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Nasdaq · Healthcare

Vericel Corp (VCEL)

As-reported financials and SEC filings for Vericel Corp. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Vericel Corp

Vericel Corporation develops and markets advanced cell therapy and biologic products for sports medicine and severe burn care. Its main products include MACI, an FDA-approved autologous cell therapy for repairing knee cartilage defects, Epicel, a permanent skin replacement for severe burns, and NexoBrid, a topical biologic for eschar removal in burn patients. The company serves orthopedic surgeons and burn care centers primarily in the United States.

Snapshot

Revenue
$276.3M
Revenue growth (YoY)
16.5%
Net income
$16.5M
Diluted EPS
$0.32
Gross margin
74.4%
Operating margin
4.0%
Net margin
6.0%
FCF margin
9.0%
ROE
4.7%
net income / fiscal-year-end equity
P/E
90.3×
trailing when available, otherwise FY EPS
Market cap
$2.17B
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Vericel

  • Revenue grew 16.5% to $276M in FY2025, slower than the 20.1% the year before.
  • Operating margin turned positive at 4.0% in FY2025, from a 5.1% operating loss in FY2021.
  • Most recent quarter Q2 FY2026: revenue $77M, up 22.5% from Q2 FY2025.
  • Free cash flow was $25M in FY2025, 9.0% of revenue.
  • Net income rose 59.4% to $17M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Vericel’s fundamentals sit among the 71 biotech companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin74.4%
69th percentile of 14
Operating margin4.0%
47th percentile of 31
Net margin6.0%
45th percentile of 32
FCF margin9.0%
56th percentile of 28
Revenue growth (YoY)+16.5%
48th percentile of 64
ROE4.7%
75th percentile of 61
P/E90.3×
95th percentile of 20
Short interest11.53d
70th percentile of 71

Vericel’s P/E of 90.3 ranks in the 95th percentile of the 20 peers with a meaningful P/E.

No reported insider purchases (code P) in the last 90 days; 13 insider sales totaling $3.5M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 1 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
1
+5 quant / multi-strat
Initiated / added
5
0 new, 5 added
Reduced / exited
3
1 trimmed, 2 exited
Combined position
$79.3M
reported long value
InvestorAs ofPosition valueSharesChange
Two Sigma InvestmentsquantQ2 2026$25.8M581.0KAdded
D. E. ShawquantQ2 2026$20.1M452.3KAdded
Point72 Asset ManagementquantQ2 2026$19.7M443.3KAdded
AQR Capital ManagementquantQ2 2026$12.6M283.3KAdded
Gotham Asset ManagementQ2 2026$635,89614.3KAdded
Citadel AdvisorsquantQ2 2026$392,7588.8KReduced

No longer held by: Millennium Management (as of Q2 2026), Renaissance Technologies (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
13
$3.5M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-12
filed 2026-08-14
MCLAUGHLIN KEVIN FDirectorSell7.0K$44.53$312K
2026-08-03
filed 2026-08-05
Halpin MichaelChief Operating OfficerSell10.0K$46.84$468K
2026-07-30
filed 2026-07-31
SIEGAL JONATHANPrincipal Accounting OfficerSell2.5K$48.90$122K
2026-07-30
filed 2026-07-31
SIEGAL JONATHANPrincipal Accounting OfficerSell1.5K$48.90$73K
2026-07-30
filed 2026-07-31
SIEGAL JONATHANPrincipal Accounting OfficerSell500$48.90$24K
2026-06-26
filed 2026-06-30
Flynn Sean C.Chief Legal OfficerSell15.0K$45.64$685K
2026-06-26
filed 2026-06-30
Hopper Jonathan MarkChief Medical OfficerSell5.0K$45.00$225K
2026-06-26
filed 2026-06-30
Hopper Jonathan MarkChief Medical OfficerSell5.0K$45.00$225K
2026-06-26
filed 2026-06-30
Mara Joseph Anthony JrChief Financial OfficerSell5.0K$44.75$224K
2026-06-26
filed 2026-06-30
SIEGAL JONATHANPrincipal Accounting OfficerSell2.5K$44.90$112K
2026-06-26
filed 2026-06-30
SIEGAL JONATHANPrincipal Accounting OfficerSell232$44.90$10K
2026-06-18
filed 2026-06-22
Flynn Sean C.Chief Legal OfficerSell15.0K$40.21$603K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
4.7M
settled 2026-08-14
Change vs prior
+6.5%
vs previous settlement
Days to cover
11.53
at avg daily volume
Avg daily volume
409.7K
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-144.7M+6.5%11.53
2026-07-314.4M-3.7%8.52
2026-07-154.6M-6.3%9.05
2026-06-304.9M-7.1%5.33
2026-06-155.3M+4.2%9.34
2026-05-295.1M-4.9%9.27
2026-05-155.3M+7.2%7.55
2026-04-305.0M-2.0%8.67

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$276.3M$237.2M$197.5M$163.7M$153.1M
Gross profit$205.6M$172.1M$135.6M$109.1M$102.9M
Operating income$11.0M$4.5M$-6.5M$-17.1M$-7.9M
Net income$16.5M$10.4M$-3.2M$-16.7M$-7.5M
Diluted EPS$0.32$0.20$-0.07$-0.35$-0.16

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$100.1M$74.5M$69.1M$51.1M$68.3M
Current assets$247.4M$212.8M$205.6M$186.9M$158.5M
Total assets$488.0M$432.7M$353.7M$273.0M$243.7M
Current liabilities$49.1M$50.3M$45.7M$37.5M$26.1M
Long-term debt
Total liabilities$133.3M$140.8M$127.7M$80.7M$73.2M
Total equity$354.6M$292.0M$226.0M$192.3M$170.5M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$51.9M$58.2M$35.3M$17.7M$29.0M
Capital expenditure$27.2M$64.0M$20.0M$7.6M$7.9M
Free cash flow$24.7M$-5.8M$15.3M$10.1M$21.1M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$77.5M22.5%$2.2M$0.04
Q1 FY2026$68.4M30.1%$-6.3M$-0.12
Q4 FY2025$92.9M23.3%$23.2M$0.40
Q3 FY2025$67.5M16.6%$5.1M$0.10
Q2 FY2025$63.2M20.1%$-553,000$-0.01
Q1 FY2025$52.6M2.6%$-11.2M$-0.23
Q4 FY2024$75.4M16.0%$19.8M$0.33
Q3 FY2024$57.9M27.0%$-901,000$-0.02

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorHealthcare
SIC industryBiological Products, (No Diagnostic Substances)
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2013
SEC CIK887359

Selected SEC filings

10-Q2026-07-30
View on EDGAR →
10-Q2026-05-07
View on EDGAR →
8-K2026-07-30
View on EDGAR →
8-K2026-05-18
View on EDGAR →
8-K2026-05-07
View on EDGAR →
8-K2026-05-01
View on EDGAR →

Largest biotech peers

All biotech stocksAll Healthcare companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.