olivLaw · US equity research
Vericel Corporation VCEL
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
Vericel is a provider of advanced cell therapies and specialty biologics for sports medicine and severe burn care. The company reports solid revenue growth and raised its 2026 guidance to revenue of 330 to 340 million USD.
At the close of 04 Nov 2026, Vericel Corporation (VCEL) stock was 45.48 USD (+10.68% on the day), with market capitalisation 2.3 bn USD, P/E 107.7 on diluted EPS of 0.42 USD over the last 12 months, beta 1.08, 52-week range 29.34–48.31 USD. Latest reported quarter (Q2 2026): revenue of 77.5 m USD (+22.5% YoY), net income of 2.2 m USD, diluted EPS 0.04 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.2
- strong (55–70)
- Bollinger (20, 2)
- 38.50 – 44.26
- above the upper band · %B 1.21 · band width 13.9%
- SMA 50 / 200
- 40.56 / 38.72
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.54 / 0.35
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.7% | −2.0% | +12.7 pp | — |
| 3 months | +0.3% | −2.2% | +2.4 pp | — |
| 6 months | +23.7% | +4.3% | +19.4 pp | — |
| Year to date | +26.3% | +10.6% | +15.7 pp | — |
| 1 year | +25.5% | +10.5% | +15.0 pp | −8.4% |
| 3 years | +23.4% | +73.7% | −50.3 pp | +11.7% |
| 5 years | −1.2% | +61.7% | −63.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 57.9 m | 75.4 m | 52.6 m | 63.2 m | 67.5 m | 92.9 m | 68.4 m | 77.5 m |
| Cost of revenue | 16.3 m | 16.9 m | 16.3 m | 16.6 m | 17.9 m | 19.8 m | 19.2 m | 21.1 m |
| Gross profit | 41.7 m | 58.5 m | 36.3 m | 46.6 m | 49.6 m | 73.1 m | 49.3 m | 56.4 m |
| Research & development | 6.1 m | 4.9 m | 7.3 m | 6.7 m | 6.3 m | 7.3 m | 8.1 m | 7.5 m |
| SG&A | 38.0 m | 35.1 m | 41.8 m | 41.9 m | 39.8 m | 43.5 m | 49.2 m | 48.5 m |
| Operating income | -2.5 m | 18.5 m | -12.8 m | -2.0 m | 3.5 m | 22.4 m | -8.1 m | 434.0 k |
| Depreciation & amortisation | 1.3 m ≈ | 1.5 m | 2.7 m | 2.8 m ≈ | 2.9 m ≈ | 3.1 m | 3.3 m | 3.6 m ≈ |
| Interest expense | 154.0 k | 154.0 k | 153.0 k | 157.0 k | 158.0 k | 162.0 k | 160.0 k | 160.0 k |
| Pre-tax income | -901.0 k | 20.0 m | — | — | — | — | — | — |
| Income tax | 0 | 148.0 k | — | — | — | — | — | — |
| Net income | -901.0 k | 19.8 m | -11.2 m | -553.0 k | 5.1 m | 23.2 m | -6.3 m | 2.2 m |
| Diluted EPS | -0.02 | 0.33 ≈ | -0.23 | -0.01 | 0.10 | 0.40 ≈ | -0.12 | 0.04 |
| Operating cash flow | 10.2 m ≈ | 22.2 m | 6.6 m | 8.2 m ≈ | 22.1 m ≈ | 15.0 m | 16.4 m | 16.2 m ≈ |
| Capex | 19.4 m ≈ | 13.8 m | 14.2 m | 8.1 m ≈ | 2.6 m ≈ | 2.2 m | 1.3 m | 1.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 17 percentile of its own 12-quarter history (min 86.4, median 510.6, max 24,534.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 90.9 m | 117.9 m | 124.2 m | 156.2 m | 164.4 m | 197.5 m | 237.2 m | 276.3 m |
| Revenue YoY | +42.1% | +29.7% | +5.4% | +25.8% | +5.2% | +20.2% | +20.1% | +16.5% |
| Net income | -8.1 m | -9.7 m | 2.9 m | -7.5 m | -16.7 m | -3.2 m | 10.4 m | 16.5 m |
| Net income YoY | unavailable | unavailable | unavailable | −360.9% | unavailable | unavailable | unavailable | +59.4% |
| Diluted EPS | -0.20 | -0.22 | 0.06 | -0.16 | -0.35 | -0.07 | 0.20 | 0.32 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −366.7% | unavailable | unavailable | unavailable | +60.0% |
| net % | -9.0% | -8.2% | 2.3% | -4.8% | -10.2% | -1.6% | 4.4% | 6.0% |
| Free cash flow | -3.1 m | -9.8 m | 14.9 m | 21.1 m | 10.1 m | 15.3 m | -5.8 m | 24.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 100.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 354.6 m USD
- Total assets
- 488.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 5.03x
- ROE
- 5.1%
- ROA
- 3.6%
- FCF margin
- 9.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 124.2 m | 156.2 m | 164.4 m | 197.5 m | 237.2 m | 276.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 40.0 m | 50.2 m | 54.6 m | 61.9 m | 65.1 m | 70.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 84.2 m | 106.0 m | 109.8 m | 135.6 m | 172.1 m | 205.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 13.0 m | 16.3 m | 19.9 m | 21.0 m | 24.8 m | 27.6 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 68.8 m | 97.6 m | 106.9 m | 121.0 m | 142.8 m | 167.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 2.4 m | -7.9 m | -17.1 m | -6.5 m | 4.5 m | 11.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 2.4 m | 3.0 m | 4.0 m | 4.6 m | 5.5 m | 11.5 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 4.8 m ≈ | -4.9 m ≈ | -13.1 m ≈ | -1.8 m ≈ | 10.0 m ≈ | 22.6 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 6.0 k | 4.0 k | 366.0 k | 600.0 k | 614.0 k | 630.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 3.0 m | -7.6 m | -16.0 m | -2.4 m | 10.5 m | 17.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 180.0 k | -111.0 k | 721.0 k | 814.0 k | 148.0 k | 859.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 2.9 m | -7.5 m | -16.7 m | -3.2 m | 10.4 m | 16.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 0.06 | -0.16 | -0.35 | -0.07 | 0.20 | 0.32 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 47.3 m | 46.5 m | 47.1 m | 47.6 m | 51.7 m | 52.2 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 33.6 m | 68.3 m | 51.1 m | 69.1 m | 74.5 m | 100.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 34.5 m | 37.4 m | 46.5 m | 58.4 m | 61.4 m | 84.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 9.4 m | 13.4 m | 16.0 m | 13.1 m | 17.4 m | 17.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 123.6 m | 158.5 m | 186.9 m | 205.6 m | 212.8 m | 247.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 0 | 7.5 m | 6.9 m | 6.3 m | 5.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 205.6 m | 243.7 m | 273.0 m | 353.7 m | 432.7 m | 488.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 6.8 m | 9.0 m | 16.9 m | 22.3 m | 23.8 m | 15.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 22.5 m | 26.1 m | 37.5 m | 45.7 m | 50.3 m | 49.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 71.3 m | 73.2 m | 80.7 m | 127.7 m | 140.8 m | 133.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 134.3 m † | 170.5 m † | 192.3 m † | 226.0 m † | 292.0 m † | 354.6 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 17.6 m | 29.0 m | 17.7 m | 35.3 m | 58.2 m | 51.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 2.6 m | 7.9 m | 7.6 m | 20.0 m | 64.0 m | 27.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 14.9 m ≈ | 21.1 m ≈ | 10.1 m ≈ | 15.3 m ≈ | -5.8 m ≈ | 24.7 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -17.2 m | -3.5 m | -36.2 m | -3.1 m | -79.0 m | -43.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 6.4 m | 9.2 m | 1.0 m | 3.6 m | 19.1 m | 7.1 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.3 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.13 – 16.23 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E9.13 – 16.23 (Mid 12.10)5 companies used · median multiple 28.7x · quartiles 21.6x – 38.4xADMA, ALVO, AMGN, EXEL, HALO
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.9% | 86 (vs peers) | 13% |
| FCF conversion · Quality | 254.6% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 18.9% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 28.5x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 5.0x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 107.7x | 0 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.6% | 33 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality93/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation15/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
VERICEL CORPORATION (VCEL). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 276.3 m USD in 2025; YoY growth 16.5%; net margin 7.9%; ROE 7.2%.
The estimated value range is 9.13–16.23 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 12.10 USD, the price of 45.48 USD leaves a potential of -73.4% (value / price − 1) and a margin of safety of -275.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 7.9%
- FCF conversion: 254.6%
- Revenue CAGR 3Y: 18.9%
- Interest coverage: 28.5x
- Current ratio: 5.0x
What contradicts it
- P/E (TTM): 107.7x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 249.4 bn | 28.7 | 91.5% | 23.0% | +10.0% | +34% / +71% |
| GILDGilead Sciences, Inc. | 207.7 bn | — | -22.3% | -12.5% | +2.4% | +33% / +119% |
| MRNAModerna, Inc. | 91.2 bn | — | -39.0% | -141.4% | −39.9% | +779% / +194% |
| RVMDRevolution Medicines, Inc. | 41.6 bn | — | -79.1% | — | unavailable | +150% / +733% |
| BIIBBiogen Inc. | 36.8 bn | 106.4 | 1.9% | 3.4% | +2.2% | +37% / +6% |
| MESOMesoblast Limited | 18.5 bn | — | -19.0% | -593.9% | +191.4% | −17% / +425% |
| EXELExelixis, Inc. | 17.6 bn | 21.6 | 44.3% | 35.5% | +7.0% | +64% / +232% |
| HALOHalozyme Therapeutics, Inc. | 14.8 bn | 38.4 | 173.7% | 24.9% | +37.6% | +83% / +238% |
| KYMRKymera Therapeutics, Inc. | 11.6 bn | — | -27.3% | -341.8% | −16.7% | +101% / +556% |
| TWSTTwist Bioscience Corporation | 8.9 bn | — | -29.6% | -31.7% | +20.3% | +345% / +493% |
| SCNIScinai Immunotherapeutics Ltd. | 6.2 bn | — | -91.9% | -633.6% | +99.2% | −96% / −99% |
| CGONCG Oncology, Inc. | 6.0 bn | — | -26.4% | -3,602.7% | +254.7% | +51% / unavailable |
| TARSTarsus Pharmaceuticals, Inc. | 3.4 bn | — | -319.8% | -102.9% | +146.7% | −14% / +318% |
| DNLIDenali Therapeutics Inc. | 3.4 bn | — | -33.9% | -1,470.5% | unavailable | +8% / +13% |
| ADMAAdma Biologics, Inc. | 2.3 bn | 14.9 | 41.9% | 33.0% | +19.6% | −45% / +183% |
| VCELVericel Corporation | 2.3 bn | 107.7 | 7.2% | 7.9% | +16.5% | +25% / +23% |
| BCRXBiocryst Pharmaceuticals, Inc. | 2.1 bn | — | — | -40.9% | +94.1% | +15% / +40% |
| VIRVir Biotechnology, Inc. | 2.0 bn | — | -26.1% | -83.0% | −7.6% | +83% / +24% |
| ALVOAlvotech | 1.5 bn | 46.7 | — | 4.8% | +19.7% | −8% / −51% |
| INBXInhibrx Biosciences, Inc. | 1.3 bn | — | -1,773.6% | — | +550.0% | +3% / unavailable |
| EVAXEvaxion A | 1.2 bn | — | -100.2% | -102.4% | +125.1% | −50% / −93% |
| CADLCandel Therapeutics, Inc. | 692.5 m | — | -81.8% | — | 0.0% | +90% / +907% |
| SRZNSurrozen, Inc. | 372.0 m | — | — | -2,885.3% | −67.4% | +91% / +340% |
| AUTLAutolus Therapeutics plc | 367.3 m | — | -133.0% | -238.7% | +644.9% | −2% / −68% |
| LXEOLexeo Therapeutics, Inc. | 265.0 m | — | -46.8% | — | unavailable | −67% / −75% |
1- and 3-year price returns: for VCEL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 33.29 Total return -27% · Per year -27% | 58.58 Total return 29% · Per year 29% | 87.87 Total return 93% · Per year 93% |
| 3 years | 39.48 Total return -13% · Per year -5% | 77.47 Total return 70% · Per year 19% | 126.53 Total return 178% · Per year 41% |
| 5 years | 46.83 Total return 3% · Per year 1% | 102.46 Total return 125% · Per year 18% | 182.21 Total return 301% · Per year 32% |
- Exit P/E± 19.37
- Net margin± 13.56
- Annual revenue growth± 10.11
- Annual dilution± 1.14
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Vericel is a provider of advanced cell therapies and specialty biologics for sports medicine and severe burn care. The company reports solid revenue growth and raised its 2026 guidance to revenue of 330 to 340 million USD 3.
SWOT
Strengths
- Differentiated portfolio of FDA-approved cell therapies and a prominent position in cartilage repair and severe burn care 1.
- Consistent MACI revenue growth and recently achieved profitability, with no debt as of the second quarter 2026 results 13.
- New Burlington manufacturing facility, approved for MACI production, supports volume growth 2.
Weaknesses
- Revenue is concentrated in one main product, MACI, and Epicel declined in 2025 1.
- Quarterly results are seasonal and can fluctuate significantly, and the company has historically lacked consistent profitability 1.
- Reliance on external suppliers for membranes and NexoBrid manufacturing is an operational vulnerability 1.
Opportunities
Risks
- Dependence on MACIhigh
Most revenue comes from a single product, and sales problems could affect financial results significantly 1.
- Quarterly fluctuationsmedium
Results can vary widely from quarter to quarter due to seasonality and order timing 1.
- Supply chainhigh
External suppliers, including Matricel and MediWound, could face difficulties that limit product deliveries 1.
- Reimbursementmedium
Changes in pricing and reimbursement policy could affect revenue from the company's products 1.
- Cybersecuritylow
A cybersecurity incident could expose confidential data and generate remediation costs 1.
Investment thesis
What would need to be true (bull case)
- MACI revenue growth, supported by the arthroscopic technique, has been consistent in recent quarters, and 2026 guidance was raised 3.
- The company has reached profitability and generates positive cash flow with a strong balance sheet and no debt, enabling investment and a share repurchase program 3.
- Expansion into the ankle and international markets could open new long-term revenue sources if approvals are obtained 1.
What would break the thesis
- Dependence on one main product makes performance vulnerable to changes in surgeon behavior or reimbursement 1.
- Profitability is recent, and spending on sales expansion and new facilities could compress margins if sales slow 3.
- Reliance on external suppliers and geopolitical conflicts could disrupt production or deliveries 1.
What to watch
- Revenue guidance for 2026 and quarterly delivery against itQ3 2026
- Gross margin and adjusted EBITDA margin relative to annual guidance2026
- MHRA decision on MACI authorization in the United Kingdom2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Vericel manufactures MACI and Epicel in Cambridge, Massachusetts, while the new Burlington facility is being transitioned into the primary MACI manufacturing site after FDA approval in March 2026 2. NexoBrid is manufactured by MediWound, mainly in Israel 1. MACI is delivered as an implant made from the patient's own cells, making manufacturing and logistics central to the business model 1.
The strategy aims to expand leadership in sports medicine and burn care through continued MACI investment, indication expansion, a UK launch and generating positive operating income and cash flow 1. Vericel reported net income in 2024 and 2025 after years of losses, so consistent profitability remains a key item to watch 1.
Market context
The knee cartilage market includes about 750,000 procedures a year in the U.S., of which about 125,000 patients are considered clinically appropriate for MACI by doctors 1. In burns, more than 40,000 people are hospitalized each year in the U.S., and about 140 specialized burn centers treat these cases 1. Market size depends on adoption of arthroscopic techniques and payer coverage.
Trends
- Ankle indication expansiontailwind
The MASCOT study for MACI in the ankle began in the fourth quarter of 2025, and the company sees a possible approval as a significant long-term growth driver 1.
- International expansionmixed
Vericel is evaluating reintroducing MACI in other markets, and a marketing authorization application was submitted to the UK MHRA, with a UK launch envisioned for 2027 if approval is obtained 13.
- Cost pressures and reimbursement policyheadwind
Operations are affected by inflation, geopolitical tensions and possible trade policy changes, and drug pricing efforts could affect product reimbursement 1.
Competitive position
The reviewed sources do not detail direct competitors, but they cite traditional cartilage treatments such as microfracture, which was compared with MACI in the SUMMIT trial 1. In burns, competition depends on specialized centers adopting Epicel and NexoBrid 1.
The company flags risks from disruptive technologies, innovation and competition, including artificial intelligence, which could change treatment standards 1. Dependence on external suppliers such as Matricel for MACI membranes and MediWound for NexoBrid is also a sensitive competitive element 1.
- Microfracture (alternative treatment)
Traditional surgical technique for cartilage defects, compared with MACI in the SUMMIT trial 1.
- Other cartilage repair techniques
Options such as osteochondral transplantation, mentioned as alternatives in cartilage treatment 1.
- Other burn treatments
Standard burn treatments, for which Epicel holds a unique position but is not the only option 1.
- Disruptive technologies and artificial intelligence
Innovations that could reduce the market share of the company's products 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report18 May 2026Amendments to articles or bylaws · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report01 May 2026Shareholder vote · Financial statements and exhibits
- Proxy statement19 Mar 2026
- Annual report26 Feb 2026
- Current report26 Feb 2026Results of operations · Financial statements and exhibits
- Current report13 Jan 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Vericel Corporation · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Vericel Corporation · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Vericel Corporation · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.