Vericel Corporation has reported its financial results for the fourth quarter and full-year 2025, showcasing impressive growth and performance. In the fourth quarter of 2025, the company achieved a total net revenue growth of 23% to $92.9 million, with a 23% growth in MACI® net revenue to $84.1 million and a gross margin of 79%. The net income for the same period increased by 17% to $23.2 million, with a non-GAAP adjusted EBITDA growth of 25% to $37.3 million, representing 40% of revenue.
For the full-year 2025, Vericel reported total net revenue of $276.3 million, reflecting a 16% increase from the previous year. MACI net revenue experienced a growth of 21% amounting to $239.5 million. The gross margin for the year was 74%, and the net income surged by 59% to $16.5 million, accompanied by a 33% increase in non-GAAP adjusted EBITDA to $70.9 million, representing 26% of revenue.
Vericel's MACI revenue demonstrated consistent growth, with the highest number of MACI implants, implanting surgeons, surgeons taking biopsies, and MACI biopsies in any quarter since its launch in the fourth quarter of 2025. The company also completed the expansion of its MACI sales force and witnessed a 20% or more MACI revenue growth for the third consecutive year.
Looking ahead, the company provided its financial guidance for 2026, forecasting total revenue of $316 to $326 million, MACI revenue of $280 to $286 million, a gross margin of approximately 75%, and an adjusted EBITDA margin of around 27%.
Vericel's remarkable financial and business performance, along with its strategic initiatives and growth projections, signal a positive trajectory for the company in the coming year. Following these announcements, the company's shares moved -3.03%, and are now trading at a price of $37.40. For the full picture, make sure to review Vericel Corp's 8-K report.
