Vericel Raises 2026 Revenue Guidance After Record Quarter

The Tip Desk · November 8, 2026 · 3 min read

Third-quarter net revenue reached $85.4 million, up 26%, and the company lifted full-year revenue guidance to $344 million to $346 million.

Vericel Corporation (VCEL), a provider of advanced therapies for sports medicine and severe burn care, reported third-quarter net revenue of $85.4 million, up 26% from a year earlier, and raised its full-year 2026 revenue outlook to $344 million to $346 million from $330 million to $340 million.

Year-over-year growth accelerated from 22% in the second quarter. Net income rose 179% to $14.2 million, or $0.27 a share, from $5.1 million, or $0.10 a share, a year earlier. Non-GAAP adjusted EBITDA increased 48% to $25.2 million, or 30% of revenue, from $17.0 million, or 25% of revenue, a year earlier.

The company said it delivered record third-quarter total revenue and MACI revenue, and the highest quarterly Burn Care revenue to date. MACI net revenue grew 21% to $67.4 million, after 23% growth to $65.5 million in the second quarter. Burn Care net revenue growth accelerated to 52% to $18.0 million from 22% growth to $12.0 million in the second quarter.

Burn Care included $12.7 million of Epicel net revenue, the highest Epicel quarterly revenue since launch, and $2.3 million of NexoBrid commercial net revenue, which the company said was the highest NexoBrid quarterly commercial revenue since launch. The company also recognized $3.0 million of NexoBrid BARDA procurement revenue in the third quarter. A year earlier, product revenue had included $10.4 million of Epicel and $1.5 million of commercial NexoBrid.

Gross profit was $62.6 million, or 73% of net revenue, matching the 73% gross margin of the second quarter. Total operating expenses were $50.4 million, compared with $46.1 million a year earlier. The company said the increase was primarily due to increased headcount and related employee expenses, including the MACI sales-force expansion, and an increase in marketing programs.

Operating cash flow was $17.7 million and free cash flow was $15.7 million. Cash and investments were $235.6 million, with no debt. The company repurchased 220,744 shares for $8.8 million during the quarter, leaving $191.2 million of share-repurchase authorization remaining as of September 30, 2026.

President and CEO Nick Colangelo said the company delivered outstanding financial and business results and, given third-quarter outperformance and a strong start to the fourth quarter for both commercial businesses, particularly MACI, believed the company was well-positioned for a strong close to 2026. Vericel raised MACI full-year revenue guidance to $290 million to $292 million from $284 million to $290 million, and Burn Care revenue guidance to $54 million from $46 million to $50 million. Adjusted EBITDA margin guidance was raised to 28% from 27%. Full-year gross margin of approximately 75% was reaffirmed.

The company said it remains on track for a potential MACI launch in the U.K. in 2027.