Vericel (VCEL)

Nasdaq Health Care Biotechnology S&P SmallCap 600

$54.62

+2.84 (+5.48%)

Close of Nov 06, 2026 · end-of-day data

Source: Vericel's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 06, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$54.38M	$62.76M	$90.86M	$117.85M	$121.97M	$153.07M	$163.70M	$197.52M	$237.22M	$276.26M
Cost of revenue	$28.31M	$30.35M	$32.16M	$37.57M	$39.95M	$50.16M	$54.58M	$61.94M	$65.12M	$70.66M
Gross profit	$26.08M	$33.57M	$58.70M	$80.28M	$84.23M	$106.03M	$109.79M	$135.58M	$172.11M	$205.60M
Research & development	$15.29M	$12.94M	$13.60M	$30.39M	$13.02M	$16.29M	$19.94M	$21.04M	$24.80M	$27.56M
Selling, general & admin	$27.39M	$35.61M	$49.01M	$61.14M	$68.84M	$97.59M	$106.90M	$121.00M	$142.79M	$166.99M
Operating income	-$19.25M	-$14.98M	-$3.91M	-$11.25M	$2.37M	-$7.85M	-$17.06M	-$6.46M	$4.52M	$11.04M
Interest expense	$15.00K	$92.00K	$31.00K	$8.00K	$6.00K	$4.00K	$366.00K	$600.00K	$614.00K	$630.00K
Pre-tax income	-$19.57M	-$17.29M	-$8.14M	-$9.66M	$3.04M	-$7.58M	-$15.99M	-$2.37M	$10.51M	$17.38M
Income tax	$0	$0	$0	$0	$180.00K	-$111.00K	$721.00K	$814.00K	$148.00K	$859.00K
Net income	-$19.57M	-$17.29M	-$8.14M	-$9.66M	$2.86M	-$7.47M	-$16.71M	-$3.18M	$10.36M	$16.52M
EBITDA	-$17.36M	-$13.37M	-$2.48M	-$9.55M	$4.75M	-$4.89M	-$13.08M	-$1.83M	$10.02M	$22.59M
EPS (basic)	$-1.18	$-0.52	$-0.20	$-0.22	$0.06	$-0.16	$-0.35	$-0.07	$0.21	$0.33
EPS (diluted)	$-1.18	$-0.52	$-0.20	$-0.22	$0.06	$-0.16	$-0.35	$-0.07	$0.20	$0.32
Diluted shares	23.09M	33.35M	40.24M	44.18M	47.28M	46.47M	47.13M	47.59M	51.68M	52.15M
Gross margin	47.9%	53.5%	64.6%	68.1%	69.1%	69.3%	67.1%	68.6%	72.6%	74.4%
Operating margin	-35.4%	-23.9%	-4.3%	-9.5%	1.9%	-5.1%	-10.4%	-3.3%	1.9%	4.0%
Net margin	-36.0%	-27.5%	-9.0%	-8.2%	2.3%	-4.9%	-10.2%	-1.6%	4.4%	6.0%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$22.98M	$26.86M	$18.29M	$26.89M	$33.62M	$68.33M	$51.07M	$69.09M	$74.52M	$100.09M
Short-term investments	—	$0	$64.64M	$42.83M	$42.19M	$35.07M	$68.47M	$40.47M	$41.69M	$37.41M
Receivables	$17.09M	$18.27M	$23.45M	$32.17M	$34.50M	$37.44M	$46.54M	$58.36M	$61.38M	$84.63M
Inventory	$3.49M	$3.79M	$3.56M	$6.82M	$9.36M	$13.38M	$15.99M	$13.09M	$17.37M	$17.56M
Total current assets	$44.72M	$50.51M	$112.78M	$111.66M	$123.56M	$158.46M	$186.87M	$205.63M	$212.78M	$247.44M
Total assets	$48.60M	$54.58M	$118.69M	$153.24M	$205.61M	$243.71M	$273.00M	$353.66M	$432.72M	$487.97M
Total current liabilities	$12.85M	$13.09M	$14.79M	$19.80M	$22.48M	$26.05M	$37.46M	$45.75M	$50.29M	$49.15M
Long-term debt	$9.32M	$16.89M	—	—	—	—	—	—	—	—
Total debt	$9.32M	$16.89M	—	—	—	—	—	—	—	—
Total liabilities	$23.89M	$32.04M	$16.46M	$42.15M	$71.35M	$73.24M	$80.73M	$127.70M	$140.75M	$133.33M
Shareholders' equity	$24.71M	$22.54M	$102.23M	$111.09M	$134.26M	$170.46M	$192.27M	$225.95M	$291.97M	$354.64M

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	-$19.89M	-$13.18M	-$412.00K	-$7.18M	$17.57M	$29.04M	$17.69M	$35.31M	$58.16M	$51.91M
Capital expenditures	$1.42M	$1.51M	$2.68M	$2.62M	$2.63M	$7.92M	$7.60M	$20.01M	$63.97M	$27.16M
Free cash flow	-$21.31M	-$14.69M	-$3.09M	-$9.80M	$14.95M	$21.12M	$10.09M	$15.30M	-$5.81M	$24.75M
Investing cash flow	-$1.42M	-$1.51M	-$67.03M	$10.62M	-$17.16M	-$3.50M	-$36.21M	-$3.13M	-$79.03M	-$43.94M
Financing cash flow	$29.70M	$18.58M	$58.86M	$5.26M	$6.44M	$9.17M	$1.04M	$3.62M	$19.05M	$7.07M
Stock-based compensation	$2.50M	$2.68M	$7.22M	$13.18M	$13.84M	$34.32M	$37.18M	$32.33M	$36.49M	$38.77M
Depreciation & amortization	$1.89M	$1.61M	$1.43M	$1.70M	$2.38M	$2.96M	$3.98M	$4.63M	$5.50M	$11.54M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$65.00M	$51.28M	$52.66M	$57.91M	$75.38M	$52.60M	$63.24M	$67.50M	$92.92M	$68.42M	$77.46M	$85.37M
Cost of revenue	$16.49M	$15.93M	$16.06M	$16.25M	$16.88M	$16.32M	$16.63M	$17.92M	$19.79M	$19.16M	$21.05M	$22.76M
Gross profit	$48.51M	$35.35M	$36.60M	$41.65M	$58.50M	$36.27M	$46.61M	$49.59M	$73.13M	$49.27M	$56.40M	$62.61M
Research & development	$4.90M	$6.42M	$7.36M	$6.09M	$4.92M	$7.26M	$6.73M	$6.32M	$7.25M	$8.10M	$7.49M	$6.88M
Selling, general & admin	$30.88M	$34.40M	$35.27M	$38.02M	$35.10M	$41.80M	$41.91M	$39.82M	$43.46M	$49.23M	$48.48M	$43.54M
Operating income	$12.73M	-$5.46M	-$6.03M	-$2.46M	$18.48M	-$12.79M	-$2.03M	$3.45M	$22.41M	-$8.06M	$434.00K	$12.19M
Interest expense	$156.00K	$153.00K	$153.00K	$154.00K	$154.00K	$153.00K	$157.00K	$158.00K	$162.00K	$160.00K	$160.00K	$160.00K
Pre-tax income	$14.09M	—	—	-$901.00K	$19.95M	—	—	—	—	—	—	—
Income tax	$1.10M	—	—	$0	$148.00K	—	—	—	—	—	—	—
Net income	$12.99M	-$3.86M	-$4.68M	-$901.00K	$19.81M	-$11.25M	-$553.00K	$5.07M	$23.24M	-$6.30M	$2.21M	$14.16M
EBITDA	$13.88M	-$4.09M	-$4.71M	-$1.14M	$19.96M	-$10.11M	$797.00K	$6.39M	$25.50M	-$4.80M	$4.05M	$15.81M
EPS (basic)	$0.27	$-0.08	$-0.10	$-0.02	$0.40	$-0.23	$-0.01	$0.10	$0.46	$-0.12	$0.04	$0.28
EPS (diluted)	$0.27	$-0.08	$-0.10	$-0.02	$0.39	$-0.23	$-0.01	$0.10	$0.45	$-0.12	$0.04	$0.27
Diluted shares	53.00K	48.14M	48.69M	49.09M	3.04M	49.91M	50.37M	51.91M	1.90M	50.77M	52.31M	52.96M
Gross margin	74.6%	68.9%	69.5%	71.9%	77.6%	69.0%	73.7%	73.5%	78.7%	72.0%	72.8%	73.3%
Operating margin	19.6%	-10.7%	-11.5%	-4.3%	24.5%	-24.3%	-3.2%	5.1%	24.1%	-11.8%	0.6%	14.3%
Net margin	20.0%	-7.5%	-8.9%	-1.6%	26.3%	-21.4%	-0.9%	7.5%	25.0%	-9.2%	2.8%	16.6%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$69.09M	$62.94M	$50.29M	$53.68M	$74.52M	$73.49M	$80.53M	$100.40M	$100.09M	$109.30M	$125.36M	$133.49M
Short-term investments	$40.47M	$47.71M	$52.22M	$48.05M	$41.69M	$39.41M	$36.35M	$34.98M	$37.41M	$36.05M	$37.10M	$36.77M
Receivables	$58.36M	$49.93M	$48.00M	$48.48M	$61.38M	$52.90M	$64.29M	$60.43M	$84.63M	$72.38M	$75.71M	$81.80M
Inventory	$13.09M	$13.56M	$14.89M	$15.76M	$17.37M	$17.11M	$16.83M	$18.16M	$17.56M	$18.35M	$18.38M	$17.06M
Total current assets	$205.63M	$189.72M	$197.39M	$190.52M	$212.78M	$197.64M	$204.58M	$221.97M	$247.44M	$244.06M	$264.73M	$280.77M
Total assets	$353.66M	$356.66M	$376.84M	$390.40M	$432.72M	$424.59M	$435.61M	$453.27M	$487.97M	$485.63M	$502.87M	$517.11M
Total current liabilities	$45.75M	$36.47M	$43.86M	$41.35M	$50.29M	$39.45M	$41.13M	$45.58M	$49.15M	$47.16M	$52.53M	$54.72M
Total liabilities	$127.70M	$122.77M	$133.86M	$132.93M	$140.75M	$129.10M	$128.80M	$131.42M	$133.33M	$129.40M	$132.82M	$132.94M
Shareholders' equity	$225.95M	$233.90M	$242.98M	$257.47M	$291.97M	$295.49M	$306.81M	$321.86M	$354.64M	$356.23M	$370.04M	$384.17M

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$10.09M	$7.20M	$18.54M	$10.18M	$22.24M	$6.60M	$8.21M	$22.08M	$15.01M	$16.38M	$16.19M	$17.72M
Capital expenditures	$7.83M	$14.02M	$16.76M	$19.41M	$13.79M	$14.21M	$8.13M	$2.63M	$2.19M	$1.26M	$1.93M	$2.04M
Free cash flow	$2.25M	-$6.82M	$1.77M	-$9.22M	$8.46M	-$7.61M	$81.00K	$19.45M	$12.83M	$15.13M	$14.26M	$15.68M
Investing cash flow	-$8.09M	-$25.45M	-$17.72M	-$21.21M	-$14.65M	-$15.14M	-$9.03M	-$3.38M	-$16.39M	-$4.20M	-$2.82M	-$2.71M
Financing cash flow	$1.31M	$2.13M	$4.30M	$5.52M	$7.11M	$3.20M	$1.64M	$1.17M	$1.06M	-$2.98M	$2.69M	-$6.88M
Stock-based compensation	$6.91M	$9.83M	$9.52M	$9.22M	$7.92M	$11.51M	$10.14M	$8.70M	$8.42M	$11.29M	$9.08M	$7.82M
Depreciation & amortization	$1.15M	$1.38M	$1.32M	$1.33M	$1.48M	$2.69M	$2.83M	$2.94M	$3.09M	$3.27M	$3.62M	$3.63M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.