Vericel reports preliminary 2025 revenue of $276 million

Vericel Corporation (NASDAQ: VCEL) announced preliminary financial results for 2025, reporting total revenue of approximately $276 million with MACI revenue reaching $239.5 million and burn care revenue of $36.5 million.

The company's MACI product, used for cartilage repair, generated fourth quarter revenue growth of 23% compared to the prior year period. This marked the third consecutive year of 20% or higher MACI revenue growth, according to the company's statement.

Vericel reported a preliminary gross margin of 74% and adjusted EBITDA margin of 26% for the full year. The company expects to achieve GAAP net income profitability for the second consecutive year. As of December 31, 2025, Vericel held $200 million in cash and investments with no debt.

The Cambridge, Massachusetts-based company completed expansion of its MACI sales force during 2025 and reported having more than 900 MACI Arthro trained surgeons by year-end. The company also initiated the MACI Ankle MASCOT clinical study and remains on schedule to begin MACI commercial manufacturing at its new facility in 2026.

"The Company executed extremely well in 2025, delivering strong revenue and profitability growth," said Nick Colangelo, President and CEO of Vericel.

Vericel develops cell therapies and specialty biologics for sports medicine and severe burn care markets. The company markets MACI for cartilage defect repair, Epicel for severe burns, and holds North American rights to NexoBrid for burn treatment.

The preliminary results are unaudited and subject to change based on completion of internal control, review and audit procedures.

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