Filing Flows › Vericel (VCEL) › Q2 2025
Vericel (VCEL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Vericel (VCEL) reported revenue of $63.2M for the second quarter 2025 (Q2 2025), +20% from a year earlier and +20% from the quarter before. Operating margin was -3.2%, net loss $553K (0.9% of revenue).
Vericel, Q2 2025: revenue $63.2M (+20% year over year), operating margin -3.2%, net loss $553K, operating cash flow $8.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $63.2M | +20% | +20% |
| Operating profit | −$2.0M | — | — |
| Net earnings | −$553K | — | — |
| Operating cash flow | $8.2M | +24% | -56% |
| Free cash flow | $81K | — | -95% |
What changed
Revenue was $63.2M in Q2 2025, up 20% year over year and up 20% from the previous quarter.
Gross margin was 73.7%, up 4.2 points from a year earlier. Operating costs exceeded revenue by $2.0M, an operating margin of -3.2%. Operating expenses grew 14% against revenue growth of 20%. The fastest-growing cost line was General & admin (+27%). The quarter ended with a net loss of $553K, narrower than the previous quarter's $11.2M loss. Non-operating items added $1.5M, -267% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $8.2M (down 56% year over year). Non-cash charges added back $2.8M of depreciation and amortization and $10.1M of share-based compensation. Working capital and other items used $4.2M. Capital expenditures of $8.1M left free cash flow of $81K.
Questions
What was Vericel's revenue in the second quarter 2025?
Vericel (VCEL) reported revenue of $63.2M for the second quarter 2025 (Q2 2025), +20% from a year earlier and +20% from the quarter before.
Was Vericel profitable in the second quarter 2025?
Operating loss was $2.0M (-3.2% of revenue) and net loss $553K.
Source: Vericel 10-Q on SEC EDGAR.