Vericel Corp
VCELHealthcare|Biotechnology|USA
$47.00
-1.32 (-2.73%)
DCF (FCF)
$9.33
Tangible Book
$6.88
Graham Number
$8.06
Earnings Power
$1.32
Financials
Financial Snapshot
Market Cap
$2.40B
Enterprise Value
$50.8M
Revenue (TTM)
$292.1M
Net Income (TTM)
$21.5M
Cash & Equivalents
—
Net Cash/Share
$0.31
Free Cash Flow (TTM)
$47.5M
Operating CF (TTM)
$61.7M
Debt/Equity
0.27
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $23.0M | $26.9M | $82.9M | $69.7M | $75.8M | $103.4M | $119.5M | $109.6M | $116.2M | $137.5M | $145.3M | |
| Operating Cash Flow | $-19.9M | $-13.2M | $-412.0K | $-7.2M | $17.6M | $29.0M | $17.7M | $35.3M | $58.2M | $51.9M | $61.7M | |
| Free Cash Flow | $-21.3M | $-14.7M | $-3.1M | $-9.8M | $14.9M | $21.1M | $10.1M | $7.8M | $-5.8M | $24.7M | $47.5M | |
| Capital Expenditure | $-1.4M | $-1.5M | $-2.7M | $-2.6M | $-2.6M | $-7.9M | $-7.6M | $-27.5M | $-64.0M | $-27.2M | $-14.2M | |
| Financing Cash Flow | $29.7M | $18.6M | $58.9M | $5.3M | $6.4M | $9.2M | $1.0M | $3.6M | $19.1M | $7.1M | $893.0K |
R&D Spending
R&D (TTM)
$28.4M
R&D Intensity
9.7%
R&D Growth YoY
+3.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $54.4M | $63.9M | $90.9M | $117.8M | $124.2M | $156.2M | $164.4M | $197.5M | $237.2M | $276.3M | $292.1M | |
| R&D Expense | $15.3M | $12.9M | $13.6M | $30.4M | $13.0M | $16.3M | $19.9M | $21.0M | $24.8M | $27.6M | $28.4M | |
| R&D % of Revenue | 28.1% | 20.2% | 15.0% | 25.8% | 10.5% | 10.4% | 12.1% | 10.7% | 10.5% | 10.0% | 9.7% | |
| SG&A | $27.4M | $35.6M | $49.0M | $61.1M | $68.8M | $97.6M | $106.9M | $121.0M | $142.8M | $167.0M | $174.4M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $54.4M | $63.9M | $90.9M | $117.8M | $124.2M | $156.2M | $164.4M | $197.5M | $237.2M | $276.3M | $292.1M | |
| Cost of Goods Sold | $28.3M | $30.4M | $32.2M | $37.6M | $40.0M | $50.2M | $54.6M | $61.9M | $65.1M | $70.7M | $73.5M | |
| Gross Profit | $26.1M | $33.6M | $58.7M | $80.3M | $84.2M | $106.0M | $109.8M | $135.6M | $172.1M | $205.6M | $218.6M | |
| R&D | $15.3M | $12.9M | $13.6M | $30.4M | $13.0M | $16.3M | $19.9M | $21.0M | $24.8M | $27.6M | $28.4M | |
| SG&A | $27.4M | $35.6M | $49.0M | $61.1M | $68.8M | $97.6M | $106.9M | $121.0M | $142.8M | $167.0M | $174.4M | |
| Operating Income | $-16.6M | $-15.0M | $-3.9M | $-11.3M | $2.4M | $-7.9M | $-17.1M | $-6.5M | $4.5M | $11.0M | $15.8M | |
| Interest Expense | $-314.0K | $-1.1M | $-1.7M | $-8.0K | $-6.0K | $-4.0K | $-366.0K | $-600.0K | $-614.0K | $-630.0K | $-637.0K | |
| Pretax Income | $-19.6M | $-17.3M | $-8.1M | $-9.7M | $3.0M | $-7.6M | $-16.0M | $-2.4M | $10.5M | $17.4M | $22.3M | |
| Net Income | $-19.6M | $-17.3M | $-8.1M | $-9.7M | $2.9M | $-7.5M | $-16.7M | $-3.2M | $10.4M | $16.5M | $21.5M | |
| EPS (Diluted) | -1.18 | -0.52 | -0.20 | -0.22 | 0.06 | -0.16 | -0.35 | -0.07 | 0.20 | 0.32 | 0.42 | |
| EBITDA | $-17.4M | $-14.6M | $-5.0M | $-7.9M | $5.4M | $-4.6M | $-11.6M | $2.9M | $16.6M | $29.6M | $35.1M | |
| Shares Out. (M) | 23.09 | 33.35 | 40.24 | 44.18 | 47.28 | 46.47 | 47.13 | 47.59 | 51.68 | 52.15 | 50.77 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $23.0M | $26.9M | $18.3M | $26.9M | $33.6M | $68.3M | $51.1M | $69.1M | $74.5M | $100.1M | $109.3M | |
| Marketable Securities | $0.00 | $0.00 | $64.6M | $42.8M | $42.2M | $35.1M | $68.5M | $40.5M | $41.7M | $37.4M | $36.0M | |
| Total Current Assets | $44.7M | $50.5M | $112.8M | $111.7M | $123.6M | $158.5M | $186.9M | $205.6M | $212.8M | $247.4M | $244.1M | |
| Total Assets | $48.6M | $54.6M | $118.7M | $153.2M | $205.6M | $243.7M | $273.0M | $353.7M | $432.7M | $488.0M | $485.6M | |
| Total Current Liabilities | $12.9M | $13.1M | $14.8M | $19.8M | $22.5M | $26.1M | $37.5M | $45.7M | $50.3M | $49.1M | $47.2M | |
| Long-Term Debt | $9.3M | $16.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $23.9M | $32.0M | $16.5M | $42.1M | $71.3M | $73.2M | $80.7M | $127.7M | $140.8M | $133.3M | $129.4M | |
| Stockholders' Equity | $24.7M | $22.5M | $102.2M | $111.1M | $134.3M | $170.5M | $192.3M | $226.0M | $292.0M | $354.6M | $356.2M | |
| Retained Earnings | $-343.6M | $-360.9M | $-369.0M | $-378.7M | $-375.8M | $-383.3M | $-400.0M | $-403.2M | $-392.8M | $-376.3M | $-382.6M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-19.9M | $-13.2M | $-412.0K | $-7.2M | $17.6M | $29.0M | $17.7M | $35.3M | $58.2M | $51.9M | $61.7M | |
| Capital Expenditure | $-1.4M | $-1.5M | $-2.7M | $-2.6M | $-2.6M | $-7.9M | $-7.6M | $-27.5M | $-64.0M | $-27.2M | $-14.2M | |
| Free Cash Flow | $-21.3M | $-14.7M | $-3.1M | $-9.8M | $14.9M | $21.1M | $10.1M | $7.8M | $-5.8M | $24.7M | $47.5M | |
| Investing Cash Flow | $-1.4M | $-1.5M | $-67.0M | $10.6M | $-17.2M | $-3.5M | $-36.2M | $-3.1M | $-79.0M | $-43.9M | $-33.0M | |
| Financing Cash Flow | $29.7M | $18.6M | $58.9M | $5.3M | $6.4M | $9.2M | $1.0M | $3.6M | $19.1M | $7.1M | $893.0K | |
| Issuance of Stock | $19.5M | $0.00 | $70.0M | $5.3M | $6.6M | $11.2M | $3.7M | $6.0M | $24.5M | $13.9M | $6.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $25.6M | $14.8M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $-15.3M | $-8.0M | $-17.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.5M | $2.7M | $7.2M | $13.2M | $13.8M | $34.3M | $37.2M | $32.3M | $36.5M | $38.8M | $38.6M | |
| Net Change in Cash | $8.4M | $3.9M | $-8.6M | $8.7M | $6.9M | $34.7M | $-17.5M | $35.8M | $-1.8M | $15.0M | $29.6M |
Dilution Tracker
Shares Outstanding
51M
5-Year Share Growth
+9.3%
Stock Issuance (TTM)
$6.1M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 23.09 | 33.35 | 40.24 | 44.18 | 47.28 | 46.47 | 47.13 | 47.59 | 51.68 | 52.15 | 50.77 | |
| YoY Change % | — | 44.4% | 20.6% | 9.8% | 7.0% | -1.7% | 1.4% | 1.0% | 8.6% | 0.9% | -2.6% | |
| Stock Issuance | $19.5M | $0.00 | $70.0M | $5.3M | $6.6M | $11.2M | $3.7M | $6.0M | $24.5M | $13.9M | $6.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.5M | $2.7M | $7.2M | $13.2M | $13.8M | $34.3M | $37.2M | $32.3M | $36.5M | $38.8M | $38.6M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 47.9% | 52.5% | 64.6% | 68.1% | 67.8% | 67.9% | 66.8% | 68.6% | 72.5% | 74.4% | 74.8% | |
| Operating Margin % | -30.5% | -23.4% | -4.3% | -9.5% | 1.9% | -5.0% | -10.4% | -3.3% | 1.9% | 4.0% | 5.4% | |
| Net Margin % | -36.0% | -27.0% | -9.0% | -8.2% | 2.3% | -4.8% | -10.2% | -1.6% | 4.4% | 6.0% | 7.3% | |
| EBITDA Margin % | -31.9% | -22.8% | -5.5% | -6.7% | 4.4% | -3.0% | -7.1% | 1.4% | 7.0% | 10.7% | 12.0% | |
| FCF Margin % | -39.2% | -23.0% | -3.4% | -8.3% | 12.0% | 13.5% | 6.1% | 3.9% | -2.5% | 9.0% | 16.3% | |
| ROE % | -83.5% | -73.2% | -13.0% | -9.1% | 2.3% | -4.9% | -9.2% | -1.5% | 4.0% | 5.1% | 6.6% | |
| ROA % | -47.2% | -33.5% | -9.4% | -7.1% | 1.6% | -3.3% | -6.5% | -1.0% | 2.6% | 3.6% | 4.7% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)111.90
Historical78.64 / 319.44 / 5232.00
Industry Med.27.51
P/S8.53
Historical0.92 / 7.81 / 24.80
Industry Med.9.49
P/B6.73
Historical3.21 / 7.96 / 25.09
Industry Med.2.93
EV/EBITDA66.97
Historical-2481.82 / -6.09 / 859.77
Industry Med.13.02
EV/Revenue8.04
Historical1.44 / 7.60 / 25.58
Industry Med.8.59
P/FCF52.40
Historical36.82 / 111.96 / 1160.68
Industry Med.27.13
Intrinsic Value Models
DCF (FCF Based)
$9.33
Tangible Book
$6.88
Net Current Assets
$2.250
Graham Number
$8.06
Median P/S Value
$43.40
Net-Net Working Capital
$1.56
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | 514.67 | At Loss | At Loss | At Loss | 274.55 | 112.53 | 111.90 | |
| PS Ratio | 1.27 | 2.84 | 7.71 | 6.52 | 11.76 | 11.69 | 7.55 | 8.58 | 11.96 | 6.80 | 8.53 | |
| PB Ratio | 0.00 | 8.66 | 7.42 | 7.03 | 10.54 | 10.81 | 6.47 | 7.54 | 9.33 | 5.14 | 6.73 | |
| EV/EBITDA | -6.93 | -12.76 | -135.64 | -93.36 | 256.20 | -387.85 | -100.74 | 587.18 | 162.85 | 60.29 | 66.97 | |
| EV/Revenue | 2.21 | 2.91 | 7.43 | 6.27 | 11.21 | 11.46 | 7.13 | 8.51 | 11.41 | 6.45 | 8.04 |
Analyst Estimates & Quality
Altman Z-Score
11.27
Safe
Piotroski F-Score
8
Strong
Beneish M-Score
-2.48
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $332.2M | $388.7M | $452.7M |
| Net Income | $24.6M | $43.3M | $74.6M |
| EPS | 0.47 | 0.88 | 1.37 |
| Book Value per Share | 0.64 | 0.00 | 0.00 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| MACI implants, kits, and instruments | $239.5M |
| Epicel | $32.1M |
| NexoBrid | $4.7M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $276.3M |