Vericel Corporation has reported its financial results for the second quarter ending June 30, 2025. The company experienced a 20% increase in total net revenue, rising to $63.2 million from $52.7 million in the same quarter of the previous year. Notably, MACI net revenue grew by 21% to $53.5 million, compared to $44.1 million in the second quarter of 2024. The net loss for the quarter was reduced to $0.6 million, or $0.01 per diluted share, from $4.7 million, or $0.10 per diluted share, in the previous year. Non-GAAP adjusted EBITDA for the quarter increased by 112% to $13.4 million, representing 21% of net revenue, up from $6.3 million, or 12% of net revenue, in the second quarter of 2024. Vericel also reported a gross margin increase of more than 400 basis points to 74%. The company had approximately $164 million in cash and investments, with no debt, as of June 30, 2025. Looking ahead, Vericel has reaffirmed its MACI full-year revenue growth guidance in the low 20% range and expects burn care revenue for the second half of 2025 to align with the recent run rate of approximately $10 million per quarter. The company also maintained its full-year profitability guidance with a gross margin of 74% and adjusted EBITDA margin of 26%. In terms of business updates, Vericel received FDA IND clearance for a Phase 3 MACI Ankle clinical study and is on track to initiate the study in the second half of 2025. The company has trained approximately 600 MACI Arthro surgeons to date.