Vericel Stock Earnings Reports

Vericel reported an outstanding Q1 2026 with record total revenue of $68.4M (up ~30% YoY), driven by strong MACI and Burn Care performance. MACI revenue was $56.4M (up 22% YoY) with accelerated biopsies, implants and surgeon penetration following an expanded sales force and positive early MACI Arthro indicators. Burn Care revenue was ~$12M (up >90% YoY), led by Epicel strength and growing NexoBrid activity. Adjusted EBITDA rose to ~$9.6M (tripling YoY), gross margin expanded to ~72%, and free cash flow was ~$15M; cash and investments ended the quarter at ~ $211M. Key strategic and near-term operational developments: FDA clearance to begin commercial manufacturing at Vericel’s new facility (enabling capacity expansion and potential international launches; U.K. MAA planned later this year), continued collection of MACI Arthro clinical outcomes with early data showing reduced post-op pain and faster recovery, and a BARDA award (up to $197M) for NexoBrid procurement and development with an initial $35M base contract and expected procurement revenue of ~$5–6M in H2 2026. Management raised full-year revenue guidance by $10M to $326–336M (midpoint ~20% growth), increased MACI guidance to $282–288M and Burn Care to $44–48M, and reiterated target margins (FY gross margin ~75%, adjusted EBITDA margin ~27%). Management emphasized prudence in guidance despite momentum, while noting potential upside from continued sales-force ramp, MACI Arthro adoption, and BARDA procurement.