---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-036854"
form_type: "8-K"
ticker: "VCEL"
cik: "0000887359"
company_name: "Vericel Corp"
filed_at: "2025-07-31T23:59:59+00:00"
generated_at: "2026-05-17T22:37:59.712704+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-25-036854
- form_type: 8-K
- ticker: VCEL
- cik: 0000887359
- company_name: Vericel Corp
- filed_at: 2025-07-31T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/887359/000162828025036854/0001628280-25-036854-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/887359/000162828025036854/vcel-20250731.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-036854
- JSON: https://secwatch.observer/filing/0001628280-25-036854.json
- Plain text: https://secwatch.observer/filing/0001628280-25-036854.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.