NASDAQ : VCEL
Vericel Corporation — Financial statements
Healthcare · Biotechnology · United States
Last price 40.26 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.06B
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Financial statements
Vericel Corporation (VCEL) reported revenue of 306.30M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 306.30M | 276.26M | 237.22M | 197.52M | 163.70M | 153.07M |
| Other Revenue | 667.00K | 3.11M | ||||
| Revenue | 306.30M | 276.26M | 237.22M | 197.52M | 164.37M | 156.18M |
| Cost of Revenue | 77.92M | 70.66M | 65.12M | 61.94M | 54.58M | 50.16M |
| Gross Profit | 228.38M | 205.60M | 172.11M | 135.58M | 109.79M | 106.03M |
| Selling, General & Admin | 180.98M | 166.99M | 142.79M | 121.00M | 106.90M | 97.59M |
| Research & Development | 29.17M | 27.56M | 24.80M | 21.04M | 19.94M | 16.29M |
| Operating Expenses | 210.15M | 194.56M | 167.59M | 142.04M | 126.85M | 113.88M |
| Operating Income | 18.23M | 11.04M | 4.52M | -6.46M | -17.06M | -7.85M |
| Interest Expense | -640.00K | -630.00K | -614.00K | -600.00K | -366.00K | -4.00K |
| Interest & Investment Income | 7.50M | 7.01M | 6.41M | 4.63M | 1.34M | 224.00K |
| Other Non Operating Income (Expenses) | -13.00K | -44.00K | 195.00K | 64.00K | 95.00K | 52.00K |
| EBT Excluding Unusual Items | 25.08M | 17.38M | 10.51M | -2.37M | -15.99M | -7.58M |
| Pretax Income | 25.08M | 17.38M | 10.51M | -2.37M | -15.99M | -7.58M |
| Income Tax Expense | 859.00K | 859.00K | 148.00K | 814.00K | 721.00K | -111.00K |
| Net Income | 24.22M | 16.52M | 10.36M | -3.18M | -16.71M | -7.47M |
| Net Income to Common | 24.22M | 16.52M | 10.36M | -3.18M | -16.71M | -7.47M |
| Shares Outstanding (Basic) | 50.73M | 50.34M | 48.85M | 47.59M | 47.13M | 46.47M |
| Shares Outstanding (Diluted) | 52.54M | 52.15M | 51.68M | 47.59M | 47.13M | 46.47M |
| EPS (Basic) | 0.48 | 0.33 | 0.21 | -0.07 | -0.35 | -0.16 |
| EPS (Diluted) | 0.47 | 0.32 | 0.20 | -0.07 | -0.35 | -0.16 |
| Free Cash Flow | 61.66M | 24.75M | -5.81M | 15.30M | 10.09M | 21.12M |
| Free Cash Flow Per Share | 1.17 | 0.47 | -0.11 | 0.32 | 0.21 | 0.46 |
| Gross Margin | 74.56% | 74.42% | 72.55% | 68.64% | 66.80% | 67.88% |
| Operating Margin | 5.95% | 4.00% | 1.91% | -3.27% | -10.38% | -5.03% |
| Profit Margin | 7.91% | 5.98% | 4.37% | -1.61% | -10.17% | -4.78% |
| Free Cash Flow Margin | 20.13% | 8.96% | -2.45% | 7.75% | 6.14% | 13.53% |
| EBITDA | 31.15M | 22.59M | 10.02M | -1.83M | -13.08M | -4.89M |
| EBITDA Margin | 10.17% | 8.18% | 4.23% | -0.93% | -7.96% | -3.13% |
| D&A For EBITDA | 12.92M | 11.54M | 5.50M | 4.63M | 3.98M | 2.96M |
| EBIT | 18.23M | 11.04M | 4.52M | -6.46M | -17.06M | -7.85M |
| EBIT Margin | 5.95% | 4.00% | 1.91% | -3.27% | -10.38% | -5.03% |
| Effective Tax Rate | 3.43% | 4.94% | 1.41% | |||
| Revenue as Reported | 306.30M | 276.26M | 237.22M | 197.52M | 164.37M | 156.18M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 125.36M | 100.09M | 74.52M | 69.09M | 51.07M | 68.33M |
| Short-Term Investments | 37.10M | 37.41M | 41.69M | 40.47M | 68.47M | 35.07M |
| Cash & Short-Term Investments | 162.46M | 137.50M | 116.21M | 109.56M | 119.54M | 103.40M |
| Receivables | 75.71M | 84.63M | 61.38M | 58.36M | 46.54M | 37.44M |
| Inventory | 18.38M | 17.56M | 17.37M | 13.09M | 15.99M | 13.38M |
| Restricted Cash | 10.53M | 17.78M | ||||
| Other Current Assets | 8.18M | 7.74M | 7.29M | 6.85M | 4.80M | 4.25M |
| Total Current Assets | 264.73M | 247.44M | 212.78M | 205.63M | 186.87M | 158.46M |
| Property, Plant & Equipment | 167.62M | 173.17M | 173.26M | 115.10M | 57.37M | 59.03M |
| Long-Term Investments | 64.97M | 61.40M | 39.88M | 25.28M | 19.96M | 25.69M |
| Other Intangible Assets | 5.31M | 5.62M | 6.25M | 6.88M | 7.50M | |
| Other Long-Term Assets | 233.00K | 341.00K | 556.00K | 771.00K | 1.30M | 528.00K |
| Total Assets | 502.87M | 487.97M | 432.72M | 353.66M | 273.00M | 243.71M |
| Accounts Payable | 20.61M | 15.83M | 23.85M | 22.35M | 16.93M | 9.02M |
| Accrued Expenses | 17.64M | 19.24M | 17.07M | 17.21M | 16.19M | 14.04M |
| Current Portion of Leases | 14.27M | 14.09M | 9.37M | 6.19M | 4.34M | 2.99M |
| Total Current Liabilities | 52.53M | 49.15M | 50.29M | 45.75M | 37.46M | 26.05M |
| Long-Term Leases | 78.86M | 82.81M | 90.16M | 81.86M | 43.27M | 47.19M |
| Other Long-Term Liabilities | 1.43M | 1.37M | 306.00K | 100.00K | ||
| Total Liabilities | 132.82M | 133.33M | 140.75M | 127.70M | 80.73M | 73.24M |
| Common Stock | 750.80M | 730.66M | 684.78M | 629.23M | 593.25M | 553.90M |
| Retained Earnings | -380.39M | -376.30M | -392.81M | -403.18M | -400.00M | -383.29M |
| Comprehensive Income & Other | -365.00K | 275.00K | 4.00K | -100.00K | -978.00K | -154.00K |
| Total Common Equity | 370.04M | 354.64M | 291.97M | 225.95M | 192.27M | 170.46M |
| Shareholders' Equity | 370.04M | 354.64M | 291.97M | 225.95M | 192.27M | 170.46M |
| Total Liabilities & Equity | 502.87M | 487.97M | 432.72M | 353.66M | 273.00M | 243.71M |
| Total Debt | 93.13M | 96.89M | 99.54M | 88.04M | 47.61M | 50.18M |
| Net Cash (Debt) | 69.33M | 40.61M | 16.68M | 21.51M | 71.93M | 53.22M |
| Net Cash Per Share | 1.32 | 0.78 | 0.32 | 0.45 | 1.53 | 1.15 |
| Filing Date Shares Outstanding | 51.21M | 50.76M | 49.97M | 48.29M | 47.36M | 46.97M |
| Total Common Shares Outstanding | 51.17M | 50.62M | 49.63M | 47.83M | 47.25M | 46.88M |
| Working Capital | 212.20M | 198.29M | 162.49M | 159.88M | 149.40M | 132.41M |
| Book Value Per Share | 7.23 | 7.01 | 5.88 | 4.72 | 4.07 | 3.64 |
| Tangible Book Value | 364.73M | 349.01M | 285.72M | 219.08M | 184.77M | 170.46M |
| Tangible Book Value Per Share | 7.13 | 6.89 | 5.76 | 4.58 | 3.91 | 3.64 |
| Machinery | 50.13M | 38.88M | 29.59M | 16.41M | 14.97M | 13.84M |
| Construction In Progress | 11.26M | 24.65M | 22.48M | 32.53M | 5.44M | 3.10M |
| Leasehold Improvements | 80.10M | 76.42M | 77.99M | 14.90M | 13.69M | 10.62M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 24.22M | 16.52M | 10.36M | -3.18M | -16.71M | -7.47M |
| Depreciation & Amortization | 18.42M | 16.94M | 12.20M | 4.63M | 3.98M | 2.96M |
| Other Amortization | 215.00K | 215.00K | 215.00K | 215.00K | 90.00K | |
| Loss (Gain) From Sale of Investments | -90.00K | -183.00K | -657.00K | -824.00K | 107.00K | 949.00K |
| Stock-Based Compensation | 37.50M | 38.77M | 36.49M | 32.33M | 37.18M | 34.32M |
| Other Operating Activities | 1.31M | 1.01M | -6.00K | 6.11M | 4.24M | 4.43M |
| Change in Accounts Receivable | -11.42M | -23.26M | -3.02M | -11.82M | -9.10M | -2.93M |
| Change in Inventory | -2.92M | -1.23M | -4.29M | 2.90M | -2.60M | -4.03M |
| Change in Accounts Payable | 7.68M | 2.97M | -287.00K | 3.05M | 1.44M | 1.49M |
| Change in Other Net Operating Assets | -5.24M | 158.00K | 7.14M | 1.91M | -939.00K | -687.00K |
| Operating Cash Flow | 69.67M | 51.91M | 58.16M | 35.31M | 17.69M | 29.04M |
| Capital Expenditures | -8.01M | -27.16M | -63.97M | -20.01M | -7.60M | -7.92M |
| Sale (Purchase) of Intangibles | -7.50M | |||||
| Investment in Securities | -18.78M | -16.77M | -15.06M | 24.38M | -28.61M | 4.41M |
| Investing Cash Flow | -26.79M | -43.94M | -79.03M | -3.13M | -36.21M | -3.50M |
| Issuance of Common Stock | 7.16M | 13.93M | 24.52M | 6.00M | 3.65M | 11.18M |
| Repurchase of Common Stock | -5.14M | -6.82M | -5.46M | -2.34M | -1.49M | -1.67M |
| Other Financing Activities | -76.00K | -47.00K | -41.00K | -1.11M | -348.00K | |
| Financing Cash Flow | 1.94M | 7.07M | 19.05M | 3.62M | 1.04M | 9.17M |
| Net Cash Flow | 44.83M | 15.04M | -1.82M | 35.80M | -17.47M | 34.71M |
| Free Cash Flow | 61.66M | 24.75M | -5.81M | 15.30M | 10.09M | 21.12M |
| Free Cash Flow Margin | 20.13% | 8.96% | -2.45% | 7.75% | 6.14% | 13.53% |
| Free Cash Flow Per Share | 1.17 | 0.47 | -0.11 | 0.32 | 0.21 | 0.46 |
| Levered Free Cash Flow | 55.54M | 16.05M | -11.76M | -17.06M | 20.56M | 22.16M |
| Unlevered Free Cash Flow | 55.73M | 16.23M | -11.59M | -16.90M | 20.70M | 22.17M |
| Cash Interest Paid | 489.00K | 489.00K | 399.00K | 383.00K | 109.00K | 4.00K |
| Cash Income Tax Paid | 580.00K | 580.00K | 628.00K | 1.17M | 379.00K | |
| Change in Working Capital | -11.91M | -21.36M | -450.00K | -3.96M | -11.21M | -6.15M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.07B | 1.82B | 2.71B | 1.70B | 1.24B | 1.84B |
| Enterprise Value | 2.00B | 1.78B | 2.71B | 1.68B | 1.18B | 1.79B |
| Last Close Price | 40.26 | 36.01 | 54.91 | 35.61 | 26.34 | 39.30 |
| PE Ratio | 86.12 | 110.25 | 261.56 | |||
| Forward PE | 61.58 | 69.12 | 130.21 | 263.43 | 263.43 | 149.71 |
| PS Ratio | 6.73 | 6.59 | 11.43 | 8.60 | 7.57 | 11.78 |
| PB Ratio | 5.57 | 5.13 | 9.28 | 7.52 | 6.47 | 10.79 |
| P/TBV Ratio | 5.65 | 5.22 | 9.49 | 7.76 | 6.73 | 10.79 |
| P/FCF Ratio | 33.43 | 73.59 | 111.09 | 123.26 | 87.09 | |
| P/OCF Ratio | 29.59 | 35.08 | 46.60 | 48.13 | 70.33 | 63.35 |
| EV/Sales Ratio | 6.50 | 6.46 | 11.41 | 8.50 | 7.18 | 11.48 |
| EV/EBITDA Ratio | 63.95 | 79.00 | 269.98 | |||
| EV/EBIT Ratio | 109.25 | 161.58 | 598.80 | |||
| EV/FCF Ratio | 32.31 | 72.11 | 109.76 | 117.04 | 84.85 | |
| Debt / Equity Ratio | 0.25 | 0.27 | 0.34 | 0.39 | 0.25 | 0.29 |
| Debt / EBITDA Ratio | 2.16 | 2.81 | 4.38 | 10.40 | 20.81 | |
| Debt / FCF Ratio | 1.51 | 3.92 | 5.75 | 4.72 | 2.38 | |
| Net Debt / Equity Ratio | -0.19 | -0.12 | -0.06 | -0.10 | -0.37 | -0.31 |
| Net Debt / EBITDA Ratio | -2.23 | -1.80 | -1.66 | 11.74 | 5.50 | 10.88 |
| Net Debt / FCF Ratio | -1.12 | -1.64 | 2.87 | -1.41 | -7.13 | -2.52 |
| Asset Turnover | 0.65 | 0.60 | 0.60 | 0.63 | 0.64 | 0.69 |
| Inventory Turnover | 4.43 | 4.04 | 4.28 | 4.26 | 3.72 | 4.41 |
| Quick Ratio | 4.53 | 4.52 | 3.53 | 3.67 | 4.43 | 5.41 |
| Current Ratio | 5.04 | 5.03 | 4.23 | 4.50 | 4.99 | 6.08 |
| Return on Equity (ROE) | 7.16% | 5.11% | 4.00% | -1.52% | -9.21% | -4.90% |
| Return on Assets (ROA) | 2.43% | 1.50% | 0.72% | -1.29% | -4.13% | -2.19% |
| Return on Invested Capital (ROIC) | 5.81% | 3.56% | 1.86% | -3.98% | -14.36% | -6.86% |
| Return on Capital Employed (ROCE) | 4.00% | 2.50% | 1.20% | -2.10% | -7.20% | -3.60% |
| Earnings Yield | 1.16% | 0.91% | 0.38% | -0.19% | -1.34% | -0.41% |
| FCF Yield | 2.99% | 1.36% | -0.21% | 0.90% | 0.81% | 1.15% |
| Buyback Yield / Dilution | -0.01% | -0.91% | -8.59% | -0.98% | -1.42% | 1.71% |