Truist Slashes PT on Vericel Corporation (VCEL) to $45 From $50

Core Viewpoint - Vericel Corporation (NASDAQ:VCEL) is highlighted as a promising small-cap stock with significant upside potential, despite recent adjustments in price targets by analysts [1][2]. Financial Performance - In fiscal Q3 2025, Vericel reported total net revenue of $67.5 million, an increase from $57.9 million in the same quarter of the previous year [2]. - The net product revenue included $55.7 million from MACI, up from $44.7 million year-over-year, and $10.4 million from Epicel, down from $44.7 million [2]. - NexoBrid generated $1.5 million in revenue, a slight increase from $1.1 million in fiscal Q3 2024 [2]. Operating Expenses - Total operating expenses for the quarter rose to $46.1 million, compared to $44.1 million in the same period of 2024, primarily due to increased headcount and costs associated with the new Burlington facility [3]. Revenue Guidance - The company provided full-year revenue guidance of $272 to $276 million, reaffirming MACI revenue growth in the low 20% range, estimated at $237.5 to $239.5 million [4]. - Full-year profitability guidance includes a gross margin of 74% and an adjusted EBITDA margin of 26% [4]. Company Overview - Vericel is engaged in the development, research, manufacturing, and distribution of patient-specific expanded cellular therapies, with products including Epicel for skin replacement and MACI for tissue engineering using the patient's own cartilage [5].