Vericel Corp

Listed Company

VCELCIK 0000887359NasdaqLarge AcceleratedBiological Products, (No Diagnostic Substances)MichiganFY ends Dec 31

Period

FY 2025

Revenue

$276.26M

Net Income

$16.50M

Total Assets

$487.97M

Equity

$354.64M

Shares Out

50.76M

Op. Cash Flow

$51.91M

Business

Vericel Corp is a fully-integrated, commercial-stage biopharmaceutical company and a leading provider of advanced therapies for the sports medicine and severe burn care markets. It markets FDA-approved autologous cell therapies MACI and Epicel and the specialty biologic NexoBrid, together with related biopsy kits and custom MACI Arthro instruments. Its key business structure comprises a MACI commercial team and a Burn Care team focused on Epicel and NexoBrid, supported by cell manufacturing, R&D and third-party supply relationships. Vericel primarily sells in the U.S. through hospitals and burn centers, specialty pharmacies, and distributors.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Product sales, net	276	237	198	164	153
Other revenue	0	0	0	667,000	3
Total revenue	276	237	198	164	156
Cost of product sales	71	65	62	55	50
Gross profit	206	172	136	110	106
Research and development	28	25	21	20	16
Selling, general and administrative	167	143	121	107	98
Total operating expenses	195	168	142	127	114
Income (loss) from operations	11	5	−6	−17	−8
Interest income	7	6	5	1	224,000
Interest expense	−630,000	−614,000	−600,000	−366,000	—
Other (expense) income	−44,000	195,000	64,000	95,000	52,000
Total other income	6	6	4	1	272,000
Income (loss) before income taxes	17	11	−2	−16	−8
Income tax expense	859,000	148,000	814,000	721,000	−111,000
Net income (loss)	17	10	−3	−17	−7
Basic (in USD per share)	0.33	0.21	−0.07	−0.35	−0.16
Diluted (in USD per share)	0.32	0.2	−0.07	−0.35	−0.16
Basic (in shares)	50	49	48	47	46
Diluted (in shares)	52	52	48	47	46

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	100	75	69	51	68
Restricted cash	0	11	18	0	—
Short-term investments	37	42	40	68	35
Accounts receivable (net of allowance for doubtful accounts of $13 and $10, respectively)	85	61	58	47	37
Inventory	18	17	13	16	13
Other current assets	8	7	7	5	4
Total current assets	247	213	206	187	158
Property and equipment, net	108	103	42	16	13
Intangible assets, net	6	6	7	8	0
Right-of-use assets	65	70	73	42	46
Long-term investments	61	40	25	20	26
Other long-term assets	341,000	556,000	771,000	1	317,000
Total assets	488	433	354	273	244
Accounts payable	16	24	22	17	9
Accrued expenses	19	17	17	16	14
Current portion of operating lease liabilities	14	9	6	4	3
Other current liabilities	116,000	116,000	0	41,000	41,000
Total current liabilities	49	50	46	37	26
Operating lease liabilities	82	90	82	43	47
Other long-term liabilities	2	876,000	100,000	0	44,000
Total liabilities	133	141	128	81	73
COMMITMENTS AND CONTINGENCIES (Note 14)	—	—	—	—	—
Common stock, no par value; shares authorized 75,000; shares issued and outstanding 50,620 and 49,628, respectively	731	685	629	593	554
Accumulated other comprehensive gain	275,000	4,000	−100,000	−978,000	−154,000
Accumulated deficit	−376	−393	−403	−400	−383
Total shareholders equity	355	292	226	192	170
Total liabilities and shareholders equity	488	433	354	273	244

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expense	12	6	5	4	3
Stock-based compensation expense	39	36	32	37	34
Amortization of premiums and discounts on marketable securities	−183,000	−657,000	−824,000	107,000	949,000
Amortization of debt issuance costs	215,000	215,000	215,000	90,000	0
Non-cash lease costs	5	7	6	4	4
Provision for excess and obsolete inventory	1	0	0	—	—
Other	13,000	43,000	39,000	22,000	7,000
Inventory	−1	−4	3	−3	−4
Accounts receivable	−23	−3	−12	−9	−3
Other current assets	−457,000	−434,000	−2	−557,000	−353,000
Accounts payable	3	−287,000	3	1	1
Accrued expenses	2	−149,000	1	2	3
Operating lease liabilities	−3	8	3	−3	−3
Other non-current assets and liabilities, net	1	205,000	100,000	0	0
Net cash provided by operating activities	52	58	35	18	29
Purchases of investments	−72	−68	−55	−70	−60
Sales and maturities of investments	56	53	80	41	64
Expenditures for property and equipment	−27	−64	−20	−8	−8
Purchases of intangible assets	0	0	−8	0	0
Net cash used in investing activities	−44	−79	−3	−36	−4
Net proceeds from common stock issuance	14	25	6	—	—
Payments on employee's behalf for taxes related to vesting of restricted stock unit awards	−7	−5	−2	−1	−2
Other	−47,000	0	−41,000	−39,000	−348,000
Net cash provided by financing activities	7	19	4	1	9
Net increase (decrease) in cash, cash equivalents, and restricted cash	15	−2	36	−17	35
Right-of-use assets and operating lease liabilities recognized	0	3	38	137,000	—
Property and equipment obtained in exchange for financing lease liabilities	0	686,000	0	0	192,000
Additions to property and equipment included in accounts payable	891,000	12	10	8	1
Interest paid	489,000	399,000	383,000	109,000	4,000
Taxes paid	580,000	628,000	1	0	379,000

Filings

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