Vericel Corporation reported third quarter 2025 total net revenue of $67.5 million, up from $57.9 million in the same period in 2024. MACI net revenue grew 25% to $55.7 million, while Epicel net revenue was $10.4 million and NexoBrid net revenue was $1.5 million. Gross margin reached 73.5%, compared to 71.9% in the prior year. Net income for the quarter was $5.1 million, or $0.10 per diluted share, compared to a net loss of $0.9 million, or $0.02 per diluted share, in the third quarter of 2024. Non-GAAP adjusted EBITDA was $17.0 million, or 25% of net revenue, up from $10.0 million, or 17%, in the prior year. The company reported operating cash flow of $22.1 million and ended the quarter with $185 million in cash and investments, with no debt. More than 800 surgeons have been trained in MACI arthro procedures to date. Full-year revenue guidance is $272 to $276 million, with MACI revenue expected in the low 20% growth range.