Vericel Corp (VCEL)
NASDAQ:VCEL
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Vericel
(NASDAQ:VCEL)
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Rating:66Neutral
Price Target:
$35.00
▲(5.01% Upside)
Action:ReiteratedDate:02/26/26
The score is driven primarily by improving financial performance (growth, profitability, high margins) and a constructive earnings outlook with strong cash and clear 2026 targets. These positives are tempered by a premium valuation (very high P/E) and mostly neutral technical setup with limited momentum signals.
Positive Factors
MACI franchise momentum
Sustained high growth and broad surgeon adoption make MACI a durable revenue engine. Large installed base, expanding MACI Arthro training and clinician familiarity raise switching costs versus alternatives, improving predictable procedure volumes and multi-year revenue visibility.
Negative Factors
Sales-force ramp execution risk
Aggressive rep hiring expands reach but requires sustained training and long clinical adoption cycles; delayed rep productivity would push out revenue and margin benefits, increase SG&A absorption, and strain near-term guidance while management works to realize expected returns.
Read all positive and negative factors
Positive Factors
Negative Factors
MACI franchise momentum
Sustained high growth and broad surgeon adoption make MACI a durable revenue engine. Large installed base, expanding MACI Arthro training and clinician familiarity raise switching costs versus alternatives, improving predictable procedure volumes and multi-year revenue visibility.
Read all positive factors
Vericel (VCEL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.69B
Dividend YieldN/A
Average Volume (3M)703.96K
Price to Earnings (P/E)110.3
Beta (1Y)1.11
Revenue Growth14.05%
EPS Growth241.86%
CountryUS
Employees357
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.45
Shares Outstanding50,763,317
10 Day Avg. Volume867,676
30 Day Avg. Volume703,959
Financial Highlights & Ratios
PEG Ratio1.93
Price to Book (P/B)5.14
Price to Sales (P/S)6.59
P/FCF Ratio73.61
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue6.25
Enterprise Value/Gross Profit8.39
Enterprise Value/Ebitda58.05
Forecast
1Y Price Target
$57.40Price Target Upside72.22% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.43
Revenue Forecast (FY)$322.56M
Vericel Business Overview & Revenue Model
Company Description
Vericel Corporation, a commercial-stage biopharmaceutical company, engages in the research, development, manufacture, and distribution of cellular therapies for sports medicine and severe burn care markets in the United States. The company markets...
How the Company Makes Money
Vericel primarily makes money by selling its commercial products to healthcare providers and treatment centers, generating revenue largely from product sales recognized when product is delivered (or per applicable accounting/contract terms) and re...
Vericel Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial picture: record Q4 and full-year revenue, robust MACI momentum, substantial margin expansion, a strong cash position, successful sales‑force expansion, and advancement of clinical and manufacturing initiatives. Management provided constructive but conservative 2026 guidance that leaves room for upside from rep productivity, MACI Arthro adoption, and a potential BARDA award. Key risks include near-term margin compression (Q1), execution and ramp timing for the expanded sales force, reliance in part on pricing, and uncertainty around BARDA/NexoBrid timing. Taken together, the positive achievements (record growth, high margins, cash, product and clinical progress) noticeably outweigh the manageable near-term headwinds and uncertainties.Positive Updates
Record Quarterly and Annual Revenue
Q4 2025 total revenue of $92.9M, up 23% year-over-year; full year 2025 total revenue of $276.3M, above the high end of guidance.
Negative Updates
Guidance Conservatism and Limited Upside Assumptions
Management framed 2026 guidance prudently — not baking in potential upside from faster rep productivity, MACI Arthro acceleration, or a possible BARDA award, leaving room for outperformance but signaling cautious assumptions.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly and Annual Revenue
Q4 2025 total revenue of $92.9M, up 23% year-over-year; full year 2025 total revenue of $276.3M, above the high end of guidance.
Read all positive updates
Company Guidance
Vericel guided 2026 total revenue of approximately $316–$326 million, with MACI revenue of about $280–$286 million and Burn Care run‑rate of ~$9–$10 million per quarter (≈$36–$40 million full year) — no BARDA/NexoBrid revenue assumed in the initial guide; Q1 2026 guidance is MACI $54–$55 million and Burn Care $9–$10 million, with the company expecting >20% total revenue growth in Q1. For the full year they expect roughly 75% gross margin and ~27% adjusted EBITDA margin (Q1 ~70% gross margin and ~10% adjusted EBITDA), total operating expenses of ~ $220 million (about $55M/quarter), incremental SG&A from ~30 new sales hires (~$10M annually) and higher R&D for the MACI Ankle MASCOT trial; they enter the year with ~ $200 million cash and investments and said sales rep productivity could return to 2025 levels as early as next year.Vericel Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 276.26M | 237.22M | 197.52M | 164.37M | 156.18M |
| Gross Profit | 205.60M | 172.11M | 135.58M | 109.79M | 106.03M |
| EBITDA | 30.29M | 16.63M | 2.86M | -11.64M | -4.61M |
| Net Income | 16.52M | 10.36M | -3.18M | -16.71M | -7.47M |
Balance Sheet | |||||
| Total Assets | 487.97M | 432.72M | 353.66M | 273.00M | 243.71M |
| Cash, Cash Equivalents and Short-Term Investments | 137.50M | 116.21M | 109.56M | 119.54M | 103.40M |
| Total Debt | 98.27M | 98.85M | 88.04M | 47.57M | 50.18M |
| Total Liabilities | 133.33M | 140.75M | 127.70M | 80.73M | 73.24M |
| Stockholders Equity | 354.64M | 291.97M | 225.95M | 192.27M | 170.46M |
Cash Flow | |||||
| Free Cash Flow | 24.75M | -5.81M | 7.80M | 10.09M | 21.13M |
| Operating Cash Flow | 51.91M | 58.16M | 35.31M | 17.69M | 29.04M |
| Investing Cash Flow | -43.94M | -79.03M | -3.13M | -36.21M | -3.50M |
| Financing Cash Flow | 7.07M | 19.05M | 3.62M | 1.04M | 9.17M |
Vericel Technical Analysis
Neutral
33.33
Price Trends
34.55
Negative
36.27
Negative
36.18
Negative
Market Momentum
-0.34
Negative
53.67
Neutral
77.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VCEL, the sentiment is Neutral. The current price of 33.33 is above the 20-day moving average (MA) of 32.34, below the 50-day MA of 34.55, and below the 200-day MA of 36.18, indicating a neutral trend. The MACD of -0.34 indicates Negative momentum. The RSI at 53.67 is Neutral, neither overbought nor oversold. The STOCH value of 77.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VCEL.
Vericel Risk Analysis
Vericel disclosed 66 risk factors in its most recent earnings report. Vericel reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Vericel Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.10B | 7.46 | 70.37% | ― | 20.62% | ― | |
70 Outperform | $2.41B | 6.20 | -76.45% | ― | 45.38% | 92.85% | |
66 Neutral | $1.69B | 110.29 | 5.17% | ― | 14.05% | 241.86% | |
61 Neutral | $3.49B | -12.72 | -31.97% | ― | ― | -5.73% | |
56 Neutral | $2.09B | -6.98 | -41.68% | ― | -73.94% | -31.70% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.46B | -22.81 | -40.63% | ― | 58.12% | 24.08% |
* Healthcare Sector Average
VCEL
Vericel
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-24.66%
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Vericel Corporate Events
Business Operations and StrategyFinancial Disclosures
Vericel Issues Strong Preliminary 2025 Financial Results
Positive
Jan 13, 2026
On January 13, 2026, Vericel reported preliminary, unaudited financial results for the fourth quarter and full year ended December 31, 2025, expecting total 2025 net revenue of about $276 million, including $239.5 million from MACI and $36.5 milli...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.