Short answer
Vericel Corp (VCEL) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $276M (+16.5% year over year) and net income of $17M.
- Top risk flagged: Regulatory risk: potential penalties from FDA or state agencies for off-label promotion or anti-kickback/anti-bribery law violations
FY2025 key financial metrics · XBRL
- Revenue
- $276M
- +16.5% YoY
- Net income
- $17M
- +59.4% YoY
- Operating margin
- 4.0%
- +2.1 pp YoY
- Gross margin
- 74.4%
- +1.9 pp YoY
- EPS (diluted)
- $0.32
- +60.0% YoY
- ROE
- 4.7%
- +1.1 pp YoY
- Operating cash flow
- $52M
- −10.8% YoY
Source: XBRL data from the Vericel Corp (VCEL) FY2025 10-K on SEC EDGAR. USD.
Vericel Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: advanced autologous cell therapies and specialty biologics for sports medicine and severe burn care markets
- New product launch: MACI Arthro arthroscopic delivery system approved August 2024 and commercially available Q3 2024 with custom instruments
- Strategic shift: expanded target surgeon base from 5,000 to 7,000 to include high-volume arthroscopic knee cartilage repair surgeons
- Notable metric: MACI commercial team expanded by ~30% in late 2025 to support growth initiatives
- Unique fact: Initiated MASCOT clinical trial in Q4 2025, first randomized study of MACI for ankle cartilage defects (osteochondral lesion of the talus)
Management Discussion & Analysis
- Revenue not explicitly stated, but sales volume increase indicated by accounts receivable growth and higher net income $16.5M in 2025 vs $10.4M in 2024
- Net income $16.5M (2025), operating expenses include $38.8M stock compensation, no explicit margin % reported
- Operating cash flow $51.9M (2025) vs $58.2M (2024); investing cash outflows $44M net in 2025 vs $79M in 2024; financing cash inflows $7.1M (2025) vs $19M (2024) from stock option exercises less tax withholdings
- Management expects current liquidity (cash + investments + borrowing capacity) sufficient for 12+ months; risks include R&D pace, clinical trials, patent costs, manufacturing capacity, acquisitions, and macroeconomic factors
Risk Factors
- Regulatory risk: potential penalties from FDA or state agencies for off-label promotion or anti-kickback/anti-bribery law violations
- Geopolitical risk: supply disruption of NexoBrid due to Middle East conflicts or China-Taiwan tensions, impacting commercial success
- Operational risk: dependency on third-party manufacturer Matricel GmbH for critical components of MACI/Epicel cell manufacturing
- Market disruption risk: competitive pressure from emerging artificial intelligence technologies affecting product innovation and adoption
- Financial risk: key-person dependency on senior manufacturing, quality, and management personnel critical to ongoing operations
Generated from the filing text; verify against the original. How to read a 10-K
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