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Nov 5, 2026, 7:55 AM ET
Vericel reported third quarter 2026 total net revenue growth of 26% to $85.4 million and raised full-year 2026 total revenue guidance to $344 to $346 million.
Nasdaq: $VCELRegenerative medicineMACI · Epicel · NexoBridProfitable and cash generative79% of revenue from one product
VCEL Stock Hub: Vericel Corporation News, MACI Growth and Burn Care Revenue
Vericel sold $85.4 million of products in the third quarter of 2026, 26% more than a year earlier, earned $14.2 million and held $235.6 million of cash and investments with no debt. It raised full-year revenue guidance to $344-346 million for the third time this year and bought back $8.8 million of its own shares in the quarter. The next dated checkpoint is the fourth-quarter report, expected in late February 2027 on the pattern of the last two years.
Full research report · PDF
Vericel Corporation ($VCEL) research report, as of November 9, 2026
24 pages: MACI and the arthroscopic label, the burn care franchise with Epicel and NexoBrid, the ten-year BARDA agreement, the Burlington manufacturing build, the MASCOT ankle trial and the UK filing, five quarters of accounts, free cash flow and the buyback, capital structure, ownership, management and the dated catalyst calendar. Available in the Merlintrader Research Library. The PDF is a snapshot as of November 9, 2026.
Next catalyst
Late February 2027, expected · fourth-quarter and full-year 2026 results
Vericel has not dated its fourth-quarter report. It released fourth-quarter and full-year 2025 results on February 26, 2026 and has kept a late-February pattern, so the timing is an expectation rather than an announcement. The report has to show revenue inside the $344-346 million range, an adjusted EBITDA margin of 28% and a fourth quarter that carries the seasonal weight MACI has carried historically, when the last three months averaged 34% of annual volume between 2021 and 2025. Fourth-quarter 2025 release, February 26, 2026
Before that: nothing is dated by the company between November 9 and the year end. The UK marketing application for MACI sits with the MHRA, and Vericel says it anticipates commercialising MACI in the United Kingdom in 2027 if approval comes, without a decision date.
VCEL stock at a glance
Close · Nov 6, 2026
$54.62
Regular-session Nasdaq close; the shares traded between $28.95 and $55.60 over the past twelve months.
Market value
~$2.79B
51,029,770 shares at $54.62; share count at October 29, 2026, a calculation.
Cash and investments · Sep 30, 2026
$235.6M
No borrowings outstanding; about $6.0M of letters of credit issued under the $150.0M facility.
Revenue · Q3 2026
$85.4M
Up 26.5% from $67.5M; MACI $67.4M, Epicel $12.7M, NexoBrid $5.3M.
Net income · Q3 2026
$14.2M
$0.27 per diluted share; adjusted EBITDA $25.2M, 30% of revenue.
Free cash flow · nine months
$45.1M
Operating cash flow $50.3M less capital expenditure of $5.2M.
Full-year 2026 guidance
$344-346M
Revenue, raised on November 5, 2026 from $330-340M; adjusted EBITDA margin 28%.
Buyback capacity
$191.2M
Left under the $200.0M authorisation of July 2026, after $8.8M spent in the quarter.
Where Vericel stands now
Vericel makes three products in the United States: MACI, an autologous chondrocyte implant for full-thickness cartilage defects of the knee; Epicel, a cultured skin graft for patients with burns over 30% or more of body surface area; and NexoBrid, a proteolytic enzyme product for the removal of burn eschar, licensed from MediWound. MACI produced $67.4 million of the $85.4 million sold in the third quarter. Burn care produced $18.0 million, up 52%, including $3.0 million of NexoBrid bought by BARDA under a ten-year agreement worth up to $196.9 million signed on March 31, 2026. Form 10-Q, September 30, 2026
The main risk: one product, one country, one reimbursement system. MACI is 79% of revenue and almost all of it is sold in the United States to surgeons who must choose an autologous implant over microfracture or a competitor, with coverage decided by commercial payers. Nothing in the third quarter suggests that is faltering: MACI grew 21% for a sixth consecutive quarter of 20% or more and biopsies, implants and implanting surgeons all set third-quarter records. But the concentration is the exposure, and the shares at $54.62 price about 26 times the adjusted EBITDA implied by 2026 guidance, on an enterprise value of about $2.55 billion.
▲ The constructive case
Revenue up 26% in the quarter and 26% in nine months, a 73% gross margin, a 30% adjusted EBITDA margin and $45.1 million of free cash flow in nine months, with $235.6 million of cash and no debt. MACI has the arthroscopic label since August 2024 and a surgeon base that went from 5,000 to 7,000. Burn care grew 52%, Epicel had its best quarter since launch and BARDA added a government buyer on a ten-year agreement. Guidance has been raised three times in 2026, to $344-346 million from $316-326 million.
▼ The cautious case
The fourth quarter has to deliver $112.7-114.7 million for the year to reach guidance, in the quarter where MACI always carries the most weight, and a miss there would be read as a statement about 2027. The ankle trial will not read out before 2030 on the registry’s estimate, the UK decision is not in the company’s hands, and burn care without BARDA procurement is a much smaller business. Selling, general and administrative expense rose 14.3% in the first nine months and the research budget is directed at programmes that will not read out for years, while 21% of votes cast at the 2026 annual meeting went against the executive pay package.
Latest VCEL news
Nov 5, 2026
Vericel Reports Third Quarter 2026 Financial Results and Raises Full-Year Financial Guidance
Vericel reported total net revenue growth of 26% to $85.4 million for the third quarter ended September 30, 2026, with net income up 179% to $14.2 million, or $0.27 per diluted share. Non-GAAP adjusted EBITDA increased 48% to $25.2 million, or 30% of revenue. The company raised full-year 2026 total revenue guidance to $344 to $346 million, compared to $330 to $340 million previously.
VCEL stock catalysts: the dated calendar
- Late February 2027, expected — Fourth-quarter and full-year 2026 results. Pattern, not announced
- 2027 — commercial launch of MACI in the United Kingdom, if the MHRA approves. Company launch expectation
- April 2027, expected — Annual meeting of shareholders, with the advisory vote on executive pay that drew 21% against in 2026. Pattern, not announced
- February 2030 — Estimated primary completion of the Phase 3 MACI study in patients aged 10 to 17. Registry estimate
- July 2030 — Estimated primary completion of MASCOT, the Phase 3 ankle study. Registry estimate
- Undated — Further procurement and option awards under the ten-year BARDA agreement. Contract, no dates
- Undated — Supplemental application for MACI in the ankle after MASCOT. Not announced
The three products: what sold in the third quarter
| Product | What it is | Q3 2026 revenue | Growth |
|---|---|---|---|
| MACI Knee cartilage | Autologous chondrocytes on a collagen membrane, implanted to repair full-thickness defects; arthroscopic delivery approved in August 2024 for defects up to 4 cm². | $67.4M 79% of total | +21.0% |
| Epicel Severe burns | Cultured epidermal autograft, a permanent skin replacement for deep burns covering 30% or more of body surface area; designated a humanitarian use device in 1998. | $12.7M | +22.5% |
| NexoBrid Burn eschar | Proteolytic enzymes that remove burn eschar without surgery, licensed from MediWound; FDA approved in December 2022 and extended to children in August 2024. | $5.3M of which $3.0M BARDA | +260.5% |
Nine-month revenue was $231.3 million, up 26.1%: MACI $189.3 million, Epicel $34.0 million and NexoBrid $8.0 million. Guidance for the full year is $344-346 million of revenue, MACI at $290-292 million and burn care at $54 million. Source: third-quarter release, November 5, 2026.
Cash, the buyback and the pipeline it pays for
Nine-month operating cash flow was $50.3 million and free cash flow $45.1 million, after $5.2 million of capital expenditure against $25.0 million in the same period of 2025, when the Burlington facility was still being built. The company authorised $200.0 million of buybacks in July 2026, repurchased 220,744 shares for $8.8 million at an average of $40.08 in the third quarter and had $191.2 million left at September 30. The share count moved from 50,763,319 on February 19, 2026 to 51,029,770 on October 29, an increase of 0.5%. Form 10-Q
That cash funds the two programmes that are not yet revenue. MASCOT, the Phase 3 ankle study, randomised 309 patients 2:1 against arthroscopic bone marrow stimulation with a primary endpoint at 104 weeks; the registry estimates primary completion in July 2030. The UK filing with the MHRA is Vericel’s first attempt to sell MACI outside the United States since it suspended European marketing in 2014, with commercialisation anticipated in 2027 if approved. Neither requires new equity at the current rate of cash generation. NCT06915233
Merlintrader Health Score · $VCEL
4.4out of 5
Assessed on November 9, 2026, after the third-quarter report of November 5, 2026. Calculation: 0.30 × 5.0 + 0.30 × 3.5 + 0.20 × 4.5 + 0.10 × 5.0 + 0.10 × 4.5 = 1.50 + 1.05 + 0.90 + 0.50 + 0.45 = 4.40, rounded to 4.4. The score describes financial and operational robustness over twelve to eighteen months. It is not a rating, a target price or an indication to buy or sell.
Red flags
- MACI is 79% of revenue in a single country: one product, one reimbursement system, one sales channel.
- The fourth quarter has to produce $112.7-114.7 million for the year to reach guidance, in the quarter where MACI volumes are seasonally heaviest.
- Epicel revenue fell from $36.6 million in 2024 to $32.1 million in 2025 before rebounding: burns are a variable business.
- Burn care growth in the quarter leaned on $3.0 million of BARDA procurement, which follows government orders rather than clinical demand.
- NexoBrid is manufactured by MediWound in Israel from bromelain sourced in Taiwan, with supply guaranteed only to at least May 2028.
- 5,542,541 options and 1,183,995 restricted stock units were outstanding at December 31, 2025, equal to 13.2% of the current share count if all were exercised.
- 21% of votes cast at the 2026 annual meeting went against the executive compensation package.
- The shares trade at about 26 times the adjusted EBITDA implied by 2026 guidance, on an enterprise value of about $2.55 billion, so growth has to continue to justify the multiple.
VCEL Stock FAQ: Vericel Corporation Questions Answered
When is the next VCEL catalyst?
The next dated checkpoint is the fourth-quarter and full-year 2026 report, expected in late February 2027 on the pattern of the February 26, 2026 release; the company has not announced the date. Before that, nothing is dated: the UK marketing application for MACI sits with the MHRA; the company anticipates commercialising MACI in the United Kingdom in 2027 if approval comes, without a decision date. Fourth-quarter 2025 release
Which Vericel products are FDA approved?
All three are. MACI was approved for cartilage defects of the knee and gained an arthroscopic delivery label in August 2024; Epicel is a humanitarian use device designated in 1998, with its exemption application filed in 1999 and extended to children in 2016; NexoBrid was approved in December 2022 and extended to paediatric patients in August 2024. MACI is not approved for the ankle, where a Phase 3 trial is recruiting. Form 10-Q
How much revenue does Vericel make?
$85.4 million in the third quarter of 2026, up 26.5%, and $231.3 million in the first nine months, up 26.1%. MACI produced $67.4 million in the quarter, Epicel $12.7 million and NexoBrid $5.3 million. Guidance for the full year is $344-346 million. Third-quarter release
How much cash does Vericel have and does it have debt?
$235.6 million of cash and investments at September 30, 2026, made up of $133.5 million of cash, $36.8 million of short-term investments and $65.3 million of long-term investments. There is no funded debt and nothing was drawn under the $150.0 million revolving facility. Free cash flow was $45.1 million in nine months. Form 10-Q
Is Vericel diluting shareholders?
Barely. The share count rose 0.5% between February 19 and October 29, 2026, to 51,029,770, after 220,744 shares were repurchased and retired in the third quarter. There were 5,542,541 options and 1,183,995 restricted stock units outstanding at December 31, 2025, and $191.2 million of buyback authorisation remained at September 30, 2026. Form 10-Q
When does Vericel report earnings?
Third-quarter 2026 results were released on November 5, 2026. The company has not dated its fourth-quarter report; it released fourth-quarter and full-year 2025 results on February 26, 2026, so late February 2027 is the expected timing. Third-quarter release
What does Vericel Corporation do?
Vericel is a commercial-stage cell therapy company in Burlington, Massachusetts, with three approved products sold in the United States: MACI for knee cartilage defects, Epicel for severe burns and NexoBrid for the removal of burn eschar. It employs about 398 people, was profitable in 2024 and 2025 and again in the first nine months of 2026, and manufactures its cell therapies in Cambridge and Burlington, Massachusetts. Form 10-K, 2025
What is the BARDA agreement worth to Vericel?
Up to $196.9 million over ten years, signed on March 31, 2026 and effective April 1, 2026, with a base period containing $34.9 million of funding. It covers NexoBrid procurement, a vendor-managed inventory, a possible US manufacturing site, a next-generation formulation and a blast-trauma indication. Vericel recognised $3.0 million of revenue under it in the third quarter of 2026. Form 10-Q
Primary sources
- Form 10-Q, quarter ended September 30, 2026
- Third-quarter 2026 results and raised guidance, November 5, 2026
- Second-quarter 2026 results and share repurchase authorisation, July 30, 2026
- First-quarter 2026 results and BARDA award, May 7, 2026
- Fourth-quarter and full-year 2025 results, February 26, 2026
- Form 10-K, year ended December 31, 2025
- Definitive proxy statement, March 2026
- Results of the 2026 annual meeting, May 1, 2026
- ClinicalTrials.gov, MASCOT ankle study (NCT06915233)
- ClinicalTrials.gov, MACI in patients aged 10 to 17 (NCT03588975)
Disclaimer. This content is published by Merlintrader for educational and informational purposes only. It is independent journalism and research. It does not constitute investment advice, an investment recommendation, an offer or a solicitation to buy or sell any security, and it is not a research report within the meaning of applicable United States securities regulation. Nothing here should be read as a recommendation to buy, sell or hold $VCEL or any other security.
Figures are taken from public filings with the U.S. Securities and Exchange Commission, company press releases, ClinicalTrials.gov and market data, and are stated with their reference dates. Data can change without notice. Readers should verify every figure against the primary source before acting on it.
Cell therapy and specialty biologic companies carry manufacturing, reimbursement, regulatory and commercial risk even when they are profitable. A failed batch cannot be recalled like a pill, a payer can change coverage for an expensive surgical product, a regulator can refuse a label expansion, and a single supplier or country can interrupt the raw material for a biologic. Vericel earned $14.2 million in the third quarter of 2026 on $85.4 million of revenue, holds $235.6 million of cash and investments with no debt, and depends on MACI for 79% of its revenue. Every reader is responsible for their own decisions and should consult a licensed financial adviser where appropriate.
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