Vericel (VCEL) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $77.5 million, up 22–22.5% year-over-year, driven by strong MACI and Burn Care performance, with MACI revenue up 23% and Burn Care up 22%.

• Net income for Q2 2026 was $2.2 million, reversing a net loss of $0.6 million in the prior year quarter.

• Free cash flow for Q2 2026 was $14.3 million, with cash and investments totaling $227 million and no debt.

• Board authorized a $200 million share repurchase program, reflecting confidence in long-term growth.

• MACI revenue growth was supported by sales force expansion, new product rollout, and record biopsies and implants.

Financial highlights

• Q2 2026 total revenue was $77.5 million (up from $63.2 million in Q2 2025), with MACI at $65.5 million and Burn Care at $12 million.

• Gross margin for Q2 2026 was 73%, with adjusted EBITDA margin at 19%.

• Net income for Q2 2026 was $2.2 million; diluted EPS was $0.04.

• Free cash flow for Q2 2026 was $14.3 million; first half 2026 free cash flow was $29.4 million.

• Cash and investments at June 30, 2026 totaled $227 million, with no debt.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $330–$340 million (19–23% growth), with MACI at $284–$290 million and Burn Care at $46–$50 million.

• Full-year gross margin guidance is ~75% and adjusted EBITDA margin guidance is ~27%.

• Q3 2026 revenue expected at $76.5–$78.5 million, with MACI at ~$65.5 million and Burn Care at ~$12 million.

• Management expects current cash, investments, and borrowing capacity to support operations for at least 12 months.

• Growth drivers include continued MACI adoption, expansion of MACI Arthro, and potential label expansion for MACI in the ankle and UK markets.