Revenue growth accelerated to 22.5% YoY in 2026Q2, with gross margin expanding to 72.8%, though SG&A at 62.6% of revenue and SBC exceeding net income in most periods cloud earnings quality.
Vericel Corporation (VCEL) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 306.3M | 276.26M | 237.22M | 197.52M | 164.37M | 156.18M | 124.18M | 117.85M | 90.86M | 63.92M | 54.38M | 51.17M | 28.8M | 19K | 21K | 18K | 89K | 182K | 522K | 685K | 863K | 909K | 1.3M | 844K | 877K | 899K | 1.15M | 881K | 249K | 400K | 1.6M |
| Revenue Growth % | 22.95% | 16.45% | 20.1% | 20.17% | 5.24% | 25.77% | 5.37% | 29.71% | 42.13% | 17.54% | 6.28% | 77.69% | 151457.89% | -9.52% | 16.67% | -79.78% | -51.1% | -65.13% | -23.8% | -20.63% | -5.06% | -30.18% | 54.27% | -3.76% | -2.45% | -21.83% | 30.53% | 253.82% | -37.75% | -75% | - |
| Cost of Goods Sold | 77.92M | 70.66M | 65.12M | 61.94M | 54.58M | 50.16M | 39.95M | 37.57M | 32.16M | 30.35M | 28.31M | 26.47M | 17.29M | 4K | 6K | 4K | 34K | 112K | 56K | 29K | 11K | 148K | 280K | 893K | 202K | 13K | 926K | 6K | 0 | -500K | 9.6M |
| COGS % of Revenue | - | 25.58% | 27.45% | 31.36% | 33.2% | 32.12% | 32.17% | 31.88% | 35.4% | 47.48% | 52.05% | 51.73% | 60.05% | 21.05% | 28.57% | 22.22% | 38.2% | 61.54% | 10.73% | 4.23% | 1.27% | 16.28% | 21.51% | 105.81% | 23.03% | 1.45% | 80.52% | 0.68% | - | -125% | 600% |
| Gross Profit | 228.38M | 205.6M | 172.11M | 135.58M | 109.79M | 106.03M | 84.23M | 80.28M | 58.7M | 33.57M | 26.08M | 24.7M | 11.5M | 15K | 15K | 14K | 55K | 70K | 466K | 656K | 852K | 761K | 1.02M | -49K | 675K | 886K | 224K | 875K | 249K | 900K | -8M |
| Gross Margin % | 74.56% | 74.42% | 72.55% | 68.64% | 66.8% | 67.88% | 67.83% | 68.12% | 64.6% | 52.52% | 47.95% | 48.27% | 39.95% | 78.95% | 71.43% | 77.78% | 61.8% | 38.46% | 89.27% | 95.77% | 98.73% | 83.72% | 78.49% | -5.81% | 76.97% | 98.55% | 19.48% | 99.32% | 100% | 225% | -500% |
| Gross Profit Growth % | - | 19.46% | 26.95% | 23.49% | 3.55% | 25.88% | 4.92% | 36.77% | 74.85% | 28.74% | 5.58% | 114.71% | 76586.67% | 0% | 7.14% | -74.55% | -21.43% | -84.98% | -28.96% | -23% | 11.96% | -25.54% | 2185.71% | -107.26% | -23.81% | 295.54% | -74.4% | 251.41% | -72.33% | 111.25% | - |
| Operating Expenses | 210.15M | 194.56M | 167.59M | 142.04M | 126.85M | 113.88M | 81.86M | 91.53M | 62.61M | 48.55M | 42.68M | 41.37M | 35.04M | 20.98M | 33.77M | 29.05M | 17.86M | 16.24M | 21.68M | 20.13M | 18.59M | 13.18M | 11.68M | 9.66M | 8.96M | 7.46M | 9.98M | 13.71M | 18.36M | 15.9M | 2.5M |
| OpEx % of Revenue | - | 70.42% | 70.65% | 71.91% | 77.17% | 72.91% | 65.92% | 77.67% | 68.91% | 75.96% | 78.49% | 80.85% | 121.67% | 110415.79% | 160833.33% | 161411.11% | 20066.29% | 8922.53% | 4154.21% | 2937.96% | 2153.53% | 1449.72% | 897% | 1145.02% | 1021.21% | 830.37% | 867.65% | 1555.85% | 7371.89% | 3975% | 156.25% |
| Selling, General & Admin | 180.98M | 166.99M | 142.79M | 121M | 106.9M | 97.59M | 68.84M | 61.14M | 49.01M | 35.61M | 27.39M | 22.48M | 13.77M | 5.88M | 7.75M | 7.72M | 5.2M | 4.95M | 6.44M | 8.68M | 9.1M | 5.97M | 5.39M | 4.02M | 3.53M | 2.48M | 3.36M | 2.84M | 2.86M | 2M | 2.1M |
| SG&A % of Revenue | - | 60.45% | 60.19% | 61.26% | 65.04% | 62.49% | 55.43% | 51.88% | 53.94% | 55.71% | 50.36% | 43.93% | 47.83% | 30921.05% | 36904.76% | 42911.11% | 5843.82% | 2719.78% | 1232.95% | 1267.45% | 1054.58% | 656.99% | 413.98% | 475.95% | 402.28% | 276.08% | 292.52% | 321.91% | 1147.79% | 500% | 131.25% |
| Research & Development | 29.17M | 27.56M | 24.8M | 21.04M | 19.94M | 16.29M | 13.02M | 30.39M | 13.6M | 12.94M | 15.29M | 18.89M | 21.26M | 15.1M | 26.02M | 21.33M | 12.66M | 11.29M | 15.25M | 11.44M | 9.48M | 7.21M | 6.29M | 5.65M | 5.43M | 4.98M | 6.29M | 10.87M | 15.5M | 13.4M | 0 |
| R&D % of Revenue | - | 9.98% | 10.45% | 10.65% | 12.13% | 10.43% | 10.48% | 25.79% | 14.97% | 20.25% | 28.12% | 36.92% | 73.84% | 79494.74% | 123928.57% | 118500% | 14222.47% | 6202.75% | 2921.26% | 1670.51% | 1098.96% | 792.74% | 483.03% | 669.08% | 618.93% | 554.28% | 546.87% | 1233.94% | 6224.1% | 3350% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -31K | -92K | -10K | 47K | -2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 325K | 0 | 0 | 500K | 400K |
| Operating Income | 18.23M | 11.04M | 4.52M | -6.46M | -17.06M | -7.85M | 2.37M | -11.25M | -3.91M | -14.98M | -19.25M | -16.67M | -23.53M | -20.96M | -33.76M | -29.04M | -17.8M | -16.17M | -21.22M | -19.47M | -17.73M | -12.42M | -10.66M | -9.71M | -8.28M | -6.58M | -9.75M | -12.83M | -18.11M | -15M | -10.5M |
| Operating Margin % | 5.95% | 4% | 1.91% | -3.27% | -10.38% | -5.03% | 1.91% | -9.55% | -4.3% | -23.44% | -35.39% | -32.58% | -81.73% | -110336.84% | -160761.9% | -161333.33% | -20004.49% | -8884.07% | -4064.94% | -2842.19% | -2054.81% | -1366.01% | -818.51% | -1150.83% | -944.24% | -731.81% | -848.17% | -1456.53% | -7271.89% | -3750% | -656.25% |
| Operating Income Growth % | - | 144.39% | 169.91% | 62.11% | -117.19% | -431.11% | 121.08% | -187.82% | 73.91% | 22.14% | -15.44% | 29.16% | -12.26% | 37.9% | -16.25% | -63.11% | -10.11% | 23.8% | -8.99% | -9.79% | -42.81% | -16.52% | -9.72% | -17.29% | -25.87% | 32.55% | 23.99% | 29.13% | -20.71% | -42.86% | - |
| EBITDA | 30.98M | 22.41M | 10.02M | -1.83M | -13.08M | -4.89M | 4.75M | -9.51M | -2.48M | -13.37M | -17.36M | -15.08M | -22.78M | -20.48M | -33.11M | -28.39M | -17.21M | -15.46M | -20.87M | -19.52M | -17.54M | -12.32M | -10.53M | -9.59M | -8.15M | -6.48M | -9.43M | -12.61M | -17.73M | -14.5M | -10.1M |
| EBITDA Margin % | 10.11% | 8.11% | 4.23% | -0.93% | -7.96% | -3.13% | 3.83% | -8.07% | -2.73% | -20.92% | -31.92% | -29.47% | -79.12% | -107763.16% | -157671.43% | -157738.89% | -19339.33% | -8497.25% | -3997.7% | -2849.05% | -2032.68% | -1355.12% | -808.91% | -1136.73% | -929.87% | -720.47% | -819.91% | -1430.87% | -7120.48% | -3625% | -631.25% |
| EBITDA Growth % | 225.82% | 123.54% | 647.11% | 85.99% | -167.48% | -202.82% | 150.02% | -282.88% | 81.43% | 22.97% | -15.12% | 33.81% | -11.27% | 38.16% | -16.62% | -64.96% | -11.3% | 25.89% | -6.93% | -11.25% | -42.41% | -16.96% | -9.78% | -17.65% | -25.91% | 31.31% | 25.2% | 28.9% | -22.28% | -43.56% | - |
| D&A (Non-Cash Add-back) | 12.74M | 11.36M | 5.5M | 4.63M | 3.98M | 2.96M | 2.38M | 1.74M | 1.43M | 1.61M | 1.89M | 1.59M | 752K | 489K | 649K | 647K | 592K | 704K | 351K | -47K | 191K | 99K | 125K | 119K | 126K | 102K | 325K | 226K | 377K | 500K | 400K |
| EBIT | 25.71M | 18.93M | 11.12M | -1.77M | -15.62M | -7.58M | 3.05M | -9.66M | -6.41M | -16.18M | -19.25M | -16.33M | -19.91M | -15.61M | -29.46M | -19.66M | -30.67M | -14.52M | -16.17M | -20.05M | -19.47M | -17.73M | -12.42M | -10.66M | -9.71M | -8.28M | -6.58M | -9.75M | -12.82M | -18.15M | -15M |
| Net Interest Income | 6.86M | 5.45M | 5.8M | 4.03M | 975K | 220K | 685K | 1.61M | -835K | -1.09M | -306K | 27K | 18K | 5K | 38K | 43K | 75K | 75K | 223K | 1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 7.5M | 7.01M | 6.41M | 4.63M | 1.34M | 224K | 691K | 1.61M | 897K | 14K | 8K | 36K | 24K | 16K | 50K | 53K | 115K | 296K | 1.17M | 1.26M | 594K | 594K | 169K | 134K | 342K | 364K | 364K | 0 | 0 | 0 | 0 |
| Interest Expense | 640K | 1.56M | 614K | 600K | 366K | 4K | 6K | 8K | 1.73M | 1.11M | 314K | 9K | 6K | 11K | 12K | 10K | 40K | 73K | 73K | 84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 6.84M | 6.33M | 5.99M | 4.1M | 1.07M | 272K | 672K | 1.59M | -4.23M | -2.3M | -321K | 331K | 3.61M | 5.34M | 4.29M | 9.37M | -20.37M | 1.86M | 223K | 1.09M | 1.88M | 1.26M | 606K | 169K | 134K | -1.11M | 364K | 1.24M | 0 | 3.85M | 5.2M |
| Pretax Income | 25.08M | 17.38M | 10.51M | -2.37M | -15.99M | -7.58M | 3.04M | -9.66M | -8.14M | -17.29M | -19.57M | -16.34M | -19.92M | -15.62M | -29.47M | -19.71M | -17.73M | -15.95M | -20.13M | -16.48M | -11.81M | -12.4M | -10.49M | -9.58M | -7.94M | -9.39M | -9.39M | -11.6M | 0 | -14.3M | -9.8M |
| Pretax Margin % | 8.19% | 6.29% | 4.43% | -1.2% | -9.73% | -4.85% | 2.45% | -8.2% | -8.96% | -27.04% | -35.98% | -31.93% | -69.18% | -82221.05% | -140352.38% | -109505.56% | -19920.22% | -8761.54% | -3856.9% | -2405.11% | -1368.6% | -1364.69% | -805.53% | -1134.95% | -905.25% | -1044.49% | -816.52% | -1316.12% | - | -3575% | -612.5% |
| Income Tax | 859K | 859K | 148K | 814K | 721K | -111K | 180K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18.71M | -115K | -296K | -1.09M | -1.83M | -1.26M | -618K | -169K | -134K | -342K | -653K | -364K | -3.04M | -874K | -1.4M | -1.3M |
| Effective Tax Rate % | 3.43% | 4.94% | 1.41% | -34.38% | -4.51% | 1.46% | 5.91% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 94.93% | 0.65% | 1.86% | 5.39% | 11.1% | 10.65% | 4.98% | 1.61% | 1.4% | 4.31% | 6.95% | 3.88% | 26.23% | - | 9.79% | 13.27% |
| Net Income | 24.22M | 16.52M | 10.36M | -3.18M | -16.71M | -7.47M | 2.86M | -9.66M | -8.14M | -17.29M | -19.57M | -16.34M | -19.92M | -15.62M | -29.47M | -19.67M | -17.73M | -15.95M | -20.13M | -17.59M | -16.48M | -11.81M | -10.49M | -9.58M | -7.94M | -5.93M | -9.39M | -11.03M | -17.23M | -14.3M | -9.9M |
| Net Margin % | 7.91% | 5.98% | 4.37% | -1.61% | -10.17% | -4.78% | 2.31% | -8.2% | -8.96% | -27.04% | -35.98% | -31.93% | -69.18% | -82221.05% | -140352.38% | -109266.67% | -19920.22% | -8761.54% | -3856.9% | -2568.47% | -1909.04% | -1299.34% | -805.53% | -1134.95% | -905.25% | -659.18% | -816.52% | -1251.76% | -6920.88% | -3575% | -618.75% |
| Net Income Growth % | 240.8% | 59.41% | 425.64% | 80.96% | -123.65% | -360.86% | 129.63% | -18.78% | 52.93% | 11.65% | -19.74% | 17.97% | -27.51% | 47% | -49.86% | -10.94% | -11.18% | 20.8% | -14.43% | -6.79% | -39.49% | -12.61% | -9.49% | -20.66% | -33.97% | 36.89% | 14.85% | 36.01% | -20.51% | -44.44% | - |
| Net Income (Continuing) | 24.22M | 16.52M | 10.36M | -3.18M | -16.71M | -7.47M | 2.86M | -9.66M | -8.14M | -17.29M | -19.57M | -16.34M | -19.92M | -15.62M | -29.47M | -19.67M | -38.18M | -14.56M | -15.95M | -20.13M | -17.59M | -16.48M | -11.81M | -10.49M | -9.58M | -7.94M | -5.93M | -9.39M | -11M | -17.2M | -14.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.48 | 0.32 | 0.20 | -0.07 | -0.35 | -0.16 | 0.06 | -0.18 | -0.20 | -0.52 | -0.85 | -0.69 | -1.71 | -5.18 | -14.31 | -10.19 | -14.34 | -17.84 | -24.95 | -23.55 | -24.79 | -20.20 | -22.77 | -30.06 | -30.16 | -27.86 | -64.36 | -115.01 | -206.34 | -203.20 | -171.20 |
| EPS Growth % | 287.89% | 60% | 398.95% | 80.89% | -118.75% | -364.03% | 133.67% | 10% | 61.54% | 38.82% | -23.19% | 59.65% | 66.99% | 63.8% | -40.43% | 28.94% | 19.62% | 28.5% | -5.94% | 5% | -22.72% | 11.29% | 24.25% | 0.33% | -8.26% | 56.71% | 44.04% | 44.26% | -1.55% | -18.69% | - |
| EPS (Basic) | - | 0.33 | 0.21 | -0.07 | -0.35 | -0.16 | 0.06 | -0.18 | -0.20 | -0.52 | -0.85 | -0.69 | -1.71 | -5.18 | -14.31 | -10.19 | -14.34 | -17.84 | -24.95 | -23.55 | -24.79 | -20.20 | -22.77 | -30.06 | -30.16 | -27.86 | -64.36 | -115.01 | -206.34 | -203.20 | -171.20 |
| Diluted Shares Outstanding | 50.92M | 52.07M | 51.68M | 47.59M | 47.13M | 46.47M | 47.28M | 44.18M | 40.24M | 33.35M | 23.09M | 23.76M | 11.64M | 3.02M | 2.06M | 1.93M | 1.24M | 893.85K | 807K | 747.02K | 664.46K | 584.63K | 460.64K | 318.65K | 263.26K | 212.69K | 145.9K | 95.89K | 83.52K | 70.37K | 57.83K |
| Basic Shares Outstanding | 50.92M | 50.59M | 48.85M | 47.59M | 47.13M | 46.47M | 45.22M | 44.18M | 40.24M | 33.35M | 23.09M | 23.76M | 11.64M | 3.02M | 2.06M | 1.93M | 1.24M | 893.85K | 807K | 747.02K | 664.46K | 584.63K | 460.64K | 318.65K | 263.26K | 212.69K | 145.9K | 95.89K | 83.52K | 70.37K | 57.83K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying VCEL stock.
For fiscal year 2025, Vericel Corporation (VCEL) reported total revenue of $276.3M. This represents a 17166.2% increase compared to $1.6M in 1996.
Vericel Corporation (VCEL) is profitable, generating $16.5M in net income for the fiscal year ending 2025 with a net profit margin of 6.0%.
Vericel Corporation (VCEL) reported an operating income of $11.0M, resulting in an operating profit margin of 4.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Vericel Corporation (VCEL) generated $205.6M in gross profit for the year, representing a gross profit margin of 74.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
SBC dilution and seasonality
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates
Vericel's revenue grew 22.5% year-over-year in 2026Q2, accelerating from 20.1% in the prior quarter, according to the latest income statement data.
The sequential acceleration in revenue growth from 20.1% in 2025Q2 to 22.5% in 2026Q2 suggests strengthening demand for the company's cell therapy products. This growth appears broad-based, as quarterly revenue reached $77.5M, a new high in the provided period. The durability of this trend will depend on whether it reflects volume gains or pricing, but the consistent double-digit growth across the last eight quarters indicates a sustainable trajectory.
Gross Margin Expansion Drives Profitability
Gross margin improved to 72.8% in 2026Q2 from 69.5% a year earlier, as reported in the financial statements, reflecting better cost absorption and product mix.
The 330 basis point year-over-year improvement in gross margin to 72.8% indicates enhanced manufacturing efficiency or a favorable product mix. This expansion is notable given the company's scale, and it underpins the path to operating profitability. However, gross margins remain below some biotech peers like MeiraGTx (94%), suggesting there is still room for optimization as volumes scale.
Operating Leverage Emerges in Q4
Operating income swung from a loss to a $22.4M profit in 2025Q4, with operating margin at 24.1%, as per the income statement, demonstrating significant operating leverage.
The dramatic swing in operating income from -$12.8M in 2025Q1 to +$22.4M in 2025Q4 highlights the company's high fixed-cost structure and the leverage gained from revenue growth. SG&A expenses grew only modestly relative to the revenue surge, indicating disciplined overhead management. This leverage appears repeatable if revenue continues to grow, but investors should monitor whether SG&A escalates with expansion initiatives.
SBC Distorts Reported Earnings
Stock-based compensation averaged over $10M per quarter, exceeding net income in most periods, as shown in the data, suggesting reported EPS overstates cash profitability.
In 2026Q2, SBC of $11.3M dwarfed net income of $2.2M, implying that on a cash basis the company would have been loss-making. This pattern persists across the period, with SBC consistently above $8M per quarter. Investors should adjust for SBC to assess true earnings power, as the reported net income is heavily influenced by non-cash charges.
SG&A Dominates Cost Structure
SG&A expenses reached $48.5M in 2026Q2, representing 62.6% of revenue, as per the income statement, indicating a heavy investment in commercial infrastructure.
SG&A is the largest cost line, consistently exceeding R&D by a wide margin, which reflects the commercial stage of Vericel's operations. The ratio of SG&A to revenue has remained elevated, even as revenue grows, suggesting that the company is investing heavily in sales and marketing to drive adoption. While this is typical for a growing biotech, the lack of SG&A leverage in 2026Q2 (SG&A grew 15.8% year-over-year vs. revenue growth of 22.5%) is a positive sign of improving efficiency.
Seasonality and SBC Cloud the Picture
Revenue and profitability are highly seasonal, with Q4 typically strong and Q1 weak, as evidenced by 2025Q1's -24.3% operating margin, which may mislead trend analysis.
The data reveals a clear seasonal pattern: Q4 revenue is consistently the highest (e.g., $92.9M in 2025Q4) while Q1 is the weakest (e.g., $52.6M in 2025Q1). This seasonality, combined with heavy SBC, could mask underlying trends if not properly adjusted. Short-sellers might argue that the company's profitability is overstated due to SBC and that the seasonal swings indicate demand volatility. Investors should focus on year-over-year comparisons and cash-based metrics to assess the true health of the business.