A Business at a Glance
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Vericel Corp
VCEL
$2.3B
Mkt Cap
$45.05
+0.00%
Vericel Corp (VCEL) has a current P/E ratio of 140.8.
Vericel Corp (VCEL) has a 5-year average return on invested capital (ROIC) of -1.5%. This is below average and may indicate limited pricing power.
Vericel Corp (VCEL) has a market capitalization of $2.3B. It is classified as a mid-cap stock.
Vericel Corp (VCEL) does not currently pay a regular dividend.
Vericel Corp (VCEL) operates in the Biological Products, (No Diagnostic Substances) industry, within the Healthcare sector.
Vericel Corp (VCEL) reported annual revenue of $276 million in its most recent fiscal year, based on SEC EDGAR filings.
Vericel Corp (VCEL) has a net profit margin of 6.0%. This is a modest margin.
Vericel Corp (VCEL) generated $25 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
General Information Vericel Corporation is a leading provider of advanced therapies for the sports medicine and severe burn care markets. We have a highly differentiated portfolio of cell therapy and specialty biologic products that combines innovations in biology with medical technologies. We were among the first companies to achieve commercial success in the complex field of cell therapies with treatments that use tissue engineering to regenerate skin and healthy knee cartilage. We currently market two U.S. Food and Drug Administration (“FDA”) approved autologous cell therapy products and one FDA-approved specialty biologic product in the U.S. MACI® is an autologous cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 292M | 276M | 237M | 198M | 164M | 156M |
| Net Income | 21M | 17M | 10M | -3.2M | -17M | -7.5M |
| EPS | $0.43 | $0.32 | $0.20 | $-0.07 | $-0.35 | $-0.16 |
| Free Cash Flow | 47M | 25M | -5.8M | 15M | 10M | 21M |
| ROIC | 7.5% | 5.3% | 3.0% | -1.5% | -9.2% | -4.9% |
| Gross Margin | 74.8% | 74.4% | 72.6% | 68.6% | 66.8% | 67.9% |
| Debt/Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 16M | 11M | 4.5M | -6.5M | -17M | -7.9M |
| Operating Margin | 5.4% | 4.0% | 1.9% | -3.3% | -10.4% | -5.0% |
| ROE | 6.0% | 5.1% | 4.0% | -1.5% | -9.2% | -4.9% |
| Shares Outstanding | 51M | 52M | 52M | 45M | 48M | 47M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 29M | 51M | 54M | 64M | 91M | 118M | 124M | 156M | 164M | 198M | 237M | 276M | 292M |
| Gross Margin | 39.9% | 48.3% | 47.9% | 52.5% | 64.6% | 68.1% | 67.8% | 67.9% | 66.8% | 68.6% | 72.6% | 74.4% | 74.8% |
| R&D | 21M | 19M | 15M | 13M | 14M | 30M | 13M | 16M | 20M | 21M | 25M | 28M | 28M |
| SG&A | 14M | 22M | 27M | 36M | 49M | 61M | 69M | 98M | 107M | 121M | 143M | 167M | 174M |
| EBIT | -24M | -17M | -19M | -15M | -3.9M | -11M | 2.4M | -7.9M | -17M | -6.5M | 4.5M | 11M | 16M |
| Op. Margin | -81.7% | -32.6% | -35.4% | -23.4% | -4.3% | -9.5% | 1.9% | -5.0% | -10.4% | -3.3% | 1.9% | 4.0% | 5.4% |
| Net Income | -26M | -23M | -27M | -17M | -8.1M | -9.7M | 2.9M | -7.5M | -17M | -3.2M | 10M | 17M | 21M |
| Net Margin | -90.0% | -45.1% | -49.9% | -27.0% | -9.0% | -8.2% | 2.3% | -4.8% | -10.2% | -1.6% | 4.4% | 6.0% | 7.3% |
| Non-Recurring | 2.9M | 662K | 237K | 467K | -22K | 0 | -30K | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -121.2% | -76.5% | -115.7% | -73.1% | -13.0% | -9.1% | 4.5% | -4.9% | -9.2% | -1.5% | 3.0% | 5.3% | 7.5% |
| ROE | -131.1% | -79.9% | -115.9% | -73.2% | -13.0% | -9.1% | 2.3% | -4.9% | -9.2% | -1.5% | 4.0% | 5.1% | 6.0% |
| ROA | -91.3% | -56.4% | -65.5% | -33.5% | -9.4% | -7.1% | 1.6% | -3.3% | -6.5% | -1.0% | 2.6% | 3.6% | 4.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -25M | -13M | -20M | -13M | -412K | -7.2M | 18M | 29M | 18M | 35M | 58M | 52M | 62M |
| Free Cash Flow | -26M | -16M | -21M | -15M | -3.1M | -9.8M | 15M | 21M | 10M | 15M | -5.8M | 25M | 47M |
| Owner Earnings | -27M | -18M | -24M | -17M | -9.1M | -22M | 1.3M | -8.2M | -23M | -1.6M | 16M | 1.6M | 11M |
| CapEx | 829K | 2.4M | 1.4M | 1.5M | 2.7M | 2.6M | 2.6M | 7.9M | 7.6M | 20M | 64M | 27M | 14M |
| Maint. CapEx | 752K | 1.6M | 1.9M | 1.6M | 1.4M | 1.7M | 2.4M | 3.0M | 4.0M | 4.6M | 5.5M | 12M | 12M |
| Growth CapEx | 77K | 835K | 0 | 0 | 1.3M | 916K | 243K | 4.9M | 3.6M | 15M | 58M | 16M | 2.1M |
| D&A | 752K | 1.6M | 1.9M | 1.6M | 1.4M | 1.7M | 2.4M | 3.0M | 4.0M | 4.6M | 5.5M | 12M | 12M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | 14.9% | 27.3% | 42.9% | 56.7% | 110.0% | 52.3% | 23.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 839K | 2.7M | 2.5M | 2.7M | 7.2M | 13M | 14M | 34M | 37M | 32M | 36M | 39M | 39M |
| Debt Repayment | 8K | 35K | 38K | 7.2M | 18M | 0 | 0 | 0 | 1.1M | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -28M | -15M | -23M | -27M | N/A | -70M | -76M | -103M | -119M | -110M | -116M | -137M | -145M |
| Cash & Equiv. | 30M | 15M | 23M | 27M | 18M | 27M | 34M | 68M | 51M | 69M | 75M | 100M | 145M |
| Long-Term Debt | 2.5M | 71K | 32K | 0 | N/A | 110K | 76K | 44K | 0 | 0 | 570K | 522K | 501K |
| Debt/Equity | 0.07 | 0.00 | 0.00 | 0.00 | 0.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest Coverage | -3922.3 | -1852.3 | -1283.0 | -162.9 | -126.1 | -1406.4 | 395.3 | -1963.5 | -46.6 | -10.8 | 7.4 | 17.5 | 157.7 |
| Equity | 36M | 22M | 25M | 23M | 102M | 111M | 134M | 170M | 192M | 226M | 292M | 355M | 356M |
| Total Assets | 48M | 34M | 49M | 55M | 119M | 153M | 206M | 244M | 273M | 354M | 433M | 488M | 486M |
| Total Liabilities | 12M | 12M | 24M | 32M | 16M | 42M | 71M | 73M | 81M | 128M | 141M | 133M | 129M |
| Intangibles | 3.2M | 2.9M | 0 | N/A | N/A | N/A | N/A | 0 | 7.5M | 6.9M | 6.3M | 5.6M | 5.5M |
| Retained Earnings | N/A | -324M | -344M | -361M | -369M | -379M | -376M | -383M | -400M | -403M | -393M | -376M | -383M |
| Working Capital | 30M | 15M | 32M | 37M | 98M | 92M | 101M | 132M | 149M | 160M | 162M | 198M | 197M |
| Current Assets | 41M | 27M | 45M | 51M | 113M | 112M | 124M | 158M | 187M | 206M | 213M | 247M | 244M |
| Current Liabilities | 12M | 12M | 13M | 13M | 15M | 20M | 22M | 26M | 37M | 46M | 50M | 49M | 47M |
| Per Share Data | |||||||||||||
| EPS | -1.09 | -0.97 | -1.18 | -0.52 | -0.20 | -0.22 | 0.06 | -0.16 | -0.35 | -0.07 | 0.20 | 0.32 | 0.43 |
| Owner EPS | -1.14 | -0.74 | -1.06 | -0.53 | -0.22 | -0.50 | 0.03 | -0.18 | -0.49 | -0.04 | 0.31 | 0.03 | 0.22 |
| Book Value | 1.50 | 0.93 | 1.07 | 0.68 | 2.51 | 2.53 | 2.81 | 3.65 | 4.03 | 4.97 | 5.64 | 6.87 | 6.98 |
| Cash Flow/Share | -1.07 | -0.56 | -0.86 | -0.40 | -0.01 | -0.16 | 0.37 | 0.62 | 0.37 | 0.78 | 1.12 | 1.01 | 0.66 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 23.8M | 23.8M | 23.0M | 33.2M | 40.7M | 43.9M | 47.7M | 46.7M | 47.7M | 45.5M | 51.8M | 51.6M | 51.0M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | 482.3 | N/A | N/A | N/A | 286.7 | 117.7 | 106.0 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | 92.4 | 89.3 | 114.7 | 107.0 | N/A | 78.6 | 48.4 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 136.5 |
| Price/Book | 2.0 | 1.9 | 4.5 | 7.7 | 6.9 | 6.9 | 10.3 | 11.1 | 6.0 | 7.2 | 10.2 | 5.5 | 6.5 |
| Price/Sales | 2.9 | 1.0 | 1.7 | 1.8 | 5.3 | 6.5 | 6.6 | 14.7 | 8.5 | 7.5 | 10.3 | 7.8 | 7.9 |
| FCF Yield | -36.8% | -37.2% | -19.0% | -8.5% | -0.4% | -1.3% | 1.1% | 1.1% | 0.9% | 0.9% | -0.2% | 1.3% | 2.1% |
| Market Cap | 71M | 42M | 112M | 173M | 707M | 767M | 1.4B | 1.9B | 1.2B | 1.6B | 3.0B | 1.9B | 2.3B |
| Avg. Price | 3.51 | 3.09 | 2.63 | 3.49 | 11.81 | 17.46 | 17.09 | 49.28 | 29.34 | 32.75 | 47.23 | 42.00 | 45.05 |
| Year-End Price | 2.99 | 2.52 | 3.10 | 5.20 | 17.37 | 17.45 | 28.94 | 40.40 | 24.24 | 36.02 | 57.33 | 37.66 | 45.05 |
Vericel Corp passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 92.4x vs a median of 89.3x. The company's 5-year average gross margin is 70.1%. At current prices, the estimated annualized return to fair value is +5.6%.
Vericel Corp (VCEL) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
Vericel Corp (VCEL) reported earnings per share (EPS) of $0.32 in its most recent fiscal year.
Vericel Corp (VCEL) has a return on equity (ROE) of 5.1%. This indicates moderate shareholder returns.
Vericel Corp (VCEL) has a 5-year average gross margin of 70.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for Vericel Corp (VCEL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Vericel Corp (VCEL) has a book value per share of $6.87, based on its most recent annual SEC filing.
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