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Jun 30, 2025
Vericel Q2 2025 Earnings Report
Vericel reported strong financial results for the second quarter of 2025, with significant revenue growth and increased profitability.
Key Takeaways
Vericel delivered a solid second quarter in 2025, achieving record total revenue and MACI revenue. The company saw substantial growth in adjusted EBITDA and improved gross margin, alongside positive trends in key performance indicators for its MACI Arthro launch and burn care products.
Total net revenue increased by 20% to $63.2 million, driven by strong performance across all product lines.
Gross margin improved significantly by over 400 basis points to 74%, indicating enhanced profitability.
Adjusted EBITDA surged by 112% to $13.4 million, with the adjusted EBITDA margin expanding to 21%.
The company maintained a strong cash position with approximately $164 million in cash and investments and no debt as of June 30, 2025.
Revenue by Segment
Forward Guidance
Vericel reaffirmed its full-year 2025 financial guidance, expecting continued strong revenue growth and profitability.
Positive Outlook
- MACI full-year revenue growth is projected to be in the low 20% range.
- Burn Care revenue for the second half of 2025 is expected to be in line with the recent run rate of approximately $10 million per quarter.
- Full-year gross margin guidance is reaffirmed at 74%.
- Full-year adjusted EBITDA margin guidance is reaffirmed at 26%.
- On track to initiate the MACI Ankle clinical study in the second half of 2025.
Challenges Ahead
- No specific negative forward guidance points were highlighted in the report.
- Potential for increased operating expenses due to headcount and new facility costs.
- Uncertainties associated with market penetration and surgeon adoption rates for new products.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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