Vericel Past Earnings Performance
Past criteria checks 5/6
Vericel has been growing earnings at an average annual rate of 45.6%, while the Biotechs industry saw earnings growing at 30.5% annually. Revenues have been growing at an average rate of 14.7% per year. Vericel's return on equity is 6%, and it has net margins of 7.3%.
Key information
45.64%
Earnings growth rate
44.42%
EPS growth rate
| Biotechs Industry Growth | 17.04% |
| Revenue growth rate | 14.74% |
| Return on equity | 6.02% |
| Net Margin | 7.35% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Analysis Article • 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...
New Narrative • 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?
New Narrative • 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 AlphaAnalysis Article • 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...Analysis Article • 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...Analysis Article • 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 AlphaAnalysis Article • 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...
New Narrative • 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.Analysis Article • 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...Analysis Article • 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...Analysis Article • 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...Analysis Article • 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...Analysis Article • 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...Analysis Article • 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.Analysis Article • 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.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Vericel makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 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 |
Quality Earnings: VCEL has high quality earnings.
Growing Profit Margin: VCEL's current net profit margins (7.3%) are higher than last year (1.2%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: VCEL has become profitable over the past 5 years, growing earnings by 45.6% per year.
Accelerating Growth: VCEL's earnings growth over the past year (620.7%) exceeds its 5-year average (45.6% per year).
Earnings vs Industry: VCEL earnings growth over the past year (620.7%) exceeded the Biotechs industry 43%.
Return on Equity
High ROE: VCEL's Return on Equity (6%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/11 13:03 |
| End of Day Share Price | 2026/05/11 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
|
| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
|
* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Vericel Corporation is covered by 20 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Keay Nakae | Ascendiant Capital Markets LLC |
| Michael Gorman | BTIG |
| Caitlin Cronin | Canaccord Genuity |