Vericel Reports Second Quarter 2025 Financial Results
Vericel (NASDAQ:VCEL) reported strong Q2 2025 financial results, with total revenue growing 20% to $63.2 million. The company's flagship product MACI saw revenue growth of 21% to $53.5 million, while Burn Care revenue reached $9.8 million. Notable achievements include a gross margin increase of 400+ basis points to 74% and adjusted EBITDA growth of 112% to $13.4 million.
Key operational highlights include training approximately 600 MACI Arthro surgeons, receiving FDA IND clearance for the MACI Ankle clinical study, and achieving the highest number of Epicel biopsies since 2023. The company maintains a strong financial position with $164 million in cash and investments and no debt, while reaffirming its 2025 guidance for MACI revenue growth in the low 20% range.
Vericel (NASDAQ:VCEL) ha riportato solidi risultati finanziari nel secondo trimestre 2025, con un fatturato totale in crescita del 20% a 63,2 milioni di dollari. Il prodotto di punta dell'azienda, MACI, ha registrato un aumento del fatturato del 21% a 53,5 milioni di dollari, mentre il fatturato del settore Burn Care ha raggiunto i 9,8 milioni di dollari. Tra i risultati più rilevanti si evidenzia un margine lordo aumentato di oltre 400 punti base, arrivando al 74% e una crescita dell'EBITDA rettificato del 112% a 13,4 milioni di dollari.
I principali traguardi operativi includono la formazione di circa 600 chirurghi specializzati in MACI Arthro, l'ottenimento dell'autorizzazione FDA IND per lo studio clinico MACI Ankle e il raggiungimento del numero più alto di biopsie Epicel dal 2023. L'azienda mantiene una solida posizione finanziaria con 164 milioni di dollari in liquidità e investimenti e nessun debito, confermando le previsioni per il 2025 di una crescita del fatturato MACI nella fascia bassa del 20%.
Vericel (NASDAQ:VCEL) reportó sólidos resultados financieros en el segundo trimestre de 2025, con un crecimiento del ingreso total del 20% hasta 63,2 millones de dólares. El producto estrella de la compañía, MACI, experimentó un aumento de ingresos del 21% hasta 53,5 millones de dólares, mientras que los ingresos del área de Burn Care alcanzaron los 9,8 millones de dólares. Entre los logros destacados se incluye un aumento del margen bruto de más de 400 puntos base hasta el 74% y un crecimiento del EBITDA ajustado del 112% hasta 13,4 millones de dólares.
Los principales hitos operativos incluyen la capacitación de aproximadamente 600 cirujanos MACI Arthro, la obtención de la aprobación FDA IND para el estudio clínico MACI Ankle y alcanzar el mayor número de biopsias Epicel desde 2023. La compañía mantiene una sólida posición financiera con 164 millones de dólares en efectivo e inversiones y sin deuda, reafirmando su guía para 2025 con un crecimiento de ingresos de MACI en el rango bajo del 20%.
Vericel (NASDAQ:VCEL)은 2025년 2분기에 총 매출이 20% 증가한 6,320만 달러라는 강력한 재무 실적을 보고했습니다. 회사의 주력 제품인 MACI는 매출이 21% 증가하여 5,350만 달러를 기록했으며, Burn Care 매출은 980만 달러에 달했습니다. 주목할 만한 성과로는 총이익률이 400bp 이상 상승하여 74%에 도달했고, 조정 EBITDA가 112% 증가하여 1,340만 달러를 기록했습니다.
주요 운영 성과로는 약 600명의 MACI Arthro 외과의사 교육, MACI Ankle 임상 연구를 위한 FDA IND 승인 획득, 2023년 이후 최고 수치인 Epicel 생검 건수 달성이 포함됩니다. 회사는 1억 6,400만 달러의 현금 및 투자 자산을 보유하고 부채가 없으며, 2025년 MACI 매출이 20% 초반대 성장을 유지할 것이라는 전망을 재확인했습니다.
Vericel (NASDAQ:VCEL) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec une croissance du chiffre d'affaires total de 20 % à 63,2 millions de dollars. Le produit phare de la société, MACI, a vu son chiffre d'affaires augmenter de 21 % pour atteindre 53,5 millions de dollars, tandis que le chiffre d'affaires de Burn Care a atteint 9,8 millions de dollars. Parmi les réalisations notables figurent une augmentation de la marge brute de plus de 400 points de base à 74 % et une croissance de l'EBITDA ajusté de 112 % à 13,4 millions de dollars.
Les principaux faits marquants opérationnels comprennent la formation d'environ 600 chirurgiens MACI Arthro, l'obtention de l'autorisation FDA IND pour l'étude clinique MACI Ankle, ainsi que le nombre le plus élevé de biopsies Epicel depuis 2023. La société maintient une solide position financière avec 164 millions de dollars en liquidités et investissements et aucune dette, tout en réaffirmant ses prévisions 2025 pour une croissance du chiffre d'affaires MACI dans la fourchette basse de 20 %.
Vericel (NASDAQ:VCEL) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Gesamtumsatzwachstum von 20 % auf 63,2 Millionen US-Dollar. Das Flaggschiff-Produkt MACI verzeichnete ein Umsatzwachstum von 21 % auf 53,5 Millionen US-Dollar, während der Umsatz im Bereich Burn Care 9,8 Millionen US-Dollar erreichte. Bemerkenswerte Erfolge umfassen eine Steigerung der Bruttomarge um über 400 Basispunkte auf 74 % sowie ein Wachstum des bereinigten EBITDA um 112 % auf 13,4 Millionen US-Dollar.
Wichtige operative Highlights sind die Schulung von etwa 600 MACI Arthro-Chirurgen, die FDA IND-Zulassung für die klinische Studie MACI Ankle und die höchste Anzahl an Epicel-Biopsien seit 2023. Das Unternehmen verfügt über eine starke Finanzlage mit 164 Millionen US-Dollar an Barmitteln und Investitionen und keiner Verschuldung und bestätigt seine Prognose für 2025 mit einem MACI-Umsatzwachstum im niedrigen 20-Prozent-Bereich.
- Total revenue increased 20% to $63.2 million, with MACI revenue up 21% to $53.5 million
- Gross margin improved by 400+ basis points to 74%
- Adjusted EBITDA grew 112% to $13.4 million, with margin expanding 900+ basis points to 21%
- Strong cash position of $164 million with no debt
- MACI implants for small femoral condyle defects increased over 40% year-over-year
- Epicel biopsies grew 38% versus prior year
- NexoBrid revenue increased 52% compared to prior year
- Net loss of $0.6 million, or $0.01 per diluted share
- Operating expenses increased to $48.6 million from $42.6 million year-over-year
- Additional costs incurred related to new Burlington facility and MACI tech transfer activities
Insights
Vericel's Q2 results show impressive growth with 20% revenue increase, 112% EBITDA growth, and strong MACI adoption driving profitability.
Vericel delivered exceptional financial performance in Q2 2025, with
What's particularly impressive is Vericel's profitability trajectory. Gross margin expanded by over
The MACI Arthro launch appears to be gaining significant traction with approximately 600 surgeons trained to date. This expansion into arthroscopic procedures represents a critical market opportunity. Notably, MACI implants for small femoral condyle defects increased by over
On the burn care front, both Epicel and NexoBrid showed positive momentum. Epicel biopsies grew
The company maintains a strong balance sheet with approximately
Management's reaffirmed guidance for MACI revenue growth in the low
Total Revenue Growth of
Gross Margin Increased More than 400 Basis Points to
Adjusted EBITDA Growth of
Approximately 600 MACI Arthro Surgeons Trained to Date
Received FDA IND Clearance for Phase 3 MACI Ankle Clinical Study
Conference Call Today at 8:30am Eastern Time
CAMBRIDGE, Mass., July 31, 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 second quarter ended June 30, 2025.
Second Quarter 2025 Financial Highlights
- Total net revenue of
$63.2 million - MACI® net revenue growth of
21% to$53.5 million - Burn Care net revenue of
$9.8 million , consisting of$8.6 million of Epicel® revenue and$1.2 million of NexoBrid® revenue - Gross margin of
74% , an increase of more than 400 basis points versus the prior year - Net loss of
$0.6 million , or$0.01 per diluted share - Non-GAAP adjusted EBITDA increased
112% to$13.4 million , with adjusted EBITDA margin increase of more than 900 basis points to21% - Operating cash flow of
$8.2 million - As of June 30, 2025, the Company had approximately
$164 million in cash and investments, and no debt
Business Highlights and Updates
- Record second quarter total revenue and MACI revenue
- Second highest number of MACI biopsies in a quarter since launch, with second highest number of biopsies in any month in April
- Approximately 600 MACI Arthro™ surgeons trained to date
- MACI implants for the treatment of small femoral condyle defects increased more than
40% in the second quarter versus prior year - MACI sales force expansion accelerated into the second half of 2025 based on MACI Arthro launch indicators and expected MACI implant growth
- Highest number of Epicel biopsies in a quarter since 2023, representing
38% growth versus prior year, and the highest number of Epicel biopsies in a month in June - NexoBrid second quarter revenue increased
52% versus the prior year - Highest number of NexoBrid hospital unit orders in any month since launch in June
- Received FDA IND clearance for MACI Ankle™ clinical study and remain on track to initiate the study in the second half of 2025
“The Company delivered another quarter of solid financial and business results in the second quarter, with significant revenue growth and even higher profitability growth and margin expansion as well as 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 third quarter, we expect continued strong revenue growth and profitability for the remainder of the year and beyond.”
2025 Financial Guidance
- Reaffirmed MACI full-year revenue growth in the low
20% range - Updated Burn Care revenue guidance for the second half of 2025 to be in line with recent run rate of approximately
$10 million per quarter - Reaffirmed full-year profitability guidance of gross margin of
74% and adjusted EBITDA margin of26%
Second Quarter 2025 Results
Total net revenue for the quarter ended June 30, 2025 increased to
Gross profit for the quarter ended June 30, 2025 was
Total operating expenses for the quarter ended June 30, 2025 were
Net loss for the quarter ended June 30, 2025 was
Non-GAAP adjusted EBITDA for the quarter ended June 30, 2025 was
As of June 30, 2025, the Company had approximately
Conference Call Information
Today’s conference call will be available live at 8:30 a.m. Eastern Time. The live webcast can be accessed on the Investor Relations section of the Vericel website at http://investors.vcel.com/events-presentations. Presentation slides for the conference call will be available on the webcast and on the website. A replay of the webcast will be available until July 31, 2026.
To participate by telephone, dial 855-303-0072 or +1 773-305-6837 if connecting from outside the U.S. When connected, please use passcode: 276790.
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 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, 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, including but not limited to the ongoing and evolving conflicts in the Middle East region involving Israel, negative impacts on the global economy and capital markets resulting from the conflict in Ukraine and the ongoing and evolving Middle East conflicts, including those associated with potential further involvement by the U.S., 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 or to the broader business landscape, including those included in the One Big Beautiful Bill Act, 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 June 30, 2025, filed with the SEC on July 31, 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 June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Product sales, net | $ | 63,240 | $ | 52,662 | $ | 115,838 | $ | 103,943 | ||||||||
| Total revenue | 63,240 | 52,662 | 115,838 | 103,943 | ||||||||||||
| Cost of product sales | 16,627 | 16,061 | 32,952 | 31,988 | ||||||||||||
| Gross profit | 46,613 | 36,601 | 82,886 | 71,955 | ||||||||||||
| Research and development | 6,731 | 7,363 | 13,992 | 13,781 | ||||||||||||
| Selling, general and administrative | 41,911 | 35,269 | 83,715 | 69,669 | ||||||||||||
| Total operating expenses | 48,642 | 42,632 | 97,707 | 83,450 | ||||||||||||
| Loss from operations | (2,029 | ) | (6,031 | ) | (14,821 | ) | (11,495 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 1,657 | 1,510 | 3,314 | 3,272 | ||||||||||||
| Interest expense | (157 | ) | (153 | ) | (310 | ) | (306 | ) | ||||||||
| Other income (expense) | (24 | ) | (8 | ) | 18 | (15 | ) | |||||||||
| Total other income | 1,476 | 1,349 | 3,022 | 2,951 | ||||||||||||
| Net loss | $ | (553 | ) | $ | (4,682 | ) | $ | (11,799 | ) | $ | (8,544 | ) | ||||
| Net loss per common share: | ||||||||||||||||
| Basic and diluted | $ | (0.01 | ) | $ | (0.10 | ) | $ | (0.24 | ) | $ | (0.18 | ) | ||||
| Weighted-average common shares outstanding: | ||||||||||||||||
| Basic and diluted | 50,368 | 48,686 | 50,138 | 48,413 | ||||||||||||
| VERICEL CORPORATION RECONCILIATION OF REPORTED NET LOSS (GAAP) TO ADJUSTED EBITDA (NON-GAAP MEASURE) (in thousands - unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net loss | $ | (553 | ) | $ | (4,682 | ) | $ | (11,799 | ) | $ | (8,544 | ) | ||||
| Stock-based compensation expense | 10,140 | 9,520 | 21,645 | 19,354 | ||||||||||||
| Depreciation and amortization | 2,826 | 1,323 | 5,512 | 2,701 | ||||||||||||
| Net interest income | (1,500 | ) | (1,357 | ) | (3,004 | ) | (2,966 | ) | ||||||||
| Pre-occupancy lease expense and tech transfer | 2,446 | 1,509 | 4,247 | 2,986 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 13,359 | $ | 6,313 | $ | 16,601 | $ | 13,531 | ||||||||
| VERICEL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands - unaudited) | ||||||
| June 30, | December 31, | |||||
| 2025 | 2024 | |||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 80,532 | $ | 74,520 | ||
| Restricted cash | — | 10,529 | ||||
| Short-term investments | 36,349 | 41,693 | ||||
| Accounts receivable (net of allowance for doubtful accounts of | 64,290 | 61,375 | ||||
| Inventory | 16,831 | 17,373 | ||||
| Other current assets | 6,575 | 7,287 | ||||
| Total current assets | 204,577 | 212,777 | ||||
| Property and equipment, net | 109,848 | 103,161 | ||||
| Intangible assets, net | 5,938 | 6,250 | ||||
| Right-of-use assets | 67,398 | 70,098 | ||||
| Long-term investments | 47,400 | 39,880 | ||||
| Other long-term assets | 447 | 556 | ||||
| Total assets | $ | 435,608 | $ | 432,722 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 12,857 | $ | 23,848 | ||
| Accrued expenses | 14,404 | 17,065 | ||||
| Current portion of operating lease liabilities | 13,753 | 9,257 | ||||
| Other current liabilities | 118 | 116 | ||||
| Total current liabilities | 41,132 | 50,286 | ||||
| Operating lease liabilities | 86,011 | 89,593 | ||||
| Other long-term liabilities | 1,656 | 876 | ||||
| Total liabilities | 128,799 | 140,755 | ||||
| Total shareholders’ equity | 306,809 | 291,967 | ||||
| Total liabilities and shareholders’ equity | $ | 435,608 | $ | 432,722 | ||
FAQ
What were Vericel's (VCEL) key financial results for Q2 2025?
How much cash does Vericel (VCEL) have as of Q2 2025?
What is Vericel's (VCEL) guidance for 2025?
How many MACI Arthro surgeons has Vericel (VCEL) trained?
What progress has Vericel (VCEL) made with its MACI Ankle program?
