---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-049880"
form_type: "8-K"
ticker: "VCEL"
cik: "0000887359"
company_name: "Vericel Corp"
filed_at: "2025-11-06T23:59:59+00:00"
generated_at: "2026-05-17T00:07:33.704840+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Vericel reports record Q3 revenue $67.5M; net income $5.1M vs loss

## Summary
- Total revenue $67.5M (record Q3), MACI $55.7M (+25% YoY), Burn Care $11.8M (Epicel $10.4M, NexoBrid $1.5M).
- Net income $5.1M ($0.10 diluted EPS) vs net loss $0.9M prior year; adjusted EBITDA $17.0M (25% rev) vs $10.0M (17%).
- FY 2025 revenue guidance reaffirmed $272-276M; gross margin 74%, adjusted EBITDA margin 26%.
- Operating cash flow $22.1M (record Q3); cash $185M, no debt; MACI Arthro >800 surgeons trained; MACI Ankle study on track.

## SEC filing metadata
- accession: 0001628280-25-049880
- form_type: 8-K
- ticker: VCEL
- cik: 0000887359
- company_name: Vericel Corp
- filed_at: 2025-11-06T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/887359/000162828025049880/0001628280-25-049880-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/887359/000162828025049880/vcel-20251106.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-049880
- JSON: https://secwatch.observer/filing/0001628280-25-049880.json
- Plain text: https://secwatch.observer/filing/0001628280-25-049880.txt

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