Vericel (VCEL) - 2025 Q3 - Quarterly Results

Financial Performance - Total net revenue for Q3 2025 reached $67.5 million, a 16% increase from $57.9 million in Q3 2024[7] - MACI net revenue grew by 25% to $55.7 million, compared to $44.7 million in Q3 2024[5] - Burn Care net revenue was $11.8 million, consisting of $10.4 million from Epicel and $1.5 million from NexoBrid[5] - Net income for the quarter was $5.1 million, or $0.10 per diluted share, compared to a net loss of $0.9 million in Q3 2024[11] - Non-GAAP adjusted EBITDA increased by 69% to $17.0 million, representing 25% of net revenue[5] - Adjusted EBITDA for the three months ended September 30, 2025, was $16,996,000, representing a 69.5% increase from $10,040,000 in the same period of 2024[24] Cash Flow and Assets - Operating cash flow for the quarter was a record $22.1 million[5] - The company has $185 million in cash and investments, with no debt[12] - Cash and cash equivalents rose to $100,403,000 as of September 30, 2025, compared to $74,520,000 at the end of 2024, indicating a 34.7% increase[26] - Total current assets increased to $221,967,000 as of September 30, 2025, up from $212,777,000 at the end of 2024, reflecting a growth of 4.6%[26] Liabilities and Equity - Total liabilities decreased to $131,416,000 as of September 30, 2025, down from $140,755,000 at the end of 2024, a reduction of 6.5%[26] - Total shareholders' equity increased to $321,858,000 as of September 30, 2025, compared to $291,967,000 at the end of 2024, indicating a growth of 10.2%[26] Inventory and Expenses - Inventory levels increased to $18,155,000 as of September 30, 2025, compared to $17,373,000 at the end of 2024, reflecting a growth of 4.5%[26] - The company reported stock-based compensation expense of $8,699,000 for the three months ended September 30, 2025, slightly down from $9,224,000 in the same period of 2024[24] - The current portion of operating lease liabilities rose to $13,845,000 as of September 30, 2025, compared to $9,257,000 at the end of 2024, an increase of 49.5%[26] Future Outlook - Full-year revenue guidance is set at $272 to $276 million, with MACI revenue growth expected in the low 20% range[9] - The MACI Ankle™ program is on track to initiate clinical studies in Q4 2025[6]