Vericel Corporation (VCEL) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Vericel published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Q3 2026 NexoBrid revenue of $5.3 million includes $3.0 million of procurement revenue from BARDA, the U.S. Biomedical Advanced Research and Development Authority. Commercial NexoBrid revenue was $2.3 million. The year-ago Burn Care figure adds Vericel's reported Epicel and NexoBrid revenue.

Source: Vericel Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Vericel splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Vericel's MACI revenue was $67.4 million in Q3 2026, up 21% from $55.7 million in Q3 2025, 79% of total revenue.
• Vericel's Burn Care revenue was $18.0 million in Q3 2026, up 51% from $11.9 million in Q3 2025, 21% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Vericel said:

“Raised total revenue guidance to $344 to $346 million, compared to $330 to $340 million previously”

“Raised MACI revenue guidance to $290 to $292 million, compared to $284 to $290 million previously”

“Raised Burn Care revenue guidance to $54 million, compared to $46 to $50 million previously”

“Raised adjusted EBITDA margin guidance to 28%, compared to 27% previously”

Source: Vericel Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the VCEL forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenue and GAAP diluted EPS, each as first reported in that quarter's release. MACI sales are seasonal and usually strongest in the fourth quarter.

We do not hold a confirmed date for Vericel's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Vericel sells three products in the United States: MACI, a cultured cartilage implant for knee defects, and two burn care products, Epicel skin grafts and NexoBrid, which it licenses from MediWound. In Q3 2026 MACI brought in $67.4 million and Burn Care $18.0 million, for total net revenue of $85.4 million, up 26% from $67.5 million. (Vericel Q3 2026 release, Nov 5, 2026)

MACI revenue grew 21%, its sixth straight quarter of growth of 20% or more, and Vericel reported record third quarter MACI biopsies, implants and surgeon counts, plus its highest number of MACI Arthro cases since the arthroscopic version launched. The 10-Q attributes revenue growth to volume and price across all products. (Vericel Q3 2026 release, Nov 5, 2026; Vericel Form 10-Q, Q3 2026, Nov 5, 2026)

Burn Care grew 52%. Epicel revenue rose 23% to $12.7 million, its highest quarter since launch, and NexoBrid revenue was $5.3 million: $2.3 million of commercial sales and $3.0 million of procurement revenue from BARDA. A year earlier Epicel was $10.4 million and commercial NexoBrid $1.5 million. (Vericel Q3 2026 release, Nov 5, 2026)

MACI is seasonal. Over the five years through 2025 the first to fourth quarters averaged 21%, 23%, 22% and 34% of annual MACI volume, with the fourth quarter strongest partly because patients have met their insurance deductibles by then. Vericel distributes MACI implants mainly through two specialty pharmacies, Orsini and AllCare, and keeps the credit and collection risk. (Vericel Form 10-Q, Q3 2026, Nov 5, 2026)

Vericel's GAAP diluted EPS rose to $0.27 in Q3 2026 from $0.10, and net income to $14.2 million from $5.1 million. Gross margin held at 73%, and operating expenses grew more slowly than revenue, to $50.4 million from $46.1 million, mainly on headcount including the MACI sales force expansion and marketing programs. (Vericel Q3 2026 release, Nov 5, 2026)

Vericel reports no adjusted EPS. Its non-GAAP Adjusted EBITDA adds back stock-based compensation ($7.8 million in the quarter), depreciation and amortization, and pre-occupancy lease expense and tech transfer costs, and removes net interest income. Adjusted EBITDA was $25.2 million, 30% of revenue, against $17.0 million, or 25%. (Vericel Q3 2026 release, Nov 5, 2026)

Vericel repurchased 220,744 shares for $8.8 million in the quarter and had $191.2 million of authorization left at September 30, 2026. Diluted weighted average shares were 53.0 million, against 51.9 million. Vericel has no debt and held $235.6 million in cash and investments. (Vericel Q3 2026 release, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Vericel gives full-year guidance by product line in its release. With Q3 2026 results it raised 2026 total revenue guidance to $344 to $346 million from $330 to $340 million, MACI to $290 to $292 million from $284 to $290 million, and Burn Care to $54 million from $46 to $50 million. (Vericel Q3 2026 release, Nov 5, 2026)

Vericel also raised its 2026 adjusted EBITDA margin guidance to 28% from 27% and reaffirmed a full-year gross margin of about 75%. It remains on track for a potential MACI launch in the U.K. in 2027. (Vericel Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Vericel, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Vericel's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning VCEL is on is VCEL a buy or a sell?, what analysts expect next is on the VCEL forecast, and what the company does is on the Vericel Corporation (VCEL) stock page.

Every number on this page can be traced to a document Vericel published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.