Vericel (VCEL) Financials

$43.52 +0.98 (+2.30%)

As of 04:00 PM Eastern

Annual Income Statements for Vericel

This table shows Vericel's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	10	-3.18	-17	-7.47	2.86	-9.67	-8.14	-17	-20	-16
Consolidated Net Income / (Loss)	10	-3.18	-17	-7.47	2.86	-9.67	-8.14	-17	-20	-16
Net Income / (Loss) Continuing Operations	10	-3.18	-17	-7.47	2.86	-9.67	-8.14	-17	-20	-16
Total Pre-Tax Income	11	-2.37	-16	-7.58	3.04	-9.67	-8.14	-17	-20	-16
Total Operating Income	4.52	-6.46	-17	-7.85	2.37	-11	-3.91	-15	-19	-17
Total Gross Profit	172	136	110	106	84	80	59	34	26	25
Total Revenue	237	198	164	156	124	118	91	64	54	51
Operating Revenue	237	198	164	156	124	118	91	63	54	51
Total Cost of Revenue	65	62	55	50	40	38	32	30	28	26
Operating Cost of Revenue	65	62	55	50	40	38	32	30	28	26
Total Operating Expenses	168	142	127	114	82	92	63	49	45	41
Selling, General & Admin Expense	143	121	107	98	69	61	49	36	27	22
Research & Development Expense	25	21	20	16	13	30	14	13	15	19
Total Other Income / (Expense), net	5.99	4.10	1.07	0.27	0.67	1.59	-4.23	-2.30	-0.32	0.33
Interest Expense	0.61	0.60	0.37	0.00	0.01	0.01	0.87	0.95	0.02	0.01
Interest & Investment Income	6.41	4.63	1.34	0.22	0.69	1.61	0.90	0.01	0.01	0.04
Other Income / (Expense), net	0.20	0.06	0.10	0.05	-0.01	-0.02	-4.26	-1.36	-0.31	0.30
Income Tax Expense	0.15	0.81	0.72	-0.11	0.18	0.00	0.00	-	-	-
Basic Earnings per Share	$0.21	($0.07)	($0.35)	($0.16)	$0.06	($0.22)	($0.20)	($0.52)	($1.18)	($0.97)
Weighted Average Basic Shares Outstanding	48.85M	47.59M	47.13M	46.47M	45.22M	44.18M	40.24M	33.36M	23.09M	23.76M
Diluted Earnings per Share	$0.20	($0.07)	($0.35)	($0.16)	$0.06	($0.22)	($0.20)	($0.52)	($1.18)	($0.97)
Weighted Average Diluted Shares Outstanding	51.68M	47.59M	47.13M	46.47M	47.28M	44.18M	40.24M	33.36M	23.09M	23.76M
Weighted Average Basic & Diluted Shares Outstanding	49.97M	48.29M	47.36M	46.97M	45.95M	44.18M	40.24M	33.36M	23.09M	23.76M

This table shows Vericel's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-11	20	-0.90	-4.68	-3.86	13	-3.66	-5.02	-7.50	5.92	-6.58
Consolidated Net Income / (Loss)	-11	20	-0.90	-4.68	-3.86	13	-3.66	-5.02	-7.50	5.92	-6.58
Net Income / (Loss) Continuing Operations	-11	20	-0.90	-4.68	-3.86	13	-3.66	-5.02	-7.50	5.92	-6.58
Total Pre-Tax Income	-11	20	-0.90	-4.68	-3.86	14	-3.95	-5.02	-7.50	6.62	-6.56
Total Operating Income	-13	18	-2.47	-6.03	-5.46	13	-5.06	-5.96	-8.18	6.09	-6.79
Total Gross Profit	36	58	42	37	35	49	31	30	27	38	25
Total Revenue	53	75	58	53	51	65	46	46	41	53	39
Operating Revenue	53	75	58	53	51	65	46	46	41	53	39
Total Cost of Revenue	16	17	16	16	16	16	15	16	14	14	13
Operating Cost of Revenue	16	17	16	16	16	16	15	16	14	14	13
Total Operating Expenses	49	40	44	43	41	36	36	36	35	32	32
Selling, General & Admin Expense	42	35	38	35	34	31	30	31	29	27	27
Research & Development Expense	7.26	4.92	6.09	7.36	6.42	4.90	5.68	5.25	5.21	5.25	5.05
Total Other Income / (Expense), net	1.55	1.48	1.56	1.35	1.60	1.36	1.11	0.94	0.68	0.54	0.23
Interest Expense	0.15	0.15	0.15	0.15	0.15	0.16	0.15	0.15	0.15	0.22	0.11
Interest & Investment Income	1.66	1.56	1.58	1.51	1.76	1.44	1.26	1.10	0.84	0.76	0.34
Other Income / (Expense), net	0.04	0.07	0.14	-0.01	-0.01	0.08	-0.00	-0.01	-0.01	-0.00	-0.01
Basic Earnings per Share	($0.23)	$0.41	($0.02)	($0.10)	($0.08)	$0.28	($0.08)	($0.11)	($0.16)	$0.13	($0.14)
Weighted Average Basic Shares Outstanding	49.91M	48.85M	49.09M	48.69M	48.14M	47.59M	47.65M	47.57M	47.39M	47.13M	47.18M
Diluted Earnings per Share	($0.23)	$0.40	($0.02)	($0.10)	($0.08)	$0.28	($0.08)	($0.11)	($0.16)	$0.13	($0.14)
Weighted Average Diluted Shares Outstanding	49.91M	51.68M	49.09M	48.69M	48.14M	47.59M	47.65M	47.57M	47.39M	47.13M	47.18M
Weighted Average Basic & Diluted Shares Outstanding	50.34M	49.97M	49.36M	49.03M	48.60M	48.29M	47.72M	47.64M	47.56M	47.36M	47.22M

This table details how cash moves in and out of Vericel's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-1.82	36	-17	35	6.85	8.69	-8.58	3.88	8.40	-16
Net Cash From Operating Activities	58	35	18	29	18	-7.18	-0.41	-13	-20	-13
Net Cash From Continuing Operating Activities	58	35	18	29	18	-7.18	-0.41	-13	-20	-13
Net Income / (Loss) Continuing Operations	10	-3.18	-17	-7.47	2.86	-9.67	-8.14	-17	-20	-16
Consolidated Net Income / (Loss)	10	-3.18	-17	-7.47	2.86	-9.67	-8.14	-17	-20	-16
Depreciation Expense	5.50	4.63	3.98	2.97	2.38	1.74	1.43	1.61	1.89	1.59
Amortization Expense	-0.44	-0.61	0.20	0.95	0.32	-0.61	-0.33	0.00	0.00	-
Non-Cash Adjustments To Reconcile Net Income	51	41	39	36	14	13	11	3.72	5.14	2.81
Changes in Operating Assets and Liabilities, net	-7.97	-6.48	-8.68	-3.07	-2.42	-12	-4.03	-1.23	-7.35	-1.41
Net Cash From Investing Activities	-79	-3.13	-36	-3.50	-17	11	-67	-1.51	-1.42	-2.39
Net Cash From Continuing Investing Activities	-79	-3.13	-36	-3.50	-17	11	-67	-1.51	-1.42	-2.39
Purchase of Property, Plant & Equipment	-64	-20	-7.60	-7.92	-2.63	-2.62	-2.68	-1.51	-1.42	-2.43
Acquisitions	0.00	-7.50	0.00	0.00	-	-	-	-	-	-
Purchase of Investments	-68	-55	-70	-60	-63	-72	-67	0.00	0.00	-
Sale and/or Maturity of Investments	53	80	41	64	49	86	2.20	0.00	0.00	-
Net Cash From Financing Activities	19	3.62	1.05	9.17	6.44	5.26	59	19	30	-0.02
Net Cash From Continuing Financing Activities	19	3.62	1.05	9.17	6.44	5.26	59	19	30	-0.02
Repayment of Debt	0.00	-0.04	-0.04	-0.35	-0.03	-	-18	-8.65	-2.65	-0.04
Issuance of Debt	0.00	0.00	-1.08	0.00	0.00	-0.03	-	15	13	-
Other Financing Activities, net	19	3.66	2.16	9.52	6.47	5.29	7.08	12	0.00	0.00
Cash Interest Paid	0.40	0.38	0.11	0.00	0.01	0.01	-	-	-	-
Cash Income Taxes Paid	0.63	1.17	0.00	0.38	0.15	0.08	-	-	-	-

This table details how cash moves in and out of Vericel's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-5.34	15	-5.50	5.11	-16	3.31	13	8.98	11	-14	2.98
Net Cash From Operating Activities	6.60	22	10	19	7.20	10	7.17	10	7.86	6.98	4.10
Net Cash From Continuing Operating Activities	6.60	22	10	19	7.20	10	7.17	10	7.86	6.98	4.10
Net Income / (Loss) Continuing Operations	-11	20	-0.90	-4.68	-3.86	13	-3.66	-5.02	-7.50	5.92	-6.58
Consolidated Net Income / (Loss)	-11	20	-0.90	-4.68	-3.86	13	-3.66	-5.02	-7.50	5.92	-6.58
Depreciation Expense	2.69	1.48	1.33	1.32	1.38	1.15	1.15	1.17	1.16	1.04	1.01
Amortization Expense	-0.07	-0.06	-0.12	-0.21	-0.05	0.02	-0.23	-0.16	-0.24	-0.14	0.04
Non-Cash Adjustments To Reconcile Net Income	13	17	11	11	12	9.81	11	9.94	9.86	8.34	10
Changes in Operating Assets and Liabilities, net	2.33	-16	-1.01	11	-1.88	-14	-1.44	4.27	4.58	-8.18	-0.41
Net Cash From Investing Activities	-15	-15	-21	-18	-25	-8.09	4.57	-2.41	2.80	-22	-0.81
Net Cash From Continuing Investing Activities	-15	-15	-21	-18	-25	-8.09	4.57	-2.41	2.80	-22	-0.81
Purchase of Property, Plant & Equipment	-14	-14	-19	-17	-14	-7.84	-6.57	-4.20	-1.41	-1.13	-1.41
Purchase of Investments	-13	-16	-17	-13	-23	-19	-7.72	-19	-9.79	-26	-9.00
Sale and/or Maturity of Investments	13	15	15	12	11	19	19	21	22	5.00	9.60
Net Cash From Financing Activities	3.20	7.11	5.52	4.30	2.13	1.31	1.01	1.20	0.11	0.61	-0.31
Net Cash From Continuing Financing Activities	3.20	7.11	5.52	4.30	2.13	1.31	1.01	1.20	0.11	0.61	-0.31
Repayment of Debt	-0.00	-	-	-	0.00	-	-	-	-0.02	-	-
Issuance of Common Equity	9.41	-	5.80	4.43	7.03	-	1.12	1.27	2.23	-	0.83
Other Financing Activities, net	-6.21	24	-0.27	-0.14	-4.90	5.92	-0.09	-0.08	-2.10	3.65	-0.04

This table presents Vericel's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	433	354	273	244	206	153	119	55	49	34
Total Current Assets	213	206	187	158	124	112	113	51	45	27
Cash & Equivalents	75	69	51	68	34	27	18	27	23	15
Restricted Cash	11	18	0.00	-	-	-	-	-	-	-
Short-Term Investments	42	40	68	35	42	43	65	0.00	-	-
Accounts Receivable	61	58	47	37	35	32	23	18	17	11
Inventories, net	17	13	16	13	9.36	6.82	3.56	3.79	3.49	1.38
Other Current Assets	7.29	6.85	4.80	4.25	3.89	2.95	2.85	1.58	1.16	0.46
Plant, Property, & Equipment, net	103	42	16	13	0.00	0.00	5.91	4.07	3.88	4.05
Total Noncurrent Assets	117	106	70	72	82	42	0.00	0.00	0.00	2.92
Long-Term Investments	40	25	20	26	24	9.25	0.00	-	-	-
Intangible Assets	6.25	6.88	7.50	0.00	-	-	-	-	-	2.92
Other Noncurrent Operating Assets	71	74	43	46	58	32	0.00	-	-	-
Total Liabilities & Shareholders' Equity	433	354	273	244	206	153	119	55	49	34
Total Liabilities	141	128	81	73	71	42	16	32	24	12
Total Current Liabilities	50	46	37	26	22	20	15	13	13	12
Accounts Payable	24	22	17	9.02	6.76	6.35	7.11	5.55	6.54	7.59
Accrued Expenses	17	17	16	14	11	7.95	6.93	5.57	4.52	3.60
Other Current Liabilities	9.37	6.19	4.34	2.99	4.44	5.50	0.75	1.20	1.01	0.92
Total Noncurrent Liabilities	90	82	43	47	49	22	1.67	19	11	0.07
Other Noncurrent Operating Liabilities	90	82	43	47	49	22	1.67	19	11	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	292	226	192	170	134	111	102	23	25	22
Total Preferred & Common Equity	292	226	192	170	134	111	102	23	25	22
Total Common Equity	292	226	192	170	134	111	102	23	25	22
Common Stock	685	629	593	554	510	490	471	383	330	308
Retained Earnings	-393	-403	-400	-383	-376	-379	-369	-361	-344	-324
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.10	-0.98	-0.15	0.01	0.02	-0.04	0.00	0.19	0.00

This table presents Vericel's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	425	390	377	357	318	311	265	248
Total Current Assets	198	191	197	190	186	183	178	166
Cash & Equivalents	73	54	50	63	60	43	62	65
Restricted Cash	6.22	17	26	7.80	23	28	-	-
Short-Term Investments	39	48	52	48	45	55	57	46
Accounts Receivable	53	48	48	50	40	38	38	34
Inventories, net	17	16	15	14	13	14	15	17
Other Current Assets	8.52	7.88	6.43	7.78	5.43	5.04	4.54	4.41
Plant, Property, & Equipment, net	108	88	73	56	30	23	18	16
Total Noncurrent Assets	119	111	106	111	102	104	69	66
Long-Term Investments	43	33	26	29	20	21	20	22
Intangible Assets	6.09	6.41	6.56	6.72	7.03	7.19	7.34	-
Other Noncurrent Operating Assets	69	72	74	74	74	76	42	44
Total Liabilities & Shareholders' Equity	425	390	377	357	318	311	265	248
Total Liabilities	129	133	134	123	114	112	71	70
Total Current Liabilities	39	41	44	36	36	36	29	27
Accounts Payable	17	21	25	19	15	14	11	8.11
Accrued Expenses	11	14	13	11	14	14	13	14
Other Current Liabilities	11	6.12	5.79	6.01	7.27	7.24	4.52	4.94
Total Noncurrent Liabilities	90	92	90	86	78	76	42	43
Other Noncurrent Operating Liabilities	90	92	90	86	78	76	42	43
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	295	257	243	234	204	199	194	178
Total Preferred & Common Equity	295	257	243	234	204	199	194	178
Total Common Equity	295	257	243	234	204	199	194	178
Common Stock	699	670	655	641	621	612	602	585
Retained Earnings	-404	-413	-412	-407	-416	-413	-407	-406
Accumulated Other Comprehensive Income / (Loss)	0.14	0.36	-0.27	-0.25	-0.46	-0.62	-0.64	-1.15

This table displays calculated financial ratios and metrics derived from Vericel's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.10%	20.17%	5.24%	25.77%	5.37%	29.71%	42.13%	17.54%	6.28%	77.69%
EBITDA Growth	511.27%	81.41%	-228.83%	-176.84%	149.92%	-43.46%	52.05%	16.62%	-19.61%	22.99%
EBIT Growth	173.66%	62.27%	-117.42%	-430.73%	120.93%	-38.04%	50.06%	16.42%	-19.50%	17.91%
NOPAT Growth	198.47%	62.11%	-117.19%	-346.35%	128.34%	-187.82%	73.91%	22.14%	-15.44%	29.16%
Net Income Growth	425.64%	80.96%	-123.65%	-360.86%	129.63%	-18.78%	52.93%	11.65%	-19.74%	17.97%
EPS Growth	385.71%	80.00%	-118.75%	-366.67%	127.27%	-10.00%	61.54%	55.93%	-21.65%	56.50%
Operating Cash Flow Growth	64.72%	99.64%	-39.09%	65.26%	344.63%	-1,643.45%	96.87%	33.73%	-49.05%	47.48%
Free Cash Flow Firm Growth	-89.56%	-7.50%	-86.37%	-335,131.57%	100.02%	20.45%	-554.34%	52.63%	40.02%	46.05%
Invested Capital Growth	70.92%	38.96%	27.54%	20.44%	6.94%	66.40%	586.08%	-256.32%	-66.65%	43.83%
Revenue Q/Q Growth	4.58%	6.64%	3.20%	1.54%	4.93%	7.34%	9.64%	11.96%	2.07%	1.42%
EBITDA Q/Q Growth	157.87%	74.66%	12.56%	-500.41%	86.03%	25.28%	32.81%	30.81%	-7.80%	-19.18%
EBIT Q/Q Growth	561.25%	51.26%	10.23%	-2,442.94%	417.50%	30.38%	32.39%	28.85%	-7.48%	-18.30%
NOPAT Q/Q Growth	462.52%	50.69%	10.23%	-5,421.64%	415.66%	22.22%	55.14%	32.09%	-5.09%	-18.58%
Net Income Q/Q Growth	192.05%	68.97%	7.66%	-3,591.12%	1,875.17%	30.59%	37.85%	27.28%	-7.04%	-18.41%
EPS Q/Q Growth	150.00%	68.18%	7.89%	0.00%	100.00%	26.67%	39.39%	40.91%	-47.50%	-67.24%
Operating Cash Flow Q/Q Growth	26.42%	9.66%	-16.82%	-2.64%	87.23%	6.98%	81.18%	43.48%	-36.05%	14.19%
Free Cash Flow Firm Q/Q Growth	7.99%	-27.11%	-15.49%	-38.16%	100.05%	-12.18%	-193.13%	78.57%	36.29%	18.89%
Invested Capital Q/Q Growth	18.06%	31.62%	16.86%	8.16%	18.10%	43.90%	37.87%	-135.38%	-68.71%	-1.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.55%	68.64%	66.80%	67.88%	67.83%	68.12%	64.60%	52.52%	47.95%	48.27%
EBITDA Margin	4.12%	-1.20%	-7.78%	-2.49%	4.07%	-8.60%	-7.78%	-23.05%	-32.50%	-28.88%
Operating Margin	1.91%	-3.27%	-10.38%	-5.03%	1.91%	-9.55%	-4.30%	-23.44%	-35.39%	-32.58%
EBIT Margin	1.99%	-3.24%	-10.32%	-5.00%	1.90%	-9.56%	-8.99%	-25.57%	-35.97%	-31.99%
Profit (Net Income) Margin	4.37%	-1.61%	-10.17%	-4.78%	2.31%	-8.20%	-8.96%	-27.04%	-35.98%	-31.93%
Tax Burden Percent	98.59%	134.38%	104.51%	98.54%	94.09%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	222.95%	37.00%	94.25%	97.18%	129.04%	85.75%	99.66%	105.74%	100.04%	99.84%
Effective Tax Rate	1.41%	0.00%	0.00%	0.00%	5.91%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.49%	-7.18%	-25.37%	-14.52%	6.71%	-30.63%	-35.69%	0.00%	-265.16%	-180.67%
ROIC Less NNEP Spread (ROIC-NNEP)	0.78%	-8.10%	-21.81%	-12.80%	6.01%	-28.41%	-25.82%	0.00%	-231.93%	-159.85%
Return on Net Nonoperating Assets (RNNOA)	-0.48%	5.65%	16.15%	9.62%	-4.38%	21.56%	22.64%	0.00%	181.61%	124.11%
Return on Equity (ROE)	4.00%	-1.52%	-9.21%	-4.90%	2.33%	-9.06%	-13.04%	-73.17%	-83.55%	-56.57%
Cash Return on Invested Capital (CROIC)	-47.87%	-39.79%	-49.57%	-33.07%	0.01%	-80.47%	-134.75%	0.00%	-165.19%	-216.62%
Operating Return on Assets (OROA)	1.20%	-2.04%	-6.57%	-3.47%	1.31%	-8.29%	-9.42%	-31.69%	-47.18%	-39.97%
Return on Assets (ROA)	2.64%	-1.02%	-6.47%	-3.33%	1.60%	-7.11%	-9.39%	-33.51%	-47.20%	-39.91%
Return on Common Equity (ROCE)	4.00%	-1.52%	-9.21%	-4.90%	2.33%	-9.06%	-13.04%	-73.17%	-83.55%	-56.57%
Return on Equity Simple (ROE_SIMPLE)	3.55%	-1.41%	-8.69%	-4.38%	2.13%	-8.70%	-7.96%	-76.69%	-79.19%	-73.84%
Net Operating Profit after Tax (NOPAT)	4.46	-4.52	-12	-5.50	2.23	-7.88	-2.74	-10	-13	-12
NOPAT Margin	1.88%	-2.29%	-7.26%	-3.52%	1.80%	-6.68%	-3.01%	-16.41%	-24.77%	-22.81%
Net Nonoperating Expense Percent (NNEP)	3.70%	0.92%	-3.55%	-1.72%	0.71%	-2.21%	-9.87%	-27.93%	-33.23%	-20.82%
Return On Investment Capital (ROIC_SIMPLE)	1.53%	-2.00%	-6.21%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	27.45%	31.36%	33.20%	32.12%	32.17%	31.88%	35.40%	47.48%	52.05%	51.73%
SG&A Expenses to Revenue	60.19%	61.26%	65.04%	62.49%	55.43%	51.88%	53.94%	55.71%	50.36%	43.93%
R&D to Revenue	10.45%	10.65%	12.13%	10.43%	10.48%	25.79%	14.97%	20.25%	28.12%	36.92%
Operating Expenses to Revenue	70.65%	71.91%	77.17%	72.91%	65.92%	77.67%	68.91%	75.96%	83.34%	80.85%
Earnings before Interest and Taxes (EBIT)	4.71	-6.40	-17	-7.80	2.36	-11	-8.17	-16	-20	-16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	9.78	-2.38	-13	-3.89	5.06	-10	-7.07	-15	-18	-15
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.28	7.52	6.47	10.79	10.45	7,000.43	7.38	8.44	2.93	2.77
Price to Tangible Book Value (P/TBV)	9.49	7.76	6.73	10.79	10.45	7,000.43	7.38	8.44	2.93	3.19
Price to Revenue (P/Rev)	11.42	8.60	7.57	11.78	11.30	6,598.94	8.30	2.98	1.33	1.20
Price to Earnings (P/E)	261.56	0.00	0.00	0.00	489.82	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.38%	0.00%	0.00%	0.00%	0.20%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	20.29	21.09	20.93	41.35	37.93	24,204.87	34.77	0.00	19.74	6.15
Enterprise Value to Revenue (EV/Rev)	10.72	7.83	6.72	10.95	10.49	6,598.27	7.39	2.56	0.92	0.92
Enterprise Value to EBITDA (EV/EBITDA)	260.19	0.00	0.00	0.00	257.50	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	539.59	0.00	0.00	0.00	552.33	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	570.92	0.00	0.00	0.00	583.82	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	43.73	43.81	62.44	58.91	74.15	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	348,639.40	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.02	0.03	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.62	-0.70	-0.74	-0.75	-0.73	-0.76	-0.88	-1.03	-0.78	-0.78
Leverage Ratio	1.52	1.50	1.42	1.47	1.46	1.27	1.39	2.18	1.77	1.42
Compound Leverage Factor	3.39	0.55	1.34	1.43	1.89	1.09	1.38	2.31	1.77	1.42
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.53%	3.18%	0.32%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.53%	3.05%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.13%	0.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	98.47%	96.82%	99.68%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.02	-0.05	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.80	1.25	0.98
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.03	-0.06	-0.01
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.53	1.65	1.24
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.01
Altman Z-Score	11.32	7.43	8.25	14.06	10.47	11,068.82	24.67	-4.69	-7.50	-9.75
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.23	4.49	4.99	6.08	5.50	5.64	7.62	3.86	3.48	2.26
Quick Ratio	3.53	3.67	4.43	5.41	4.91	5.15	7.19	3.45	3.12	2.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-48	-25	-23	-13	0.00	-21	-26	-3.98	-8.39	-14
Operating Cash Flow to CapEx	90.92%	176.44%	232.85%	366.90%	669.15%	-274.58%	-15.38%	-873.05%	-1,405.80%	-549.90%
Free Cash Flow to Firm to Interest Expense	-77.45	-41.81	-63.76	-3,130.20	0.62	-2,586.84	-29.94	-4.18	-559.50	-1,554.63
Operating Cash Flow to Interest Expense	94.73	58.85	48.33	7,260.00	2,928.67	-897.88	-0.47	-13.85	-1,326.13	-1,482.89
Operating Cash Flow Less CapEx to Interest Expense	-9.46	25.50	27.57	5,281.25	2,491.00	-1,224.88	-3.56	-15.43	-1,420.47	-1,752.56
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.60	0.63	0.64	0.70	0.69	0.87	1.05	1.24	1.31	1.25
Accounts Receivable Turnover	3.96	3.77	3.91	4.34	3.73	4.24	4.36	3.62	3.88	5.36
Inventory Turnover	4.28	4.26	3.72	4.41	4.94	7.24	8.75	8.34	11.63	16.05
Fixed Asset Turnover	3.28	6.87	11.28	0.00	0.00	0.00	18.21	16.09	13.73	14.74
Accounts Payable Turnover	2.82	3.15	4.21	6.36	6.10	5.59	5.08	5.02	4.01	3.95
Days Sales Outstanding (DSO)	92.11	96.92	93.24	84.06	97.98	86.14	83.81	100.96	94.00	68.16
Days Inventory Outstanding (DIO)	85.37	85.66	98.20	82.73	73.88	50.39	41.72	43.78	31.38	22.75
Days Payable Outstanding (DPO)	129.47	115.73	86.76	57.38	59.84	65.35	71.84	72.67	91.05	92.47
Cash Conversion Cycle (CCC)	48.01	66.86	104.68	109.41	112.02	71.18	53.68	72.06	34.33	-1.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	125	73	53	41	34	32	19	-3.97	2.54	7.62
Invested Capital Turnover	2.39	3.13	3.49	4.12	3.74	4.58	11.85	-89.34	10.70	7.92
Increase / (Decrease) in Invested Capital	52	21	11	7.02	2.23	13	23	-6.51	-5.08	2.32
Enterprise Value (EV)	2,544	1,547	1,104	1,711	1,303	777,606	671	164	50	47
Market Capitalization	2,710	1,699	1,244	1,840	1,403	777,685	754	190	72	61
Book Value per Share	$5.92	$4.73	$4.07	$3.64	$2.96	$0.00	$2.36	$0.65	$1.02	$0.93
Tangible Book Value per Share	$5.79	$4.59	$3.91	$3.64	$2.96	$0.00	$2.36	$0.65	$1.02	$0.81
Total Capital	292	226	192	170	134	111	102	23	26	22
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.35	0.81	0.07
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.07
Net Debt	-167	-153	-140	-129	-100	-79	-83	-27	-22	-15
Capital Expenditures (CapEx)	64	20	7.60	7.92	2.63	2.62	2.68	1.51	1.42	2.43
Debt-free, Cash-free Net Working Capital (DFCFNWC)	36	33	30	29	25	22	15	11	9.67	0.65
Debt-free Net Working Capital (DFNWC)	162	160	149	132	101	92	98	38	33	15
Net Working Capital (NWC)	162	160	149	132	101	92	98	37	32	15
Net Nonoperating Expense (NNE)	-5.91	-1.34	4.77	1.97	-0.63	1.79	5.40	6.80	6.09	4.67
Net Nonoperating Obligations (NNO)	-167	-153	-140	-129	-100	-79	-83	-27	-22	-15
Total Depreciation and Amortization (D&A)	5.06	4.02	4.18	3.91	2.70	1.13	1.10	1.61	1.89	1.59
Debt-free, Cash-free Net Working Capital to Revenue	15.07%	16.48%	18.17%	18.58%	20.35%	18.79%	16.58%	17.06%	17.78%	1.28%
Debt-free Net Working Capital to Revenue	68.50%	80.95%	90.90%	84.78%	81.40%	77.95%	107.85%	59.08%	60.04%	29.77%
Net Working Capital to Revenue	68.50%	80.95%	90.90%	84.78%	81.40%	77.95%	107.85%	58.53%	58.60%	29.77%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.21	($0.07)	($0.35)	($0.16)	$0.06	($0.22)	$0.00	($0.52)	($1.18)	($0.97)
Adjusted Weighted Average Basic Shares Outstanding	48.85M	47.59M	47.13M	46.47M	45.22M	44.95M	43.75M	36.10M	32.72M	23.85M
Adjusted Diluted Earnings per Share	$0.20	($0.07)	($0.35)	($0.16)	$0.06	($0.22)	$0.00	($0.52)	($1.18)	($0.97)
Adjusted Weighted Average Diluted Shares Outstanding	51.68M	47.59M	47.13M	46.47M	47.28M	44.95M	43.75M	36.10M	32.72M	23.85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	($0.22)	$0.00	($0.52)	($1.18)	($0.97)
Adjusted Weighted Average Basic & Diluted Shares Outstanding	49.97M	48.29M	47.36M	46.97M	45.95M	44.18M	40.24M	33.36M	23.09M	23.76M
Normalized Net Operating Profit after Tax (NOPAT)	4.46	-4.52	-12	-5.50	2.23	-7.88	-2.74	-10	-12	-12
Normalized NOPAT Margin	1.88%	-2.29%	-7.26%	-3.52%	1.80%	-6.68%	-3.01%	-16.41%	-21.38%	-22.81%
Pre Tax Income Margin	4.43%	-1.20%	-9.73%	-4.85%	2.45%	-8.20%	-8.96%	-27.04%	-35.98%	-31.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.68	-10.67	-46.35	-1,950.50	393.17	-1,408.88	-9.40	-17.17	-1,303.93	-1,818.56
NOPAT to Interest Expense	7.26	-7.54	-32.62	-1,374.45	371.96	-984.46	-3.15	-11.02	-898.10	-1,296.63
EBIT Less CapEx to Interest Expense	-96.51	-44.02	-67.10	-3,929.25	-44.50	-1,735.88	-12.48	-18.76	-1,398.27	-2,088.22
NOPAT Less CapEx to Interest Expense	-96.94	-40.90	-53.38	-3,353.20	-65.71	-1,311.46	-6.23	-12.60	-992.43	-1,566.30
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Vericel's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.57%	15.97%	27.04%	14.68%	25.02%	23.35%	18.24%	23.96%	13.70%	10.72%	11.72%
EBITDA Growth	-144.60%	42.81%	72.84%	0.61%	43.02%	100.37%	27.96%	37.50%	-19.25%	35.71%	-41.27%
EBIT Growth	-133.05%	44.77%	54.03%	-1.22%	33.19%	110.67%	25.54%	34.37%	-14.36%	46.59%	-36.57%
NOPAT Growth	-134.11%	45.15%	51.26%	-1.17%	33.18%	109.22%	25.50%	34.36%	-12.43%	36.38%	-36.83%
Net Income Growth	-191.20%	52.44%	75.38%	6.73%	48.47%	119.40%	44.35%	43.99%	-5.70%	30.58%	-33.38%
EPS Growth	-187.50%	42.86%	75.00%	9.09%	50.00%	115.38%	42.86%	42.11%	-6.67%	30.00%	-27.27%
Operating Cash Flow Growth	-8.36%	120.52%	42.06%	81.79%	-8.37%	44.60%	74.81%	224.40%	126.64%	-33.89%	12.85%
Free Cash Flow Firm Growth	-59.72%	-328.20%	-270.08%	-535.61%	-207.92%	-47.48%	-20.97%	69.74%	51.76%	-107.32%	7.78%
Invested Capital Growth	54.66%	70.92%	90.56%	69.70%	56.98%	38.96%	23.38%	4.45%	11.51%	27.54%	18.05%
Revenue Q/Q Growth	-30.22%	30.17%	9.96%	2.69%	-21.10%	42.59%	-0.74%	11.96%	-22.16%	36.69%	4.06%
EBITDA Q/Q Growth	-150.73%	1,877.83%	77.20%	-18.93%	-129.62%	438.09%	16.55%	31.82%	-204.16%	221.55%	27.60%
EBIT Q/Q Growth	-168.74%	897.81%	61.50%	-10.38%	-142.70%	353.32%	15.22%	27.15%	-234.64%	189.53%	25.28%
NOPAT Q/Q Growth	-148.46%	1,170.94%	59.13%	-10.38%	-130.04%	459.64%	15.17%	27.10%	-194.07%	228.06%	25.26%
Net Income Q/Q Growth	-156.78%	2,298.34%	80.76%	-21.23%	-129.72%	455.00%	27.09%	33.02%	-226.56%	190.04%	26.62%
EPS Q/Q Growth	-157.50%	2,100.00%	80.00%	-25.00%	-128.57%	450.00%	27.27%	31.25%	-223.08%	192.86%	26.32%
Operating Cash Flow Q/Q Growth	-70.33%	118.40%	-45.06%	157.36%	-28.59%	40.69%	-29.69%	29.72%	12.69%	70.08%	30.48%
Free Cash Flow Firm Q/Q Growth	-66.92%	35.74%	-28.24%	-16.11%	-347.50%	44.46%	-120.25%	43.75%	-114.33%	54.44%	44.90%
Invested Capital Q/Q Growth	6.13%	18.06%	19.58%	3.23%	17.29%	31.62%	6.50%	-4.52%	3.83%	16.86%	-9.84%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	68.96%	77.61%	71.93%	69.50%	68.94%	74.63%	67.15%	65.20%	64.66%	72.59%	65.45%
EBITDA Margin	-19.26%	26.49%	-1.94%	-9.35%	-8.08%	21.51%	-9.07%	-10.79%	-17.72%	13.24%	-14.89%
Operating Margin	-24.32%	24.52%	-4.26%	-11.45%	-10.66%	19.59%	-11.09%	-12.98%	-19.94%	11.55%	-17.61%
EBIT Margin	-24.24%	24.61%	-4.02%	-11.47%	-10.67%	19.71%	-11.10%	-12.99%	-19.96%	11.54%	-17.62%
Profit (Net Income) Margin	-21.38%	26.28%	-1.56%	-8.89%	-7.53%	19.99%	-8.03%	-10.93%	-18.27%	11.24%	-17.06%
Tax Burden Percent	100.00%	99.26%	100.00%	100.00%	100.00%	92.19%	92.75%	100.00%	100.00%	89.43%	100.32%
Interest Burden Percent	88.20%	107.58%	38.75%	77.53%	70.59%	109.99%	78.02%	84.14%	91.53%	108.88%	96.51%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-37.08%	58.54%	-8.35%	-24.38%	-22.01%	61.36%	-28.52%	-31.62%	-45.47%	40.32%	-47.07%
ROIC Less NNEP Spread (ROIC-NNEP)	-35.60%	57.71%	-8.90%	-24.07%	-21.99%	61.18%	-28.43%	-31.00%	-44.12%	40.44%	-45.61%
Return on Net Nonoperating Assets (RNNOA)	20.87%	-35.57%	5.78%	16.38%	14.75%	-42.73%	20.93%	22.50%	31.61%	-29.94%	34.24%
Return on Equity (ROE)	-16.21%	22.97%	-2.57%	-7.99%	-7.26%	18.63%	-7.59%	-9.12%	-13.86%	10.38%	-12.82%
Cash Return on Invested Capital (CROIC)	-45.50%	-47.87%	-63.85%	-57.11%	-49.67%	-39.79%	-39.13%	-24.64%	-35.08%	-49.57%	-48.45%
Operating Return on Assets (OROA)	-14.80%	14.85%	-2.57%	-7.16%	-7.13%	12.43%	-7.26%	-8.33%	-13.38%	7.34%	-11.89%
Return on Assets (ROA)	-13.06%	15.85%	-1.00%	-5.55%	-5.03%	12.60%	-5.25%	-7.01%	-12.24%	7.15%	-11.51%
Return on Common Equity (ROCE)	-16.21%	22.97%	-2.57%	-7.99%	-7.26%	18.63%	-7.59%	-9.12%	-13.86%	10.38%	-12.82%
Return on Equity Simple (ROE_SIMPLE)	1.01%	0.00%	1.38%	0.32%	0.19%	0.00%	-5.02%	-6.62%	-8.82%	0.00%	-10.18%
Net Operating Profit after Tax (NOPAT)	-8.95	18	-1.73	-4.22	-3.82	13	-3.54	-4.17	-5.72	6.09	-4.75
NOPAT Margin	-17.02%	24.52%	-2.98%	-8.02%	-7.46%	19.59%	-7.77%	-9.09%	-13.95%	11.55%	-12.33%
Net Nonoperating Expense Percent (NNEP)	-1.48%	0.83%	0.55%	-0.31%	-0.03%	0.18%	-0.09%	-0.62%	-1.35%	-0.12%	-1.45%
Return On Investment Capital (ROIC_SIMPLE)	-3.03%	6.33%	-	-	-	5.63%	-	-	-	3.16%	-
Cost of Revenue to Revenue	31.04%	22.39%	28.07%	30.50%	31.06%	25.37%	32.85%	34.80%	35.34%	27.41%	34.55%
SG&A Expenses to Revenue	79.48%	46.56%	65.67%	66.97%	67.08%	47.50%	65.79%	66.74%	71.88%	51.09%	69.97%
R&D to Revenue	13.80%	6.53%	10.52%	13.98%	12.52%	7.54%	12.45%	11.44%	12.71%	9.95%	13.09%
Operating Expenses to Revenue	93.28%	53.09%	76.19%	80.95%	79.60%	55.04%	78.25%	78.18%	84.59%	61.04%	83.06%
Earnings before Interest and Taxes (EBIT)	-13	19	-2.33	-6.04	-5.47	13	-5.06	-5.97	-8.19	6.08	-6.79
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-10	20	-1.12	-4.93	-4.14	14	-4.14	-4.96	-7.27	6.98	-5.74
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.55	9.28	8.05	9.18	10.74	7.52	7.81	8.98	7.16	6.47	6.15
Price to Tangible Book Value (P/TBV)	7.70	9.49	8.25	9.43	11.06	7.76	8.09	9.32	7.44	6.73	6.15
Price to Revenue (P/Rev)	9.35	11.42	9.13	10.39	12.09	8.60	8.62	10.03	8.20	7.57	6.87
Price to Earnings (P/E)	748.70	261.56	583.86	2,826.17	5,569.97	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.13%	0.38%	0.17%	0.04%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	15.54	20.29	18.09	23.38	27.49	21.09	25.99	31.35	22.81	20.93	21.30
Enterprise Value to Revenue (EV/Rev)	8.67	10.72	8.47	9.68	11.38	7.83	7.82	9.21	7.38	6.72	6.04
Enterprise Value to EBITDA (EV/EBITDA)	545.72	260.19	506.52	2,664.51	3,156.43	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	539.59	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	570.92	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	35.91	43.73	41.74	48.28	68.22	43.81	44.98	56.31	56.59	62.44	45.24
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.59	-0.62	-0.65	-0.68	-0.67	-0.70	-0.74	-0.73	-0.72	-0.74	-0.75
Leverage Ratio	1.48	1.52	1.53	1.56	1.45	1.50	1.48	1.49	1.38	1.42	1.41
Compound Leverage Factor	1.30	1.63	0.59	1.21	1.03	1.65	1.16	1.25	1.26	1.55	1.36
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	9.94	11.42	8.89	9.47	11.73	7.61	7.69	8.81	10.77	8.53	8.29
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.01	4.23	4.61	4.50	5.20	4.49	5.18	5.14	6.17	4.99	6.16
Quick Ratio	4.20	3.53	3.63	3.43	4.40	3.67	4.04	3.82	5.48	4.43	5.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-56	-34	-52	-41	-35	-7.83	-14	-6.40	-11	-5.31	-12
Operating Cash Flow to CapEx	46.44%	161.33%	52.47%	110.58%	51.38%	128.73%	109.13%	242.99%	556.26%	620.00%	291.06%
Free Cash Flow to Firm to Interest Expense	-365.83	-217.74	-338.84	-265.95	-229.04	-50.20	-94.00	-42.96	-78.49	-23.81	-111.01
Operating Cash Flow to Interest Expense	43.14	144.43	66.13	121.14	47.07	64.65	47.79	68.43	54.21	31.28	39.06
Operating Cash Flow Less CapEx to Interest Expense	-49.75	54.90	-59.90	11.59	-44.54	14.43	4.00	40.27	44.46	26.23	25.64
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.61	0.60	0.64	0.62	0.67	0.63	0.65	0.64	0.67	0.64	0.67
Accounts Receivable Turnover	4.64	3.96	5.14	4.97	4.71	3.77	5.00	4.95	4.82	3.91	5.04
Inventory Turnover	4.27	4.28	4.56	4.41	4.38	4.26	4.08	3.91	3.79	3.72	3.60
Fixed Asset Turnover	2.90	3.28	3.82	4.45	5.57	6.87	8.03	0.00	10.37	11.28	0.00
Accounts Payable Turnover	3.62	2.82	3.60	3.20	4.15	3.15	5.17	4.84	5.98	4.21	7.85
Days Sales Outstanding (DSO)	78.67	92.11	70.96	73.43	77.55	96.92	72.94	73.73	75.68	93.24	72.43
Days Inventory Outstanding (DIO)	85.42	85.37	80.01	82.75	83.31	85.66	89.43	93.42	96.19	98.20	101.25
Days Payable Outstanding (DPO)	100.79	129.47	101.32	113.95	88.00	115.73	70.58	75.47	61.02	86.76	46.53
Cash Conversion Cycle (CCC)	63.30	48.01	49.66	42.23	72.86	66.86	91.79	91.67	110.86	104.68	127.15
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	133	125	106	89	86	73	56	52	55	53	45
Invested Capital Turnover	2.18	2.39	2.80	3.04	2.95	3.13	3.67	3.48	3.26	3.49	3.82
Increase / (Decrease) in Invested Capital	47	52	50	36	31	21	11	2.23	5.66	11	6.90
Enterprise Value (EV)	2,067	2,544	1,920	2,076	2,364	1,547	1,448	1,640	1,250	1,104	962
Market Capitalization	2,230	2,710	2,072	2,230	2,512	1,699	1,597	1,787	1,389	1,244	1,095
Book Value per Share	$5.91	$5.92	$5.25	$5.00	$4.84	$4.73	$4.29	$4.18	$4.10	$4.07	$3.77
Tangible Book Value per Share	$5.79	$5.79	$5.12	$4.86	$4.70	$4.59	$4.14	$4.03	$3.94	$3.91	$3.77
Total Capital	295	292	257	243	234	226	204	199	194	192	178
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-162	-167	-151	-154	-148	-153	-149	-147	-139	-140	-133
Capital Expenditures (CapEx)	14	14	19	17	14	7.84	6.57	4.20	1.41	1.13	1.41
Debt-free, Cash-free Net Working Capital (DFCFNWC)	39	36	31	25	35	33	22	22	30	30	28
Debt-free Net Working Capital (DFNWC)	158	162	149	154	153	160	150	147	149	149	139
Net Working Capital (NWC)	158	162	149	154	153	160	150	147	149	149	139
Net Nonoperating Expense (NNE)	2.29	-1.33	-0.82	0.46	0.04	-0.26	0.12	0.85	1.77	0.16	1.83
Net Nonoperating Obligations (NNO)	-162	-167	-151	-154	-148	-153	-149	-147	-139	-140	-133
Total Depreciation and Amortization (D&A)	2.62	1.42	1.20	1.11	1.33	1.17	0.92	1.01	0.92	0.90	1.05
Debt-free, Cash-free Net Working Capital to Revenue	16.38%	15.07%	13.56%	11.86%	16.75%	16.48%	11.79%	12.14%	17.43%	18.17%	17.85%
Debt-free Net Working Capital to Revenue	66.32%	68.50%	65.76%	71.57%	73.75%	80.95%	81.13%	82.64%	87.88%	90.90%	87.51%
Net Working Capital to Revenue	66.32%	68.50%	65.76%	71.57%	73.75%	80.95%	81.13%	82.64%	87.88%	90.90%	87.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.23)	$0.41	($0.02)	($0.10)	($0.08)	$0.28	($0.08)	($0.11)	($0.16)	$0.13	($0.14)
Adjusted Weighted Average Basic Shares Outstanding	49.91M	48.85M	49.09M	48.69M	48.14M	47.59M	47.65M	47.57M	47.39M	47.13M	47.18M
Adjusted Diluted Earnings per Share	($0.23)	$0.40	($0.02)	($0.10)	($0.08)	$0.28	($0.08)	($0.11)	($0.16)	$0.13	($0.14)
Adjusted Weighted Average Diluted Shares Outstanding	49.91M	51.68M	49.09M	48.69M	48.14M	47.59M	47.65M	47.57M	47.39M	47.13M	47.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	50.34M	49.97M	49.36M	49.03M	48.60M	48.29M	47.72M	47.64M	47.56M	47.36M	47.22M
Normalized Net Operating Profit after Tax (NOPAT)	-8.95	13	-1.73	-4.22	-3.82	8.91	-3.54	-4.17	-5.72	4.26	-4.75
Normalized NOPAT Margin	-17.02%	17.16%	-2.98%	-8.02%	-7.46%	13.71%	-7.77%	-9.09%	-13.95%	8.08%	-12.33%
Pre Tax Income Margin	-21.38%	26.47%	-1.56%	-8.89%	-7.53%	21.68%	-8.66%	-10.93%	-18.27%	12.57%	-17.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-83.33	120.45	-15.10	-39.47	-35.76	82.13	-33.72	-40.04	-56.48	27.27	-64.70
NOPAT to Interest Expense	-58.53	119.99	-11.20	-27.59	-25.00	81.61	-23.60	-28.00	-39.48	27.29	-45.25
EBIT Less CapEx to Interest Expense	-176.22	30.92	-141.13	-149.02	-127.37	31.91	-77.51	-68.20	-66.22	22.23	-78.11
NOPAT Less CapEx to Interest Expense	-151.41	30.47	-137.24	-137.14	-116.61	31.38	-67.39	-56.17	-49.22	22.24	-58.67
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About Vericel's Financials

When does Vericel's fiscal year end?

According to the most recent income statement we have on file, Vericel's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Vericel's net income changed over the last 9 years?

Vericel's net income appears to be on a downward trend, with a most recent value of $10.36 million in 2024, falling from -$16.34 million in 2015. The previous period was -$3.18 million in 2023. See where experts think Vericel is headed by visiting Vericel's forecast page.

What is Vericel's operating income?

Vericel's total operating income in 2024 was $4.52 million, based on the following breakdown:

Total Gross Profit: $172.11 million
Total Operating Expenses: $167.59 million

How has Vericel revenue changed over the last 9 years?

Over the last 9 years, Vericel's total revenue changed from $51.17 million in 2015 to $237.22 million in 2024, a change of 363.6%.

How much debt does Vericel have?

Vericel's total liabilities were at $140.76 million at the end of 2024, a 10.2% increase from 2023, and a 1,055.7% increase since 2015.

How much cash does Vericel have?

In the past 9 years, Vericel's cash and equivalents has ranged from $14.58 million in 2015 to $74.52 million in 2024, and is currently $74.52 million as of their latest financial filing in 2024.

How has Vericel's book value per share changed over the last 9 years?

Over the last 9 years, Vericel's book value per share changed from 0.93 in 2015 to 5.92 in 2024, a change of 535.8%.

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This page (NASDAQ:VCEL) was last updated on 5/20/2025 by MarketBeat.com Staff

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Vericel (VCEL) Financials

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