Regenerative medicine company commercializing advanced cell therapies for sports medicine, severe burns, and cartilage repair.
Profile & Fundamentals
Vericel: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Vericel Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Vericel Corporation, a commercial-stage biopharmaceutical company, engages in the research, development, manufacture, and distribution of cellular therapies and specialty biologic products for sports medicine and severe burn care markets in North America. The company markets autologous cell therapy products comprising MACI, an autologous cultured chondrocytes on porcine collagen membrane for the repair of symptomatic, and single or multiple full-thickness cartilage defects of the knee; Epicel, a permanent skin replacement humanitarian use device for the treatment of adult and pediatric patients with deep-dermal or full-thickness burns; and NexoBrid, a biological orphan product for eschar removal in adults and pediatric patients with deep partial-thickness and/or full-thickness thermal burns. Vericel Corporation was formerly known as Aastrom Biosciences, Inc. and changed its name to Vericel Corporation in November 2014. The company was incorporated in 1989 and is headquartered in Burlington, Massachusetts.
Company profile record
Vericel Corp Ord
Common Stock · Health Care · Biotechnology
Company
- Company / asset
- Vericel Corp Ord
- Security type
- Common Stock
- Sector
- Health Care
- Industry
- Biotechnology
- HQ
- 🇺🇸 United States
- Head office
- 25 Blue Sky Drive, Burlington, MA, United States, 01803
Leadership & scale
- Chief executive
- Mr. Dominick C. Colangelo Esq.
- CEO year born
- 1964
- Full-time employees
- 398
- Fiscal year end
- December
- IPO date
- 1997-02-04
Fundamentals snapshot
- Market Cap
- USD 2.0B
- P/E
- 84.2x
- Revenue (Q2 26)
- USD 77.5M
- Profit (Q2 26)
- USD 2.2M
- Dividend Yield
- --
- Revenue (FY 25)
- USD 276.3M
- Shares in public float
- 50.6M
- Insider ownership
- 1.19%
Reporting & identifiers
- Symbol
- VCEL.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US92346J1088
- Asset ID
- equity_822ed8cd-c3d6-5744-9304-0c7a5de1fc34
Ownership
Shares Outstanding
Latest: 50.9M | Max: 52.2M | Min: 36.1M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
99.32%
50.6M latest reported shares
Insider Ownership
1.19%
Latest reported insider stake
Short Float
0.14%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 36,150,000 |
| 2018-01-01 | 46,153,000 |
| 2019-01-01 | 46,803,000 |
| 2020-01-01 | 48,101,000 |
| 2021-01-01 | 49,939,000 |
| 2022-01-01 | 49,204,000 |
| 2023-01-01 | 50,512,000 |
| 2024-01-01 | 52,210,000 |
| 2025-01-01 | 52,071,000 |
| 2026-01-01 | 50,925,000 |
Top Holders
Available reported ownership records.
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| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 7,765,344 | 15.16% | 2026-03-31 |
| State Street Corp | 3,152,130 | 6.16% | 2026-03-31 |
| iShares Core S&P Small-Cap ETF | 3,109,854 | 6.07% | 2026-08-31 |
| Congress Asset Management Company, LLP | 2,916,295 | 5.7% | 2026-06-30 |
| Vanguard Capital Management, LLC | 2,230,756 | 4.36% | 2026-03-31 |
| Conestoga Capital Advisors, LLC | 2,083,832 | 4.07% | 2026-06-30 |
| William Blair Investment Management, LLC | 1,992,855 | 3.89% | 2026-06-30 |
| BNP Paribas Investment Partners SA | 1,723,572 | 3.37% | 2026-03-31 |
| Vanguard MStar Total Stk Mkt Idx Invest | 1,622,366 | 3.17% | 2026-08-31 |
| GW&K Investment Management, LLC | 1,616,855 | 3.16% | 2026-03-31 |
| Soleus Capital Management, L.P. | 1,459,152 | 2.85% | 2026-06-30 |
| Geneva Capital Management | 1,339,123 | 2.62% | 2026-06-30 |
| iShares Russell 2000 ETF | 1,317,598 | 2.57% | 2026-08-31 |
| State Street® SPDR® S&P® Biotech ETF | 1,260,285 | 2.46% | 2026-08-31 |
| Geode Capital Management, LLC | 1,254,862 | 2.45% | 2026-03-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Vericel has successfully transitioned from an unprofitable clinical-stage development firm into a commercial business generating positive operating income. For the trailing twelve months ended June 2026, revenue expanded to $306 million while net income reached $24.2 million, driven by strong 23% growth in MACI knee implants and growing burn treatment sales. This performance confirms that customer demand is expanding steadily. However, reported accounting profits experience sharp seasonal fluctuations. First quarters frequently show net losses due to annual insurance deductible resets, while fourth quarters deliver outsized profits as patients complete year-end procedures. The fundamental financial trajectory remains positive as rising case volumes absorb fixed corporate overhead.
Vericel has successfully transitioned from an unprofitable clinical-stage development firm into a commercial business generating positive operating income. For the trailing twelve months ended June 2026, revenue expanded to $306 million while net income reached $24.2 million, driven by strong 23% growth in MACI knee implants and growing burn treatment sales. This performance confirms that customer demand is expanding steadily. However, reported accounting profits experience sharp seasonal fluctuations. First quarters frequently show net losses due to annual insurance deductible resets, while fourth quarters deliver outsized profits as patients complete year-end procedures. The fundamental financial trajectory remains positive as rising case volumes absorb fixed corporate overhead.
Revenue, Net Income, and Free Cash Flow
Latest: USD 276.3M | Max: USD 276.3M | Min: USD -21.3M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: >100x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Gross profit margins have expanded structurally from under 69% in 2023 to over 74% in 2025, driven by premium product pricing and improved cell-culturing efficiency. Because autologous cell therapy manufacturing costs are largely fixed, processing higher patient volumes through automated Burlington bioreactors allows gross margins to hold near 75%. Below gross profit, GAAP operating margins sit near 6% due to high facility depreciation, commercial sales force investments, and stock-based employee compensation. As specialized sales territories mature and batch throughput expands across the forecast horizon, operating leverage should gradually expand operating profitability toward mid-teens.
Gross profit margins have expanded structurally from under 69% in 2023 to over 74% in 2025, driven by premium product pricing and improved cell-culturing efficiency. Because autologous cell therapy manufacturing costs are largely fixed, processing higher patient volumes through automated Burlington bioreactors allows gross margins to hold near 75%. Below gross profit, GAAP operating margins sit near 6% due to high facility depreciation, commercial sales force investments, and stock-based employee compensation. As specialized sales territories mature and batch throughput expands across the forecast horizon, operating leverage should gradually expand operating profitability toward mid-teens.
Profitability Margins
Latest: 74.4% | Max: 74.4% | Min: -36.0%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
74.4%
Gross profit / revenue
Operating Margin
4.0%
Operating income / revenue
Net Margin
6.0%
Net income / revenue
FCF Margin
9.0%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
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| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 54,383,000 | -19,566,000 | -21,307,000 |
| 2017-12-31 | 63,924,000 | -17,286,000 | -14,693,000 |
| 2018-12-31 | 90,857,000 | -8,137,000 | -3,090,000 |
| 2019-12-31 | 117,850,000 | -9,665,000 | -9,799,000 |
| 2020-12-31 | 124,179,000 | 2,864,000 | 14,946,000 |
| 2021-12-31 | 156,184,000 | -7,471,000 | 21,125,000 |
| 2022-12-31 | 164,365,000 | -16,709,000 | 10,091,000 |
| 2023-12-31 | 197,516,000 | -3,182,000 | 7,798,000 |
| 2024-12-31 | 237,224,000 | 10,362,000 | -5,811,000 |
| 2025-12-31 | 276,259,000 | 16,518,000 | 24,748,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 113.52 | Trailing four quarters |
| 2024-12-31 | 276.67 | Trailing four quarters |
Profitability Margins
Matching annual reporting dates. Values are percentages.
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| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 47.95 | -35.39 | -35.98 | -39.18 |
| 2017-12-31 | 52.52 | -23.44 | -27.04 | -22.99 |
| 2018-12-31 | 64.6 | -4.3 | -8.96 | -3.4 |
| 2019-12-31 | 68.12 | -9.55 | -8.2 | -8.31 |
| 2020-12-31 | 67.83 | 1.91 | 2.31 | 12.04 |
| 2021-12-31 | 67.88 | -5.03 | -4.78 | 13.53 |
| 2022-12-31 | 66.8 | -10.38 | -10.17 | 6.14 |
| 2023-12-31 | 68.64 | -3.27 | -1.61 | 3.95 |
| 2024-12-31 | 72.55 | 1.9 | 4.37 | -2.45 |
| 2025-12-31 | 74.42 | 4 | 5.98 | 8.96 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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