Canaccord Genuity analyst Caitlin Cronin has reiterated their bullish stance on VCEL stock, giving a Buy rating yesterday.
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Caitlin Cronin has given his Buy rating due to a combination of factors tied to Vericel’s strong operating and financial performance. The company’s preliminary fourth-quarter and full-year 2025 revenues exceeded both her model and market expectations, with particularly robust growth in the MACI franchise and solid upside in Burn Care. She views this outperformance, alongside management’s indication of continued double-digit MACI growth in 2026, as evidence of durable demand supported by a completed sales force expansion and a steadily increasing base of trained MACI Arthro surgeons. In addition, Vericel is demonstrating attractive profitability characteristics, including strong gross margins, expanding EBITDA margins, and sustained net income alongside a debt-free balance sheet and substantial cash resources.
Caitlin also sees a favorable setup for 2026 and beyond as Vericel continues to scale its MACI Arthro opportunity, given a large remaining pool of target surgeons and higher utilization among those already trained. While recent Burn Care guidance is measured following prior volatility, the segment still contributes incremental growth without being central to her positive thesis. She highlights that the company appears to be only beginning to leverage years of groundwork in commercial infrastructure and clinical adoption, transitioning into a high-growth, consistently profitable business. Additional long-term catalysts, such as anticipated international expansion of MACI and potential future indications like the ankle, further support her view that Vericel’s growth runway remains underappreciated at current valuation levels, justifying a Buy recommendation.
In another report released yesterday, TD Cowen also reiterated a Buy rating on the stock with a $55.00 price target.