Logo

VCEL

Vericel Corporation

VCEL

Vericel Corporation • NASDAQ
$40.25 ▼ -0.30% (-0.12)
Market Cap $2.04 B
52w High $63.00
52w Low $29.24
Dividend Yield 0%
P/E 154.81
Volume 183.88K
Outstanding Shares 50.57M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $67.503M ▲ $46.135M ▼ $5.074M ▲ 7.517% ▲ $0.1 ▲ $8.176M ▲
Q2-2025 $63.24M ▲ $48.642M ▼ $-553K ▲ -0.874% ▲ $-0.011 ▲ $2.43M ▲
Q1-2025 $52.598M ▼ $49.065M ▲ $-11.246M ▼ -21.381% ▼ $-0.23 ▼ $-8.407M ▼
Q4-2024 $75.376M ▲ $40.02M ▼ $19.807M ▲ 26.278% ▲ $0.4 ▲ $21.586M ▲
Q3-2024 $57.905M $44.118M $-901K -1.556% $-0.018 $579K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $135.38M ▲ $453.274M ▲ $131.416M ▲ $321.858M ▲
Q2-2025 $116.881M ▲ $435.608M ▲ $128.799M ▼ $306.809M ▲
Q1-2025 $112.902M ▼ $424.587M ▼ $129.1M ▼ $295.487M ▲
Q4-2024 $116.213M ▲ $432.722M ▲ $140.755M ▲ $291.967M ▲
Q3-2024 $101.734M $390.405M $132.933M $257.472M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.074M ▲ $22.082M ▲ $-3.377M ▲ $1.166M ▼ $19.871M ▲ $19.452M ▼
Q2-2025 $-553K ▲ $8.214M ▲ $-9.028M ▲ $1.641M ▼ $827K ▲ $22.426M ▲
Q1-2025 $-11.246M ▼ $6.6M ▼ $-15.142M ▼ $3.198M ▼ $-5.344M ▼ $-7.612M ▼
Q4-2024 $19.807M ▲ $22.242M ▲ $-14.651M ▲ $7.108M ▲ $14.699M ▲ $8.455M ▼
Q3-2024 $-901K $10.184M $-21.212M $5.524M $-5.504M $40.962M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
MACI Implants And Kits
MACI Implants And Kits
 $70.00M ▲$50.00M ▼$50.00M ▲$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, showing a healthy upward trajectory rather than big swings. Gross profitability has improved along the way, which suggests better scale and cost control in manufacturing. The company has shifted from small losses to roughly break‑even and then to a modest profit most recently, indicating the core business is maturing and moving past the heavy investment phase. Overall, the income statement points to a company that is still relatively small, but transitioning from development mode into a more consistently profitable commercial operation, with improving margins and more predictable performance.

Balance Sheet

Balance Sheet The balance sheet has strengthened over time. Total assets and shareholders’ equity have both grown, which implies the business has been building its asset base and retaining value rather than eroding it. Cash levels have stayed solid, not soaring but also not deteriorating, which supports ongoing operations and investment. Debt has increased but remains moderate relative to the size of the company and its equity, so financial leverage does not look aggressive. In simple terms, the company appears reasonably well-capitalized with a conservative, improving financial foundation.

Cash Flow

Cash Flow Operating cash flow has trended upward, which is a positive sign that the underlying business is generating more cash from its normal activities rather than relying on outside funding. Free cash flow was positive in prior years but recently dipped negative as capital spending jumped, likely reflecting investment in facilities, capacity, or technology. That pattern—rising operating cash paired with heavier investment—fits a company that is preparing for larger future demand. The key risk is that sustained high investment could pressure cash if growth does not materialize as expected, but for now the cash generation profile is moving in the right direction.

Competitive Edge

Competitive Edge Vericel operates in narrow but highly specialized niches: cartilage repair for sports medicine and advanced treatments for severe burns. Its products are FDA‑approved, first‑in‑class, and in some cases the only options of their kind, which creates meaningful barriers for competitors. The therapies involve complex, patient‑specific manufacturing and tightly controlled logistics, which are difficult and expensive for rivals to copy. Relationships with specialized surgeons and burn centers, plus the training required to use these products, raise switching costs and help lock in demand. Overall, the company enjoys a strong, defensible position in its chosen markets, though those markets themselves are relatively focused rather than broad.

Innovation and R&D

Innovation and R&D Innovation centers on maximizing a few highly specialized cell‑therapy platforms rather than spreading efforts thin across many early‑stage bets. The company is working to expand MACI from the knee into the ankle, broaden adoption through less invasive surgical techniques, and deepen penetration of NexoBrid in burn centers. These are mostly label expansions, procedural innovations, and commercial execution plays, which tend to be lower risk than entirely new drug discovery but still meaningful for growth. Management has also indicated interest in adding complementary products through partnerships or acquisitions that fit its expertise in cell therapy and burn/sports medicine. The R&D approach looks focused and commercially oriented, with an emphasis on near‑ to medium‑term opportunities.

Summary

Vericel presents as a focused regenerative medicine company that has moved from a development-heavy past into a more established commercial phase. Revenue and margins have improved, profitability has recently turned positive, and cash generation from operations is strengthening, even as the company spends more to build capacity. The balance sheet is relatively clean and has become stronger over time, with moderate debt and growing equity. Competitively, Vericel benefits from specialized, hard‑to‑replicate products supported by regulatory approvals, complex manufacturing, and close ties to expert clinicians. Its growth story is less about launching many new products and more about expanding indications, improving delivery methods, and driving deeper adoption in its existing niches. Key sensitivities include the size of its target markets, execution on surgeon and center adoption, and the payoff from recent capital investments, but the overall picture is one of a niche leader steadily scaling its franchise.

NEWS

November 14, 2025 · 8:30 AM UTC

Vericel to Present at the Stephens Annual Investment Conference on Thursday, November 20, 2025

Read more

November 6, 2025 · 7:55 AM UTC

Vericel Reports Third Quarter 2025 Financial Results

Read more