Vericel Reports First Quarter 2025 Financial Results and Raises Full-Year Profitability Guidance
Vericel Corporation (NASDAQ: VCEL) reported strong Q1 2025 financial results, with total revenue reaching $52.6 million. The company's flagship product MACI achieved record Q1 revenue of $46.3 million, representing 15% growth year-over-year. Burn Care revenue totaled $6.3 million, including $5.0 million from Epicel and $1.3 million from NexoBrid.
Key financial metrics include a gross margin of 69%, net loss of $11.2 million ($0.23 per share), and adjusted EBITDA of $3.2 million. The company maintains a strong financial position with $162 million in cash and investments and no debt. Notably, approximately 400 MACI Arthro surgeons have been trained to date, showing over 30% biopsy growth.
Vericel reaffirmed its 2025 revenue growth guidance of 20-23% and raised profitability guidance, projecting gross margin of 74% and adjusted EBITDA margin of 26%. Q2 2025 total revenue growth is expected to be 22-25%.
Vericel Corporation (NASDAQ: VCEL) ha riportato solidi risultati finanziari per il primo trimestre 2025, con un fatturato totale che ha raggiunto i 52,6 milioni di dollari. Il prodotto di punta dell'azienda, MACI, ha registrato un fatturato record per il primo trimestre di 46,3 milioni di dollari, con una crescita del 15% rispetto allo stesso periodo dell’anno precedente. I ricavi dal settore Burn Care sono stati pari a 6,3 milioni di dollari, di cui 5,0 milioni derivanti da Epicel e 1,3 milioni da NexoBrid.
I principali indicatori finanziari includono un margine lordo del 69%, una perdita netta di 11,2 milioni di dollari (0,23 dollari per azione) e un EBITDA rettificato di 3,2 milioni di dollari. L’azienda mantiene una solida posizione finanziaria con 162 milioni di dollari in liquidità e investimenti e nessun debito. Da notare che finora sono stati formati circa 400 chirurghi MACI Arthro, con una crescita delle biopsie superiore al 30%.
Vericel ha ribadito le previsioni di crescita dei ricavi per il 2025 tra il 20% e il 23% e ha aumentato le stime di redditività, prevedendo un margine lordo del 74% e un margine EBITDA rettificato del 26%. Si prevede che la crescita del fatturato totale per il secondo trimestre 2025 sarà tra il 22% e il 25%.
Vericel Corporation (NASDAQ: VCEL) informó sólidos resultados financieros del primer trimestre de 2025, con un ingreso total de 52,6 millones de dólares. El producto principal de la compañía, MACI, alcanzó un ingreso récord en el primer trimestre de 46,3 millones de dólares, lo que representa un crecimiento interanual del 15%. Los ingresos de Burn Care totalizaron 6,3 millones de dólares, incluyendo 5,0 millones de Epicel y 1,3 millones de NexoBrid.
Las métricas financieras clave incluyen un margen bruto del 69%, una pérdida neta de 11,2 millones de dólares (0,23 dólares por acción) y un EBITDA ajustado de 3,2 millones. La empresa mantiene una sólida posición financiera con 162 millones de dólares en efectivo e inversiones y sin deuda. Cabe destacar que aproximadamente 400 cirujanos MACI Arthro han sido capacitados hasta la fecha, mostrando un crecimiento de biopsias superior al 30%.
Vericel reafirmó su guía de crecimiento de ingresos para 2025 entre el 20% y el 23% y elevó la previsión de rentabilidad, proyectando un margen bruto del 74% y un margen EBITDA ajustado del 26%. Se espera que el crecimiento total de ingresos para el segundo trimestre de 2025 sea del 22% al 25%.
Vericel Corporation (NASDAQ: VCEL)는 2025년 1분기 강력한 재무 실적을 보고했으며, 총 매출액은 5,260만 달러에 달했습니다. 회사의 주력 제품인 MACI는 1분기 매출 기록인 4,630만 달러를 달성하며 전년 동기 대비 15% 성장했습니다. Burn Care 매출은 총 630만 달러였으며, 이 중 Epicel이 500만 달러, NexoBrid가 130만 달러를 차지했습니다.
주요 재무 지표로는 69%의 총이익률, 1,120만 달러(주당 0.23달러)의 순손실, 조정 EBITDA 320만 달러가 포함됩니다. 회사는 1억 6,200만 달러의 현금 및 투자 자산을 보유하고 부채는 없습니다. 현재까지 약 400명의 MACI Arthro 외과의가 교육을 받았으며, 생검 건수는 30% 이상 증가했습니다.
Vericel은 2025년 매출 성장 가이던스를 20-23%로 재확인하고 수익성 가이던스를 상향 조정하여, 총이익률 74%와 조정 EBITDA 마진 26%를 예상합니다. 2025년 2분기 총 매출 성장률은 22-25%로 예상됩니다.
Vericel Corporation (NASDAQ : VCEL) a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un chiffre d'affaires total atteignant 52,6 millions de dollars. Le produit phare de la société, MACI, a réalisé un chiffre d'affaires record de 46,3 millions de dollars au premier trimestre, soit une croissance de 15 % d'une année sur l'autre. Les revenus du secteur Burn Care se sont élevés à 6,3 millions de dollars, dont 5,0 millions provenant d'Epicel et 1,3 million de NexoBrid.
Les principaux indicateurs financiers incluent une marge brute de 69 %, une perte nette de 11,2 millions de dollars (0,23 dollar par action) et un EBITDA ajusté de 3,2 millions de dollars. La société maintient une position financière solide avec 162 millions de dollars en liquidités et investissements et aucune dette. Notamment, environ 400 chirurgiens MACI Arthro ont été formés à ce jour, avec une croissance des biopsies de plus de 30 %.
Vericel réaffirme ses prévisions de croissance du chiffre d'affaires pour 2025 entre 20 % et 23 % et rehausse ses prévisions de rentabilité, projetant une marge brute de 74 % et une marge EBITDA ajustée de 26 %. La croissance du chiffre d'affaires total pour le deuxième trimestre 2025 est attendue entre 22 % et 25 %.
Die Vericel Corporation (NASDAQ: VCEL) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Gesamtumsatz von 52,6 Millionen US-Dollar. Das Flaggschiff-Produkt MACI erzielte einen rekordverdächtigen Umsatz von 46,3 Millionen US-Dollar im ersten Quartal, was einem Wachstum von 15 % im Jahresvergleich entspricht. Die Einnahmen im Bereich Burn Care beliefen sich auf 6,3 Millionen US-Dollar, davon 5,0 Millionen von Epicel und 1,3 Millionen von NexoBrid.
Wesentliche Finanzkennzahlen umfassen eine Bruttomarge von 69%, einen Nettoverlust von 11,2 Millionen US-Dollar (0,23 US-Dollar pro Aktie) und ein bereinigtes EBITDA von 3,2 Millionen US-Dollar. Das Unternehmen verfügt über eine starke Finanzlage mit 162 Millionen US-Dollar an Barmitteln und Investitionen und keiner Verschuldung. Bemerkenswert ist, dass bisher etwa 400 MACI Arthro-Chirurgen geschult wurden, mit einem Biopsiewachstum von über 30 %.
Vericel bestätigte seine Umsatzwachstumsprognose für 2025 von 20-23% und erhöhte die Gewinnprognose, mit einer erwarteten Bruttomarge von 74 % und einer bereinigten EBITDA-Marge von 26 %. Für das zweite Quartal 2025 wird ein Umsatzwachstum von 22-25 % erwartet.
- Record Q1 MACI revenue of $46.3 million, up 15% YoY
- Strong cash position of $162 million with no debt
- NexoBrid revenue increased 207% YoY and 31% QoQ
- Raised full-year profitability guidance with expected gross margin of 74%
- Over 30% biopsy growth for trained MACI Arthro surgeons
- Projected Q2 2025 revenue growth of 22-25%
- Net loss increased to $11.2 million ($0.23 per share) vs $3.9 million ($0.08 per share) in Q1 2024
- Operating expenses increased to $49.1 million from $40.8 million YoY
- Epicel revenue declined to $5.0 million from $10.7 million YoY
- Adjusted EBITDA decreased to $3.2 million (6% of revenue) from $7.2 million (14% of revenue) YoY
Insights
Vericel posts record MACI revenue but wider losses while raising full-year profitability guidance, suggesting temporary investment-driven margin pressure.
Vericel's Q1 2025 results show a company strategically investing in future growth while navigating product-specific variability. The data reveals an interesting dichotomy: record MACI revenue of $46.3 million (15% growth) paired with a widening net loss of $11.2 million (vs. $3.9 million year-ago). Total revenue grew modestly to $52.6 million from $51.3 million, limited by Epicel's significant revenue decline from $10.7 million to $5.0 million.
The profitability compression stems from a $8.3 million increase in operating expenses related to expanded headcount, new facility costs, and MACI tech transfer activities. These investments appear strategic rather than indicating operational inefficiencies, especially given the company's raised full-year profitability guidance. Despite the quarterly loss, operating cash flow remained positive at $6.6 million, suggesting substantial non-cash expenses within the reported figures.
Forward indicators signal accelerating momentum. The company is seeing over 30
The $162 million cash position with no debt provides significant flexibility to absorb short-term variability while continuing to invest in growth initiatives like the upcoming MACI Ankle clinical study. The raised profitability guidance to 74
Record First Quarter MACI Revenue of
Approximately 400 MACI Arthro Surgeons Trained to Date, with Year-to-Date Biopsy Growth Over
Second Quarter Total Revenue and MACI Revenue Growth Expected to be in the Low- to Mid
Full-Year 2025 Revenue Guidance Reaffirmed and Profitability Guidance Raised
Conference Call Today at 8:30am Eastern Time
CAMBRIDGE, Mass., May 08, 2025 (GLOBE NEWSWIRE) -- Vericel Corporation (NASDAQ:VCEL), a leader in advanced therapies for the sports medicine and severe burn care markets, today reported financial results and business highlights for the first quarter ended March 31, 2025.
First Quarter 2025 Financial Highlights
- Total net revenue of
$52.6 million - MACI® net revenue growth of
15% to$46.3 million - Burn Care net revenue of
$6.3 million , consisting of$5.0 million of Epicel® revenue and$1.3 million of NexoBrid® revenue - Gross margin of
69% - Net loss of
$11.2 million , or$0.23 per diluted share - Non-GAAP adjusted EBITDA of
$3.2 million - Operating cash flow of
$6.6 million - As of March 31, 2025, the Company had approximately
$162 million in cash, restricted cash and investments, and no debt
Business Highlights and Updates
- Record first quarter MACI revenue and total revenue
- Second highest number of MACI biopsies and surgeons taking biopsies in a quarter since launch, with second highest number of biopsies in any month since launch in March
- Approximately 400 MACI Arthro™ surgeons trained to date, with year-to-date biopsy growth over
30% for trained surgeons - NexoBrid first quarter revenue increased
207% versus the prior year and31% versus the prior quarter - Highest number of Epicel biopsies in a quarter since 2023 in the first quarter
- Strong start for Epicel in the second quarter with graft volume from cases completed or scheduled to date exceeding total graft volume in the first quarter
- On track to initiate MACI Ankle™ clinical study in the second half of 2025
- The Company anticipates that tariffs on foreign goods imported into the U.S. will have minimal impact on its business and operations, and that the impact of current or future tariffs on its cost of goods sold and gross margin in 2025 and 2026 will be negligible
“The Company is off to a solid start to the year, with record first quarter MACI revenue and total Company revenue, and continued strength in the key performance indicators for the MACI Arthro launch,” said Nick Colangelo, President and CEO of Vericel. “Based on the positive trends across the business to start the second quarter, we expect strong revenue growth and profitability in the second quarter and for the remainder of the year as the Company is well-positioned for continued high revenue and profit growth in 2025 and beyond.”
2025 Financial Guidance
- Reaffirmed full-year total revenue guidance with revenue growth expected to be
20% to23% - Raised full-year profitability guidance to gross margin of
74% and adjusted EBITDA margin of26% - Second quarter total revenue growth expected to be
22% to25%
First Quarter 2025 Results
Total net revenue for the quarter ended March 31, 2025 increased to
Gross profit for the quarter ended March 31, 2025 was
Total operating expenses for the quarter ended March 31, 2025 were
Net loss for the quarter ended March 31, 2025 was
Non-GAAP adjusted EBITDA for the quarter ended March 31, 2025 was
As of March 31, 2025, the Company had approximately
Conference Call Information
Today’s conference call will be available live at 8:30 a.m. Eastern Time and can be accessed through the Investor Relations section of the Vericel website at http://investors.vcel.com/events-presentations. A slide presentation with highlights from today’s conference call will be available on the webcast and in the Investor Relations section of the Vericel website. Please access the site at least 15 minutes prior to the scheduled start time in order to download the required audio software, if necessary. To participate by telephone, please dial (800) 715-9871 or (646) 307-1963 if connecting from outside the U.S. When connected, please reference Vericel Corporation first-quarter 2025 earnings call to the operator.
About Vericel Corporation
Vericel is a leading provider of advanced therapies for the sports medicine and severe burn care markets. The Company combines innovations in biology with medical technologies, resulting in a highly differentiated portfolio of innovative cell therapies and specialty biologics that repair injuries and restore lives. Vericel markets three products in the United States. MACI (autologous cultured chondrocytes on porcine collagen membrane) is an autologous cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults. Epicel (cultured epidermal autografts) is a permanent skin replacement for the treatment of patients with deep dermal or full thickness burns greater than or equal to
Epicel® and MACI® are registered trademarks of Vericel Corporation. NexoBrid® is a registered trademark of MediWound Ltd. and is used under license to Vericel Corporation. © 2025 Vericel Corporation. All rights reserved.
GAAP v. Non-GAAP Measures
Vericel’s reported earnings are prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and represent earnings as reported to the Securities and Exchange Commission. Vericel has provided in this release certain financial information that has not been prepared in accordance with GAAP. Vericel’s management believes that the non-GAAP adjusted EBITDA described in this release, which includes adjustments for specific items that are generally not indicative of our core operations, provides additional information that is useful to investors in understanding Vericel’s underlying performance, business and performance trends, and helps facilitate period-to-period comparisons and comparisons of its financial measures with other companies in Vericel’s industry. However, the non-GAAP financial measures that Vericel uses may differ from measures that other companies may use. Non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation or as substitutes for results prepared in accordance with GAAP.
Forward-Looking Statements
Vericel cautions you that all statements other than statements of historical fact included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe that we have a reasonable basis for the forward-looking statements contained herein, they are based on current expectations about future events affecting us and are subject to risks, assumptions, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Our actual results may differ materially from those expressed or implied by the forward-looking statements in this press release. These statements are often, but are not always, made through the use of words or phrases such as “anticipates,” “intends,” “estimates,” “plans,” “expects,” “continues,” “believe,” “guidance,” “outlook,” “target,” “future,” “potential,” “goals” and similar words or phrases, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” or similar expressions.
Among the factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to, uncertainties associated with our expectations regarding future revenue, growth in revenue, market penetration for MACI®, MACI Arthro™, Epicel®, and NexoBrid®, growth in profit, gross margins and operating margins, the ability to continue to scale our manufacturing operations to meet the demand for our cell therapy products, including the timely completion and qualification of a new manufacturing facility in Burlington, Massachusetts, the ability to sustain profitability, contributions to adjusted EBITDA, the expected target surgeon audience, potential fluctuations in sales and volumes and our results of operations over the course of the year, timing and conduct of clinical trial and product development activities, timing and likelihood of the FDA’s potential approval of the use of MACI to treat cartilage defects in the ankle, the estimate of the commercial growth potential of our products and product candidates, competitive developments, changes in third-party coverage and reimbursement, including recent and future healthcare reform measures and private payor initiatives, surgeon adoption of MACI Arthro, physician and burn center adoption of NexoBrid, labor strikes, changes in surgeon and hospital treatment prioritizations caused by the temporary shortage of essential medical supplies, supply chain disruptions or other events or factors that might affect our ability to manufacture MACI or Epicel or affect MediWound’s ability to manufacture and supply sufficient quantities of NexoBrid to meet customer demand, negative impacts on the global economy and capital markets resulting from the conflicts in Ukraine and the Middle East, changes in trade policies and regulations, including the potential for increases or changes in duties, current and potentially new tariffs or quotas, lingering effects of adverse developments affecting financial institutions, companies in the financial services industry or the financial services industry generally, possible changes in governmental monetary and fiscal policies, including, but not limited to, Federal Reserve policies in connection with continued inflationary pressures, the impact from future regulatory, judicial and legislative changes to our industry, global geopolitical tensions and potential future impacts on our business or the economy generally stemming from a public health emergency.
These and other significant factors are discussed in greater detail in Vericel’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (SEC) on February 27, 2025, Vericel’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on May 8, 2025, and in other filings with the SEC. These forward-looking statements reflect our views as of the date hereof and Vericel does not assume and specifically disclaims any obligation to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this release except as required by law.
Investor Contact:
Eric Burns
ir@vcel.com
+1 (734) 418-4411
| VERICEL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts - unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Product sales, net | $ | 52,598 | $ | 51,281 | ||||
| Total revenue | 52,598 | 51,281 | ||||||
| Cost of product sales | 16,325 | 15,927 | ||||||
| Gross profit | 36,273 | 35,354 | ||||||
| Research and development | 7,261 | 6,418 | ||||||
| Selling, general and administrative | 41,804 | 34,400 | ||||||
| Total operating expenses | 49,065 | 40,818 | ||||||
| Loss from operations | (12,792 | ) | (5,464 | ) | ||||
| Other income (expense): | ||||||||
| Interest income | 1,657 | 1,762 | ||||||
| Interest expense | (153 | ) | (153 | ) | ||||
| Other income (expense) | 42 | (7 | ) | |||||
| Total other income | 1,546 | 1,602 | ||||||
| Net loss | $ | (11,246 | ) | $ | (3,862 | ) | ||
| Net loss per common share: | ||||||||
| Basic and diluted | $ | (0.23 | ) | $ | (0.08 | ) | ||
| Weighted-average common shares outstanding: | ||||||||
| Basic and diluted | 49,905 | 48,141 | ||||||
| VERICEL CORPORATION RECONCILIATION OF REPORTED NET LOSS (GAAP) TO ADJUSTED EBITDA (NON-GAAP MEASURE) (in thousands - unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Net loss | $ | (11,246 | ) | $ | (3,862 | ) | ||
| Stock-based compensation expense | 11,505 | 9,834 | ||||||
| Depreciation and amortization | 2,686 | 1,378 | ||||||
| Net interest income | (1,504 | ) | (1,609 | ) | ||||
| Pre-occupancy lease expense and tech transfer | 1,801 | 1,477 | ||||||
| Adjusted EBITDA (Non-GAAP) | $ | 3,242 | $ | 7,218 | ||||
| VERICEL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands - unaudited) | ||||||||
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 73,490 | $ | 74,520 | ||||
| Restricted cash | 6,215 | 10,529 | ||||||
| Short-term investments | 39,412 | 41,693 | ||||||
| Accounts receivable (net of allowance for doubtful accounts of | 52,899 | 61,375 | ||||||
| Inventory | 17,106 | 17,373 | ||||||
| Other current assets | 8,518 | 7,287 | ||||||
| Total current assets | 197,640 | 212,777 | ||||||
| Property and equipment, net | 108,294 | 103,161 | ||||||
| Intangible assets, net | 6,094 | 6,250 | ||||||
| Right-of-use assets | 68,716 | 70,098 | ||||||
| Long-term investments | 43,342 | 39,880 | ||||||
| Other long-term assets | 501 | 556 | ||||||
| Total assets | $ | 424,587 | $ | 432,722 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 16,751 | $ | 23,848 | ||||
| Accrued expenses | 11,418 | 17,065 | ||||||
| Current portion of operating lease liabilities | 11,163 | 9,257 | ||||||
| Other current liabilities | 116 | 116 | ||||||
| Total current liabilities | 39,448 | 50,286 | ||||||
| Operating lease liabilities | 87,804 | 89,593 | ||||||
| Other long-term liabilities | 1,848 | 876 | ||||||
| Total liabilities | 129,100 | 140,755 | ||||||
| Total shareholders’ equity | 295,487 | 291,967 | ||||||
| Total liabilities and shareholders’ equity | $ | 424,587 | $ | 432,722 | ||||
FAQ
What was Vericel's (VCEL) revenue in Q1 2025?
How much did VCEL stock lose per share in Q1 2025?
What is Vericel's revenue guidance for 2025?
How much cash does Vericel (VCEL) have as of Q1 2025?
What is the progress of MACI Arthro surgeon training at Vericel?
