- **MACI Dominance**: Q3 revenue up 25% YoY to $55.7M, driven by 800+ trained surgeons and MACI Arthro adoption. Q4 guidance $82-84M, 2025 full year +20%.
- **Profit Surge**: Adjusted EBITDA $17M (25% margin), free cash flow $20M. 2029 targets: 75%+ gross margin, 35%+ EBITDA.
- **Growth Catalysts**: MACI Ankle study to begin Q4, U.K. launch 2027, and 25 new sales reps on track for Q4 completion.
- **Burn Care Volatility**: NexoBrid Q3 high, but BARDA contract uncertain. Epicel Q4 expected stable.

**【CEO Summary Section】**
- **Record Q3 Revenue**: Total revenue of $67.5M, with MACI up 25% YoY to $55.7M, driven by MACI Arthro adoption and biopsy growth. Burn Care revenue reached $11.8M, highest quarterly since launch.
- **MACI Arthro Momentum**: 800+ trained surgeons, with biopsy and implant growth rates exceeding untrained surgeons. Early data shows faster recovery times and higher conversion rates for trained surgeons.
- **Future Growth Initiatives**: Phase III MACI Ankle study to begin Q4 2025, targeting U.S. launch in 2027. U.K. expansion via mutual recognition procedure, with potential launch in H1 2027.
- **Sales Force Expansion**: 25 new reps on track to complete Q4, supporting Q4 volume growth and 2026+ expansion.

**【CFO Financial Commentary】**
- **Profitability**: GAAP net income $5.1M, adjusted EBITDA $17M (25% margin), up 70% YoY. Free cash flow $20M, ending Q3 with $185M cash.
- **Guidance**: Full year 2025 revenue $272-276M (MACI $237.5-239.5M, +20% YoY). Q4 MACI $82-84M, Burn Care $6.5-8.5M. Gross margin 74%, adjusted EBITDA 26%.
- **2026 Outlook**: MACI growth expected to accelerate, with gross margin >77% and EBITDA margin >40%. Long-term targets: 75%+ gross margin, 35%+ EBITDA by 2029.

**【Q&A Highlights】**
- **MACI Arthro Cannibalization**: No decline in core MACI; Arthro targets smaller defects (1-4cm²). 1/3 of trained surgeons are new MACI users, 1/3 condyle-only, 1/3 mixed.
- **Biopsy Trends**: Q3 biopsies highest on record, with October setting new monthly high. Q4 biopsy growth supports $82-84M MACI guidance.
- **Burn Care Volatility**: NexoBrid Q3 revenue $1.5M (+38% YoY), but BARDA contract uncertain. Epicel Q4 expected to match 2024 levels.
- **MACI Pricing**: Mid-single-digit price increases sustainable due to medical benefit reimbursement and high-tech product positioning.

Vericel Corporation (VCEL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

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Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VCEL

VCEL fundamentals

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