Vericel : Q1 2026 Earnings Call Presentation
VCEL
Published on 05/07/2026 at 07:55 am EDT
VERICEL
Q1 2026 RESULTS
MAY 7, 2026
Q1 2026
-$7.6
Q1 2025
Vericel Q1 2026 Financial Results - May 7, 2026
Q1 2026
Q1 2025
6%
Free Cash Flow ($M)
$15.1
Adj. EBITDA
14%
Q1 2026
Q1 2025
Q1 2026
Q1 2025
$3.2
69%
Adj. EBITDA ($M)
$9.6
Gross Margin
72%
MACI
+22%
$56.4
$68.4M
Total Revenue
+30%
$12.0
Burn Care
+91%
Q1 2026 Financial Results
Q1 Key Business Highlights
~$211M in cash and investments
3 3
MACI Continues to Deliver Top-Tier Revenue Growth
21%
21%
19%
15%
21%
25%
23%
22%
2026 MACI Growth Drivers
Strong leading indicators exiting 2025 continued through first quarter of 2026
MACI Arthro supporting higher growth in small condyle defects (largest segment of TAM)
30% increase in sales force to start 2026 will increase penetration into customer base
Strong market access with over 95% of prior authorization submissions approved in 2025
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Vericel Q1 2026 Financial Results - May 7, 2026 4
2026 Financial Guidance
Raising Full-Year Revenue Guidance by $10 Million
$276M
74%
$326M-
$336M
73%
75%
23%
26%
$237M
Raising Full-Year Revenue Guidance Range by $10 Million
Maintaining Gross Margin Guidance of ~75%
27%
Maintaining Adjusted EBITDA Margin Guidance of ~27%
Vericel Q1 2026 Financial Results - May 7, 2026 5
2026 Strategic Imperatives
MACI
Sales Force Expansion
Meaningfully increase reach across MACI customer base with 30% sales force expansion
Drive breadth and depth of MACI surgeon penetration
Enhance commercial excellence and execution
Drive sales rep productivity to pre-expansion levels
Record Q1 biopsies, implants, and biopsy and implanting surgeons
Positive trends in biopsies per surgeon and conversion rates post-expansion
MACI Arthro
Leverage MACI Arthro to unlock new growth segment with minimally invasive procedure option
Drive continued growth in small condyle defects
Generate clinical data through MACI registry
Continued strong leading indicators in small condyle segment
First MACI Arthro early outcomes data accepted for publication
Lifecycle Management
Expand MACI outside the U.S. and into other joints; strengthen Burn Care franchise
Secure FDA approval of new manufacturing facility
Strengthen Burn Care franchise with potential BARDA agreement
New facility approved by FDA for MACI commercial manufacturing
BARDA award granted for procurement and advanced development of NexoBrid
Vericel Q1 2026 Financial Results - May 7, 2026 6
Q1 2026 Revenue Details
Q1 2026
Q1 2025
Q1 2024
Q1 2023
$10
$0
$40.2
$34.2
$46.3
$20
$56.4
$30
MACI
$6.8
Epicel $40
$1.3
$5.0
$0.4
$10.7
$50
NexoBrid
$1.1
$10.9
$70
$60
Total Revenue ($M)
Total Company growth of 30% vs. prior year
MACI growth of 22% vs. prior year
Vericel Q1 2026 Financial Results - May 7, 2026 7
Cash and Balance Sheet Highlights
Cash Flow Summary
Unaudited ($M)
2025
2026
Cash provided by operations
$6.6
$16.4
Cash used in investing
(15.1)
(4.2)
Cash provided by (used in) financing
3.2
(3.0)
Three months ending March 31,
Free Cash Flow
Q1 2025 Q1 2026
-$7.6
$15.1
Balance Sheet Summary
As of March 31, 2026
Total cash and investments
Debt
Vericel Q1 2026 Financial Results - May 7, 2026 8
Q1 2026 Financial Results
Income Statement Summary
Three months ending March 31,
Unaudited ($M except per share amounts)
2026
2025
Net Revenue
$68.4
$52.6
Gross Profit
49.3
36.3
Gross Margin
72%
69%
Research and Development
8.1
7.3
Selling, General and Administrative
49.2
41.8
Total Operating Expenses
57.3
49.1
Operating Income (Loss)
(8.1)
(12.8)
Net Income (Loss)
(6.3)
(11.2)
Net Income (Loss) Per Share (Diluted)
($0.12)
($0.23)
Weighted Average Shares (Diluted)
50.8
49.9
Adjusted EBITDA
9.6
3.2
Adjusted EBITDA Margin
14%
6%
Vericel Q1 2026 Financial Results - May 7, 2026 9
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted EBITDA ($M)
Q1 2026
Q1 2025
Net Income (Loss) (GAAP)
($6.3)
($11.2)
Stock-based compensation expense
11.3
11.5
Depreciation and amortization
3.3
2.7
Net interest income
(1.7)
(1.5)
Pre-occupancy lease expense and tech transfer
3.0
1.8
Adjusted EBITDA (Non-GAAP)
9.6
3.2
Reconciliation of Free Cash Flow ($M)
Q1 2026
Q1 2025
Net cash provided by operating activities
$16.4
$6.6
Capital expenditures
(1.3)
(14.2)
Free cash flow (Non-GAAP)
15.1
(7.6)
Net cash used in investing activities
(4.2)
(15.1)
Net cash (used in) provided by financing activities
(3.0)
3.2
Vericel Q1 2026 Financial Results - May 7, 2026 10
Disclaimer
Vericel Corporation published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 11:54 UTC.