Vericel (VCEL) FY2025 results: revenue $276 million, up 16.5% on the year
Vericel Corp. (VCEL) reported revenue of $276 million for fiscal 2025, the year ended 31 December 2025, up 16.5% on the year before. Net income was $17 million, up 59.4%, and diluted earnings per share $0.32. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$276 million
+16.5% on the year
FY2018FY2025
Operating margin
4.0%
1.9% a year earlier
FY2018FY2025
Net income
$17 million
+59.4% on the year
FY2018FY2025
Diluted EPS
$0.32
+60.0% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 4 new.
Fourth-quarter revenue rose 23%: Fourth-quarter net revenue was $92.9 million, up from $75.4 million a year earlier. Fourth-quarter net income was $23.2 million, or $0.45 per diluted share.
Full-year revenue reached $276.3 million: Full-year net revenue rose 16% from $237.2 million in 2024. Full-year net income grew to $16.5 million, or $0.32 per diluted share, from $10.4 million, or $0.20.
MACI drove most of the growth: MACI net revenue was $84.1 million in the fourth quarter, up from $68.3 million. For the year, MACI net revenue rose 21% to $239.5 million from $197.3 million.
Record quarter for MACI use: The fourth quarter had the highest number of MACI implants, implanting surgeons, surgeons taking biopsies and MACI biopsies in any quarter since launch.
Operating expenses rose on headcount and Burlington: Full-year operating expenses were $194.6 million, against $167.6 million in 2024. Management attributed the increase to headcount and costs of the new Burlington facility.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
51.9
58.2
35.3
-10.8%
Capital expenditure
27.2
64.0
20.0
-57.5%
Free cash flow
24.7
-5.8
15.3
Free cash flow margin
9.0%
-2.4%
7.7%
Cash from investing
-43.9
-79.0
-3.1
Cash from financing
7.1
19.1
3.6
-62.9%
Depreciation and amortisation
11.5
5.5
4.6
+109.7%
Share-based compensation
38.8
36.5
32.3
+6.2%
Diluted shares, weighted
52m
52m
48m
+0.9%
Shares outstanding at period end
51m
50m
48m
+2.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
355
292
226
+21.5%
Debt
0.0
0.0
0.0
Operating lease liabilities
82.3
89.6
81.9
-8.2%
Finance lease liabilities
0.5
0.6
0.0
-8.4%
Other liabilities
50.5
50.6
45.8
-0.1%
Total liabilities and equity
488
433
354
+12.8%
Intangible assets
5.6
6.2
6.9
-10.0%
Investments
98.8
81.6
65.8
+21.1%
Cash and equivalents
100
74.5
69.1
+34.3%
Receivables
84.6
61.4
58.4
+37.9%
Inventory
17.6
17.4
13.1
+1.1%
Other assets
181
192
140
-5.4%
Total assets
488
433
354
+12.8%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.