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Dec 31, 2025
Vericel Q4 2025 Earnings Report
Vericel reported strong fourth quarter 2025 results with 23% revenue growth, record gross margin, and significant adjusted EBITDA expansion.
Key Takeaways
In Q4 2025, Vericel delivered 23% total revenue growth driven by MACI performance, achieved a record 79% gross margin, and increased net income and adjusted EBITDA compared to the prior year quarter.
Total revenue increased 23% to 92918000.
MACI revenue grew 23% to 84100000.
Gross margin expanded to 79%.
Adjusted EBITDA increased 25% to 37281000 with a 40% margin.
Revenue by Segment
Forward Guidance
For 2026, Vericel expects continued strong growth in revenue and profitability, with total revenue between 316000000 and 326000000 and adjusted EBITDA margin of approximately 27%.
Positive Outlook
- Total revenue guidance of 316000000 to 326000000.
- MACI revenue guidance of 280000000 to 286000000.
- Expected gross margin of approximately 75%.
- Adjusted EBITDA margin of approximately 27%.
- Continued manufacturing expansion and commercial progress.
Challenges Ahead
- Gross margin expected to moderate from Q4 peak levels.
- Ongoing investment in new manufacturing facility.
- Increased operating expenses from headcount growth.
- Regulatory approval timing uncertainties in new markets.
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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