Vericel Q2 revenue $63.2M (+20% YoY); net loss narrows to $0.6M; adj. EBITDA up 112% to $13.4M

Vericel Corp

2025-Q2 EPS reported -$0.24 revenue$115,838,000

Record Q2 total revenue $63.2M, up 20% YoY; MACI revenue $53.5M, up 21%.
Gross margin improved to 74% (vs 70% Q2 2024); non-GAAP adj. EBITDA $13.4M, 112% growth, margin 21%.
Net loss narrowed to $0.6M ($0.01/sh) from $4.7M loss ($0.10/sh) last year.
Cash & investments $164M, no debt; reaffirmed FY guidance: MACI revenue growth low 20s, gross margin 74%, adj. EBITDA margin 26%.
Received FDA IND clearance for Phase 3 MACI Ankle study; ~600 MACI Arthro surgeons trained.

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