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Vericel (VCEL) Financials

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$44.64 -0.45 (-0.99%)
As of 11:59 AM Eastern
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Annual Income Statements for Vericel

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -16 -20 -17 -8.14 -9.67 2.86 -7.47 -17 -3.18 10 17
Consolidated Net Income / (Loss)		 -16 -20 -17 -8.14 -9.67 2.86 -7.47 -17 -3.18 10 17
Net Income / (Loss) Continuing Operations		 -16 -20 -17 -8.14 -9.67 2.86 -7.47 -17 -3.18 10 17
Total Pre-Tax Income 		-16 -20 -17 -8.14 -9.67 3.04 -7.58 -16 -2.37 11 17
Total Operating Income		 -17 -19 -15 -3.91 -11 2.37 -7.85 -17 -6.46 4.52 11
Total Gross Profit		 25 26 34 59 80 84 106 110 136 172 206
Total Revenue		 51 54 64 91 118 124 156 164 198 237 276
Operating Revenue		 51 54 63 91 118 124 156 164 198 237 276
Total Cost of Revenue		 26 28 30 32 38 40 50 55 62 65 71
Operating Cost of Revenue		 26 28 30 32 38 40 50 55 62 65 71
Total Operating Expenses		 41 45 49 63 92 82 114 127 142 168 195
Selling, General & Admin Expense		 22 27 36 49 61 69 98 107 121 143 167
Research & Development Expense		 19 15 13 14 30 13 16 20 21 25 28
Total Other Income / (Expense), net		 0.33 -0.32 -2.30 -4.23 1.59 0.67 0.27 1.07 4.10 5.99 6.33
Interest Expense		 0.01 0.02 0.95 0.87 0.01 0.01 0.00 0.37 0.60 0.61 0.63
Interest & Investment Income		 0.04 0.01 0.01 0.90 1.61 0.69 0.22 1.34 4.63 6.41 7.01
Other Income / (Expense), net		 0.30 -0.31 -1.36 -4.26 -0.02 -0.01 0.05 0.10 0.06 0.20 -0.04
Income Tax Expense		 - - - 0.00 0.00 0.18 -0.11 0.72 0.81 0.15 0.86
Basic Earnings per Share		 ($0.97) ($1.18) ($0.52) ($0.20) ($0.22) $0.06 ($0.16) ($0.35) ($0.07) $0.21 $0.33
Weighted Average Basic Shares Outstanding		 23.76M 23.09M 33.36M 40.24M 44.18M 45.22M 46.47M 47.13M 47.59M 48.85M 50.34M
Diluted Earnings per Share		 ($0.97) ($1.18) ($0.52) ($0.20) ($0.22) $0.06 ($0.16) ($0.35) ($0.07) $0.20 $0.32
Weighted Average Diluted Shares Outstanding		 23.76M 23.09M 33.36M 40.24M 44.18M 47.28M 46.47M 47.13M 47.59M 51.68M 52.15M
Weighted Average Basic & Diluted Shares Outstanding		 23.76M 23.09M 33.36M 40.24M 44.18M 45.95M 46.97M 47.36M 48.29M 49.97M 50.76M

Quarterly Income Statements for Vericel

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 13 -3.86 -4.68 -0.90 20 -11 -0.55 5.07 23 -6.30 2.21
Consolidated Net Income / (Loss)		 13 -3.86 -4.68 -0.90 20 -11 -0.55 5.07 23 -6.30 2.21
Net Income / (Loss) Continuing Operations		 13 -3.86 -4.68 -0.90 20 -11 -0.55 5.07 23 -6.30 2.21
Total Pre-Tax Income 		14 -3.86 -4.68 -0.90 20 -11 -0.55 5.07 24 -6.30 2.21
Total Operating Income		 13 -5.46 -6.03 -2.47 18 -13 -2.03 3.45 22 -8.06 0.43
Total Gross Profit		 49 35 37 42 58 36 47 50 73 49 56
Total Revenue		 65 51 53 58 75 53 63 68 93 68 77
Operating Revenue		 65 51 53 58 75 53 63 68 93 68 77
Total Cost of Revenue		 16 16 16 16 17 16 17 18 20 19 21
Operating Cost of Revenue		 16 16 16 16 17 16 17 18 20 19 21
Total Operating Expenses		 36 41 43 44 40 49 49 46 51 57 56
Selling, General & Admin Expense		 31 34 35 38 35 42 42 40 43 49 48
Research & Development Expense		 4.90 6.42 7.36 6.09 4.92 7.26 6.73 6.32 7.25 8.10 7.49
Total Other Income / (Expense), net		 1.36 1.60 1.35 1.56 1.48 1.55 1.48 1.62 1.69 1.76 1.77
Interest Expense		 0.16 0.15 0.15 0.15 0.15 0.15 0.16 0.16 0.16 0.16 0.16
Interest & Investment Income		 1.44 1.76 1.51 1.58 1.56 1.66 1.66 1.81 1.89 1.85 1.95
Other Income / (Expense), net		 0.08 -0.01 -0.01 0.14 0.07 0.04 -0.02 -0.03 -0.04 0.07 -0.02
Basic Earnings per Share		 $0.28 ($0.08) ($0.10) ($0.02) $0.41 ($0.23) ($0.01) $0.10 $0.47 ($0.12) $0.04
Weighted Average Basic Shares Outstanding		 47.59M 48.14M 48.69M 49.09M 48.85M 49.91M 50.37M 50.49M 50.34M 50.77M 51.08M
Diluted Earnings per Share		 $0.28 ($0.08) ($0.10) ($0.02) $0.40 ($0.23) ($0.01) $0.10 $0.46 ($0.12) $0.04
Weighted Average Diluted Shares Outstanding		 47.59M 48.14M 48.69M 49.09M 51.68M 49.91M 50.37M 51.91M 52.15M 50.77M 52.31M
Weighted Average Basic & Diluted Shares Outstanding		 48.29M 48.60M 49.03M 49.36M 49.97M 50.34M 50.46M 50.57M 50.76M 51.07M 51.21M

Annual Cash Flow Statements for Vericel

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -16 8.40 3.88 -8.58 8.69 6.85 35 -17 36 -1.82 15
Net Cash From Operating Activities		 -13 -20 -13 -0.41 -7.18 18 29 18 35 58 52
Net Cash From Continuing Operating Activities		 -13 -20 -13 -0.41 -7.18 18 29 18 35 58 52
Net Income / (Loss) Continuing Operations		 -16 -20 -17 -8.14 -9.67 2.86 -7.47 -17 -3.18 10 17
Consolidated Net Income / (Loss)		 -16 -20 -17 -8.14 -9.67 2.86 -7.47 -17 -3.18 10 17
Depreciation Expense		 1.59 1.89 1.61 1.43 1.74 2.38 2.97 3.98 4.63 5.50 12
Amortization Expense		 - 0.00 0.00 -0.33 -0.61 0.32 0.95 0.20 -0.61 -0.44 0.03
Non-Cash Adjustments To Reconcile Net Income		 2.81 5.14 3.72 11 13 14 36 39 41 51 43
Changes in Operating Assets and Liabilities, net		 -1.41 -7.35 -1.23 -4.03 -12 -2.42 -3.07 -8.68 -6.48 -7.97 -19
Net Cash From Investing Activities		 -2.39 -1.42 -1.51 -67 11 -17 -3.50 -36 -3.13 -79 -44
Net Cash From Continuing Investing Activities		 -2.39 -1.42 -1.51 -67 11 -17 -3.50 -36 -3.13 -79 -44
Purchase of Property, Plant & Equipment		 -2.43 -1.42 -1.51 -2.68 -2.62 -2.63 -7.92 -7.60 -20 -64 -27
Acquisitions		 - - - - - - 0.00 0.00 -7.50 0.00 0.00
Purchase of Investments		 - 0.00 0.00 -67 -72 -63 -60 -70 -55 -68 -72
Sale and/or Maturity of Investments		 - 0.00 0.00 2.20 86 49 64 41 80 53 56
Net Cash From Financing Activities		 -0.02 30 19 59 5.26 6.44 9.17 1.05 3.62 19 7.07
Net Cash From Continuing Financing Activities		 -0.02 30 19 59 5.26 6.44 9.17 1.05 3.62 19 7.07
Issuance of Debt		 - 13 15 - -0.03 0.00 0.00 -1.08 -0.04 0.00 -0.05
Issuance of Common Equity		 0.01 20 0.21 - - - - - 6.00 25 14
Other Financing Activities, net		 0.00 0.00 12 7.08 5.29 6.47 9.52 2.16 -2.34 -5.46 -6.82
Cash Interest Paid		 - - - - 0.01 0.01 0.00 0.11 0.38 0.40 0.49
Cash Income Taxes Paid		 - - - - 0.08 0.15 0.38 0.00 1.17 0.63 0.58

Quarterly Cash Flow Statements for Vericel

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 3.31 -16 5.11 -5.50 15 -5.34 0.83 20 -0.31 9.20 16
Net Cash From Operating Activities		 10 7.20 19 10 22 6.60 8.21 22 15 16 16
Net Cash From Continuing Operating Activities		 10 7.20 19 10 22 6.60 8.21 22 15 16 16
Net Income / (Loss) Continuing Operations		 13 -3.86 -4.68 -0.90 20 -11 -0.55 5.07 23 -6.30 2.21
Consolidated Net Income / (Loss)		 13 -3.86 -4.68 -0.90 20 -11 -0.55 5.07 23 -6.30 2.21
Depreciation Expense		 1.15 1.38 1.32 1.33 1.48 2.69 2.83 2.94 3.09 3.27 3.62
Amortization Expense		 0.02 -0.05 -0.21 -0.12 -0.06 -0.07 0.00 -0.02 0.11 0.03 0.00
Non-Cash Adjustments To Reconcile Net Income		 9.81 14 11 11 17 13 11 9.99 8.20 11 8.75
Changes in Operating Assets and Liabilities, net		 -14 -4.00 11 -1.01 -16 2.22 -5.53 4.09 -20 8.37 1.61
Net Cash From Investing Activities		 -8.09 -25 -18 -21 -15 -15 -9.03 -3.38 -16 -4.20 -2.82
Net Cash From Continuing Investing Activities		 -8.09 -25 -18 -21 -15 -15 -9.03 -3.38 -16 -4.20 -2.82
Purchase of Property, Plant & Equipment		 -7.84 -14 -17 -19 -14 -14 -8.13 -2.63 -2.19 -1.26 -1.93
Purchase of Investments		 -19 -23 -13 -17 -16 -13 -16 -15 -29 -17 -12
Sale and/or Maturity of Investments		 19 11 12 15 15 13 15 14 15 14 11
Net Cash From Financing Activities		 1.31 2.13 4.30 5.52 7.11 3.20 1.64 1.17 1.07 -2.98 2.69
Net Cash From Continuing Financing Activities		 1.31 2.13 4.30 5.52 7.11 3.20 1.64 1.17 1.07 -2.98 2.69
Issuance of Common Equity		 - 7.03 4.43 5.80 - 9.41 1.79 1.48 1.26 1.56 2.86
Other Financing Activities, net		 5.92 -4.90 -0.14 -0.27 24 -6.21 -0.14 -0.31 -0.17 -4.52 -0.14

Annual Balance Sheets for Vericel

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 34 49 55 119 153 206 244 273 354 433 488
Total Current Assets		 27 45 51 113 112 124 158 187 206 213 247
Cash & Equivalents		 15 23 27 18 27 34 68 51 69 75 100
Short-Term Investments		 - - 0.00 65 43 42 35 68 40 42 37
Accounts Receivable		 11 17 18 23 32 35 37 47 58 61 85
Inventories, net		 1.38 3.49 3.79 3.56 6.82 9.36 13 16 13 17 18
Other Current Assets		 0.46 1.16 1.58 2.85 2.95 3.89 4.25 4.80 6.85 7.29 7.74
Plant, Property, & Equipment, net		 4.05 3.88 4.07 5.91 0.00 0.00 13 16 42 103 108
Total Noncurrent Assets		 2.92 0.00 0.00 0.00 42 82 72 70 106 117 132
Long-Term Investments		 - - - 0.00 9.25 24 26 20 25 40 61
Intangible Assets		 2.92 - - - - - 0.00 7.50 6.88 6.25 5.63
Other Noncurrent Operating Assets		 - - - 0.00 32 58 46 43 74 71 65
Total Liabilities & Shareholders' Equity		 34 49 55 119 153 206 244 273 354 433 488
Total Liabilities		 12 24 32 16 42 71 73 81 128 141 133
Total Current Liabilities		 12 13 13 15 20 22 26 37 46 50 49
Accounts Payable		 7.59 6.54 5.55 7.11 6.35 6.76 9.02 17 22 24 16
Accrued Expenses		 3.60 4.52 5.57 6.93 7.95 11 14 16 17 17 19
Other Current Liabilities		 0.92 1.01 1.20 0.75 5.50 4.44 2.99 4.34 6.19 9.37 14
Total Noncurrent Liabilities		 0.07 11 19 1.67 22 49 47 43 82 90 84
Other Noncurrent Operating Liabilities		 0.00 11 19 1.67 22 49 47 43 82 90 84
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 22 25 23 102 111 134 170 192 226 292 355
Total Preferred & Common Equity		 22 25 23 102 111 134 170 192 226 292 355
Total Common Equity		 22 25 23 102 111 134 170 192 226 292 355
Common Stock		 308 330 383 471 490 510 554 593 629 685 731
Retained Earnings		 -324 -344 -361 -369 -379 -376 -383 -400 -403 -393 -376
Accumulated Other Comprehensive Income / (Loss)		 0.00 0.19 0.00 -0.04 0.02 0.01 -0.15 -0.98 -0.10 0.00 0.28

Quarterly Balance Sheets for Vericel

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 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 265 311 318 357 377 390 425 436 453 486 503
Total Current Assets		 178 183 186 190 197 191 198 205 222 244 265
Cash & Equivalents		 62 43 60 63 50 54 73 81 100 109 125
Short-Term Investments		 57 55 45 48 52 48 39 36 35 36 37
Accounts Receivable		 38 38 40 50 48 48 53 64 60 72 76
Inventories, net		 15 14 13 14 15 16 17 17 18 18 18
Other Current Assets		 4.54 5.04 5.43 7.78 6.43 7.88 8.52 6.58 8.01 7.99 8.18
Plant, Property, & Equipment, net		 18 23 30 56 73 88 108 110 109 107 106
Total Noncurrent Assets		 69 104 102 111 106 111 119 121 122 134 133
Long-Term Investments		 20 21 20 29 26 33 43 47 50 65 65
Intangible Assets		 7.34 7.19 7.03 6.72 6.56 6.41 6.09 5.94 5.78 5.47 5.31
Other Noncurrent Operating Assets		 42 76 74 74 74 72 69 68 66 64 62
Total Liabilities & Shareholders' Equity		 265 311 318 357 377 390 425 436 453 486 503
Total Liabilities		 71 112 114 123 134 133 129 129 131 129 133
Total Current Liabilities		 29 36 36 36 44 41 39 41 46 47 53
Accounts Payable		 11 14 15 19 25 21 17 13 15 19 21
Accrued Expenses		 13 14 14 11 13 14 11 14 16 14 18
Other Current Liabilities		 4.52 7.24 7.27 6.01 5.79 6.12 11 14 14 14 14
Total Noncurrent Liabilities		 42 76 78 86 90 92 90 88 86 82 80
Other Noncurrent Operating Liabilities		 42 76 78 86 90 92 90 88 86 82 80
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 194 199 204 234 243 257 295 307 322 356 370
Total Preferred & Common Equity		 194 199 204 234 243 257 295 307 322 356 370
Total Common Equity		 194 199 204 234 243 257 295 307 322 356 370
Common Stock		 602 612 621 641 655 670 699 711 721 739 751
Retained Earnings		 -407 -413 -416 -407 -412 -413 -404 -405 -400 -383 -380
Accumulated Other Comprehensive Income / (Loss)		 -0.64 -0.62 -0.46 -0.25 -0.27 0.36 0.14 0.18 0.26 -0.17 -0.37

Annual Metrics And Ratios for Vericel

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 77.69% 6.28% 17.54% 42.13% 29.71% 5.37% 25.77% 5.24% 20.17% 20.10% 16.45%
EBITDA Growth		 22.99% -19.61% 16.62% 52.05% -43.46% 149.92% -176.84% -228.83% 81.41% 511.27% 130.93%
EBIT Growth		 17.91% -19.50% 16.42% 50.06% -38.04% 120.93% -430.73% -117.42% 62.27% 173.66% 133.35%
NOPAT Growth		 29.16% -15.44% 22.14% 73.91% -187.82% 128.34% -346.35% -117.19% 62.11% 198.47% 135.63%
Net Income Growth		 17.97% -19.74% 11.65% 52.93% -18.78% 129.63% -360.86% -123.65% 80.96% 425.64% 59.41%
EPS Growth		 56.50% -21.65% 55.93% 61.54% -10.00% 127.27% -366.67% -118.75% 80.00% 385.71% 60.00%
Operating Cash Flow Growth		 47.48% -49.05% 33.73% 96.87% -1,643.45% 344.63% 65.26% -39.09% 99.64% 64.72% -10.75%
Free Cash Flow Firm Growth		 46.05% 40.02% 52.63% -554.34% 20.45% 100.02% -335,131.57% -86.37% -7.50% -89.56% 58.15%
Invested Capital Growth		 43.83% -66.65% -256.32% 586.08% 66.40% 6.94% 20.44% 27.54% 38.96% 70.92% 24.25%
Revenue Q/Q Growth		 1.42% 2.07% 11.96% 9.64% 7.34% 4.93% 1.54% 3.20% 6.64% 4.58% 6.78%
EBITDA Q/Q Growth		 -19.18% -7.80% 30.81% 32.81% 25.28% 86.03% -500.41% 12.56% 74.66% 157.87% 33.11%
EBIT Q/Q Growth		 -18.30% -7.48% 28.85% 32.39% 30.38% 417.50% -2,442.94% 10.23% 51.26% 561.25% 53.42%
NOPAT Q/Q Growth		 -18.58% -5.09% 32.09% 55.14% 22.22% 415.66% -5,421.64% 10.23% 50.69% 462.52% 47.69%
Net Income Q/Q Growth		 -18.41% -7.04% 27.28% 37.85% 30.59% 1,875.17% -3,591.12% 7.66% 68.97% 192.05% 26.27%
EPS Q/Q Growth		 -67.24% -47.50% 40.91% 39.39% 26.67% 100.00% 0.00% 7.89% 68.18% 150.00% 23.08%
Operating Cash Flow Q/Q Growth		 14.19% -36.05% 43.48% 81.18% 6.98% 87.23% -2.64% -16.82% 9.66% 26.42% -12.22%
Free Cash Flow Firm Q/Q Growth		 18.89% 36.29% 78.57% -193.13% -12.18% 100.05% -38.16% -15.49% -27.11% 7.99% 15.42%
Invested Capital Q/Q Growth		 -1.89% -68.71% -135.38% 37.87% 43.90% 18.10% 8.16% 16.86% 31.62% 18.06% 13.84%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 48.27% 47.95% 52.52% 64.60% 68.12% 67.83% 67.88% 66.80% 68.64% 72.55% 74.42%
EBITDA Margin		 -28.88% -32.50% -23.05% -7.78% -8.60% 4.07% -2.49% -7.78% -1.20% 4.12% 8.17%
Operating Margin		 -32.58% -35.39% -23.44% -4.30% -9.55% 1.91% -5.03% -10.38% -3.27% 1.91% 4.00%
EBIT Margin		 -31.99% -35.97% -25.57% -8.99% -9.56% 1.90% -5.00% -10.32% -3.24% 1.99% 3.98%
Profit (Net Income) Margin		 -31.93% -35.98% -27.04% -8.96% -8.20% 2.31% -4.78% -10.17% -1.61% 4.37% 5.98%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 94.09% 98.54% 104.51% 134.38% 98.59% 95.06%
Interest Burden Percent		 99.84% 100.04% 105.74% 99.66% 85.75% 129.04% 97.18% 94.25% 37.00% 222.95% 157.97%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 5.91% 0.00% 0.00% 0.00% 1.41% 4.94%
Return on Invested Capital (ROIC)		 -180.67% -265.16% 0.00% -35.69% -30.63% 6.71% -14.52% -25.37% -7.18% 4.49% 7.47%
ROIC Less NNEP Spread (ROIC-NNEP)		 -159.85% -231.93% 0.00% -25.82% -28.41% 6.01% -12.80% -21.81% -8.10% 0.78% 4.18%
Return on Net Nonoperating Assets (RNNOA)		 124.11% 181.61% 0.00% 22.64% 21.56% -4.38% 9.62% 16.15% 5.65% -0.48% -2.36%
Return on Equity (ROE)		 -56.57% -83.55% -73.17% -13.04% -9.06% 2.33% -4.90% -9.21% -1.52% 4.00% 5.11%
Cash Return on Invested Capital (CROIC)		 -216.62% -165.19% 0.00% -134.75% -80.47% 0.01% -33.07% -49.57% -39.79% -47.87% -14.16%
Operating Return on Assets (OROA)		 -39.97% -47.18% -31.69% -9.42% -8.29% 1.31% -3.47% -6.57% -2.04% 1.20% 2.39%
Return on Assets (ROA)		 -39.91% -47.20% -33.51% -9.39% -7.11% 1.60% -3.33% -6.47% -1.02% 2.64% 3.59%
Return on Common Equity (ROCE)		 -56.57% -83.55% -73.17% -13.04% -9.06% 2.33% -4.90% -9.21% -1.52% 4.00% 5.11%
Return on Equity Simple (ROE_SIMPLE)		 -73.84% -79.19% -76.69% -7.96% -8.70% 2.13% -4.38% -8.69% -1.41% 3.55% 0.00%
Net Operating Profit after Tax (NOPAT)		 -12 -13 -10 -2.74 -7.88 2.23 -5.50 -12 -4.52 4.46 10
NOPAT Margin		 -22.81% -24.77% -16.41% -3.01% -6.68% 1.80% -3.52% -7.26% -2.29% 1.88% 3.80%
Net Nonoperating Expense Percent (NNEP)		 -20.82% -33.23% -27.93% -9.87% -2.21% 0.71% -1.72% -3.55% 0.92% 3.70% 3.29%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -6.21% -2.00% 1.53% 2.96%
Cost of Revenue to Revenue		 51.73% 52.05% 47.48% 35.40% 31.88% 32.17% 32.12% 33.20% 31.36% 27.45% 25.58%
SG&A Expenses to Revenue		 43.93% 50.36% 55.71% 53.94% 51.88% 55.43% 62.49% 65.04% 61.26% 60.19% 60.45%
R&D to Revenue		 36.92% 28.12% 20.25% 14.97% 25.79% 10.48% 10.43% 12.13% 10.65% 10.45% 9.98%
Operating Expenses to Revenue		 80.85% 83.34% 75.96% 68.91% 77.67% 65.92% 72.91% 77.17% 71.91% 70.65% 70.42%
Earnings before Interest and Taxes (EBIT)		 -16 -20 -16 -8.17 -11 2.36 -7.80 -17 -6.40 4.71 11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -15 -18 -15 -7.07 -10 5.06 -3.89 -13 -2.38 9.78 23
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.77 2.93 8.44 7.38 7,000.43 10.45 10.79 6.47 7.52 9.28 5.14
Price to Tangible Book Value (P/TBV)		 3.19 2.93 8.44 7.38 7,000.43 10.45 10.79 6.73 7.76 9.49 5.22
Price to Revenue (P/Rev)		 1.20 1.33 2.98 8.30 6,598.94 11.30 11.78 7.57 8.60 11.42 6.59
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 489.82 0.00 0.00 0.00 261.56 110.25
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		 0.00% 0.00% 0.00% 0.00% 0.00% 0.20% 0.00% 0.00% 0.00% 0.38% 0.91%
Enterprise Value to Invested Capital (EV/IC)		 6.15 19.74 0.00 34.77 24,204.87 37.93 41.35 20.93 21.09 20.29 10.42
Enterprise Value to Revenue (EV/Rev)		 0.92 0.92 2.56 7.39 6,598.27 10.49 10.95 6.72 7.83 10.72 5.87
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 257.50 0.00 0.00 0.00 260.19 71.86
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 552.33 0.00 0.00 0.00 539.59 147.48
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 583.82 0.00 0.00 0.00 570.92 154.53
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 74.15 58.91 62.44 43.81 43.73 31.25
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 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 0.03 0.02 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		 -0.78 -0.78 -1.03 -0.88 -0.76 -0.73 -0.75 -0.74 -0.70 -0.62 -0.57
Leverage Ratio		 1.42 1.77 2.18 1.39 1.27 1.46 1.47 1.42 1.50 1.52 1.42
Compound Leverage Factor		 1.42 1.77 2.31 1.38 1.09 1.89 1.43 1.34 0.55 3.39 2.25
Debt to Total Capital		 0.32% 3.18% 1.53% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 3.05% 1.53% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.32% 0.13% 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		 99.68% 96.82% 98.47% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 -0.05 -0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.98 1.25 1.80 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		 -0.01 -0.06 -0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 1.24 1.65 2.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -9.75 -7.50 -4.69 24.67 11,068.82 10.47 14.06 8.25 7.43 11.32 8.24
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		 2.26 3.48 3.86 7.62 5.64 5.50 6.08 4.99 4.49 4.23 5.03
Quick Ratio		 2.11 3.12 3.45 7.19 5.15 4.91 5.41 4.43 3.67 3.53 4.52
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -14 -8.39 -3.98 -26 -21 0.00 -13 -23 -25 -48 -20
Operating Cash Flow to CapEx		 -549.90% -1,405.80% -873.05% -15.38% -274.58% 669.15% 366.90% 232.85% 176.44% 90.92% 191.11%
Free Cash Flow to Firm to Interest Expense		 -1,554.63 -559.50 -4.18 -29.94 -2,586.84 0.62 -3,130.20 -63.76 -41.81 -77.45 -31.59
Operating Cash Flow to Interest Expense		 -1,482.89 -1,326.13 -13.85 -0.47 -897.88 2,928.67 7,260.00 48.33 58.85 94.73 82.40
Operating Cash Flow Less CapEx to Interest Expense		 -1,752.56 -1,420.47 -15.43 -3.56 -1,224.88 2,491.00 5,281.25 27.57 25.50 -9.46 39.28
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.25 1.31 1.24 1.05 0.87 0.69 0.70 0.64 0.63 0.60 0.60
Accounts Receivable Turnover		 5.36 3.88 3.62 4.36 4.24 3.73 4.34 3.91 3.77 3.96 3.78
Inventory Turnover		 16.05 11.63 8.34 8.75 7.24 4.94 4.41 3.72 4.26 4.28 4.05
Fixed Asset Turnover		 14.74 13.73 16.09 18.21 0.00 0.00 0.00 11.28 6.87 3.28 2.61
Accounts Payable Turnover		 3.95 4.01 5.02 5.08 5.59 6.10 6.36 4.21 3.15 2.82 3.56
Days Sales Outstanding (DSO)		 68.16 94.00 100.96 83.81 86.14 97.98 84.06 93.24 96.92 92.11 96.46
Days Inventory Outstanding (DIO)		 22.75 31.38 43.78 41.72 50.39 73.88 82.73 98.20 85.66 85.37 90.22
Days Payable Outstanding (DPO)		 92.47 91.05 72.67 71.84 65.35 59.84 57.38 86.76 115.73 129.47 102.47
Cash Conversion Cycle (CCC)		 -1.57 34.33 72.06 53.68 71.18 112.02 109.41 104.68 66.86 48.01 84.21
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 7.62 2.54 -3.97 19 32 34 41 53 73 125 156
Invested Capital Turnover		 7.92 10.70 -89.34 11.85 4.58 3.74 4.12 3.49 3.13 2.39 1.97
Increase / (Decrease) in Invested Capital		 2.32 -5.08 -6.51 23 13 2.23 7.02 11 21 52 30
Enterprise Value (EV)		 47 50 164 671 777,606 1,303 1,711 1,104 1,547 2,544 1,622
Market Capitalization		 61 72 190 754 777,685 1,403 1,840 1,244 1,699 2,710 1,821
Book Value per Share		 $0.93 $1.02 $0.65 $2.36 $0.00 $2.96 $3.64 $4.07 $4.73 $5.92 $7.01
Tangible Book Value per Share		 $0.81 $1.02 $0.65 $2.36 $0.00 $2.96 $3.64 $3.91 $4.59 $5.79 $6.90
Total Capital		 22 26 23 102 111 134 170 192 226 292 355
Total Debt		 0.07 0.81 0.35 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.07 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -15 -22 -27 -83 -79 -100 -129 -140 -153 -167 -199
Capital Expenditures (CapEx)		 2.43 1.42 1.51 2.68 2.62 2.63 7.92 7.60 20 64 27
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.65 9.67 11 15 22 25 29 30 33 36 61
Debt-free Net Working Capital (DFNWC)		 15 33 38 98 92 101 132 149 160 162 198
Net Working Capital (NWC)		 15 32 37 98 92 101 132 149 160 162 198
Net Nonoperating Expense (NNE)		 4.67 6.09 6.80 5.40 1.79 -0.63 1.97 4.77 -1.34 -5.91 -6.02
Net Nonoperating Obligations (NNO)		 -15 -22 -27 -83 -79 -100 -129 -140 -153 -167 -199
Total Depreciation and Amortization (D&A)		 1.59 1.89 1.61 1.10 1.13 2.70 3.91 4.18 4.02 5.06 12
Debt-free, Cash-free Net Working Capital to Revenue		 1.28% 17.78% 17.06% 16.58% 18.79% 20.35% 18.58% 18.17% 16.48% 15.07% 22.00%
Debt-free Net Working Capital to Revenue		 29.77% 60.04% 59.08% 107.85% 77.95% 81.40% 84.78% 90.90% 80.95% 68.50% 71.78%
Net Working Capital to Revenue		 29.77% 58.60% 58.53% 107.85% 77.95% 81.40% 84.78% 90.90% 80.95% 68.50% 71.78%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.97) ($1.18) ($0.52) $0.00 ($0.22) $0.06 ($0.16) ($0.35) ($0.07) $0.21 $0.33
Adjusted Weighted Average Basic Shares Outstanding		 23.85M 32.72M 36.10M 43.75M 44.95M 45.22M 46.47M 47.13M 47.59M 48.85M 50.34M
Adjusted Diluted Earnings per Share		 ($0.97) ($1.18) ($0.52) $0.00 ($0.22) $0.06 ($0.16) ($0.35) ($0.07) $0.20 $0.32
Adjusted Weighted Average Diluted Shares Outstanding		 23.85M 32.72M 36.10M 43.75M 44.95M 47.28M 46.47M 47.13M 47.59M 51.68M 52.15M
Adjusted Basic & Diluted Earnings per Share		 ($0.97) ($1.18) ($0.52) $0.00 ($0.22) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 23.76M 23.09M 33.36M 40.24M 44.18M 45.95M 46.97M 47.36M 48.29M 49.97M 50.76M
Normalized Net Operating Profit after Tax (NOPAT)		 -12 -12 -10 -2.74 -7.88 2.23 -5.50 -12 -4.52 4.46 10
Normalized NOPAT Margin		 -22.81% -21.38% -16.41% -3.01% -6.68% 1.80% -3.52% -7.26% -2.29% 1.88% 3.80%
Pre Tax Income Margin		 -31.93% -35.98% -27.04% -8.96% -8.20% 2.45% -4.85% -9.73% -1.20% 4.43% 6.29%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -1,818.56 -1,303.93 -17.17 -9.40 -1,408.88 393.17 -1,950.50 -46.35 -10.67 7.68 17.46
NOPAT to Interest Expense		 -1,296.63 -898.10 -11.02 -3.15 -984.46 371.96 -1,374.45 -32.62 -7.54 7.26 16.66
EBIT Less CapEx to Interest Expense		 -2,088.22 -1,398.27 -18.76 -12.48 -1,735.88 -44.50 -3,929.25 -67.10 -44.02 -96.51 -25.65
NOPAT Less CapEx to Interest Expense		 -1,566.30 -992.43 -12.60 -6.23 -1,311.46 -65.71 -3,353.20 -53.38 -40.90 -96.94 -26.45
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%

Quarterly Metrics And Ratios for Vericel

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 50,763,319.00 51,068,228.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 50,763,319.00 51,068,228.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.12 0.04
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 23.35% 25.02% 14.68% 27.04% 15.97% 2.57% 20.09% 16.58% 23.27% 30.09% 22.48%
EBITDA Growth		 100.37% 43.02% 0.61% 72.84% 42.81% -144.60% 115.72% 665.54% 28.12% 53.61% 421.19%
EBIT Growth		 110.67% 33.19% -1.22% 54.03% 44.77% -133.05% 66.00% 247.27% 20.65% 37.31% 120.07%
NOPAT Growth		 109.22% 33.18% -1.17% 51.26% 45.15% -134.11% 66.36% 299.94% 21.30% 36.96% 130.56%
Net Income Growth		 119.40% 48.47% 6.73% 75.38% 52.44% -191.20% 88.19% 663.15% 17.35% 43.96% 498.92%
EPS Growth		 115.38% 50.00% 9.09% 75.00% 42.86% -187.50% 90.00% 600.00% 15.00% 47.83% 500.00%
Operating Cash Flow Growth		 44.60% -8.37% 81.79% 42.06% 120.52% -8.36% -55.68% 116.83% -32.50% 148.23% 97.11%
Free Cash Flow Firm Growth		 -47.48% -207.92% -535.61% -270.08% -328.20% -59.72% -35.57% 47.89% 76.18% 67.44% 100.64%
Invested Capital Growth		 38.96% 56.98% 69.70% 90.56% 70.92% 54.66% 60.53% 28.86% 24.25% 9.46% 0.06%
Revenue Q/Q Growth		 42.59% -21.10% 2.69% 9.96% 30.17% -30.22% 20.23% 6.74% 37.65% -26.36% 13.20%
EBITDA Q/Q Growth		 438.09% -129.62% -18.93% 77.20% 1,877.83% -150.73% 107.64% 720.54% 302.77% -118.37% 185.85%
EBIT Q/Q Growth		 353.32% -142.70% -10.38% 61.50% 897.81% -168.74% 83.90% 266.78% 553.59% -135.72% 105.15%
NOPAT Q/Q Growth		 459.64% -130.04% -10.38% 59.13% 1,170.94% -148.46% 84.14% 342.91% 549.71% -125.18% 107.69%
Net Income Q/Q Growth		 455.00% -129.72% -21.23% 80.76% 2,298.34% -156.78% 95.08% 1,017.54% 358.08% -127.11% 135.00%
EPS Q/Q Growth		 450.00% -128.57% -25.00% 80.00% 2,100.00% -157.50% 95.65% 1,100.00% 360.00% -126.09% 133.33%
Operating Cash Flow Q/Q Growth		 40.69% -28.59% 157.36% -45.06% 118.40% -70.33% 24.45% 168.83% -32.01% 9.12% -1.17%
Free Cash Flow Firm Q/Q Growth		 44.46% -347.50% -16.11% -28.24% 35.74% -66.92% 1.45% 50.71% 70.63% -128.20% 101.93%
Invested Capital Q/Q Growth		 31.62% 17.29% 3.23% 19.58% 18.06% 6.13% 7.14% -4.01% 13.84% -6.51% -2.06%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 74.63% 68.94% 69.50% 71.93% 77.61% 68.96% 73.71% 73.46% 78.70% 72.00% 72.82%
EBITDA Margin		 21.51% -8.08% -9.35% -1.94% 26.49% -19.26% 1.22% 9.41% 27.53% -6.87% 5.21%
Operating Margin		 19.59% -10.66% -11.45% -4.26% 24.52% -24.32% -3.21% 5.11% 24.12% -11.79% 0.56%
EBIT Margin		 19.71% -10.67% -11.47% -4.02% 24.61% -24.24% -3.25% 5.07% 24.08% -11.68% 0.53%
Profit (Net Income) Margin		 19.99% -7.53% -8.89% -1.56% 26.28% -21.38% -0.87% 7.52% 25.01% -9.21% 2.85%
Tax Burden Percent		 92.19% 100.00% 100.00% 100.00% 99.26% 100.00% 100.00% 100.00% 96.44% 100.00% 100.00%
Interest Burden Percent		 109.99% 70.59% 77.53% 38.75% 107.58% 88.20% 26.94% 148.19% 107.70% 78.84% 535.44%
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)		 61.36% -22.01% -24.38% -8.35% 58.54% -37.08% -4.84% 10.88% 47.42% -17.30% 1.20%
ROIC Less NNEP Spread (ROIC-NNEP)		 61.18% -21.99% -24.07% -8.90% 57.71% -35.60% -5.38% 9.92% 46.96% -16.94% 0.30%
Return on Net Nonoperating Assets (RNNOA)		 -42.73% 14.75% 16.38% 5.78% -35.57% 20.87% 3.12% -5.76% -26.55% 9.70% -0.17%
Return on Equity (ROE)		 18.63% -7.26% -7.99% -2.57% 22.97% -16.21% -1.72% 5.13% 20.87% -7.60% 1.03%
Cash Return on Invested Capital (CROIC)		 -39.79% -49.67% -57.11% -63.85% -47.87% -45.50% -45.44% -19.37% -14.16% 2.29% 12.73%
Operating Return on Assets (OROA)		 12.43% -7.13% -7.16% -2.57% 14.85% -14.80% -1.99% 3.11% 14.45% -7.50% 0.35%
Return on Assets (ROA)		 12.60% -5.03% -5.55% -1.00% 15.85% -13.06% -0.54% 4.61% 15.01% -5.91% 1.86%
Return on Common Equity (ROCE)		 18.63% -7.26% -7.99% -2.57% 22.97% -16.21% -1.72% 5.13% 20.87% -7.60% 1.03%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.19% 0.32% 1.38% 0.00% 1.01% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 13 -3.82 -4.22 -1.73 18 -8.95 -1.42 3.45 22 -5.64 0.43
NOPAT Margin		 19.59% -7.46% -8.02% -2.98% 24.52% -17.02% -2.25% 5.11% 24.12% -8.25% 0.56%
Net Nonoperating Expense Percent (NNEP)		 0.18% -0.03% -0.31% 0.55% 0.83% -1.48% 0.54% 0.97% 0.45% -0.35% 0.90%
Return On Investment Capital (ROIC_SIMPLE)		 5.63% - - - 6.33% -3.03% -0.46% 1.07% 6.32% -1.58% 0.12%
Cost of Revenue to Revenue		 25.37% 31.06% 30.50% 28.07% 22.39% 31.04% 26.29% 26.54% 21.30% 28.00% 27.18%
SG&A Expenses to Revenue		 47.50% 67.08% 66.97% 65.67% 46.56% 79.48% 66.27% 58.99% 46.77% 71.94% 62.58%
R&D to Revenue		 7.54% 12.52% 13.98% 10.52% 6.53% 13.80% 10.64% 9.36% 7.81% 11.84% 9.67%
Operating Expenses to Revenue		 55.04% 79.60% 80.95% 76.19% 53.09% 93.28% 76.92% 68.35% 54.58% 83.79% 72.26%
Earnings before Interest and Taxes (EBIT)		 13 -5.47 -6.04 -2.33 19 -13 -2.05 3.42 22 -7.99 0.41
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 14 -4.14 -4.93 -1.12 20 -10 0.77 6.35 26 -4.70 4.03
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 7.52 10.74 9.18 8.05 9.28 7.55 6.98 4.93 5.14 4.58 6.14
Price to Tangible Book Value (P/TBV)		 7.76 11.06 9.43 8.25 9.49 7.70 7.12 5.02 5.22 4.66 6.23
Price to Revenue (P/Rev)		 8.60 12.09 10.39 9.13 11.42 9.35 8.60 6.14 6.59 5.59 7.42
Price to Earnings (P/E)		 0.00 5,569.97 2,826.17 583.86 261.56 748.70 301.41 121.39 110.25 76.09 93.80
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		 0.00% 0.02% 0.04% 0.17% 0.38% 0.13% 0.33% 0.82% 0.91% 1.31% 1.07%
Enterprise Value to Invested Capital (EV/IC)		 21.09 27.49 23.38 18.09 20.29 15.54 13.88 10.25 10.42 9.77 14.34
Enterprise Value to Revenue (EV/Rev)		 7.83 11.38 9.68 8.47 10.72 8.67 7.94 5.42 5.87 4.87 6.68
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 3,156.43 2,664.51 506.52 260.19 545.72 208.48 82.72 71.86 50.79 65.39
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 539.59 0.00 1,391.85 195.67 147.48 90.27 112.20
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 570.92 0.00 1,657.85 197.37 154.53 90.19 112.12
Enterprise Value to Operating Cash Flow (EV/OCF)		 43.81 68.22 48.28 41.74 43.73 35.91 41.87 23.72 31.25 23.06 29.35
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 445.48 112.63
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		 -0.70 -0.67 -0.68 -0.65 -0.62 -0.59 -0.58 -0.58 -0.57 -0.57 -0.58
Leverage Ratio		 1.50 1.45 1.56 1.53 1.52 1.48 1.48 1.46 1.42 1.40 1.39
Compound Leverage Factor		 1.65 1.03 1.21 0.59 1.63 1.30 0.40 2.16 1.53 1.10 7.42
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		 7.61 11.73 9.47 8.89 11.42 9.94 9.69 7.08 8.32 7.50 10.32
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		 4.49 5.20 4.50 4.61 4.23 5.01 4.97 4.87 5.03 5.18 5.04
Quick Ratio		 3.67 4.40 3.43 3.63 3.53 4.20 4.40 4.30 4.52 4.62 4.53
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -7.83 -35 -41 -52 -34 -56 -55 -27 -7.99 -18 0.35
Operating Cash Flow to CapEx		 128.73% 51.38% 110.58% 52.47% 161.33% 46.44% 101.00% 839.62% 686.51% 1,303.34% 838.04%
Free Cash Flow to Firm to Interest Expense		 -50.20 -229.04 -265.95 -338.84 -217.74 -365.83 -351.35 -172.09 -49.30 -113.90 2.20
Operating Cash Flow to Interest Expense		 64.65 47.07 121.14 66.13 144.43 43.14 52.32 139.76 92.68 102.39 101.19
Operating Cash Flow Less CapEx to Interest Expense		 14.43 -44.54 11.59 -59.90 54.90 -49.75 0.52 123.11 79.18 94.54 89.12
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.63 0.67 0.62 0.64 0.60 0.61 0.61 0.61 0.60 0.64 0.65
Accounts Receivable Turnover		 3.77 4.71 4.97 5.14 3.96 4.64 4.44 4.75 3.78 4.66 4.38
Inventory Turnover		 4.26 4.38 4.41 4.56 4.28 4.27 4.17 4.00 4.05 4.15 4.43
Fixed Asset Turnover		 6.87 5.57 4.45 3.82 3.28 2.90 2.72 2.62 2.61 2.71 2.84
Accounts Payable Turnover		 3.15 4.15 3.20 3.60 2.82 3.62 3.47 3.74 3.56 4.11 4.66
Days Sales Outstanding (DSO)		 96.92 77.55 73.43 70.96 92.11 78.67 82.26 76.82 96.46 78.28 83.42
Days Inventory Outstanding (DIO)		 85.66 83.31 82.75 80.01 85.37 85.42 87.60 91.35 90.22 88.05 82.47
Days Payable Outstanding (DPO)		 115.73 88.00 113.95 101.32 129.47 100.79 105.15 97.57 102.47 88.80 78.39
Cash Conversion Cycle (CCC)		 66.86 72.86 42.23 49.66 48.01 63.30 64.71 70.60 84.21 77.53 87.50
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 73 86 89 106 125 133 143 137 156 146 143
Invested Capital Turnover		 3.13 2.95 3.04 2.80 2.39 2.18 2.15 2.13 1.97 2.10 2.15
Increase / (Decrease) in Invested Capital		 21 31 36 50 52 47 54 31 30 13 0.08
Enterprise Value (EV)		 1,547 2,364 2,076 1,920 2,544 2,067 1,978 1,403 1,622 1,422 2,045
Market Capitalization		 1,699 2,512 2,230 2,072 2,710 2,230 2,142 1,588 1,821 1,633 2,272
Book Value per Share		 $4.73 $4.84 $5.00 $5.25 $5.92 $5.91 $6.09 $6.38 $7.01 $7.02 $7.25
Tangible Book Value per Share		 $4.59 $4.70 $4.86 $5.12 $5.79 $5.79 $5.98 $6.26 $6.90 $6.91 $7.14
Total Capital		 226 234 243 257 292 295 307 322 355 356 370
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		 -153 -148 -154 -151 -167 -162 -164 -185 -199 -211 -227
Capital Expenditures (CapEx)		 7.84 14 17 19 14 14 8.13 2.63 2.19 1.26 1.93
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 33 35 25 31 36 39 47 41 61 52 50
Debt-free Net Working Capital (DFNWC)		 160 153 154 149 162 158 163 176 198 197 212
Net Working Capital (NWC)		 160 153 154 149 162 158 163 176 198 197 212
Net Nonoperating Expense (NNE)		 -0.26 0.04 0.46 -0.82 -1.33 2.29 -0.87 -1.62 -0.83 0.66 -1.77
Net Nonoperating Obligations (NNO)		 -153 -148 -154 -151 -167 -162 -164 -185 -199 -211 -227
Total Depreciation and Amortization (D&A)		 1.17 1.33 1.11 1.20 1.42 2.62 2.83 2.93 3.20 3.29 3.62
Debt-free, Cash-free Net Working Capital to Revenue		 16.48% 16.75% 11.86% 13.56% 15.07% 16.38% 18.69% 15.85% 22.00% 17.66% 16.24%
Debt-free Net Working Capital to Revenue		 80.95% 73.75% 71.57% 65.76% 68.50% 66.32% 65.61% 68.18% 71.78% 67.41% 69.28%
Net Working Capital to Revenue		 80.95% 73.75% 71.57% 65.76% 68.50% 66.32% 65.61% 68.18% 71.78% 67.41% 69.28%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.28 ($0.08) ($0.10) ($0.02) $0.41 ($0.23) ($0.01) $0.10 $0.47 ($0.12) $0.04
Adjusted Weighted Average Basic Shares Outstanding		 47.59M 48.14M 48.69M 49.09M 48.85M 49.91M 50.37M 50.49M 50.34M 50.77M 51.08M
Adjusted Diluted Earnings per Share		 $0.28 ($0.08) ($0.10) ($0.02) $0.40 ($0.23) ($0.01) $0.10 $0.46 ($0.12) $0.04
Adjusted Weighted Average Diluted Shares Outstanding		 47.59M 48.14M 48.69M 49.09M 51.68M 49.91M 50.37M 51.91M 52.15M 50.77M 52.31M
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		 48.29M 48.60M 49.03M 49.36M 49.97M 50.34M 50.46M 50.57M 50.76M 51.07M 51.21M
Normalized Net Operating Profit after Tax (NOPAT)		 8.91 -3.82 -4.22 -1.73 13 -8.95 -1.42 2.42 16 -5.64 0.30
Normalized NOPAT Margin		 13.71% -7.46% -8.02% -2.98% 17.16% -17.02% -2.25% 3.58% 16.89% -8.25% 0.39%
Pre Tax Income Margin		 21.68% -7.53% -8.89% -1.56% 26.47% -21.38% -0.87% 7.52% 25.94% -9.21% 2.85%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 82.13 -35.76 -39.47 -15.10 120.45 -83.33 -13.08 21.67 138.14 -49.96 2.58
NOPAT to Interest Expense		 81.61 -25.00 -27.59 -11.20 119.99 -58.53 -9.05 21.84 138.36 -35.28 2.71
EBIT Less CapEx to Interest Expense		 31.91 -127.37 -149.02 -141.13 30.92 -176.22 -64.88 5.03 124.64 -57.81 -9.50
NOPAT Less CapEx to Interest Expense		 31.38 -116.61 -137.14 -137.24 30.47 -151.41 -60.85 5.19 124.86 -43.14 -9.36
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%

Financials Breakdown Chart

Key Financial Trends

Vericel (NASDAQ:VCEL) showed a sharp turnaround in Q1 2026 compared with recent quarters, but the latest quarter also highlighted some pressure on profitability. Revenue increased year over year and the company generated solid operating cash flow, while the balance sheet remained strong with a large cash and investment position. However, profitability fell back into the red after a profitable Q4 2025, and operating expenses remain high relative to revenue.

What stood out in the latest quarter

  • Q1 2026 revenue rose to $68.4 million, up from $52.6 million in Q1 2025, showing strong top-line growth.
  • Gross profit increased to $49.3 million, supported by a healthy gross margin of roughly 72%.
  • Operating cash flow was solid at $16.4 million in Q1 2026, indicating the core business is still producing cash.
  • Vericel ended Q1 2026 with $145.3 million in cash and short-term investments, plus another $65.3 million in long-term investments, giving it substantial liquidity.
  • Total current assets of $244.1 million comfortably exceeded current liabilities of $47.2 million, suggesting a strong short-term liquidity position.
  • The company also carries relatively modest total liabilities of $129.4 million versus equity of $356.2 million.
  • Q1 2026 was not profitable, with net loss of $6.3 million versus net income of $23.2 million in Q4 2025.
  • Selling, general and administrative expense was still very high at $49.2 million, nearly equal to gross profit in the quarter.
  • Research and development spending remained meaningful at $8.1 million, which supports growth but also weighs on near-term earnings.
  • Operating income turned negative in Q1 2026 at $(8.1) million, a clear step down from the $22.4 million operating profit in Q4 2025.
  • Quarterly EPS fell to $(0.12) from $0.47 in the prior quarter, reflecting the profit swing.

Longer-term trend: revenue growth, but uneven earnings

Over the last four years, Vericel has generally shown consistent revenue growth and a strong liquidity profile. Quarterly revenue increased from about $41.0 million in Q1 2023 to $68.4 million in Q1 2026, with a notable acceleration through 2024 and early 2025. That said, earnings have been volatile. The company posted losses in several quarters, then delivered a strong profit in late 2025, only to slip back into a loss in Q1 2026.

Cash flow quality remains a positive

One encouraging trend is that operating cash flow has generally stayed positive across the periods provided, even when net income was negative. In Q1 2026, Vericel converted its business into $16.4 million of operating cash flow despite the net loss. That suggests the company’s reported earnings are being cushioned by non-cash charges and working capital dynamics. For investors, that is usually better than a business that is burning cash while also losing money.

Balance sheet strength gives Vericel flexibility

Vericel’s balance sheet remains one of its clearest strengths. Cash, investments, and low current liabilities leave the company with room to continue funding operations, R&D, and capital expenditures without immediate balance sheet stress. Equity also expanded meaningfully over time, supported by retained capital and stock issuance.

Bottom line

Vericel looks like a growth company with strong liquidity and positive operating cash flow, but it is still working to convert revenue growth into consistent profitability. The latest quarter was a setback on earnings, yet the long-term revenue trend and balance sheet remain constructive. Investors may want to watch whether management can stabilize operating expenses and get back to sustained profitability in the coming quarters.

08/10/26 10:17 AM ETAI Generated. May Contain Errors.

Vericel Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Vericel's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Vericel's net income appears to be on a downward trend, with a most recent value of $16.52 million in 2025, falling from -$16.34 million in 2015. The previous period was $10.36 million in 2024. Find out what analysts predict for Vericel in the coming months.

Vericel's total operating income in 2025 was $11.04 million, based on the following breakdown:
  • Total Gross Profit: $205.60 million
  • Total Operating Expenses: $194.56 million

Over the last 10 years, Vericel's total revenue changed from $51.17 million in 2015 to $276.26 million in 2025, a change of 439.9%.

Vericel's total liabilities were at $133.33 million at the end of 2025, a 5.3% decrease from 2024, and a 994.7% increase since 2015.

In the past 10 years, Vericel's cash and equivalents has ranged from $14.58 million in 2015 to $100.09 million in 2025, and is currently $100.09 million as of their latest financial filing in 2025.

Over the last 10 years, Vericel's book value per share changed from 0.93 in 2015 to 7.01 in 2025, a change of 653.8%.


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Financial statements for NASDAQ:VCEL last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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