin
Vericel posted Q4 revenue of $92.9 million and FY sales of $276.3 million, delivering nearly 80% Q4 gross margin and 40% EBITDA margin. It ended 2025 with $200 million cash, zero debt, guiding 2026 revenue to $316–326 million with a 75% gross margin.
1. Q4 and Full-Year Financial Results
Vericel recorded Q4 revenue of $92.9 million, up 23% year over year, driving an 80% gross margin and 40% EBITDA margin for the quarter. Full-year revenue reached $276.3 million with a 74% gross margin, 26% adjusted EBITDA margin, GAAP net income of $16.5 million, $52 million operating cash flow, $200 million in cash and zero debt.
2. MACI Franchise Performance
MACI generated $84.1 million in Q4 (23% year-over-year, 51% sequential) and $239.5 million for 2025, backed by a 30-person sales force expansion and training for 1,000 surgeons on the MACI Arthro technique. The company launched a Phase III MACI Ankle trial targeting a >$1 billion market and has treated over 20,000 patients to date.
3. 2026 Guidance and Strategic Initiatives
Vericel forecasts 2026 revenue of $316–326 million with ~75% gross margin and ~27% adjusted EBITDA margin, excluding potential BARDA revenue. Key initiatives include leveraging the expanded MACI sales force, commencing commercial manufacturing at the new facility for a U.K. MHRA submission and 2027 launch, and advancing lifecycle expansion efforts.