Skip to main content

Go Premium in Our Biggest Sale Ever

UPGRADE NOW
TipRanks
Go Ultimate75% OFF

Vericel (VCEL) Q3 2026 Earnings Report

665 Followers

VCEL Q3 2026 EPS Results

Actual EPS
$0.27
Consensus EPS
$0.06
Beat/Miss
Beat by +$0.21
One Year Ago EPS
$0.10

VCEL Q3 2026 Revenue Results

Actual Revenue
$85.37M
Expected Revenue
$77.99M
Beat/Miss
Beat by +$7.38M
YoY Revenue Growth
+26.47%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/05/2026
Time
Before Open
Conference Call
Thursday, November 5, 2026
VCEL Upcoming Earnings

Vericel's next earnings date is estimated for February 25, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

VCEL Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 05, 2026|% Change Since:26.25%|
Earnings Call Sentiment|Positive

The call conveyed strong positive momentum across both commercial franchises, with record revenue, substantial profitability and free cash flow growth, repeated guidance increases, expanding MACI adoption, and improving burn care execution. Management also highlighted multiple 2027 and longer-term growth drivers. The main challenges were the inherent variability of Epicel and the lack of formal 2027 guidance, but these were outweighed by the reported operating and financial performance.

Company Guidance

Vericel raised full-year total revenue guidance to $344 million-$346 million, representing 25% revenue growth for the year at the midpoint and an increase in revenue guidance of nearly $25 million since the start of the year; full-year MACI revenue guidance increased to $290 million-$292 million, with fourth-quarter MACI guidance of 21% growth, or approximately $102 million of revenue at the midpoint, with upside if recent trends continue into December; full-year burn care revenue guidance increased to approximately $54 million, implying $12 million of total fourth-quarter burn care revenue, including $9 million of Epicel and commercial NexoBrid revenue and $3 million of NexoBrid BARDA procurement revenue; full-year gross margin is expected to be approximately 75%, and full-year adjusted EBITDA margin guidance increased to approximately 28% from 27%; the company expects another $3 million of BARDA procurement revenue in the fourth quarter and about $4 million to start next year in the first quarter, with opportunities for further procurement later in the year, remains on track for a potential MACI U.K. launch in the second half of 2027, and expects to reach the high 30% range for adjusted EBITDA margin over the next few years.

  • Record Revenue and Raised Full-Year GuidanceThird-quarter total revenue reached a record $85.4 million, increasing 26% year over year and significantly exceeding guidance. Full-year revenue guidance was raised to $344 million-$346 million from $330 million-$340 million, representing 25% revenue growth at the midpoint and an increase of nearly $25 million since the start of the year.
  • Strong Profitability and Cash GenerationGAAP net income increased 179% to $14.2 million, or $0.27 per diluted share. Adjusted EBITDA increased 48% to $25.2 million, and adjusted EBITDA margin reached 30%, expanding by more than 400 basis points year over year. The company generated approximately $18 million of operating cash flow and $16 million of free cash flow.
  • Improved Full-Year Margin OutlookThe company maintained full-year gross margin guidance of approximately 75% and raised full-year adjusted EBITDA margin guidance to approximately 28% from 27%, reflecting the higher revenue outlook and continued expense discipline.
  • Strong Balance Sheet and Share RepurchasesVericel ended the quarter with $236 million in cash and investments and no debt. It repurchased approximately 221,000 shares for $8.8 million during the third quarter, with $191 million remaining under its repurchase authorization. Management stated that it can pursue both share repurchases and business development transactions.
  • MACI Revenue Growth Remained Above 20%MACI generated record third-quarter revenue of $67.4 million, increasing 21% year over year and exceeding quarterly guidance. This marked the sixth consecutive quarter with MACI revenue growth of 20% or more. Full-year MACI revenue guidance was raised to $290 million-$292 million from $284 million-$290 million.
  • Strong MACI Procedure and Biopsy IndicatorsThe company achieved record third-quarter MACI biopsies, implants, and biopsy and implanting surgeons. Biopsy growth increased each quarter during the year, and October was the strongest biopsy month since launch. Management said strong biopsy growth was translating into implant volume and that conversion remained on track toward year-end.
  • MACI Sales Force Expansion and Practice PenetrationMACI growth was described as balanced between adding new surgeons and increasing biopsies per surgeon. Expansion territories had the highest biopsy growth rate among territory cohorts during the first three quarters, and management expects this to support accelerating implant growth in the fourth quarter and into 2027. Management also expects rep productivity to increase in the second and third years after expansion.
  • MACI Arthro Adoption Continued to ExpandThe company completed a record number of MACI Arthro procedures in the third quarter, representing the highest percentage of total MACI procedures since launch, and a record number of surgeons performed a MACI Arthro procedure. More than 25% of MACI procedures for condyle defects under four square centimeters were administered through MACI Arthro.
  • Growth Across Defect Locations and Future Instrument InnovationAlthough patella defects remained the highest-volume and highest-growth segment, the company reported higher growth and activity in other defect locations, including smaller defects and the trochlea. Vericel is developing next-generation MACI Arthro instruments intended to simplify and reduce surgical time and expand access to additional areas of the knee, including patella defects.
  • Positive MACI Clinical Evidence and Registry ExpansionA publication evaluating arthroscopically treated patients outside the United States reported durable clinical outcomes and a higher rate of patient satisfaction at a mean follow-up of 13.6 years. The first MACI Arthro publication highlighted minimal surgical disruption, the ability to treat multiple defects in different knee compartments, improved cosmetic appearance, and improved early postoperative recovery. The MACI clinical outcomes registry is expected to expand to additional sites in 2027.
  • Increased Surgeon EngagementPeer-to-peer programs and training labs through the third quarter more than tripled compared with last year, reflecting continued expansion in surgeon engagement with MACI.
  • MACI Fourth-Quarter Momentum and GuidanceThe company raised fourth-quarter MACI guidance to approximately $102 million at the midpoint, representing 21% growth. Management said strong procedure trends at the start of the quarter could provide upside if they continue into December.
  • MACI Ankle and U.K. Expansion OpportunitiesVericel continued activating sites and enrolling patients in the MACI Ankle MASCOT study. Management estimates a potential MACI Ankle addressable market of nearly 20,000 patients annually and more than $1 billion. The company remains on track for a potential U.K. launch in the second half of 2027, with an estimated addressable market of approximately 15,000 patients annually and a potential market opportunity of several hundred million dollars.
  • Progress Toward U.K. Regulatory and Reimbursement PreparationVericel submitted a MACI marketing authorization application to the U.K. in the second quarter. The MHRA completed its inspection of the company's new manufacturing facility in the third quarter, and NICE accepted MACI for a single technology appraisal to establish reimbursement, pricing, and NHS funding guidance. The company also began initial market development work in Canada and Europe.
  • Record Burn Care RevenueBurn care revenue reached a record $18 million, increasing 52% year over year and more than 50% versus the prior quarter. Full-year burn care revenue guidance was raised to approximately $54 million from $46 million-$50 million.
  • Epicel Performance ImprovedEpicel revenue increased 23% to $12.7 million, its highest quarterly revenue since launch. Performance was driven by continued strength in biopsies and new biopsying centers, while cross-selling efforts and the company's commercial rebranding, peer-to-peer activity, and multidisciplinary customer support initiatives contributed to execution.
  • NexoBrid Commercial Growth and Center ExpansionCommercial NexoBrid revenue reached a quarterly record of $2.3 million, increasing 54% year over year and 46% versus the prior quarter. The quarter included the highest number of ordering burn centers and hospital orders to date. More than 80 centers have placed NexoBrid orders, approximately 70 have placed repeat orders, and the company added more new ordering centers through the third quarter than during all of last year.
  • Burn Care Commercial Excellence InitiativesVericel implemented account planning and stakeholder-mapping initiatives for NexoBrid that are supporting broader treatment-algorithm standardization and more consistent adoption. For Epicel, the company refreshed product positioning around wound closure, increased peer-to-peer activity, and sharpened its multidisciplinary support for surgeon customers.
  • BARDA Revenue and Development ActivitiesThe company recognized $3 million of NexoBrid procurement revenue under its BARDA agreement in the third quarter and expects another $3 million in the fourth quarter and approximately $4 million in the first quarter of next year, with opportunities for further procurement later in the year. BARDA-supported development work on a blast indication and other activities also began in the second half of the year and is expected to continue into 2027.
  • Year-to-Date Financial Performance and Long-Term TargetsThrough the first nine months, revenue growth was 26%, adjusted EBITDA increased nearly 50% to $50 million, and free cash flow exceeded $45 million. Management said the company is tracking well toward its long-range targets, including the goal of reaching approximately $500 million of revenue by the end of the decade, and expects adjusted EBITDA margin to move toward the high 30% range over the next few years.

VCEL Earnings History

VCEL earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 25, 20272026 (Q4)0.57-0.45――
Nov 05, 20262026 (Q3)0.060.270.1170.00% (+0.17)
Jul 30, 20262026 (Q2)-0.030.04-0.01500.00% (+0.05)
May 07, 20262026 (Q1)-0.15-0.12-0.2347.83% (+0.11)
Feb 26, 20262025 (Q4)0.390.450.3818.42% (+0.07)
Nov 06, 20252025 (Q3)-0.010.10-0.02600.00% (+0.12)
Jul 31, 20252025 (Q2)-0.03-0.01-0.190.00% (+0.09)
May 08, 20252025 (Q1)-0.12-0.23-0.08-187.50% (-0.15)
Feb 27, 20252024 (Q4)0.320.380.2646.15% (+0.12)
Nov 07, 20242024 (Q3)-0.05-0.02-0.0875.00% (+0.06)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed