The combination of a strong revenue beat, raised guidance, positive free cash flow inflection, and the BARDA award creates a powerful bullish catalyst. Watch for continued MACI implant growth and MHRA submission progress in 2026 as next catalysts. The stock should re-rate higher given the cash flow inflection and raised outlook.
Price Chart
Executive Summary
Vericel reported Q1 2026 revenue of $68.4M (+30% YoY) and GAAP EPS of -$0.12 (vs consensus -$0.16, a 25% beat on the loss). The company raised full-year 2026 revenue guidance by $10M to $326-336M, driven by 22% MACI growth and 91% Burn Care growth. Free cash flow turned positive at $15.1M vs -$7.6M a year ago, signaling an inflection in cash generation.
Key Financial Metrics
Key Facts
- Total revenue $68.4M (+30% YoY), above consensus $63.6M
- GAAP EPS -$0.12 vs consensus -$0.16 (25% beat on loss)
- MACI revenue $56.4M (+22% YoY), Burn Care $12.0M (+91% YoY)
- Gross margin 72% vs 69% a year ago
- Adjusted EBITDA $9.6M (+195% YoY), 14% of revenue
- Operating cash flow $16.4M, free cash flow $15.1M (vs -$7.6M Q1 2025)
- FY2026 revenue guidance raised to $326-336M from $316-326M
- BARDA award up to $197M for NexoBrid procurement and development
- FDA approval for MACI commercial manufacturing at new facility
- Cash and investments $211M, no debt
Financial Impact
Revenue beat by ~$4.8M (7.5% above consensus), EPS beat by $0.04 on loss. Guidance raised by $10M at midpoint. Free cash flow swing of +$22.7M YoY.
Risk Factors
- GAAP net loss persists at -$6.3M despite operational improvements
- Selling expenses increased to $49.2M (+18% YoY) as sales force expands
- Dependence on MACI for ~82% of revenue concentration risk
- Geopolitical risks to NexoBrid supply from MediWound in Israel
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3289900 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 8w ago | Insider Cluster | $45.36 $40.89 | ▼ −9.85% | ▼ −9.25% | $40.15 (−11.49%) |
Jul 30, 2026 9w ago | 8-K | $47.61 $41.18 | ▼ −13.51% | ▼ −17.47% | $40.15 (−15.67%) |
Jul 16, 2026 11w ago | Press Release | $47.81 $44.54 | ▼ −6.84% | ▼ −10.46% | $40.15 (−16.02%) |
Jun 30, 2026 13w ago | Insider Cluster | $45.15 $46.62 | ▲ +3.26% | ▲ +5.44% | $40.15 (−11.07%) |
Jun 2, 2026 17w ago | 144 | $34.45 $45.15 | ▲ +31.06% | ▲ +32.62% | $40.15 (+16.55%) |
May 15, 2026 20w ago | Insider Cluster | $34.87 $38.46 | ▲ +10.30% | ▲ +8.71% | $40.15 (+15.14%) |
May 7, 2026 21w ago | 8-K | $35.13 $34.74 | ▼ −1.11% | ▼ −4.25% | $40.15 (+14.29%) |
May 7, 2026 21w ago | Press Release | $35.13 $34.74 | ▼ −1.11% | ▼ −4.25% | $40.15 (+14.29%) |
Apr 23, 2026 23w ago | Press Release | $34.40 $35.40 | ▲ +2.91% | ▼ −1.73% | $40.15 (+16.72%) |
Mar 19, 2026 28w ago | DEFA14A | $32.74 $35.68 | ▲ +8.98% | ▲ +1.36% | $40.15 (+22.63%) |
US Market Status
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