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Biotechnology · Healthcare · Fiscal year ends Dec 31
Vericel reported revenue of $276M in the fiscal year ended Dec 2025, up 16.5% from the year before. Operating income was $11M, an operating margin of 4.0%, and net income was $17M. Operating cash flow of $52M less capital expenditure of $27M left free cash flow of $25M.
Ranks among the 30 biotechnology companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 153 | 164 | 198 | 237 | 276 |
| Cost of revenue | 50.2 | 54.6 | 61.9 | 65.1 | 70.7 |
| Gross profit | 106 | 110 | 136 | 172 | 206 |
| Research & development | 16.3 | 19.9 | 21.0 | 24.8 | 27.6 |
| Selling, general & admin | 97.6 | 107 | 121 | 143 | 167 |
| Operating income | −7.9 | −17.1 | −6.5 | 4.5 | 11.0 |
| Interest expense | 0.0 | 0.4 | 0.6 | 0.6 | 0.6 |
| Pre-tax income | −7.6 | −16.0 | −2.4 | 10.5 | 17.4 |
| Income tax | −0.1 | 0.7 | 0.8 | 0.1 | 0.9 |
| Net income | −7.5 | −16.7 | −3.2 | 10.4 | 16.5 |
| Diluted EPS | −0.16 | −0.35 | −0.07 | 0.20 | 0.32 |
| Diluted shares | 46.5 | 47.1 | 47.6 | 51.7 | 52.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 68.3 | 51.1 | 69.1 | 74.5 | 100 |
| Receivables | 37.4 | 46.5 | 58.4 | 61.4 | 84.6 |
| Inventory | 13.4 | 16.0 | 13.1 | 17.4 | 17.6 |
| Current assets | 158 | 187 | 206 | 213 | 247 |
| Net PP&E | 13.3 | 15.8 | 41.6 | 103 | 108 |
| Total assets | 244 | 273 | 354 | 433 | 488 |
| Payables | 9.0 | 16.9 | 22.3 | 23.8 | 15.8 |
| Current liabilities | 26.1 | 37.5 | 45.7 | 50.3 | 49.1 |
| Total liabilities | 73.2 | 80.7 | 128 | 141 | 133 |
| Shareholders' equity | 170 | 192 | 226 | 292 | 355 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 29.0 | 17.7 | 35.3 | 58.2 | 51.9 |
| Capital expenditure | 7.9 | 7.6 | 20.0 | 64.0 | 27.2 |
| Free cash flow | 21.1 | 10.1 | 15.3 | −5.8 | 24.7 |
| Depreciation & amortisation | 3.0 | 4.0 | 4.6 | 5.5 | 11.5 |
| Stock-based compensation | 34.3 | 37.2 | 32.3 | 36.5 | 38.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.9% | 20.7% | 20.1% | 16.5% |
| Operating income growth (YoY) | – | – | – | – | 144.4% |
| EPS growth (YoY) | – | – | – | – | 60.0% |
| Gross margin | 69.3% | 67.1% | 68.6% | 72.6% | 74.4% |
| Operating margin | −5.1% | −10.4% | −3.3% | 1.9% | 4.0% |
| Net margin | −4.9% | −10.2% | −1.6% | 4.4% | 6.0% |
| Return on equityBlank when equity is negative | −4.4% | −8.7% | −1.4% | 3.5% | 4.7% |
| ROCEEBIT ÷ (assets − current liabilities) | −3.6% | −7.2% | −2.1% | 1.2% | 2.5% |
| Free cash flow margin | 13.8% | 6.2% | 7.7% | −2.4% | 9.0% |
| Cash conversion (CFO ÷ net income) | −3.89x | −1.06x | −11.1x | 5.61x | 3.14x |
| Receivable days | 89 | 104 | 108 | 94 | 112 |
| Inventory days | 97 | 107 | 77 | 97 | 91 |
| Payable days | 66 | 113 | 132 | 134 | 82 |
| Interest cover | −1964x | −46.6x | −10.8x | 7.36x | 17.5x |
| Current ratio | 6.08x | 4.99x | 4.49x | 4.23x | 5.03x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.