Filing Flows › Vericel (VCEL) › Q1 2026
Vericel (VCEL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Vericel (VCEL) reported revenue of $68.4M for the first quarter 2026 (Q1 2026), +30% from a year earlier and -26% from the quarter before. Operating margin was -11.8%, net loss $6.3M (9.2% of revenue).
Vericel, Q1 2026: revenue $68.4M (+30% year over year), operating margin -11.8%, net loss $6.3M, operating cash flow $16.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $68.4M | -26% | +30% |
| Operating profit | −$8.1M | -136% | — |
| Net earnings | −$6.3M | -127% | — |
| Operating cash flow | $16.4M | +9% | +148% |
| Free cash flow | $15.1M | — | — |
What changed
Revenue was $68.4M in Q1 2026, up 30% year over year and down 26% from the previous quarter.
Gross margin was 72.0%, up 3.0 points from Q1 2025. Operating costs exceeded revenue by $8.1M, an operating margin of -11.8%. Operating expenses grew 17% against revenue growth of 30%. The fastest-growing cost line was General & admin (+19%). The quarter ended with a net loss of $6.3M, after a profit of $23.2M the previous quarter. Non-operating items added $1.8M, -28% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $16.4M (up 148% year over year). Non-cash charges added back $3.3M of depreciation and amortization and $11.3M of share-based compensation. Working capital and other items added $8.1M. After capital expenditures ($1.3M), free cash flow as the company reports it was $15.1M.
Questions
What was Vericel's revenue in the first quarter 2026?
Vericel (VCEL) reported revenue of $68.4M for the first quarter 2026 (Q1 2026), +30% from a year earlier and -26% from the quarter before.
Was Vericel profitable in the first quarter 2026?
Operating loss was $8.1M (-11.8% of revenue) and net loss $6.3M.
Source: Vericel 10-Q on SEC EDGAR.