Vericel Corp VCEL

Healthcare SIC 2836 - Biological Products, (No Diagnostic Substances) NAICS Manufacturing › Chemical Manufacturing › Pharmaceutical and Medicine Manufacturing › Biological Product (except Diagnostic) Manufacturing derived Nasdaq

Vericel Corporation is a leading provider of advanced therapies for the sports medicine and severe burn care markets. We have a highly differentiated portfolio of cell therapy and specialty biologic products that combines innovations in biology with medical technologies. We were among the first companies to achieve commercial success in the complex field of cell therapies with treatments that use tissue engineering to regenerate skin and healthy knee cartilage. We currently market two U.S. Food and Drug Administration ("FDA") approved autologous cell therapy products and one FDA-approved specialty biologic product in the U.S. MACI® is an autologous cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults. Since MACI's commercial launch, the product's FDA-approved labeling has provided for a treating surgeon to use MACI to treat a patient through an open surgical procedure. In August 2024, the FDA approved a supplemental Biologics License Application ("sBLA") expanding the MACI indication to add instructions for the arthroscopic delivery of MACI to the product's approved labeling. MACI Arthro® allows surgeons to evaluate and prepare the cartilage defect site as well as deliver the MACI implant through small incisions using custom-designed arthroscopic instruments developed by the Company ("MACI Arthro instruments"). MACI Arthro became commercially available in the U.S. during the third quarter of 2024, and the Company began selling MACI Arthro instruments at that time.

Last close 42.53 2026-10-23
Market cap $2.18B 2026-06-30 share count
52-week range 28.95 - 49.32

Valuation FY2025 figures against the last close

P/S7.9x
P/E132.9x
P/FCF88.0x
EV/EBITDA96.4x
Dividend yield—
Diluted EPS0.32

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $276.3M$237.2M$197.5M$163.7M$153.1M$122.0M$117.8M$90.9M$62.8M$54.4M
Cost of revenue $70.7M$65.1M$61.9M$54.6M$50.2M$40.0M$37.6M$32.2M$30.4M$28.3M
Gross profit $205.6M$172.1M$135.6M$109.8M$106.0M$84.2M$80.3M$58.7M$33.6M$26.1M
R&D $27.6M$24.8M$21.0M$19.9M$16.3M$13.0M$30.4M$13.6M$12.9M$15.3M
SG&A $167.0M$142.8M$121.0M$106.9M$97.6M$68.8M$61.1M$49.0M$35.6M$27.4M
Total operating expenses $194.6M$167.6M$142.0M$126.8M$113.9M$81.9M$91.5M$62.6M$48.6M$45.3M
Operating income $11.0M$4.5M-$6.5M-$17.1M-$7.9M$2.4M-$11.3M-$3.9M-$15.0M-$19.2M
Interest expense $630.0K$614.0K$600.0K$366.0K$4.0K$6.0K$8.0K$31.0K$92.0K$15.0K
Pre-tax income $17.4M$10.5M-$2.4M-$16.0M-$7.6M$3.0M-$9.7M-$8.1M-$17.3M-$19.6M
Income tax $859.0K$148.0K$814.0K$721.0K$111.0K$180.0K$0$0$0$0
Net income $16.5M$10.4M-$3.2M-$16.7M-$7.5M$2.9M-$9.7M-$8.1M-$17.3M-$19.6M
EPS, basic 0.330.21-0.07-0.35-0.160.06-0.22-0.20——
EPS, diluted 0.320.20-0.07-0.35-0.160.06-0.22-0.20-0.52-1.18
Shares, diluted (wtd. avg.) 52.2M51.7M47.6M47.1M46.5M47.3M44.2M40.2M——

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $100.1M$74.5M$69.1M$51.1M$68.5M$33.8M$27.0M$18.3M$26.9M$23.0M
Short-term investments $37.4M$41.7M$40.5M$68.5M$35.1M$42.2M$42.8M$64.6M$0—
Receivables $84.6M$61.4M$58.4M$46.5M$37.4M$34.5M$32.2M$23.5M$18.3M$17.1M
Inventory $17.6M$17.4M$13.1M$16.0M$13.4M$9.4M$6.8M$3.6M$3.8M$3.5M
Total current assets $247.4M$212.8M$205.6M$186.9M$158.5M$123.6M$111.7M$112.8M$50.5M$44.7M
Property, plant and equipment ———————$5.9M$4.1M$3.9M
Other intangibles $5.6M$6.2M$6.9M$7.5M$0————$0
Total assets $488.0M$432.7M$353.7M$273.0M$243.7M$205.6M$153.2M$118.7M$54.6M$48.6M
Accounts payable $15.8M$23.8M$22.3M$16.9M$9.0M$6.8M$6.3M$7.1M$5.6M$6.5M
Total current liabilities $49.1M$50.3M$45.7M$37.5M$26.1M$22.5M$19.8M$14.8M$13.1M$12.9M
Total liabilities $133.3M$140.8M$127.7M$80.7M$73.2M$71.3M$42.1M$16.5M$32.0M$23.9M
Retained earnings -$376.3M-$392.8M-$403.2M-$400.0M-$383.3M-$375.8M-$378.7M-$369.0M-$360.9M-$343.6M
Total equity $354.6M$292.0M$226.0M$192.3M$170.5M$134.3M$111.1M$102.2M$22.5M$24.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $51.9M$58.2M$35.3M$17.7M$29.0M$17.6M-$7.2M-$412.0K-$13.2M-$19.9M
Depreciation and amortisation $11.5M$5.5M$4.6M$4.0M$3.0M$2.4M$1.7M$1.4M$1.6M$1.9M
Stock-based compensation $38.8M$36.5M$32.3M$37.2M$34.3M$13.8M$13.2M$7.2M$2.7M$2.5M
Capital expenditure $27.2M$64.0M$20.0M$7.6M$7.9M$2.6M$2.6M$2.7M$1.5M$1.4M
Investing cash flow -$43.9M-$79.0M-$3.1M-$36.2M-$3.5M-$17.2M$10.6M-$67.0M-$1.5M-$1.4M
Financing cash flow $7.1M$19.1M$3.6M$1.0M$9.2M$6.4M$5.3M$58.9M$18.6M$29.7M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-012013.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -100M 0 100M 200M 300M Revenue, FY2016: 54.4M Gross profit, FY2016: 26.1M Net income, FY2016: -19.6M Revenue, FY2017: 62.8M Gross profit, FY2017: 33.6M Net income, FY2017: -17.3M Revenue, FY2018: 90.9M Gross profit, FY2018: 58.7M Net income, FY2018: -8.1M Revenue, FY2019: 117.8M Gross profit, FY2019: 80.3M Net income, FY2019: -9.7M Revenue, FY2020: 122M Gross profit, FY2020: 84.2M Net income, FY2020: 2.9M Revenue, FY2021: 153.1M Gross profit, FY2021: 106M Net income, FY2021: -7.5M Revenue, FY2022: 163.7M Gross profit, FY2022: 109.8M Net income, FY2022: -16.7M Revenue, FY2023: 197.5M Gross profit, FY2023: 135.6M Net income, FY2023: -3.2M Revenue, FY2024: 237.2M Gross profit, FY2024: 172.1M Net income, FY2024: 10.4M Revenue, FY2025: 276.3M Gross profit, FY2025: 205.6M Net income, FY2025: 16.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $54.4M $62.8M $90.9M $117.8M $122.0M $153.1M $163.7M $197.5M $237.2M $276.3M
Gross profit $26.1M $33.6M $58.7M $80.3M $84.2M $106.0M $109.8M $135.6M $172.1M $205.6M
Net income -$19.6M -$17.3M -$8.1M -$9.7M $2.9M -$7.5M -$16.7M -$3.2M $10.4M $16.5M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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