Vericel | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 77.46 M

Revenue: As of FY2026 Q2, the actual value is USD 77.46 M, beating the estimate of USD 72.69 M.

EPS: As of FY2026 Q2, the actual value is USD 0.04, beating the estimate of USD -0.0288.

EBIT: As of FY2026 Q2, the actual value is USD 434 K.

Second Quarter 2026 Financial Highlights

Vericel Corporation reported total net revenue of $77.5 million, an increase of 22% compared to the second quarter of 2025. MACI® net revenue grew by 23% to $65.5 million, and Burn Care net revenue increased by 22% to $12.0 million. The company achieved a gross margin of 73% and a net income of $2.2 million. Non-GAAP adjusted EBITDA margin was 19%. Operating cash flow for the quarter was $16.2 million, and free cash flow was $14.3 million. Vericel Corporation held approximately $227 million in cash and investments and reported no debt as of June 30, 2026.

Detailed Second Quarter 2026 Financial Results (YoY Comparison)

Total net revenue for the quarter ended June 30, 2026, was $77.457 million, up from $63.240 million in Q2 2025. MACI net revenue was $65.5 million (Q2 2025: $53.5 million), Epicel net revenue was $10.4 million (Q2 2025: $8.6 million), and NexoBrid net revenue was $1.5 million (Q2 2025: $1.2 million). Gross profit for the quarter was $56.402 million (73% of net revenue), compared to $46.613 million (74% of net revenue) in Q2 2025. Total operating expenses increased to $55.968 million from $48.642 million in Q2 2025, primarily due to increased headcount, employee expenses including MACI sales force expansion, and marketing programs. Net income was $2.206 million, compared to a net loss of - $0.553 million in Q2 2025. Non-GAAP adjusted EBITDA was $14.864 million (19% of net revenue), up from $13.359 million (21% of net revenue) in Q2 2025.

First Half 2026 Financial Highlights

For the first half of 2026, total net revenue grew by 26% to $145.9 million. MACI net revenue increased by 22% to $121.9 million, while Burn Care net revenue saw a 49% increase to $24.0 million. Adjusted EBITDA grew by 47% to $24.4 million. Operating cash flow was $32.6 million, and free cash flow was $29.4 million.

Detailed First Half 2026 Financial Results (YoY Comparison)

Total revenue for the six months ended June 30, 2026, was $145.882 million, compared to $115.838 million in the first half of 2025. Cost of product sales was $40.214 million, up from $32.952 million. Gross profit increased to $105.668 million from $82.886 million. Research and development expenses were $15.597 million (2025: $13.992 million), and selling, general and administrative expenses were $97.701 million (2025: $83.715 million), leading to total operating expenses of $113.298 million (2025: $97.707 million). Income from operations was - $7.630 million, an improvement from - $14.821 million in the prior year. Net income for the period was - $4.096 million, compared to - $11.799 million in the first half of 2025. Operating cash flow was $32.574 million (2025: $14.814 million), and free cash flow was $29.385 million (2025: - $7.531 million).

Operational Metrics and Business Updates

MACI revenue growth exceeded 20% for the fifth consecutive quarter, with a four-quarter trailing revenue growth rate of 23%. NexoBrid® achieved record quarterly revenue, growing 36% versus the prior quarter and 33% versus the prior year. Epicel® second quarter revenue increased by 21%. MACI experienced double-digit biopsy and implant growth, setting new records for second-quarter MACI biopsies, implants, and biopsy and implanting surgeons. Vericel Corporation submitted a MACI marketing authorization application to the U.K. MHRA. The Board of Directors authorized a $200 million share repurchase program.

Balance Sheet Highlights (June 30, 2026 vs. December 31, 2025)

As of June 30, 2026, cash and cash equivalents stood at $125.358 million, up from $100.092 million at December 31, 2025. Short-term investments were $37.100 million (2025: $37.407 million), and long-term investments were $64.973 million (2025: $61.395 million). Total current assets increased to $264.730 million from $247.437 million. Total assets were $502.866 million (2025: $487.969 million). Total liabilities were $132.825 million (2025: $133.329 million), and total shareholders’ equity was $370.041 million (2025: $354.640 million).

2026 Financial Guidance

Vericel Corporation raised its full-year 2026 total revenue guidance to $330 million to $340 million, an increase from previous guidance of $326 million to $336 million. MACI revenue guidance was increased to $284 million to $290 million, and Burn Care revenue guidance was raised to $46 million to $50 million. The company reaffirmed its full-year profitability guidance of approximately 75% gross margin and approximately 27% adjusted EBITDA margin.