Here are the DEF 14A proxy statements from Vericel Corporation (VCEL) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A DEF 14A covers the proxy statement, with executive pay and the shareholder votes, so if you follow VCEL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full VCEL filings page.
Vericel Corporation reports a strong 2025 and asks shareholders to vote on key governance items at its virtual annual meeting on April 29, 2026. Total net revenue reached $276.3 million, with MACI contributing $239.5 million, up 21% and marking a third straight year of 20%+ growth.
Gross margin improved to 74%, non-GAAP adjusted EBITDA was $70.9 million (up 33%), and GAAP net income was $16.5 million, a 59% increase and the second consecutive profitable year. The company ended 2025 with nearly $200 million in cash and investments and no debt.
Growth was driven by MACI and the arthroscopic MACI Arthro technique, expansion of the sales force, and a burn care franchise that generated $36.8 million in revenue. Vericel initiated the MACI Ankle MASCOT phase 3 study and secured FDA approval for commercial MACI manufacturing at its new advanced facility, supporting a planned MACI launch in the United Kingdom in 2027.
Shareholders are being asked to elect seven directors, approve on an advisory basis executive compensation, and ratify the appointment of PricewaterhouseCoopers LLP as independent auditor for 2026. The proxy also highlights robust governance practices, director pay structure, and stock ownership guidelines.