Vericel Corp (NASDAQ: VCEL) is a commercial-stage biopharmaceutical company that develops and markets cell therapy products for patients with cartilage damage and severe burns. Revenue is generated through per-unit sales of its FDA-approved cell therapy products, MACI (matrix-induced autologous chondrocyte implantation), MACI Arthro, and Epicel (cultured epidermal autografts), to hospitals and surgical centers. MACI and MACI Arthro target patients with cartilage defects in the knee, while Epicel is used in patients with life-threatening burns. The company's products are based on culturing a patient's own cells, which creates a patient-specific manufacturing process for each implant or graft. As a well-known seasoned issuer under SEC Rule 405, Vericel files annual reports on Form 10-K with the SEC.

Revenue model

Transactional, per-unit product sales of autologous cell therapy products (MACI, MACI Arthro, Epicel) to hospitals and surgical facilities. Each product is manufactured from a specific patient's own cells, making each sale patient-specific.

Products and services

MACI (matrix-induced autologous chondrocyte implantation) for knee cartilage repair; MACI Arthro, an arthroscopic formulation of MACI; Epicel (cultured epidermal autografts) for severe burn treatment. All three are FDA-approved cell therapy products.

Customers and end markets

Hospitals and surgical centers treating patients with knee cartilage damage (MACI, MACI Arthro) and patients with severe, life-threatening burns (Epicel). End markets are orthopedic surgery and burn care.

Value-chain role

Manufacturer and commercial marketer of autologous cell therapy products. Vericel receives patient tissue samples, cultures the cells, and ships patient-specific implants or grafts back to the treating facility.

Source: SEC 10-K, filed 2026-02-26

Industry: Biological Products, (No Diagnostic Substances) Peers: Arcutis Biotherapeutics Inc Avid Bioservices, Inc. Emergent BioSolutions Inc Enanta Pharmaceuticals Inc Kyntra Bio Inc Gossamer Bio Inc ImmunoGen, Inc. Madrigal Pharmaceuticals Inc Sana Biotechnology Inc