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…
Earnings analysis · 10-Q
VCEL earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.12
- Gross margin
- 71.9%
What stood out
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Significant Revenue Growth
Total revenue reached $68.4 million, a 30.1% increase from $52.6 million in Q1 2025.
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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.
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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.
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Epicel Sales Surge
Epicel revenue surged by 119.3% to $10.9 million, up from $5.0 million in Q1 2025.
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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.
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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.
What to watch
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Increased Operating Expenses
Total operating expenses rose to $57.3 million, a 16.8% increase from $49.1 million in Q1 2025.
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Dependence on Key Products
NexoBrid revenue declined 14.6% to $1.1 million, indicating reliance on MACI and Epicel for growth.
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Regulatory Risks
The company faces uncertainty in obtaining further approvals for MACI's use in ankle treatments and expansion in international markets.
Management's outlook
Full-year revenue guidance was raised by $10 million over prior guidance.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.