Vericel 過去の業績
過去 基準チェック /56
Vericelは、平均年間45.6%の収益成長を遂げていますが、 Biotechs業界の収益は、年間 成長しています。収益は、平均年間33.8% 14.7%収益成長率で 成長しています。 Vericelの自己資本利益率は6%であり、純利益率は7.3%です。
主要情報
45.64%
収益成長率
44.42%
EPS成長率
| Biotechs 業界の成長 | 17.04% |
| 収益成長率 | 14.74% |
| 株主資本利益率 | 6.02% |
| ネット・マージン | 7.35% |
| 前回の決算情報 | 31 Mar 2026 |
最近の業績更新
Recent updates
分析記事 • May 09
The Vericel Corporation (NASDAQ:VCEL) First-Quarter Results Are Out And Analysts Have Published New Forecasts
As you might know, Vericel Corporation ( NASDAQ:VCEL ) just kicked off its latest quarterly results with some very...
新しいナラティブ • May 02
Expanded Cell Therapy Capacity And Burn Care Franchise Will Drive Multiyear Upside Potential
Catalysts About Vericel Vericel develops and manufactures advanced cell therapies for cartilage repair and severe burn care. What are the underlying business or industry changes driving this perspective?
新しいナラティブ • Apr 17
Expanded Cell Therapy Pipeline Will Face Execution Risks Yet Ultimately Support Healthier Business
Catalysts About Vericel Vericel develops and manufactures advanced cell therapies for sports medicine and burn care, including MACI for cartilage repair and Epicel and NexoBrid in burn care. What are the underlying business or industry changes driving this perspective?Seeking Alpha • Jan 04
Vericel: Growth Plans May Have Run Out Of Gas (Rating Downgrade)
Summary Vericel (VCEL) is rated a hold due to inconsistent growth, fluctuating profitability, and limited near-term upside at current valuation. VCEL’s future hinges on scaling MACI, as Epicel and Nexobrid have stalled and face capped demand in niche markets. International expansion and MACI Arthro could drive growth, but execution risks and delayed timelines temper confidence in acceleration. Despite strong cash and no long-term debt, persistent SG&A growth and negative free cash flow highlight challenges in achieving sustainable profitability. Read the full article on Seeking Alpha分析記事 • Nov 12
There's No Escaping Vericel Corporation's (NASDAQ:VCEL) Muted Revenues Despite A 29% Share Price Rise
Vericel Corporation ( NASDAQ:VCEL ) shares have had a really impressive month, gaining 29% after a shaky period...分析記事 • Jun 16
Does Vericel (NASDAQ:VCEL) Deserve A Spot On Your Watchlist?
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...分析記事 • May 01
Risks To Shareholder Returns Are Elevated At These Prices For Vericel Corporation (NASDAQ:VCEL)
With a median price-to-sales (or "P/S") ratio of close to 9.6x in the Biotechs industry in the United States, you could...Seeking Alpha • Mar 06
Vericel: Scalable Growth With Strong Margins
Summary Vericel's niche in regenerative medicine is undervalued, with FDA-approved products like MACI, Epicel, and NexoBrid driving steady revenue growth and profitability. The company's strong financials include $167 million in cash, zero debt, and a 16% year-over-year revenue increase, highlighting operational efficiency. MACI's expansion into ankle cartilage repair and a robust pipeline suggest significant future earnings potential, despite current market hesitations. VCEL's strategy focuses on indication expansion and market penetration, aiming for long-term margin growth and reduced vulnerability to high-risk drug development. Read the full article on Seeking AlphaSeeking Alpha • Dec 19
Vericel Corporation: Hard To Justify Current Valuation
Summary Vericel Corporation, specializing in cellular therapies for sports medicine and severe burn care, has seen a 40% rise in its stock recently. Core products include MACI, NexoBrid, and Epicel, with Q3 revenues rising 27% year-over-year to $57.9 million, beating expectations. The company is turning the corner on profitability, but valuations look stretched at current trading levels. An analysis around Vericel follows in the paragraphs below. Read the full article on Seeking Alpha分析記事 • Nov 09
Vericel Corporation (NASDAQ:VCEL) Stock Rockets 32% As Investors Are Less Pessimistic Than Expected
Vericel Corporation ( NASDAQ:VCEL ) shares have had a really impressive month, gaining 32% after a shaky period...
新しいナラティブ • Sep 10
MACI And NexoBrid Drive Record Revenues And Profit Growth, Setting Stage For Robust Future Performance
Expansion of MACI and NexoBrid markets driving record revenues, indicating significant future revenue growth.分析記事 • Jul 12
What Vericel Corporation's (NASDAQ:VCEL) P/S Is Not Telling You
With a median price-to-sales (or "P/S") ratio of close to 11.3x in the Biotechs industry in the United States, you...分析記事 • May 11
Vericel Corporation (NASDAQ:VCEL) First-Quarter Results: Here's What Analysts Are Forecasting For This Year
Vericel Corporation ( NASDAQ:VCEL ) just released its first-quarter report and things are looking bullish. Revenues and...分析記事 • Apr 26
It's Unlikely That The CEO Of Vericel Corporation (NASDAQ:VCEL) Will See A Huge Pay Rise This Year
Key Insights Vericel will host its Annual General Meeting on 1st of May Salary of US$790.0k is part of CEO Nick...分析記事 • Mar 02
Is There An Opportunity With Vericel Corporation's (NASDAQ:VCEL) 49% Undervaluation?
Key Insights Using the 2 Stage Free Cash Flow to Equity, Vericel fair value estimate is US$87.12 Vericel is estimated...分析記事 • Feb 02
Revenues Not Telling The Story For Vericel Corporation (NASDAQ:VCEL) After Shares Rise 29%
Vericel Corporation ( NASDAQ:VCEL ) shareholders would be excited to see that the share price has had a great month...分析記事 • May 05
Vericel Corporation's (NASDAQ:VCEL) Shareholders Might Be Looking For Exit
It's not a stretch to say that Vericel Corporation's ( NASDAQ:VCEL ) price-to-sales (or "P/S") ratio of 9.4x right now...Seeking Alpha • Oct 10
Vericel Corporation: Stock Has Fallen, But Not Enough To Make This A Buy
Summary MACI is a great product, but even generous peak sales assumptions don’t justify making this a buy. Even if NexoBrid is approved and matches Epicel revenues, it does not change my valuation much. The stock has fallen quite a bit since hitting $60+/share, but it’s not clear that it’s undervalued at a market cap of $1B+. It’s unfortunate that my decision is a pass, because there really is a lot to like about small-cap pharmaceutical company Vericel Corporation (VCEL), a leader in advanced therapies for the sports medicine and severe burn care sectors. Balance Sheet First and foremost is the balance sheet. The public markets are littered with companies of all sizes that have drowned themselves in debt, with interest payments that eat up an ever-growing portion of their operating income that could be flowing to shareholders. However, when VCEL announced 2Q22 results on August 3, the debt on their balance sheet was showing zero, as it has been ever since I started following this company two years ago. This is one of the few companies that I can name that has zero debt. Add to that the $131M in cash and you have a very strong balance sheet, with a very low need for any sort of anti-dilutive capital raise. Management should be commended for being able to commercialize their health care offerings without ruining shareholder value in the process. MACI Cell therapy treatments are treatments that involve placing new or modified cells back into a patient’s body. At the moment, VCEL has two advanced cell therapy products on the market: MACI and Epicel. Their flagship product is MACI (matrix-induced autologous chondrocyte implantation), which is approved for knee cartilage repair in adults. MACI was approved in December 2016 and replaced Carticel (the company’s prior cartilage repair product), which was approved in 1997 and was marketed until 2Q17 (see 2021 10-K, pg 7). The MACI implantation procedure first begins with an orthopedic surgeon performing a cartilage biopsy on the patient’s knee. The sample is then sent to VCEL’s lab facilities, where the chondrocytes (the cells that produce cartilage) are extracted, expanded, and then reloaded onto a resorbable collagen membrane, which is then sent back to the surgeon for implantation. August 2022 presentation, slide 9 Relative to Carticel, MACI involves a much simpler and shorter surgical procedure and results in a much more precise fit, all while continuing to be highly effective. This positive differentiation has expanded the addressable market size, as can be seen in the sales figures between the two products. For the final 3 full years that it was on the market, Carticel had 2014, 2015, and 2016 annual sales of $22M, $35M, and $39M, respectively (see 2016 10-K, pg 52). Contrast that with these past 3 full years, where MACI has had 2019, 2020, and 2021 annual sales of $92M, $94M, and $112M, respectively. 2021 10-K, pg 60 The overwhelming success of the procedure has led to news stories popping up around the country (see here and here) documenting the satisfaction of patients. Some patients are even so satisfied that they have elected to have MACI done on their other knee as well. Given the commercial successful that VCEL has seen in the US, it’s difficult to reconcile that with the disappointing sales in the EU. Commercially available in Europe since 2001, and finally receiving marketing authorization in 2013, VCEL suspended the marketing of MACI in Europe in September 2014. Management attributes the primary reason as an “unfavorable pricing environment”. It is true that health care regulators are much more cost-conscious in the EU compared to the US. Priced at $40,000 per procedure in the US, it seems that the pricing ability constraint of MACI in the EU made it simply not worth the hassle. At any rate, the treatment continues to do very well in America. Patients in need of knee cartilage repair do have other treatment options such as microfracture and osteochondral allograft. Microfracture consists of making tiny fractures in the underlying bone, thus allowing bone marrow to enter the defect. The procedure is minimally invasive, but does form a weaker form of cartilage that offers shorter-term relief but is at a much higher risk of not being effective in larger defects. An osteochondral allograft involves taking tissue containing both bone and cartilage from a deceased donor and implanting it into the patient. Complications involve a higher rate of graft rejection, disease transmission from the deceased donor, and low availability of fresh donor specimens with the required cartilage thickness. Needless to say, other pharmaceutical companies, such as Anika Therapeutics (ANIK), CartiHeal, and Aesculap Biologics are running trials for knee cartilage repair technologies. However, at the moment, MACI is the only FDA-approved ACI product on the market in the US. It continues to sell well, and it’s not a stretch to assume that peak sales could be multiples higher than the $100M+ that it’s doing right now. Epicel VCEL’s other approved cell therapy product is Epicel, a cultured epidermal autograft ((CEA)). Epicel is a skin graft grown from a patient’s own skin, and is FDA-approved for patients suffering from deep dermal or full thickness burns covering a total body surface area ((TBSA)) of at least 30%. Back in 1998, Epicel was designated as a Humanitarian Use Device ((HUD)), which is a device or treatment that is intended for an affected population of not more than 8K patients per year in the US. The following year, a Humanitarian Device Exemption (HDE) application was submitted. This application is essentially a way for a company to request approval of a treatment that is exempt from the normal FDA efficacy requirements. This pathway does impose profit limitations, however, and limits the selling price to an amount that does not exceed the cost of R&D. To get around this profit restriction, a company must obtain a label for pediatric patients as well, which is what VCEL ended up doing. In February 2016, the FDA agreed to revise Epicel’s label to include pediatric patients. The new label also mentions the probable survival benefit, demonstrated via two Epicel clinical experience databases, as well as a physician-sponsored study comparing survival outcomes in massive burn patients treated with Epicel compared to standard care. Management feels that relative to the clinical need, Epicel has been underutilized by burn centers due to “the lack of a consistent promotional effort prior to 2015.” Since 2014, when there was a single sales representative supporting the product (see 2017 10-K, pg 7), the sales team has been expanded to 13 representatives. As you can see below, revenues have certainly picked up over the past few years. Company Filings What remains a bit unclear is how much higher they can go. Management feels that the total addressable market size is $200M, so based off of 2021’s figure of $42M, they have captured about 19% of that. If we take their 2022 total revenue guidance of $184M, subtract out MACI revenue guidance of $137M, and subtract out another $4M of NexoBrid revenue (my estimate for the next treatment we will discuss), that implies Epicel revenues of $43M. So very minimal growth over last year’s total. Epicel, like MACI, is also a great product, but it’s not clear how much higher its sales will go. NexoBrid VCEL’s final pipeline asset is NexoBrid, which is a topically-administered biological product that works via enzymes to remove nonviable burn tissue (called “eschar”) in patients with deep partial and full-thickness thermal burns. August 2022 presentation, slide 16 VCEL acquired the North American rights to NexoBrid from MediWound on May 7, 2019. The upfront payment was $17.5M, with an additional $7.5M to be paid upon FDA approval. The terms also include sales milestone payments to MediWound of up to $125M, with the first milestone payment of $7.5M being triggered when annual net sales in North America cross the $75M threshold. On top of this, VCEL will pay tiered royalties on net sales ranging from single-digit to low double-digit percentages. The other intriguing component about the NexoBrid agreement is the interest from the US Biomedical Advanced Research and Development Authority (BARDA). BARDA provided $56M in funding to support the trials that were needed for submission of the US Biologics License Application (BLA), and committed to an initial procurement of $16.5M (with the first delivery occurring in August 2020). Aside from that, BARDA has also awarded a separate contract to MediWound for the development of NexoBrid as a debridement product in patients suffering from sulfur mustard injuries. This contract includes up to $43M in development aid. The phase 3 DETECT study that BARDA helped pay for was a success, with topline results announced in January 2019. Unfortunately, the FDA declined to approve it, instead issuing a CRL in June 2021, and citing the following reasons as needing further review: 1) issues relating to Chemistry, Manufacturing, and Controls ((CMC)); 2) inability to perform inspections of manufacturing facilities in Israel and Taiwan due to COVID-related travel restrictions; 3) observations that were made during good clinical practice ((GCP)) inspections related to the DETECT study and requested that MediWound address questions regarding the impact of the observations on the study’s efficacy findings; and 4) provide a safety update as part of the BLA resubmission. All in all, the issues raised in the CRL do not seem like red flags. Manufacturing-related issues usually just require additional time to prepare/inspect the facilities, and have nothing to do with the efficacy or safety of the drug. And given that NexoBrid has been approved and utilized in Europe since 2012, it’s unlikely that some new efficacy or safety issues popped up during the DETECT trial. The NexoBrid BLA resubmission was accepted for review on August 3, 2022, and the FDA is expected to make a final decision by January 1, 2023. The main question for me is not whether it will be approved or not (I think it will), but how high sales might be if it eventually is. MediWound’s revenues are largely derived from sales of NexoBrid, and as you can see below, total company revenues for 2020 and 2021 were only $22M and $24M, respectively, with BARDA accounting for over 75% of total revenues in both years. Company Filings Just because a treatment does not do well overseas does not mean that it won’t do much better in the US. This company is proof of that, as MACI has done very well in the US, even though marketing has been discontinued in Europe after very lackluster sales.Seeking Alpha • Aug 02
Vericel Q2 2022 Earnings Preview
Vericel (NASDAQ:VCEL) is scheduled to announce Q2 earnings results on Wednesday, August 3rd, before market open. The consensus EPS Estimate is -$0.12 (-50.0% Y/Y) and the consensus Revenue Estimate is $38.35M (-3.0% Y/Y). Over the last 2 years, VCEL has beaten EPS estimates 75% of the time and has beaten revenue estimates 100% of the time. Over the last 3 months, EPS estimates have seen 0 upward revisions and 4 downward. Revenue estimates have seen 0 upward revisions and 5 downward.分析記事 • Apr 19
Calculating The Fair Value Of Vericel Corporation (NASDAQ:VCEL)
Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Vericel Corporation...Seeking Alpha • Apr 12
Vericel - A Disruptive Business With Years Of Growth Remaining
Vericel is a high growth, disruptive medical technology company with average 5-year sales growth of 24%. The Company’s tissue repair and restoration products are proprietary and backed by medical research showing greater effectiveness than traditional competing solutions/approaches. Significant growth opportunities remain for the company in both the sports medicine and severe burn treatment segments. Today’s valuation provides a compelling entry point for investors with a 3+ year time horizon.収支内訳
収支内訳
Vericel の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。
収益と収入の歴史
| 日付 | 収益 | 収益 | G+A経費 | 研究開発費 |
|---|---|---|---|---|
| 31 Mar 26 | 292 | 21 | 174 | 28 |
| 31 Dec 25 | 276 | 17 | 167 | 28 |
| 30 Sep 25 | 259 | 13 | 159 | 25 |
| 30 Jun 25 | 249 | 7 | 157 | 25 |
| 31 Mar 25 | 239 | 3 | 150 | 26 |
| 31 Dec 24 | 237 | 10 | 143 | 25 |
| 30 Sep 24 | 227 | 4 | 139 | 25 |
| 30 Jun 24 | 215 | 1 | 131 | 24 |
| 31 Mar 24 | 208 | 0 | 126 | 22 |
| 31 Dec 23 | 198 | -3 | 121 | 21 |
| 30 Sep 23 | 185 | -10 | 117 | 21 |
| 30 Jun 23 | 178 | -13 | 114 | 21 |
| 31 Mar 23 | 169 | -17 | 111 | 20 |
| 31 Dec 22 | 164 | -17 | 107 | 20 |
| 30 Sep 22 | 159 | -18 | 106 | 19 |
| 30 Jun 22 | 155 | -16 | 102 | 18 |
| 31 Mar 22 | 158 | -11 | 101 | 18 |
| 31 Dec 21 | 156 | -7 | 98 | 16 |
| 30 Sep 21 | 154 | 0 | 90 | 15 |
| 30 Jun 21 | 152 | 9 | 83 | 14 |
| 31 Mar 21 | 132 | 4 | 73 | 13 |
| 31 Dec 20 | 124 | 3 | 69 | 13 |
| 30 Sep 20 | 118 | 0 | 67 | 13 |
| 30 Jun 20 | 117 | 0 | 66 | 13 |
| 31 Mar 20 | 123 | -12 | 66 | 31 |
| 31 Dec 19 | 118 | -10 | 61 | 30 |
| 30 Sep 19 | 110 | -14 | 58 | 30 |
| 30 Jun 19 | 102 | -18 | 56 | 30 |
| 31 Mar 19 | 95 | -3 | 52 | 13 |
| 31 Dec 18 | 91 | -8 | 49 | 14 |
| 30 Sep 18 | 83 | -13 | 45 | 14 |
| 30 Jun 18 | 75 | -17 | 41 | 14 |
| 31 Mar 18 | 73 | -15 | 38 | 13 |
| 31 Dec 17 | 64 | -17 | 36 | 13 |
| 30 Sep 17 | 57 | -26 | 33 | 14 |
| 30 Jun 17 | 54 | -29 | 32 | 14 |
| 31 Mar 17 | 50 | -31 | 30 | 15 |
| 31 Dec 16 | 54 | -27 | 27 | 15 |
| 30 Sep 16 | 53 | -26 | 25 | 18 |
| 30 Jun 16 | 54 | -23 | 24 | 19 |
| 31 Mar 16 | 54 | -22 | 23 | 18 |
| 31 Dec 15 | 51 | -23 | 22 | 19 |
| 30 Sep 15 | 50 | -20 | 21 | 17 |
| 30 Jun 15 | 49 | -23 | 20 | 21 |
質の高い収益: VCELは 高品質の収益 を持っています。
利益率の向上: VCELの現在の純利益率 (7.3%)は、昨年(1.2%)よりも高くなっています。
フリー・キャッシュフローと収益の比較
過去の収益成長分析
収益動向: VCEL過去 5 年間で収益を上げており、収益は年間45.6%増加しています。
成長の加速: VCELの過去 1 年間の収益成長率 ( 620.7% ) は、5 年間の平均 ( 年間45.6%を上回っています。
収益対業界: VCELの過去 1 年間の収益成長率 ( 620.7% ) はBiotechs業界43%を上回りました。
株主資本利益率
高いROE: VCELの 自己資本利益率 ( 6% ) は 低い とみなされます。
総資産利益率
使用総資本利益率
過去の好業績企業の発掘
企業分析と財務データの現状
| データ | 最終更新日（UTC時間） |
|---|---|
| 企業分析 | 2026/05/26 14:01 |
| 終値 | 2026/05/22 00:00 |
| 収益 | 2026/03/31 |
| 年間収益 | 2025/12/31 |
データソース
企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。
| パッケージ | データ | タイムフレーム | 米国ソース例 |
|---|---|---|---|
| 会社財務 | 10年 |
| |
| アナリストのコンセンサス予想 | +プラス3年 |
|
|
| 市場価格 | 30年 |
| |
| 所有権 | 10年 |
| |
| マネジメント | 10年 |
| |
| 主な進展 | 10年 |
|
* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。
特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。
分析モデルとスノーフレーク
本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。
シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。
業界およびセクターの指標
私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。
アナリスト筋
Vericel Corporation 8 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。20
| アナリスト | 機関 |
|---|---|
| Keay Nakae | Ascendiant Capital Markets LLC |
| Michael Gorman | BTIG |
| Caitlin Cronin | Canaccord Genuity |