Revenue growth remains robust at 30.1% in 2026Q1, though operating margins remain highly volatile, fluctuating from a peak of 24.5% in 2024Q4 to a low of -24.3% in 2025Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 292.09M | 276.26M | 237.22M | 197.52M | 164.37M | 156.18M | 124.18M | 117.85M | 90.86M | 63.92M | 54.38M | 51.17M | 28.8M | 19K | 21K | 18K | 89K | 182K | 522K | 685K | 863K | 909K | 1.3M | 844K | 877K | 899K | 1.15M | 881K | 249K | 400K | 1.6M |
| Revenue Growth % | 22.45% | 16.45% | 20.1% | 20.17% | 5.24% | 25.77% | 5.37% | 29.71% | 42.13% | 17.54% | 6.28% | 77.69% | 151457.89% | -9.52% | 16.67% | -79.78% | -51.1% | -65.13% | -23.8% | -20.63% | -5.06% | -30.18% | 54.27% | -3.76% | -2.45% | -21.83% | 30.53% | 253.82% | -37.75% | -75% | - |
| Cost of Goods Sold | 73.49M | 70.66M | 65.12M | 61.94M | 54.58M | 50.16M | 39.95M | 37.57M | 32.16M | 30.35M | 28.31M | 26.47M | 17.29M | 4K | 6K | 4K | 34K | 112K | 56K | 29K | 11K | 148K | 280K | 893K | 202K | 13K | 926K | 6K | 0 | -500K | 9.6M |
| COGS % of Revenue | - | 25.58% | 27.45% | 31.36% | 33.2% | 32.12% | 32.17% | 31.88% | 35.4% | 47.48% | 52.05% | 51.73% | 60.05% | 21.05% | 28.57% | 22.22% | 38.2% | 61.54% | 10.73% | 4.23% | 1.27% | 16.28% | 21.51% | 105.81% | 23.03% | 1.45% | 80.52% | 0.68% | - | -125% | 600% |
| Gross Profit | 218.59M | 205.6M | 172.11M | 135.58M | 109.79M | 106.03M | 84.23M | 80.28M | 58.7M | 33.57M | 26.08M | 24.7M | 11.5M | 15K | 15K | 14K | 55K | 70K | 466K | 656K | 852K | 761K | 1.02M | -49K | 675K | 886K | 224K | 875K | 249K | 900K | -8M |
| Gross Margin % | 74.84% | 74.42% | 72.55% | 68.64% | 66.8% | 67.88% | 67.83% | 68.12% | 64.6% | 52.52% | 47.95% | 48.27% | 39.95% | 78.95% | 71.43% | 77.78% | 61.8% | 38.46% | 89.27% | 95.77% | 98.73% | 83.72% | 78.49% | -5.81% | 76.97% | 98.55% | 19.48% | 99.32% | 100% | 225% | -500% |
| Gross Profit Growth % | - | 19.46% | 26.95% | 23.49% | 3.55% | 25.88% | 4.92% | 36.77% | 74.85% | 28.74% | 5.58% | 114.71% | 76586.67% | 0% | 7.14% | -74.55% | -21.43% | -84.98% | -28.96% | -23% | 11.96% | -25.54% | 2185.71% | -107.26% | -23.81% | 295.54% | -74.4% | 251.41% | -72.33% | 111.25% | - |
| Operating Expenses | 202.82M | 194.56M | 167.59M | 142.04M | 126.85M | 113.88M | 81.86M | 91.53M | 62.61M | 48.55M | 42.68M | 41.37M | 35.04M | 20.98M | 33.77M | 29.05M | 17.86M | 16.24M | 21.68M | 20.13M | 18.59M | 13.18M | 11.68M | 9.66M | 8.96M | 7.46M | 9.98M | 13.71M | 18.36M | 15.9M | 2.5M |
| OpEx % of Revenue | - | 70.42% | 70.65% | 71.91% | 77.17% | 72.91% | 65.92% | 77.67% | 68.91% | 75.96% | 78.49% | 80.85% | 121.67% | 110415.79% | 160833.33% | 161411.11% | 20066.29% | 8922.53% | 4154.21% | 2937.96% | 2153.53% | 1449.72% | 897% | 1145.02% | 1021.21% | 830.37% | 867.65% | 1555.85% | 7371.89% | 3975% | 156.25% |
| Selling, General & Admin | 174.41M | 166.99M | 142.79M | 121M | 106.9M | 97.59M | 68.84M | 61.14M | 49.01M | 35.61M | 27.39M | 22.48M | 13.77M | 5.88M | 7.75M | 7.72M | 5.2M | 4.95M | 6.44M | 8.68M | 9.1M | 5.97M | 5.39M | 4.02M | 3.53M | 2.48M | 3.36M | 2.84M | 2.86M | 2M | 2.1M |
| SG&A % of Revenue | - | 60.45% | 60.19% | 61.26% | 65.04% | 62.49% | 55.43% | 51.88% | 53.94% | 55.71% | 50.36% | 43.93% | 47.83% | 30921.05% | 36904.76% | 42911.11% | 5843.82% | 2719.78% | 1232.95% | 1267.45% | 1054.58% | 656.99% | 413.98% | 475.95% | 402.28% | 276.08% | 292.52% | 321.91% | 1147.79% | 500% | 131.25% |
| Research & Development | 28.41M | 27.56M | 24.8M | 21.04M | 19.94M | 16.29M | 13.02M | 30.39M | 13.6M | 12.94M | 15.29M | 18.89M | 21.26M | 15.1M | 26.02M | 21.33M | 12.66M | 11.29M | 15.25M | 11.44M | 9.48M | 7.21M | 6.29M | 5.65M | 5.43M | 4.98M | 6.29M | 10.87M | 15.5M | 13.4M | 0 |
| R&D % of Revenue | - | 9.98% | 10.45% | 10.65% | 12.13% | 10.43% | 10.48% | 25.79% | 14.97% | 20.25% | 28.12% | 36.92% | 73.84% | 79494.74% | 123928.57% | 118500% | 14222.47% | 6202.75% | 2921.26% | 1670.51% | 1098.96% | 792.74% | 483.03% | 669.08% | 618.93% | 554.28% | 546.87% | 1233.94% | 6224.1% | 3350% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -31K | -92K | -10K | 47K | -2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 325K | 0 | 0 | 500K | 400K |
| Operating Income | 15.77M | 11.04M | 4.52M | -6.46M | -17.06M | -7.85M | 2.37M | -11.25M | -3.91M | -14.98M | -19.25M | -16.67M | -23.53M | -20.96M | -33.76M | -29.04M | -17.8M | -16.17M | -21.22M | -19.47M | -17.73M | -12.42M | -10.66M | -9.71M | -8.28M | -6.58M | -9.75M | -12.83M | -18.11M | -15M | -10.5M |
| Operating Margin % | 5.4% | 4% | 1.91% | -3.27% | -10.38% | -5.03% | 1.91% | -9.55% | -4.3% | -23.44% | -35.39% | -32.58% | -81.73% | -110336.84% | -160761.9% | -161333.33% | -20004.49% | -8884.07% | -4064.94% | -2842.19% | -2054.81% | -1366.01% | -818.51% | -1150.83% | -944.24% | -731.81% | -848.17% | -1456.53% | -7271.89% | -3750% | -656.25% |
| Operating Income Growth % | - | 144.39% | 169.91% | 62.11% | -117.19% | -431.11% | 121.08% | -187.82% | 73.91% | 22.14% | -15.44% | 29.16% | -12.26% | 37.9% | -16.25% | -63.11% | -10.11% | 23.8% | -8.99% | -9.79% | -42.81% | -16.52% | -9.72% | -17.29% | -25.87% | 32.55% | 23.99% | 29.13% | -20.71% | -42.86% | - |
| EBITDA | 28.07M | 22.41M | 10.02M | -1.83M | -13.08M | -4.89M | 4.75M | -9.51M | -2.48M | -13.37M | -17.36M | -15.08M | -22.78M | -20.48M | -33.11M | -28.39M | -17.21M | -15.46M | -20.87M | -19.52M | -17.54M | -12.32M | -10.53M | -9.59M | -8.15M | -6.48M | -9.43M | -12.61M | -17.73M | -14.5M | -10.1M |
| EBITDA Margin % | 9.61% | 8.11% | 4.23% | -0.93% | -7.96% | -3.13% | 3.83% | -8.07% | -2.73% | -20.92% | -31.92% | -29.47% | -79.12% | -107763.16% | -157671.43% | -157738.89% | -19339.33% | -8497.25% | -3997.7% | -2849.05% | -2032.68% | -1355.12% | -808.91% | -1136.73% | -929.87% | -720.47% | -819.91% | -1430.87% | -7120.48% | -3625% | -631.25% |
| EBITDA Growth % | 601.35% | 123.54% | 647.11% | 85.99% | -167.48% | -202.82% | 150.02% | -282.88% | 81.43% | 22.97% | -15.12% | 33.81% | -11.27% | 38.16% | -16.62% | -64.96% | -11.3% | 25.89% | -6.93% | -11.25% | -42.41% | -16.96% | -9.78% | -17.65% | -25.91% | 31.31% | 25.2% | 28.9% | -22.28% | -43.56% | - |
| D&A (Non-Cash Add-back) | 12.3M | 11.36M | 5.5M | 4.63M | 3.98M | 2.96M | 2.38M | 1.74M | 1.43M | 1.61M | 1.89M | 1.59M | 752K | 489K | 649K | 647K | 592K | 704K | 351K | -47K | 191K | 99K | 125K | 119K | 126K | 102K | 325K | 226K | 377K | 500K | 400K |
| EBIT | 21.04M | 18.93M | 11.12M | -1.77M | -15.62M | -7.58M | 3.05M | -9.66M | -6.41M | -16.18M | -19.25M | -16.33M | -19.91M | -15.61M | -29.46M | -19.66M | -30.67M | -14.52M | -16.17M | -20.05M | -19.47M | -17.73M | -12.42M | -10.66M | -9.71M | -8.28M | -6.58M | -9.75M | -12.82M | -18.15M | -15M |
| Net Interest Income | 6.56M | 5.45M | 5.8M | 4.03M | 975K | 220K | 685K | 1.61M | -835K | -1.09M | -306K | 27K | 18K | 5K | 38K | 43K | 75K | 75K | 223K | 1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 7.2M | 7.01M | 6.41M | 4.63M | 1.34M | 224K | 691K | 1.61M | 897K | 14K | 8K | 36K | 24K | 16K | 50K | 53K | 115K | 296K | 1.17M | 1.26M | 594K | 594K | 169K | 134K | 342K | 364K | 364K | 0 | 0 | 0 | 0 |
| Interest Expense | 637K | 1.56M | 614K | 600K | 366K | 4K | 6K | 8K | 1.73M | 1.11M | 314K | 9K | 6K | 11K | 12K | 10K | 40K | 73K | 73K | 84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 6.55M | 6.33M | 5.99M | 4.1M | 1.07M | 272K | 672K | 1.59M | -4.23M | -2.3M | -321K | 331K | 3.61M | 5.34M | 4.29M | 9.37M | -20.37M | 1.86M | 223K | 1.09M | 1.88M | 1.26M | 606K | 169K | 134K | -1.11M | 364K | 1.24M | 0 | 3.85M | 5.2M |
| Pretax Income | 22.32M | 17.38M | 10.51M | -2.37M | -15.99M | -7.58M | 3.04M | -9.66M | -8.14M | -17.29M | -19.57M | -16.34M | -19.92M | -15.62M | -29.47M | -19.71M | -17.73M | -15.95M | -20.13M | -16.48M | -11.81M | -12.4M | -10.49M | -9.58M | -7.94M | -9.39M | -9.39M | -11.6M | 0 | -14.3M | -9.8M |
| Pretax Margin % | 7.64% | 6.29% | 4.43% | -1.2% | -9.73% | -4.85% | 2.45% | -8.2% | -8.96% | -27.04% | -35.98% | -31.93% | -69.18% | -82221.05% | -140352.38% | -109505.56% | -19920.22% | -8761.54% | -3856.9% | -2405.11% | -1368.6% | -1364.69% | -805.53% | -1134.95% | -905.25% | -1044.49% | -816.52% | -1316.12% | - | -3575% | -612.5% |
| Income Tax | 859K | 859K | 148K | 814K | 721K | -111K | 180K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18.71M | -115K | -296K | -1.09M | -1.83M | -1.26M | -618K | -169K | -134K | -342K | -653K | -364K | -3.04M | -874K | -1.4M | -1.3M |
| Effective Tax Rate % | 3.85% | 4.94% | 1.41% | -34.38% | -4.51% | 1.46% | 5.91% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 94.93% | 0.65% | 1.86% | 5.39% | 11.1% | 10.65% | 4.98% | 1.61% | 1.4% | 4.31% | 6.95% | 3.88% | 26.23% | - | 9.79% | 13.27% |
| Net Income | 21.46M | 16.52M | 10.36M | -3.18M | -16.71M | -7.47M | 2.86M | -9.66M | -8.14M | -17.29M | -19.57M | -16.34M | -19.92M | -15.62M | -29.47M | -19.67M | -17.73M | -15.95M | -20.13M | -17.59M | -16.48M | -11.81M | -10.49M | -9.58M | -7.94M | -5.93M | -9.39M | -11.03M | -17.23M | -14.3M | -9.9M |
| Net Margin % | 7.35% | 5.98% | 4.37% | -1.61% | -10.17% | -4.78% | 2.31% | -8.2% | -8.96% | -27.04% | -35.98% | -31.93% | -69.18% | -82221.05% | -140352.38% | -109266.67% | -19920.22% | -8761.54% | -3856.9% | -2568.47% | -1909.04% | -1299.34% | -805.53% | -1134.95% | -905.25% | -659.18% | -816.52% | -1251.76% | -6920.88% | -3575% | -618.75% |
| Net Income Growth % | 620.69% | 59.41% | 425.64% | 80.96% | -123.65% | -360.86% | 129.63% | -18.78% | 52.93% | 11.65% | -19.74% | 17.97% | -27.51% | 47% | -49.86% | -10.94% | -11.18% | 20.8% | -14.43% | -6.79% | -39.49% | -12.61% | -9.49% | -20.66% | -33.97% | 36.89% | 14.85% | 36.01% | -20.51% | -44.44% | - |
| Net Income (Continuing) | 21.46M | 16.52M | 10.36M | -3.18M | -16.71M | -7.47M | 2.86M | -9.66M | -8.14M | -17.29M | -19.57M | -16.34M | -19.92M | -15.62M | -29.47M | -19.67M | -38.18M | -14.56M | -15.95M | -20.13M | -17.59M | -16.48M | -11.81M | -10.49M | -9.58M | -7.94M | -5.93M | -9.39M | -11M | -17.2M | -14.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.42 | 0.32 | 0.20 | -0.07 | -0.35 | -0.16 | 0.06 | -0.18 | -0.20 | -0.52 | -0.85 | -0.69 | -1.71 | -5.18 | -14.31 | -10.19 | -14.34 | -17.84 | -24.95 | -23.55 | -24.79 | -20.20 | -22.77 | -30.06 | -30.16 | -27.86 | -64.36 | -115.01 | -206.34 | -203.20 | -171.20 |
| EPS Growth % | 1077.4% | 60% | 398.95% | 80.89% | -118.75% | -364.03% | 133.67% | 10% | 61.54% | 38.82% | -23.19% | 59.65% | 66.99% | 63.8% | -40.43% | 28.94% | 19.62% | 28.5% | -5.94% | 5% | -22.72% | 11.29% | 24.25% | 0.33% | -8.26% | 56.71% | 44.04% | 44.26% | -1.55% | -18.69% | - |
| EPS (Basic) | - | 0.33 | 0.21 | -0.07 | -0.35 | -0.16 | 0.06 | -0.18 | -0.20 | -0.52 | -0.85 | -0.69 | -1.71 | -5.18 | -14.31 | -10.19 | -14.34 | -17.84 | -24.95 | -23.55 | -24.79 | -20.20 | -22.77 | -30.06 | -30.16 | -27.86 | -64.36 | -115.01 | -206.34 | -203.20 | -171.20 |
| Diluted Shares Outstanding | 50.77M | 52.07M | 51.68M | 47.59M | 47.13M | 46.47M | 47.28M | 44.18M | 40.24M | 33.35M | 23.09M | 23.76M | 11.64M | 3.02M | 2.06M | 1.93M | 1.24M | 893.85K | 807K | 747.02K | 664.46K | 584.63K | 460.64K | 318.65K | 263.26K | 212.69K | 145.9K | 95.89K | 83.52K | 70.37K | 57.83K |
| Basic Shares Outstanding | 50.77M | 50.59M | 48.85M | 47.59M | 47.13M | 46.47M | 45.22M | 44.18M | 40.24M | 33.35M | 23.09M | 23.76M | 11.64M | 3.02M | 2.06M | 1.93M | 1.24M | 893.85K | 807K | 747.02K | 664.46K | 584.63K | 460.64K | 318.65K | 263.26K | 212.69K | 145.9K | 95.89K | 83.52K | 70.37K | 57.83K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Elective procedure demand sensitivity
As reported in recent financial statements, Vericel achieved a 30.1% year-over-year revenue growth in 2026Q1, signaling that the company's specialized autologous cell therapy platform continues to gain traction among orthopedic surgeons despite the inherent logistical complexities of the vein-to-vein manufacturing process and seasonal demand patterns.
The consistent double-digit growth suggests that the company is successfully expanding its certified surgeon network and increasing biopsy-to-implant conversion rates. Investors should monitor whether this trajectory can be sustained as the company moves beyond its initial core market and faces potential saturation in specific arthroscopic indications.
Based on reported figures, Vericel maintains a robust gross margin profile, peaking at 78.7% in 2025Q4, which underscores the company's ability to command premium pricing for its personalized regenerative therapies while effectively managing the high variable costs associated with specialized cell expansion and cold-chain logistics.
The stability of these margins suggests that the company possesses significant pricing power, likely derived from the lack of direct, personalized alternatives for its MACI platform. However, the sensitivity of these margins to facility utilization rates warrants further investigation, as any disruption in manufacturing throughput could quickly compress profitability.
According to recent SEC filings, Vericel's operating margin fluctuated significantly from a high of 24.5% in 2024Q4 to a low of -24.3% in 2025Q1, indicating that the company has yet to achieve consistent operating leverage as SG&A expenses continue to scale alongside revenue growth.
The high SG&A burden appears to be a structural necessity for supporting the direct sales force and surgeon education required for complex biological procedures. Analysts should interpret this volatility as a sign that the company is still in a phase of aggressive commercial investment rather than mature operational efficiency.
As disclosed in quarterly data, SG&A expenses remain the primary drag on net income, frequently exceeding $40 million per quarter, which suggests that the company's expense discipline is currently prioritized toward market expansion and surgeon training rather than immediate bottom-line optimization for shareholders.
The persistent level of SG&A spending appears to be a strategic choice to defend the company's competitive moat against potential entrants. Investors should monitor whether these costs eventually moderate as the surgeon network reaches a critical mass and the need for intensive educational outreach begins to decline.
While the company demonstrates strong commercial performance, the 2026Q1 operating loss of $8.1 million highlights the inherent risk that MACI revenue, being largely elective, may be susceptible to broader economic downturns where patients defer out-of-pocket costs for non-emergency orthopedic procedures, potentially impacting the company's growth durability.
Short-term volatility in earnings quality appears to be exacerbated by the timing mismatch between biopsy harvest and revenue recognition. This creates a risk that the company's reported figures may not fully reflect the underlying demand environment, necessitating a cautious approach to extrapolating recent growth trends into future periods.
Quick answers to the most common questions about buying VCEL stock.
For fiscal year 2025, Vericel Corporation (VCEL) reported total revenue of $276.3M. This represents a 17166.2% increase compared to $1.6M in 1996.
Vericel Corporation (VCEL) is profitable, generating $16.5M in net income for the fiscal year ending 2025 with a net profit margin of 6.0%.
Vericel Corporation (VCEL) reported an operating income of $11.0M, resulting in an operating profit margin of 4.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Vericel Corporation (VCEL) generated $205.6M in gross profit for the year, representing a gross profit margin of 74.4%. This demonstrates the company's core pricing power and production efficiency.