Filing Flows › Vericel (VCEL) › Q3 2025
Vericel (VCEL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Vericel (VCEL) reported revenue of $67.5M for the third quarter 2025 (Q3 2025), +17% from a year earlier and +7% from the quarter before. Operating margin was 5.1%, net earnings $5.1M (7.5% of revenue).
Vericel, Q3 2025: revenue $67.5M (+17% year over year), operating margin 5.1%, net earnings $5.1M, operating cash flow $22.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $67.5M | +7% | +17% |
| Gross profit | $49.6M | +6% | +19% |
| Operating profit | $3.5M | — | — |
| Net earnings | $5.1M | — | — |
| Operating cash flow | $22.1M | +169% | +117% |
| Free cash flow | $19.5M | 240× | — |
What changed
Revenue was $67.5M in Q3 2025, up 17% year over year and up 7% from the previous quarter.
Gross margin was 73.5%, up 1.5 points from a year earlier. Operating profit was $3.5M, a 5.1% margin (up 9.4 points year over year). Operating expenses grew 5% against revenue growth of 17%. The fastest-growing cost line was General & admin (+15%). Net earnings were $5.1M. The effective tax rate was 0.0%. Non-operating items added $1.6M, 32% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $22.1M (up 117% year over year), 435% of net earnings. Non-cash charges added back $2.9M of depreciation and amortization and $8.7M of share-based compensation. Working capital and other items added $5.4M. Capital expenditures of $2.6M left free cash flow of $19.5M.
Questions
What was Vericel's revenue in the third quarter 2025?
Vericel (VCEL) reported revenue of $67.5M for the third quarter 2025 (Q3 2025), +17% from a year earlier and +7% from the quarter before.
Was Vericel profitable in the third quarter 2025?
Operating profit was $3.5M (5.1% of revenue) and net earnings $5.1M.
Source: Vericel 10-Q on SEC EDGAR.