Vericel Corporation Reports 20.1% Revenue Growth in Q2 2025

Vericel Corporation reported its financial results for the second quarter of 2025, revealing a total revenue of $63.2 million, a 20.1% increase from $52.7 million in the same period last year. For the first half of 2025, revenue reached $115.8 million, up 11.4% from $103.9 million in the first half of 2024. The growth was primarily driven by increased sales of its MACI product, which saw a 21.1% rise in revenue for the quarter, contributing $53.5 million. The company also noted a significant increase in NexoBrid sales, which rose by 51.9% year-over-year, while Epicel sales grew by 11.0%. Despite the revenue growth, Vericel reported a net loss of $0.6 million for the quarter, a substantial improvement from a net loss of $4.7 million in the prior year.

In terms of operational metrics, Vericel's total assets increased slightly to $435.6 million as of June 30, 2025, compared to $432.7 million at the end of 2024. The company’s cash and cash equivalents stood at $80.5 million, up from $74.5 million at the end of the previous fiscal year. The total liabilities decreased to $128.8 million from $140.8 million, reflecting a reduction in accounts payable and accrued expenses. The company’s employee headcount has also increased, contributing to higher selling, general, and administrative expenses, which rose by 18.8% to $41.9 million for the quarter.

Strategically, Vericel has made significant advancements in its product offerings. The FDA approved a supplemental Biologics License Application for MACI in August 2024, allowing for arthroscopic delivery, which became commercially available in the third quarter of 2024. This development is expected to enhance the product's adoption among orthopedic surgeons. Additionally, the company is preparing to initiate a clinical trial for MACI's use in treating ankle cartilage defects, which could further expand its market potential.

Looking ahead, Vericel anticipates that its current cash reserves, along with expected product sales, will be sufficient to support operations for at least the next 12 months. The company remains focused on leveraging its existing product portfolio while exploring new market opportunities, particularly with NexoBrid and MACI. However, it acknowledges potential risks, including market conditions and regulatory changes, that could impact future performance. The company is also monitoring geopolitical factors that may affect its supply chain, particularly concerning its partnership with MediWound for NexoBrid production.