Vericel (NASDAQ:VCEL) Posts Earnings Results, Hits Expectations

Vericel (NASDAQ:VCEL) announced its earnings results on Thursday. The biotechnology company reported $0.45 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.45, FiscalAI reports. The company had revenue of $92.92 million during the quarter, compared to analyst estimates of $92.66 million. Vericel had a net margin of 5.98% and a return on equity of 5.36%. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 earnings per share.

Here are the key takeaways from Vericel’s conference call:

• The company reported record Q4 revenue of $92.9M (up 23% YoY) and MACI Q4 revenue of $84.1M, delivered record net income and industry-leading margins (Q4 gross margin ~79% and adjusted EBITDA margin 40%), and ended 2025 with ~$200M cash and no debt.
• Management guided 2026 revenue to approximately $316M–$326M (MACI: $280M–$286M; Burn Care: $36M–$40M), expects Q1 company growth >20% and MACI Q1 of ~$54M–$55M, leaving room for upside if momentum continues.
• Key commercial drivers include a ~30% expansion of the MACI sales force and ~1,000 MACI Arthro‑trained surgeons, with Arthro-trained and implanting surgeons showing higher biopsy, implant and conversion rates that management expects to further penetrate existing practices.
• Guidance factors include higher operating costs (OpEx ~$220M) and near-term margin pressure from Burlington manufacturing start‑up and the Phase 3 MACI Ankle trial, and management did not include potential BARDA NexoBrid award revenue in its 2026 guidance due to timing uncertainty.

Vericel Trading Down 5.3%

Shares of NASDAQ:VCEL traded down $2.00 during trading on Friday, reaching $35.68. 522,908 shares of the company traded hands, compared to its average volume of 433,230. Vericel has a 52-week low of $29.24 and a 52-week high of $52.06. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of 115.10 and a beta of 1.24. The business’s fifty day moving average is $37.11 and its 200-day moving average is $36.14.

Institutional Investors Weigh In On Vericel

Several institutional investors have recently added to or reduced their stakes in VCEL. State Street Corp increased its position in shares of Vericel by 12.7% in the fourth quarter. State Street Corp now owns 3,163,922 shares of the biotechnology company’s stock valued at $113,933,000 after acquiring an additional 356,680 shares during the period. Geode Capital Management LLC grew its stake in shares of Vericel by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 1,222,263 shares of the biotechnology company’s stock worth $44,021,000 after purchasing an additional 7,197 shares during the last quarter. Loomis Sayles & Co. L P increased its holdings in Vericel by 5.1% during the 4th quarter. Loomis Sayles & Co. L P now owns 1,056,705 shares of the biotechnology company’s stock valued at $38,052,000 after purchasing an additional 50,967 shares during the period. Champlain Investment Partners LLC raised its position in Vericel by 4.2% during the 4th quarter. Champlain Investment Partners LLC now owns 1,028,847 shares of the biotechnology company’s stock valued at $37,049,000 after purchasing an additional 41,248 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Vericel by 2.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 815,620 shares of the biotechnology company’s stock valued at $29,372,000 after purchasing an additional 17,765 shares during the last quarter.

Wall Street Analysts Forecast Growth

VCEL has been the subject of a number of research reports. Zacks Research cut Vericel from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Wall Street Zen upgraded Vericel from a “hold” rating to a “buy” rating in a research report on Sunday, January 25th. HC Wainwright upped their target price on Vericel from $60.00 to $64.00 and gave the stock a “buy” rating in a research note on Friday. Truist Financial decreased their price target on shares of Vericel from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, December 18th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Vericel in a research note on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $58.50.

Key Vericel News

Here are the key news stories impacting Vericel this week:

• Positive Sentiment: Q4 results showed strong growth: revenue $92.9M (+23% YoY), MACI revenue +23%, record Q4 gross margin of 79%, net income and adjusted EBITDA up materially — evidence of profitable top-line momentum and cash build. Vericel Reports Fourth Quarter and Full-Year 2025 Financial Results
• Positive Sentiment: Analyst upgrade/target lift: HC Wainwright raised its price target to $64 and maintained a Buy rating — a significant upside to street levels that can support longer-term investor confidence. Benzinga
• Neutral Sentiment: 2026 revenue guidance of $316–$326M (MACI $280–$286M) is roughly in line with consensus, signaling continued growth but little upside surprise in the near term. Vericel Reports Fourth Quarter and Full-Year 2025 Financial Results
• Neutral Sentiment: Full earnings call and transcripts are available for color on commercialization progress (MACI Arthro traction, surgeon training) — useful for judging execution vs. guidance. Earnings Call Transcript Earnings Highlights
• Negative Sentiment: Investors reacted to margin and cost dynamics: management guided gross margin down to ~75% for 2026 (from a 79% Q4 peak) and operating expenses rose meaningfully due to headcount and Burlington facility startup — raising near-term execution and profitability uncertainty. Vericel Reports Fourth Quarter and Full-Year 2025 Financial Results
• Negative Sentiment: Notable insider selling reported in recent months and continued operating/risk disclosures (manufacturing qualification timing, regulatory approvals) may amplify short-term selling pressure. Quiver Quant summary

Vericel Company Profile

Vericel Corporation is a biotechnology company specializing in the development, manufacturing and commercialization of cell-based therapies for patients with severe diseases and conditions. The company’s expertise lies in regenerative medicine, where it harnesses the power of autologous cell processing to create products designed to restore function and promote healing in damaged tissues.

Vericel currently markets two FDA-approved therapies. MACI® (autologous cultured chondrocytes on porcine collagen membrane) is indicated for the repair of symptomatic cartilage defects of the knee in adult patients.