Vericel Corporation reported preliminary, unaudited full‑year 2025 results that project total revenue of $276 million, up 23% from $213 million in 2024. MACI revenue is expected to reach $239.5 million, a 23% increase from the prior year and the third consecutive year of double‑digit growth in the flagship cartilage‑repair product.
The company’s burn‑care segment generated $36.5 million in 2025, driven by continued sales of Epicel and NexoBrid. While the combined burn‑care revenue rose modestly, the mix shift toward Epicel—used for full‑thickness burns—contributed to a higher gross margin in that sub‑segment. The company did not report a detailed split between Epicel and NexoBrid for the full year, but prior periods show Epicel accounting for roughly two‑thirds of burn‑care revenue.
Vericel’s gross margin for 2025 is projected at 74%, an improvement over the 73% margin reported in 2024. The margin expansion reflects higher pricing power in MACI, cost efficiencies from scaling the new manufacturing line, and a favorable product mix that leans toward higher‑margin cell‑therapy products. Adjusted EBITDA margin is expected to reach 26%, up from 23% in 2024, underscoring the company’s ability to convert revenue growth into profitability gains.
Management emphasized that the new Burlington facility is on track to begin commercial MACI manufacturing in 2026, rather than being fully operational as of the announcement. CEO Nick Colangelo said, “We are entering 2026 with a great deal of momentum and expect another year of high revenue growth, increasing MACI utilization and further growth in profitability and cash generation as we continue to progress toward our mid‑term financial targets.” The guidance aligns with the company’s prior November 2025 revenue outlook of $272–$276 million, confirming confidence in sustained demand.
The preliminary results are consistent with the company’s Q3 2025 earnings, which beat analyst expectations with an EPS of $0.10 versus a consensus of –$0.02 and a revenue beat of $67.5 million versus $64.57 million. The Q3 performance was driven by a 25% year‑over‑year increase in MACI revenue and a 20% rise in burn‑care sales, reinforcing the narrative that Vericel’s core products are gaining market share and that the company’s cost controls are effective. The strong results set a solid foundation for the upcoming presentation at the 44th Annual J.P. Morgan Healthcare Conference on January 14, 2026.
The company’s cash position remains robust, with $200 million in cash and investments and no debt as of December 31, 2025, providing financial flexibility to support ongoing product development and potential future acquisitions. The combination of healthy cash, strong revenue growth, and improving margins positions Vericel well to capitalize on expanding indications for MACI and to accelerate commercialization of its burn‑care portfolio.
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