VCEL earnings analysis
What we found in VCEL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Vericel Corporation reported strong Q1 2026 earnings with revenue of $68.4 million, reflecting a significant 30.1% increase compared to Q1 2025. Gross margin improved to 71.9%, while the company reduced its net loss to $6.3 million, an improvement of 44.0% year-over-year. The outlook for the full year was optimistic, with a raised revenue guidance range of $326-$336 million driven by strong performances in the MACI and Epicel segments.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Significant Revenue Growth
- Total revenue reached $68.4 million, a 30.1% increase from $52.6 million in Q1 2025.
- Improved Net Loss Position
- Net loss decreased to $6.3 million, showing a 44.0% improvement compared to a loss of $11.2 million in Q1 2025.
- Strong MACI Revenue Performance
- MACI revenue grew to $56.4 million, a 21.8% increase from $46.3 million in the same quarter last year.
- Epicel Sales Surge
- Epicel revenue surged by 119.3% to $10.9 million, up from $5.0 million in Q1 2025.
- Increased Cash Flow from Operations
- Net cash provided by operating activities was $16.4 million, a substantial improvement from $6.6 million in Q1 2025.
- Raised Full-year Revenue Guidance
- The company raised its revenue guidance by $10 million to a range of $326 million to $336 million for 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Operating Expenses
- Total operating expenses rose to $57.3 million, a 16.8% increase from $49.1 million in Q1 2025.
- Dependence on Key Products
- NexoBrid revenue declined 14.6% to $1.1 million, indicating reliance on MACI and Epicel for growth.
- Regulatory Risks
- The company faces uncertainty in obtaining further approvals for MACI's use in ankle treatments and expansion in international markets.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.12
- Gross margin
- 71.9%
- Segment
- MACI: $56.4M
- Segment
- Epicel: $10.9M
- Segment
- NexoBrid: $1.1M
What they said about what is next.
Full-year revenue guidance was raised by $10 million over prior guidance.
The filing reads better than the one before it.
What came before.
- 10-K · February 26, 2026
- Vericel positions MACI as its core growth engine (arthroscopic delivery launched in 3Q 2024) while commercializing Epicel and NexoBrid in severe burn care. 2025 closed with a very strong quarter (Q4 revenue $93.0M) and…
- 10-Q · July 31, 2025
- Vericel reported Q2 2025 product revenue of $63.24 million, up $10.58 million (20.1%) versus Q2 2024, with gross profit of $46.613 million (gross margin 73.7%) and a narrower operating loss of $2.029 million. GAAP loss…
- 10-Q · May 8, 2025
- Vericel reported Q1 2025 revenue of $52,598,000 and GAAP diluted EPS of $(0.23), missing consensus on both top- and bottom-lines. Gross margin held at 69.0% but operating loss widened to $(12,792,000) (operating margin…
- 10-Q · November 7, 2024
- Vericel reported a materially stronger quarter with revenue of $57,905 (three months ended September 30, 2024) versus $45,581 in the year-ago quarter, driven by MACI and Epicel sales and the commercial launch of MACI…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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