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VCEL logoVericel Corporation(VCEL)Earnings, Financials & Key Ratios

VCEL•NASDAQ
$36.78
$1.86B mkt cap·114.9× P/E·Price updated May 6, 2026
SectorHealthcareIndustryBiotechnologySub-IndustryRegenerative Medicine and Tissue Engineering
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$276M+16.5%
  • EBITDA$3M-71.6%
  • Net Income$17M+59.4%
  • EPS (Diluted)0.32+60.0%
  • Gross Margin74.42%+2.6%
  • EBITDA Margin1.03%-75.6%
  • Operating Margin4%+109.9%
  • Net Margin5.98%+36.9%
  • ROE5.11%+27.7%
  • ROIC2.48%+105.6%
  • Debt/Equity0.27-19.8%
Technical→

VCEL Key Insights

Vericel Corporation (VCEL) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 42.0%
  • ✓Strong Piotroski F-Score: 8/9
  • ✓FCF machine: 18.8% free cash flow margin
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 17.3%

✗Weaknesses

  • ✗Weak 3Y average ROE of 2.5%

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

VCEL Price & Volume

Vericel Corporation (VCEL) stock price & volume — 10-year historical chart

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VCEL Growth Metrics

Vericel Corporation (VCEL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years18.37%
5 Years17.34%
3 Years18.9%
TTM16.45%

Profit CAGR

10 Years-
5 Years41.97%
3 Years-
TTM59.41%

EPS CAGR

10 Years-
5 Years39.49%
3 Years-
TTM71.06%

Return on Capital

10 Years-12.84%
5 Years-1.97%
3 Years0.54%
Last Year2.69%

VCEL Recent Earnings

Vericel Corporation (VCEL) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 7/12 qtrs (58%)
Q1 2026Latest
Feb 26, 2026
EPS
$0.45
Est $0.45
+0.0%
Revenue
$93M
Est $91M
+2.1%
Q4 2025
Nov 6, 2025
EPS
$0.10
Est $0.02
+600.0%
Revenue
$68M
Est $93M
-27.2%
Q3 2025
Jul 31, 2025
EPS
$0.01
Est $0.04
+75.0%
Revenue
$63M
Est $65M
-2.1%
Q2 2025
May 8, 2025
EPS
$0.23
Est $0.09
-155.6%
Revenue
$53M
Est $65M
-18.8%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 26, 2026
$0.45vs $0.45+0.0%
$93Mvs $91M+2.1%
Q4 2025Nov 6, 2025
$0.10vs $0.02+600.0%
$68Mvs $93M-27.2%
Q3 2025Jul 31, 2025
$0.01vs $0.04+75.0%
$63Mvs $65M-2.1%
Q2 2025May 8, 2025
$0.23vs $0.09-155.6%
$53Mvs $65M-18.8%
Based on last 12 quarters of dataView full earnings history →

VCEL Peer Comparison

Vericel Corporation (VCEL) competitors in Regenerative Medicine and Tissue Engineering — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MGTX logoMGTXMeiraGTx Holdings plcDirect Competitor784.68M9.75-4.60137.42%-6.15%-10.65%1.25
RCKT logoRCKTRocket Pharmaceuticals, Inc.Direct Competitor383.45M3.54-1.76-80.49%0.09
FATE logoFATEFate Therapeutics, Inc.Direct Competitor272.25M2.36-2.05-51.24%-20.51%-65.79%0.38
AGIO logoAGIOAgios Pharmaceuticals, Inc.Direct Competitor1.62B27.21-3.8248.03%-6.4%-34.11%0.05
NTLA logoNTLAIntellia Therapeutics, Inc.Direct Competitor1.55B13.31-3.49-100%-61.47%0.14
SGMO logoSGMOSangamo Therapeutics, Inc.Direct Competitor37.8M0.18-0.36-67.2%-331.28%-8.14%1.34
MDXG logoMDXGMiMedx Group, Inc.Product Competitor540.78M3.6411.3819.99%7.88%12.86%13.49%0.09
TELA logoTELATELA Bio, Inc.Product Competitor45.59M1.13-0.8518.56%-50.61%-272.13%1.51

Compare VCEL vs Peers

Vericel Corporation (VCEL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MGTX

Most directly comparable listed peer for VCEL.

Scale Benchmark

vs SYK

Larger-name benchmark to compare VCEL against a more recognizable public peer.

Peer Set

Compare Top 5

vs MGTX, RCKT, FATE, AGIO

VCEL Income Statement

Vericel Corporation (VCEL) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue63.92M90.86M117.85M124.18M156.18M164.37M197.52M237.22M276.26M
Revenue Growth %17.54%42.13%29.71%5.37%25.77%5.24%20.17%20.1%16.45%
Cost of Goods Sold30.35M32.16M37.57M39.95M50.16M54.58M61.94M65.12M70.66M
COGS % of Revenue47.48%35.4%31.88%32.17%32.12%33.2%31.36%27.45%25.58%
Gross Profit
33.57M▲ 0%
58.7M▲ 74.8%
80.28M▲ 36.8%
84.23M▲ 4.9%
106.03M▲ 25.9%
109.79M▲ 3.5%
135.58M▲ 23.5%
172.11M▲ 26.9%
205.6M▲ 19.5%
Gross Margin %52.52%64.6%68.12%67.83%67.88%66.8%68.64%72.55%74.42%
Gross Profit Growth %28.74%74.85%36.77%4.92%25.88%3.55%23.49%26.95%19.46%
Operating Expenses48.55M62.61M91.53M81.86M113.88M126.85M142.04M167.59M194.56M
OpEx % of Revenue75.96%68.91%77.67%65.92%72.91%77.17%71.91%70.65%70.42%
Selling, General & Admin35.61M49.01M61.14M68.84M97.59M106.9M121M142.79M166.99M
SG&A % of Revenue55.71%53.94%51.88%55.43%62.49%65.04%61.26%60.19%60.45%
Research & Development12.94M13.6M30.39M13.02M16.29M19.94M21.04M24.8M27.56M
R&D % of Revenue20.25%14.97%25.79%10.48%10.43%12.13%10.65%10.45%9.98%
Other Operating Expenses-92K-31K0000000
Operating Income
-14.98M▲ 0%
-3.91M▲ 73.9%
-11.25M▼ 187.8%
2.37M▲ 121.1%
-7.85M▼ 431.1%
-17.06M▼ 117.2%
-6.46M▲ 62.1%
4.52M▲ 169.9%
11.04M▲ 144.4%
Operating Margin %-23.44%-4.3%-9.55%1.91%-5.03%-10.38%-3.27%1.91%4%
Operating Income Growth %22.14%73.91%-187.82%121.08%-431.11%-117.19%62.11%169.91%144.39%
EBITDA-13.37M-2.48M-9.51M4.75M-4.89M-13.08M-1.83M10.02M2.85M
EBITDA Margin %-20.92%-2.73%-8.07%3.83%-3.13%-7.96%-0.93%4.23%1.03%
EBITDA Growth %22.97%81.43%-282.88%150.02%-202.82%-167.48%85.99%647.11%-71.61%
D&A (Non-Cash Add-back)1.61M1.43M1.74M2.38M2.96M3.98M4.63M5.5M-8.2M
EBIT-16.18M-6.41M-9.66M3.05M-7.58M-15.62M-1.77M11.12M0
Net Interest Income-1.09M-835K1.61M685K220K975K4.03M5.8M0
Interest Income14K897K1.61M691K224K1.34M4.63M6.41M7.01M
Interest Expense1.11M1.73M8K6K4K366K600K614K-1.56M
Other Income/Expense-2.3M-4.23M1.59M672K272K1.07M4.1M5.99M6.33M
Pretax Income
-17.29M▲ 0%
-8.14M▲ 52.9%
-9.66M▼ 18.8%
3.04M▲ 131.5%
-7.58M▼ 349.1%
-15.99M▼ 110.9%
-2.37M▲ 85.2%
10.51M▲ 543.8%
17.38M▲ 65.3%
Pretax Margin %-27.04%-8.96%-8.2%2.45%-4.85%-9.73%-1.2%4.43%6.29%
Income Tax000180K-111K721K814K148K859K
Effective Tax Rate %0%0%0%5.91%1.46%-4.51%-34.38%1.41%4.94%
Net Income
-17.29M▲ 0%
-8.14M▲ 52.9%
-9.66M▼ 18.8%
2.86M▲ 129.6%
-7.47M▼ 360.9%
-16.71M▼ 123.7%
-3.18M▲ 81.0%
10.36M▲ 425.6%
16.52M▲ 59.4%
Net Margin %-27.04%-8.96%-8.2%2.31%-4.78%-10.17%-1.61%4.37%5.98%
Net Income Growth %11.65%52.93%-18.78%129.63%-360.86%-123.65%80.96%425.64%59.41%
Net Income (Continuing)-17.29M-8.14M-9.66M2.86M-7.47M-16.71M-3.18M10.36M23.05M
Discontinued Operations000000000
Minority Interest000000000
EPS (Diluted)
-0.52▲ 0%
-0.20▲ 61.5%
-0.18▲ 10.0%
0.06▲ 133.7%
-0.16▼ 364.0%
-0.35▼ 118.7%
-0.07▲ 80.9%
0.20▲ 399.0%
0.32▲ 60.0%
EPS Growth %38.82%61.54%10%133.67%-364.03%-118.75%80.89%398.95%60%
EPS (Basic)-0.52-0.20-0.180.06-0.16-0.35-0.070.210.33
Diluted Shares Outstanding33.35M40.24M44.18M47.28M46.47M47.13M47.59M51.68M52.07M
Basic Shares Outstanding33.35M40.24M44.18M45.22M46.47M47.13M47.59M48.85M50.59M
Dividend Payout Ratio---------

VCEL Balance Sheet

Vericel Corporation (VCEL) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets50.51M112.78M111.66M123.56M158.46M186.87M205.63M212.78M247.44M
Cash & Short-Term Investments26.86M82.92M69.72M75.81M103.4M119.54M109.56M116.21M137.5M
Cash Only26.86M18.29M26.89M33.62M68.33M51.07M69.09M74.52M100.09M
Short-Term Investments064.64M42.83M42.19M35.07M68.47M40.47M41.69M37.41M
Accounts Receivable18.27M23.45M32.17M34.5M37.44M46.54M58.36M61.38M84.63M
Days Sales Outstanding104.3294.2299.63101.4287.49103.35107.8494.43111.82
Inventory3.79M3.56M6.82M9.36M13.38M15.99M13.09M17.37M17.56M
Days Inventory Outstanding45.6140.3866.2285.4897.37106.9177.1297.3890.71
Other Current Assets1.58M2.85M2.95M3.89M4.25M4.8M24.63M17.82M7.74M
Total Non-Current Assets4.07M5.91M41.58M82.05M85.24M86.14M148.03M219.94M240.53M
Property, Plant & Equipment4.07M5.91M32.25M57.74M59.03M57.37M115.1M173.26M173.17M
Fixed Asset Turnover15.70x15.38x3.65x2.15x2.65x2.86x1.72x1.37x1.60x
Goodwill000000000
Intangible Assets000007.5M6.88M6.25M5.63M
Long-Term Investments009.25M24.1M25.69M19.96M25.28M39.88M61.4M
Other Non-Current Assets0089K211K528K1.3M771K556K341K
Total Assets
54.58M▲ 0%
118.69M▲ 117.5%
153.24M▲ 29.1%
205.61M▲ 34.2%
243.71M▲ 18.5%
273M▲ 12.0%
353.66M▲ 29.5%
432.72M▲ 22.4%
487.97M▲ 12.8%
Asset Turnover1.17x0.77x0.77x0.60x0.64x0.60x0.56x0.55x0.57x
Asset Growth %12.3%117.47%29.11%34.18%18.53%12.02%29.54%22.36%12.77%
Total Current Liabilities13.09M14.79M19.8M22.48M26.05M37.46M45.75M50.29M49.15M
Accounts Payable5.55M7.11M6.34M6.75M9.02M16.93M22.35M23.85M15.83M
Days Payables Outstanding66.7680.6761.6461.7265.61113.22131.69133.6881.76
Short-Term Debt350K000000013.97M
Deferred Revenue (Current)5.99M00000000
Other Current Liabilities4M7.47M6.9M9.2M9.92M10.27M13.26M13.7M35.18M
Current Ratio3.86x7.62x5.64x5.50x6.08x4.99x4.49x4.23x5.03x
Quick Ratio3.57x7.38x5.30x5.08x5.57x4.56x4.21x3.89x4.68x
Cash Conversion Cycle83.1753.93104.21125.18119.2597.0353.2758.14120.77
Total Non-Current Liabilities18.95M1.67M22.35M48.87M47.19M43.27M81.96M90.47M84.18M
Long-Term Debt16.89M000000082.28M
Capital Lease Obligations0022.35M48.87M47.19M43.27M81.86M89.59M0
Deferred Tax Liabilities-27.87M00000000
Other Non-Current Liabilities2.06M1.67M0000100K876K1.9M
Total Liabilities32.04M16.46M42.15M71.35M73.24M80.73M127.7M140.75M133.33M
Total Debt17.24M027.85M53.3M50.18M47.57M88.04M98.85M96.25M
Net Debt-9.62M-18.29M965K19.68M-18.15M-3.5M18.95M24.33M-3.84M
Debt / Equity0.76x-0.25x0.40x0.29x0.25x0.39x0.34x0.27x
Debt / EBITDA---11.21x---9.86x33.82x
Net Debt / EBITDA---4.14x---2.43x-1.35x
Interest Coverage-13.54x-2.26x-1406.38x395.33x-1963.50x-46.61x-10.77x7.36x-
Total Equity
22.54M▲ 0%
102.23M▲ 353.6%
111.09M▲ 8.7%
134.26M▲ 20.9%
170.46M▲ 27.0%
192.27M▲ 12.8%
225.95M▲ 17.5%
291.97M▲ 29.2%
354.64M▲ 21.5%
Equity Growth %-8.78%353.55%8.67%20.86%26.96%12.79%17.52%29.22%21.47%
Book Value per Share0.682.542.512.843.674.084.755.656.81
Total Shareholders' Equity22.54M102.23M111.09M134.26M170.46M192.27M225.95M291.97M354.64M
Common Stock383.02M471.18M489.75M510.06M553.9M593.25M629.23M684.78M730.66M
Retained Earnings-360.88M-369.01M-378.68M-375.81M-383.29M-400M-403.18M-392.81M-376.3M
Treasury Stock000000000
Accumulated OCI-6.62M-39K21K14K-154K-978K-100K4K0
Minority Interest000000000

VCEL Cash Flow Statement

Vericel Corporation (VCEL) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations-13.18M-412K-7.18M17.57M29.04M17.69M35.31M58.16M51.91M
Operating CF Margin %-20.62%-0.45%-6.09%14.15%18.59%10.76%17.88%24.52%18.79%
Operating CF Growth %33.73%96.87%-1643.45%344.63%65.26%-39.09%99.64%64.72%-10.75%
Net Income-17.29M-8.14M-9.66M2.86M-7.47M-16.71M-3.18M10.36M16.52M
Depreciation & Amortization1.61M1.43M1.74M2.38M2.96M3.98M4.63M5.5M11.36M
Stock-Based Compensation2.68M7.22M13.18M13.84M34.32M37.18M32.33M36.49M38.77M
Deferred Taxes1.39M0-568K411K949K721K000
Other Non-Cash Items-13K3.11M2.79M4.45M4.43M3.72M5.5M6.25M-14.74M
Working Capital Changes-1.57M-4.03M-14.66M-6.37M-6.15M-11.21M-3.96M-450K0
Change in Receivables-1.18M-5.18M-8.71M-2.34M-2.93M-9.1M-11.82M-3.02M-23.26M
Change in Inventory-657K235K-3.26M-2.54M-4.03M-2.6M2.9M-4.29M-1.23M
Change in Payables-1.36M899K-1.02M33K1.49M1.44M3.05M-287K2.97M
Cash from Investing-1.51M-67.03M10.62M-17.16M-3.5M-36.21M-3.13M-79.03M-43.94M
Capital Expenditures-1.51M-2.68M-2.62M-2.63M-7.92M-7.6M000
CapEx % of Revenue2.36%2.95%2.22%2.11%5.07%4.62%13.93%26.97%-
Acquisitions02.68M2.62M2.63M7.92M7.6M000
Investments---------
Other Investing-1.51M-2.68M-2.62M-2.63M-7.92M-7.6M-27.51M-63.97M-27.16M
Cash from Financing18.58M58.86M5.26M6.44M9.17M1.04M3.62M19.05M7.07M
Debt Issued (Net)6.75M-18.24M0000000
Equity Issued (Net)1000K1000K1000K1000K1000K1000K1000K1000K0
Dividends Paid000000000
Share Repurchases000000000
Other Financing3.6M7.08M-26K-191K-2.01M-2.61M-2.38M-5.46M7.07M
Net Change in Cash
3.88M▲ 0%
-8.58M▼ 320.8%
8.69M▲ 201.4%
6.85M▼ 21.2%
34.71M▲ 406.5%
-17.47M▼ 150.3%
35.8M▲ 304.9%
-1.82M▼ 105.1%
15.04M▲ 927.9%
Free Cash Flow
-14.69M▲ 0%
-3.09M▲ 79.0%
-9.8M▼ 217.1%
14.95M▲ 252.5%
21.13M▲ 41.3%
10.09M▼ 52.2%
7.8M▼ 22.7%
-5.81M▼ 174.5%
51.91M▲ 993.3%
FCF Margin %-22.99%-3.4%-8.31%12.04%13.53%6.14%3.95%-2.45%18.79%
FCF Growth %31.04%78.97%-217.12%252.53%41.34%-52.23%-22.72%-174.52%993.31%
FCF per Share-0.44-0.08-0.220.320.450.210.16-0.111.00
FCF Conversion (FCF/Net Income)0.76x0.05x0.74x6.14x-3.89x-1.06x-11.10x5.61x3.14x
Interest Paid931K08K6K4K0383K399K0
Taxes Paid100K080K147K379K01.17M628K0

VCEL Key Ratios

Vericel Corporation (VCEL) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-83.55%-73.17%-13.04%-9.06%2.33%-4.9%-9.21%-1.52%4%5.11%
Return on Invested Capital (ROIC)-148.19%-90.72%-6.05%-8.61%1.34%-3.85%-7.5%-2.24%1.21%2.48%
Gross Margin47.95%52.52%64.6%68.12%67.83%67.88%66.8%68.64%72.55%74.42%
Net Margin-35.98%-27.04%-8.96%-8.2%2.31%-4.78%-10.17%-1.61%4.37%5.98%
Debt / Equity0.41x0.76x-0.25x0.40x0.29x0.25x0.39x0.34x0.27x
Interest Coverage-61.29x-13.54x-2.26x-1406.38x395.33x-1963.50x-46.61x-10.77x7.36x-
FCF Conversion1.02x0.76x0.05x0.74x6.14x-3.89x-1.06x-11.10x5.61x3.14x
Revenue Growth6.28%17.54%42.13%29.71%5.37%25.77%5.24%20.17%20.1%16.45%

VCEL SEC Filings & Documents

Vericel Corporation (VCEL) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Feb 26, 2026·SEC

Material company update

Jan 13, 2026·SEC

Material company update

Nov 6, 2025·SEC

10-K Annual Reports

3
FY 2026

Feb 26, 2026·SEC

FY 2025

Feb 27, 2025·SEC

FY 2024

Feb 29, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 6, 2025·SEC

FY 2025

Jul 31, 2025·SEC

FY 2025

May 8, 2025·SEC

VCEL Frequently Asked Questions

Vericel Corporation (VCEL) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Vericel Corporation (VCEL) reported $276.3M in revenue for fiscal year 2025. This represents a 17166% increase from $1.6M in 1996.

Vericel Corporation (VCEL) grew revenue by 16.5% over the past year. This is strong growth.

Yes, Vericel Corporation (VCEL) is profitable, generating $16.5M in net income for fiscal year 2025 (6.0% net margin).

Dividend & Returns

Vericel Corporation (VCEL) has a return on equity (ROE) of 5.1%. This is below average, suggesting room for improvement.

Vericel Corporation (VCEL) generated $35.1M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Explore More VCEL

Vericel Corporation (VCEL) financial analysis — history, returns, DCA and operating performance tools

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Historical returns with dividends reinvested

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