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Vericel VCEL Biopsy kits — Product sales, net

Other product segments

M A C I Implants and kits
$65.51M+22.5%
MACI implants, kits, and instruments
$49.89M+26.5%
Epicel
$10.4M+20.8%

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Other financials

Income statement

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Revenue$77.5M+22.5%
Gross profit$56.4M+21.0%
Operating income$434.0K+121%
Net income$2.2M+499%
EPS (diluted)$0.04+500%

Balance sheet

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Cash & equivalents$125.4M+55.7%
Total debt$93.1M-7.3%
Total equity$370.0M+20.6%
Total assets$502.9M+15.4%

Cash flow

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Operating cash flow$16.2M+97.1%
CapEx$1.9M-76.2%
Free cash flow$14.3M+17,504%

Valuation

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Market cap$2.31B+29.1%
Enterprise value$2.28B+25.9%
P/E95.3×-156×
P/S7.5×+0.4×

Profitability

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Gross margin74.6%+1.1pp
Operating margin6%+5.5pp
Net margin7.9%+5.1pp
FCF margin20.1%

Returns & leverage

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Return on equity7.2%+4.6pp
Debt / equity0.3×-0.1×
Current ratio+0.1×

Where this comes from

Reported directly by Vericel in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Vericel’s 10-Q, filed July 30, 2026.

Filed
Jul 30, 2026, 8:49 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001628280-26-050836
Revenue by product (in thousands)Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Implants subject to third party reimbursement sold through a specialty pharmacy (b)5,3682,68810,0175,371
Implants sold direct based on contracted rates (c)7,4938,90314,90217,325
Implants sold direct subject to third-party reimbursement (d)1,9289913,9892,615
Biopsy kits and instruments - direct bill6146421,2201,238
Change in estimates related to prior periods (e)211804821,735
Total MACI implants, kits, and instruments65,50653,458121,90499,755
Epicel
Direct bill (hospital)10,4048,61421,28913,578

Item 1. Financial Statements (Unaudited)

FAQ

What is Vericel's biopsy kits — product sales, net?
Vericel (VCEL) reported biopsy kits — product sales, net of $614K in Q2 2026.
How has Vericel's biopsy kits — product sales, net changed year-over-year?
Vericel's biopsy kits — product sales, net decreased by 4.4% year-over-year, from $642K to $614K.
What is the long-term trend for Vericel's biopsy kits — product sales, net?
Over 4 years (2021 to 2025), Vericel's biopsy kits — product sales, net has grown at a 4.4% compound annual growth rate (CAGR), from $2.19M to $2.61M.
What does biopsy kits — product sales, net mean?
This metric represents the net revenue generated from the sale of biopsy kits used in medical procedures. It reflects the commercial performance and market adoption of the company's diagnostic or procedural hardware offerings within its specialized healthcare portfolio. Tracking this revenue stream helps investors assess the demand for the company's foundational procedural tools and their contribution to overall top-line growth.

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