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Vericel Corporation (VCEL) 10-Year Financial Performance & Capital Metrics

VCEL • • Industrial / General
HealthcareBiotechnologyPlatform & Technology CompaniesCellular Therapies & Regenerative Medicine
AboutVericel Corporation, a commercial-stage biopharmaceutical company, engages in the research, development, manufacture, and distribution of cellular therapies for sports medicine and severe burn care markets in the United States. The company markets autologous cell therapy products comprising MACI, an autologous cellularized scaffold product for the repair of symptomatic, and single or multiple full-thickness cartilage defects of the knee; and Epicel, a permanent skin replacement humanitarian use device for the treatment of adult and pediatric patients with deep-dermal or full-thickness burns. Its preapproval stage product is NexoBrid, a registration-stage biological orphan product for eschar removal in adults with deep partial-thickness and/or full-thickness thermal burns. The company was formerly known as Aastrom Biosciences, Inc. Vericel Corporation was incorporated in 1989 and is headquartered in Cambridge, Massachusetts.Show more
  • Revenue $237M +20.1%
  • EBITDA $10M +647.1%
  • Net Income $10M +425.6%
  • EPS (Diluted) 0.20 +399.0%
  • Gross Margin 72.55% +5.7%
  • EBITDA Margin 4.23% +555.5%
  • Operating Margin 1.91% +158.2%
  • Net Margin 4.37% +371.1%
  • ROE 4% +363.0%
  • ROIC 1.21% +154.0%
  • Debt/Equity 0.34 -13.1%
  • Interest Coverage 7.36 +168.3%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 15.0%

✗Weaknesses

  • ✗Negative free cash flow
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y23.48%
5Y15.02%
3Y14.95%
TTM14.05%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM268.71%

EPS CAGR

10Y-
5Y-
3Y-
TTM263.19%

ROCE

10Y Avg-18.86%
5Y Avg-2.2%
3Y Avg-2.87%
Latest1.31%

Peer Comparison

Cellular Therapies & Regenerative Medicine
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Valuation
Per Share
Growth
Profitability
Quality & Returns
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
VCELVericel Corporation1.95B38.57192.8520.1%5.06%4.06%0.34

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+51.17M54.38M63.92M90.86M117.85M124.18M156.18M164.37M197.52M237.22M
Revenue Growth %0.78%0.06%0.18%0.42%0.3%0.05%0.26%0.05%0.2%0.2%
Cost of Goods Sold+26.47M28.31M30.35M32.16M37.57M39.95M50.16M54.58M61.94M65.12M
COGS % of Revenue0.52%0.52%0.47%0.35%0.32%0.32%0.32%0.33%0.31%0.27%
Gross Profit+24.7M26.08M33.57M58.7M80.28M84.23M106.03M109.79M135.58M172.11M
Gross Margin %0.48%0.48%0.53%0.65%0.68%0.68%0.68%0.67%0.69%0.73%
Gross Profit Growth %1.15%0.06%0.29%0.75%0.37%0.05%0.26%0.04%0.23%0.27%
Operating Expenses+41.37M42.68M48.55M62.61M91.53M81.86M113.88M126.85M142.04M167.59M
OpEx % of Revenue0.81%0.78%0.76%0.69%0.78%0.66%0.73%0.77%0.72%0.71%
Selling, General & Admin22.48M27.39M35.61M49.01M61.14M68.84M97.59M106.9M121M142.79M
SG&A % of Revenue0.44%0.5%0.56%0.54%0.52%0.55%0.62%0.65%0.61%0.6%
Research & Development18.89M15.29M12.94M13.6M30.39M13.02M16.29M19.94M21.04M24.8M
R&D % of Revenue0.37%0.28%0.2%0.15%0.26%0.1%0.1%0.12%0.11%0.1%
Other Operating Expenses47K-10K-92K-31K000000
Operating Income+-16.67M-19.25M-14.98M-3.91M-11.25M2.37M-7.85M-17.06M-6.46M4.52M
Operating Margin %-0.33%-0.35%-0.23%-0.04%-0.1%0.02%-0.05%-0.1%-0.03%0.02%
Operating Income Growth %0.29%-0.15%0.22%0.74%-1.88%1.21%-4.31%-1.17%0.62%1.7%
EBITDA+-15.08M-17.36M-13.37M-2.48M-9.51M4.75M-4.89M-13.08M-1.83M10.02M
EBITDA Margin %-0.29%-0.32%-0.21%-0.03%-0.08%0.04%-0.03%-0.08%-0.01%0.04%
EBITDA Growth %0.34%-0.15%0.23%0.81%-2.83%1.5%-2.03%-1.67%0.86%6.47%
D&A (Non-Cash Add-back)1.59M1.89M1.61M1.43M1.74M2.38M2.96M3.98M4.63M5.5M
EBIT-16.33M-19.25M-16.18M-6.41M-9.66M3.05M-7.58M-15.62M-1.77M11.12M
Net Interest Income+27K-306K-1.09M-835K1.61M685K220K975K4.03M5.8M
Interest Income36K8K14K897K1.61M691K224K1.34M4.63M6.41M
Interest Expense9K314K1.11M1.73M8K6K4K366K600K614K
Other Income/Expense331K-321K-2.3M-4.23M1.59M672K272K1.07M4.1M5.99M
Pretax Income+-16.34M-19.57M-17.29M-8.14M-9.66M3.04M-7.58M-15.99M-2.37M10.51M
Pretax Margin %-0.32%-0.36%-0.27%-0.09%-0.08%0.02%-0.05%-0.1%-0.01%0.04%
Income Tax+00000180K-111K721K814K148K
Effective Tax Rate %1%1%1%1%1%0.94%0.99%1.05%1.34%0.99%
Net Income+-16.34M-19.57M-17.29M-8.14M-9.66M2.86M-7.47M-16.71M-3.18M10.36M
Net Margin %-0.32%-0.36%-0.27%-0.09%-0.08%0.02%-0.05%-0.1%-0.02%0.04%
Net Income Growth %0.18%-0.2%0.12%0.53%-0.19%1.3%-3.61%-1.24%0.81%4.26%
Net Income (Continuing)-16.34M-19.57M-17.29M-8.14M-9.66M2.86M-7.47M-16.71M-3.18M10.36M
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+-0.69-0.85-0.52-0.20-0.180.06-0.16-0.35-0.070.20
EPS Growth %0.6%-0.23%0.39%0.62%0.1%1.34%-3.64%-1.19%0.81%3.99%
EPS (Basic)-0.69-0.85-0.52-0.20-0.180.06-0.16-0.35-0.070.21
Diluted Shares Outstanding23.76M23.09M33.35M40.24M44.18M47.28M46.47M47.13M47.59M51.68M
Basic Shares Outstanding23.76M23.09M33.35M40.24M44.18M45.22M46.47M47.13M47.59M48.85M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+27.34M44.72M50.51M112.78M111.66M123.56M158.46M186.87M205.63M212.78M
Cash & Short-Term Investments14.58M22.98M26.86M82.92M69.72M75.81M103.4M119.54M109.56M116.21M
Cash Only14.58M22.98M26.86M18.29M26.89M33.62M68.33M51.07M69.09M74.52M
Short-Term Investments00064.64M42.83M42.19M35.07M68.47M40.47M41.69M
Accounts Receivable10.92M17.09M18.27M23.45M32.17M34.5M37.44M46.54M58.36M61.38M
Days Sales Outstanding77.89114.72104.3294.2299.63101.4287.49103.35107.8494.43
Inventory1.38M3.49M3.79M3.56M6.82M9.36M13.38M15.99M13.09M17.37M
Days Inventory Outstanding19.0244.9845.6140.3866.2285.4897.37106.9177.1297.38
Other Current Assets464K1.16M1.58M2.85M2.95M3.89M4.25M4.8M24.63M17.82M
Total Non-Current Assets+6.97M3.88M4.07M5.91M41.58M82.05M85.24M86.14M148.03M219.94M
Property, Plant & Equipment4.05M3.88M4.07M5.91M32.25M57.74M59.03M57.37M115.1M173.26M
Fixed Asset Turnover12.64x14.03x15.70x15.38x3.65x2.15x2.65x2.86x1.72x1.37x
Goodwill0000000000
Intangible Assets2.92M0000007.5M6.88M6.25M
Long-Term Investments00009.25M24.1M25.69M19.96M25.28M39.88M
Other Non-Current Assets000089K211K528K1.3M771K556K
Total Assets+34.31M48.6M54.58M118.69M153.24M205.61M243.71M273M353.66M432.72M
Asset Turnover1.49x1.12x1.17x0.77x0.77x0.60x0.64x0.60x0.56x0.55x
Asset Growth %-0.28%0.42%0.12%1.17%0.29%0.34%0.19%0.12%0.3%0.22%
Total Current Liabilities+12.11M12.85M13.09M14.79M19.8M22.48M26.05M37.46M45.75M50.29M
Accounts Payable7.59M6.54M5.55M7.11M6.34M6.75M9.02M16.93M22.35M23.85M
Days Payables Outstanding104.6384.2666.7680.6761.6461.7265.61113.22131.69133.68
Short-Term Debt0779K350K0000000
Deferred Revenue (Current)01000K1000K0000000
Other Current Liabilities1.22M1.44M2.11M964K6.9M9.2M9.92M10.27M13.26M13.7M
Current Ratio2.26x3.48x3.86x7.62x5.64x5.50x6.08x4.99x4.49x4.23x
Quick Ratio2.14x3.21x3.57x7.38x5.30x5.08x5.57x4.56x4.21x3.89x
Cash Conversion Cycle-7.7375.4383.1753.93104.21125.18119.2597.0353.2758.14
Total Non-Current Liabilities+71K11.04M18.95M1.67M22.35M48.87M47.19M43.27M81.96M90.47M
Long-Term Debt71K9.35M16.89M0000000
Capital Lease Obligations000022.35M48.87M47.19M43.27M81.86M89.59M
Deferred Tax Liabilities0-11.35M-27.87M0000000
Other Non-Current Liabilities002.06M1.67M0000100K876K
Total Liabilities12.18M23.89M32.04M16.46M42.15M71.35M73.24M80.73M127.7M140.75M
Total Debt+71K10.13M17.24M027.85M53.3M50.18M47.57M88.04M98.85M
Net Debt-14.51M-12.85M-9.62M-18.29M965K19.68M-18.15M-3.5M18.95M24.33M
Debt / Equity0.00x0.41x0.76x-0.25x0.40x0.29x0.25x0.39x0.34x
Debt / EBITDA-----11.21x---9.86x
Net Debt / EBITDA-----4.14x---2.43x
Interest Coverage-1852.33x-61.29x-13.54x-2.26x-1406.38x395.33x-1963.50x-46.61x-10.77x7.36x
Total Equity+22.13M24.71M22.54M102.23M111.09M134.26M170.46M192.27M225.95M291.97M
Equity Growth %-0.38%0.12%-0.09%3.54%0.09%0.21%0.27%0.13%0.18%0.29%
Book Value per Share0.931.070.682.542.512.843.674.084.755.65
Total Shareholders' Equity22.13M24.71M22.54M102.23M111.09M134.26M170.46M192.27M225.95M291.97M
Common Stock307.77M329.72M383.02M471.18M489.75M510.06M553.9M593.25M629.23M684.78M
Retained Earnings-324.02M-343.59M-360.88M-369.01M-378.68M-375.81M-383.29M-400M-403.18M-392.81M
Treasury Stock-3.15M000000000
Accumulated OCI-5.64M-7.09M-6.62M-39K21K14K-154K-978K-100K4K
Minority Interest0000000000

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-13.35M-19.89M-13.18M-412K-7.18M17.57M29.04M17.69M35.31M58.16M
Operating CF Margin %-0.26%-0.37%-0.21%-0%-0.06%0.14%0.19%0.11%0.18%0.25%
Operating CF Growth %0.47%-0.49%0.34%0.97%-16.43%3.45%0.65%-0.39%1%0.65%
Net Income-16.34M-19.57M-17.29M-8.14M-9.66M2.86M-7.47M-16.71M-3.18M10.36M
Depreciation & Amortization1.59M1.89M1.61M1.43M1.74M2.38M2.96M3.98M4.63M5.5M
Stock-Based Compensation2.75M2.5M2.68M7.22M13.18M13.84M34.32M37.18M32.33M36.49M
Deferred Taxes67K2.78M1.39M0-568K411K949K721K00
Other Non-Cash Items-80K1.75M-13K3.11M2.79M4.45M4.43M3.72M5.5M6.25M
Working Capital Changes-1.33M-9.24M-1.57M-4.03M-14.66M-6.37M-6.15M-11.21M-3.96M-450K
Change in Receivables-2.73M-6.17M-1.18M-5.18M-8.71M-2.34M-2.93M-9.1M-11.82M-3.02M
Change in Inventory-86K-2.25M-657K235K-3.26M-2.54M-4.03M-2.6M2.9M-4.29M
Change in Payables1.73M-1.08M-1.36M899K-1.02M33K1.49M1.44M3.05M-287K
Cash from Investing+-2.39M-1.42M-1.51M-67.03M10.62M-17.16M-3.5M-36.21M-3.13M-79.03M
Capital Expenditures-2.43M-1.42M-1.51M-2.68M-2.62M-2.63M-7.92M-7.6M00
CapEx % of Revenue0.05%0.03%0.02%0.03%0.02%0.02%0.05%0.05%0.14%0.27%
Acquisitions----------
Investments----------
Other Investing35K-1.42M-1.51M-2.68M-2.62M-2.63M-7.92M-7.6M-27.51M-63.97M
Cash from Financing+-24K29.7M18.58M58.86M5.26M6.44M9.17M1.04M3.62M19.05M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing-11K-23K3.6M7.08M-26K-191K-2.01M-2.61M-2.38M-5.46M
Net Change in Cash----------
Free Cash Flow+-15.77M-21.31M-14.69M-3.09M-9.8M14.95M21.13M10.09M7.8M-5.81M
FCF Margin %-0.31%-0.39%-0.23%-0.03%-0.08%0.12%0.14%0.06%0.04%-0.02%
FCF Growth %0.4%-0.35%0.31%0.79%-2.17%2.53%0.41%-0.52%-0.23%-1.75%
FCF per Share-0.66-0.92-0.44-0.08-0.220.320.450.210.16-0.11
FCF Conversion (FCF/Net Income)0.82x1.02x0.76x0.05x0.74x6.14x-3.89x-1.06x-11.10x5.61x
Interest Paid00931K08K6K4K0383K399K
Taxes Paid00100K080K147K379K01.17M628K

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)-56.57%-83.55%-73.17%-13.04%-9.06%2.33%-4.9%-9.21%-1.52%4%
Return on Invested Capital (ROIC)-191.96%-148.19%-90.72%-6.05%-8.61%1.34%-3.85%-7.5%-2.24%1.21%
Gross Margin48.27%47.95%52.52%64.6%68.12%67.83%67.88%66.8%68.64%72.55%
Net Margin-31.93%-35.98%-27.04%-8.96%-8.2%2.31%-4.78%-10.17%-1.61%4.37%
Debt / Equity0.00x0.41x0.76x-0.25x0.40x0.29x0.25x0.39x0.34x
Interest Coverage-1852.33x-61.29x-13.54x-2.26x-1406.38x395.33x-1963.50x-46.61x-10.77x7.36x
FCF Conversion0.82x1.02x0.76x0.05x0.74x6.14x-3.89x-1.06x-11.10x5.61x
Revenue Growth77.69%6.28%17.54%42.13%29.71%5.37%25.77%5.24%20.17%20.1%

Revenue by Segment

20202021202220232024
MACI Implants And Kits-111.55M131.97M164.8M197.31M
MACI Implants And Kits Growth--18.30%24.88%19.73%
NexoBrid2.2M----
NexoBrid Growth-----

Frequently Asked Questions

Valuation & Price

Vericel Corporation (VCEL) has a price-to-earnings (P/E) ratio of 192.8x. This suggests investors expect higher future growth.

Growth & Financials

Vericel Corporation (VCEL) reported $258.7M in revenue for fiscal year 2024. This represents a 1437217% increase from $0.0M in 2011.

Vericel Corporation (VCEL) grew revenue by 20.1% over the past year. This is strong growth.

Yes, Vericel Corporation (VCEL) is profitable, generating $13.1M in net income for fiscal year 2024 (4.4% net margin).

Dividend & Returns

Vericel Corporation (VCEL) has a return on equity (ROE) of 4.0%. This is below average, suggesting room for improvement.

Vericel Corporation (VCEL) generated $42.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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