Vericel reported 26% revenue growth in the third quarter, with higher sales in both its MACI sports-medicine business and Burn Care products. Profitability also increased: net income rose 179% from a year earlier, and adjusted EBITDA grew 48%.
The company raised its full-year revenue outlook to $344 million–$346 million and set its adjusted EBITDA margin guidance at 28%. Vericel ended September with $235.6 million in cash and investments and no debt.
Third-quarter results
- Revenue was $85.4 million, up 26% year over year.
- MACI revenue rose 21% to $67.4 million.
- Burn Care revenue increased 52% to $18.0 million, comprising $12.7 million from Epicel and $5.3 million from NexoBrid.
- Gross margin was 73%.
- Net income climbed to $14.2 million, up 179%, or $0.27 per diluted share.
- Adjusted EBITDA reached $25.2 million, up 48% and equal to 30% of revenue. Adjusted EBITDA is a non-GAAP measure.
- Vericel generated $17.7 million in operating cash flow and $15.7 million in free cash flow.
Year-to-date performance and outlook
- For the first nine months of 2026, revenue rose 26% to $231.3 million. MACI revenue grew 22% to $189.3 million, while Burn Care revenue increased 50% to $42.0 million.
- Year-to-date adjusted EBITDA increased 48% to $49.6 million.
- Vericel raised its full-year revenue guidance to $344 million–$346 million and its adjusted EBITDA margin guidance to 28%. The announcement did not provide the previous guidance figures.
The quarter’s growth came from both the MACI and Burn Care businesses. Vericel also reported positive operating and free cash flow, alongside a substantial cash and investment balance and no debt.