Vericel Corp Ord (VCEL) financial statements
Vericel Corp Ord reported revenue of $276M in fiscal 2025, up 19.8% a year over 9 years.
Net income was $17M and the operating margin 4.0%, against -35.4% in 2016.
Free cash flow was $25M.
The diluted share count rose 126% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Vericel Corp Ord's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $54M | $63M | $91M | $118M | $122M | $153M | $164M | $198M | $237M | $276M |
| Cost of revenue | $28M | $30M | $32M | $38M | $40M | $50M | $55M | $62M | $65M | $71M |
| Gross profit | $26M | $34M | $59M | $80M | $84M | $106M | $110M | $136M | $172M | $206M |
| Research and development | $15M | $13M | $14M | $30M | $13M | $16M | $20M | $21M | $25M | $28M |
| Selling, general and admin | $27M | $36M | $49M | $61M | $69M | $98M | $107M | $121M | $143M | $167M |
| Operating income | -$19M | -$15M | -$4M | -$11M | $2M | -$8M | -$17M | -$6M | $5M | $11M |
| Interest expense | $15,000 | $92,000 | $31,000 | $8,000 | $6,000 | $4,000 | $366,000 | $600,000 | $614,000 | $630,000 |
| Pre-tax income | -$20M | -$17M | -$8M | -$10M | $3M | -$8M | -$16M | -$2M | $11M | $17M |
| Income tax | $0 | $0 | $0 | $0 | $180,000 | -$111,000 | $721,000 | $814,000 | $148,000 | $859,000 |
| Net income | -$20M | -$17M | -$8M | -$10M | $3M | -$7M | -$17M | -$3M | $10M | $17M |
| EPS (diluted) | -$1.18 | -$0.52 | -$0.20 | -$0.22 | $0.06 | -$0.16 | -$0.35 | -$0.07 | $0.20 | $0.32 |
| Diluted shares | 23M | 33M | 40M | 44M | 47M | 46M | 47M | 48M | 52M | 52M |
| 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, from Vericel Corp Ord's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $23M | $27M | $83M | $70M | $76M | $103M | $120M | $110M | $116M | $137M |
| Receivables | $17M | $18M | $23M | $32M | $35M | $37M | $47M | $58M | $61M | $85M |
| Inventory | $3M | $4M | $4M | $7M | $9M | $13M | $16M | $13M | $17M | $18M |
| Total current assets | $45M | $51M | $113M | $112M | $124M | $158M | $187M | $206M | $213M | $247M |
| Property, plant and equipment | $4M | $4M | $6M | $7M | $8M | $13M | $16M | $42M | $103M | $108M |
| Total assets | $49M | $55M | $119M | $153M | $206M | $244M | $273M | $354M | $433M | $488M |
| Total current liabilities | $13M | $13M | $15M | $20M | $22M | $26M | $37M | $46M | $50M | $49M |
| Long-term debt | $9M | $17M | — | — | — | — | — | — | — | — |
| Total liabilities | $24M | $32M | $16M | $42M | $71M | $73M | $81M | $128M | $141M | $133M |
| Shareholders' equity | $25M | $23M | $102M | $111M | $134M | $170M | $192M | $226M | $292M | $355M |
| Net debt | -$14M | -$10M | -$18M | -$27M | -$34M | -$68M | -$51M | -$69M | -$75M | -$100M |
Cash flow
Fiscal years, from Vericel Corp Ord's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$20M | -$13M | -$412,000 | -$7M | $18M | $29M | $18M | $35M | $58M | $52M |
| Capital spending | $1M | $2M | $3M | $3M | $3M | $8M | $8M | $20M | $64M | $27M |
| Free cash flow | -$21M | -$15M | -$3M | -$10M | $15M | $21M | $10M | $15M | -$6M | $25M |
| Stock-based compensation | $2M | $3M | $7M | $13M | $14M | $34M | $37M | $32M | $36M | $39M |
| Net borrowing | -$38,000 | -$7M | -$18M | $0 | $0 | — | — | — | — | — |
| Free cash flow margin | -39.2% | -23.4% | -3.4% | -8.3% | 12.3% | 13.8% | 6.2% | 7.7% | -2.4% | 9.0% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for VCEL.
Open VCEL in InvestinglyQuestions
What was Vericel Corp Ord's revenue in 2025?
$276M in fiscal 2025, from its 10-K filing.
How much free cash flow does Vericel Corp Ord generate?
$25M in fiscal 2025 (operating cash flow minus capital spending).
From Vericel Corp Ord's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.