Vericel Corporation
- Open
- 44.65
- Day high
- 45.70
- Day low
- 44.54
- Prev close
- 44.49
- Volume
- 325K
- Mkt cap
- $2.3B
- P/E (TTM)
- 106.3
- EPS (TTM)
- $0.43
- P/B
- 6.5
- P/S
- 8.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$3.4M over the last 3 months (0 open-market buys, 14 sales)
- 🏛Institutions accumulating (13F)
Vericel Corporation (VCEL) is a Healthcare company listed on NASDAQ. The stock is up 7% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 14 sales (SEC Form 4).
Vericel Corporation (VCEL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
VCEL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.15 | $-0.12 | +20.0% | $68M | +7.5% |
| Feb 26, 2026 | $0.45 | $0.45 | -0.8% | $93M | +0.3% |
| Nov 6, 2025 | $-0.02 | $0.10 | +600.0% | $68M | -27.2% |
| Jul 31, 2025 | $-0.04 | $-0.01 | +75.0% | $63M | -2.1% |
| May 8, 2025 | $-0.09 | $-0.23 | -155.6% | $53M | -18.8% |
| Feb 27, 2025 | $0.31 | $0.38 | +22.6% | $75M | +29.7% |
| Nov 7, 2024 | $-0.05 | $-0.02 | +60.0% | $58M | -25.7% |
| Aug 1, 2024 | $-0.10 | $-0.10 | +0.0% | $53M | -4.6% |
| Feb 29, 2024 | $0.17 | $0.26 | +52.9% | $65M | +1.7% |
| Aug 2, 2023 | $-0.13 | $-0.11 | +15.4% | $46M | +2.1% |
| Feb 23, 2023 | $0.04 | $0.12 | +239.0% | $53M | -0.4% |
| Aug 3, 2022 | $-0.13 | $-0.19 | -46.2% | $37M | -3.4% |
VCEL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 30, 2026 | Flynn Sean C.officer: Chief Legal Officer | Option | 15,000 | $16.25 |
| Jun 30, 2026 | Hopper Jonathan Markofficer: Chief Medical Officer | Option | 5,000 | $29.82 |
| Jun 30, 2026 | SIEGAL JONATHANofficer: Principal Accounting Officer | Option | 2,500 | $29.82 |
| Jun 30, 2026 | Hopper Jonathan Markofficer: Chief Medical Officer | Sell | 5,000 | $45.00 |
| Jun 30, 2026 | Mara Joseph Anthony Jrofficer: Chief Financial Officer | Sell | 5,000 | $44.75 |
| Jun 30, 2026 | Flynn Sean C.officer: Chief Legal Officer | Sell | 15,000 | $45.64 |
| Jun 30, 2026 | SIEGAL JONATHANofficer: Principal Accounting Officer | Sell | 2,500 | $44.90 |
| Jun 22, 2026 | Flynn Sean C.officer: Chief Legal Officer | Option | 15,000 | $16.25 |
| Jun 22, 2026 | Halpin Michaelofficer: Chief Operating Officer | Option | 10,000 | $16.66 |
| Jun 22, 2026 | Halpin Michaelofficer: Chief Operating Officer | Sell | 10,000 | $40.24 |
| Jun 22, 2026 | Flynn Sean C.officer: Chief Legal Officer | Sell | 15,000 | $40.21 |
| Jun 4, 2026 | Hopper Jonathan Markofficer: Chief Medical Officer | Sell | 4,375 | $35.00 |
| Jun 4, 2026 | Hopper Jonathan Markofficer: Chief Medical Officer | Option | 4,375 | $16.66 |
| May 15, 2026 | MCLAUGHLIN KEVIN Fdirector | Option | 3,500 | $2.63 |
| May 15, 2026 | MCLAUGHLIN KEVIN Fdirector | Sell | 3,500 | $32.83 |
Source: VCEL SEC Form 4 filings, latest Jun 30, 2026. For informational purposes only — not investment advice.
See the full VCEL insider & 13F page →Vericel Corporation company profile
Overview
Vericel Corporation (NASDAQ:VCEL) is a commercial-stage biopharmaceutical company founded in 1989 and headquartered in Cambridge, Massachusetts. Originally incorporated as Aastrom Biosciences, the company went public in 1997 and later rebranded to Vericel Corporation. The company specializes in developing, manufacturing, and commercializing autologous cellular therapies, which are treatments that use a patient's own cells to repair damaged tissue. Vericel has successfully transitioned from a research-focused organization to a profitable commercial enterprise, with two FDA-approved products generating revenue in specialized medical markets.
Business
Vericel operates in the regenerative medicine sector, specifically focusing on autologous cellular therapies for sports medicine and severe burn care. Autologous therapy means using a patient's own cells rather than donor cells, which reduces the risk of rejection and complications. The company's primary product is MACI (Matrix-Associated Chondrocyte Implantation), which accounts for approximately 83% of total revenue. MACI is a sophisticated treatment for cartilage defects in the knee. The process involves taking a small biopsy of healthy cartilage from the patient, growing those cartilage cells (chondrocytes) in a laboratory for several weeks, then implanting them back into the damaged area using a bioengineered scaffold. This allows patients to regenerate their own cartilage tissue rather than relying on artificial implants or living with permanent joint damage. MACI is primarily used by orthopedic surgeons treating athletes and active individuals with knee cartilage injuries. The company's burn care franchise represents approximately 17% of revenue and includes two products. Epicel is a permanent skin replacement therapy for patients with severe burns covering large portions of their body. Like MACI, it uses the patient's own cells - in this case, skin cells are harvested, grown in culture, and then grafted back onto the patient as permanent skin replacement. NexoBrid is a newer product that helps remove dead tissue (eschar) from burn wounds, making it easier for doctors to treat severe burns. NexoBrid is an enzymatic debridement agent that selectively removes dead tissue while preserving healthy tissue underneath. Both business segments serve highly specialized medical niches with limited treatment alternatives, requiring significant clinical expertise and regulatory oversight due to the complex nature of cellular therapies.
Revenue model
Vericel generates revenue through direct product sales to hospitals and medical centers. The company operates a specialized commercial model where products are manufactured to order for individual patients, creating a high-value, personalized medicine approach. For MACI, the revenue model begins when an orthopedic surgeon performs a cartilage biopsy on a patient. Vericel processes this biopsy in their manufacturing facilities, growing the patient's cells over several weeks, then ships the finished MACI implant back to the surgeon for a second procedure. The company typically receives payment of approximately $40,000-50,000 per MACI treatment from hospitals or insurance providers. Revenue recognition occurs when the product is shipped to the medical facility. The burn care products follow a similar model, with Epicel commanding premium pricing due to its life-saving nature for patients with extensive burns. NexoBrid generates revenue through hospital purchases, with pricing based on the amount of product needed for each patient's treatment. Several factors influence the company's margins and growth trajectory. Positive margin drivers include the specialized nature of these therapies, which face limited competition and command premium pricing. The company benefits from economies of scale as production volumes increase, and the recent completion of a new manufacturing facility should improve operational efficiency. Surgeon adoption and training programs create a growing base of practitioners familiar with these complex procedures. Margin pressures come from the high fixed costs of maintaining specialized manufacturing facilities that must meet stringent FDA regulations. The company must invest heavily in quality control, regulatory compliance, and specialized workforce training. Competition from alternative treatments, changes in insurance reimbursement policies, and the inherent variability in patient case volumes (particularly for burn care) can impact financial performance. Additionally, the company faces ongoing research and development costs as it seeks to expand into new indications and markets.
Competitive moat
Vericel possesses a moderate to strong competitive moat built primarily on regulatory barriers, specialized manufacturing capabilities, and clinical expertise. The company's FDA-approved autologous cellular therapies require extensive clinical trials, regulatory approval processes, and specialized manufacturing infrastructure that would take competitors years and hundreds of millions of dollars to replicate. The company's manufacturing moat is particularly strong, as producing viable cellular therapies requires sophisticated cleanroom facilities, specialized equipment, and highly trained personnel. Vericel's new state-of-the-art manufacturing facility represents a significant capital investment that competitors would need to match. The company has also developed proprietary processes for cell culture, quality control, and logistics that are difficult to replicate. Clinical adoption creates switching costs, as surgeons must undergo extensive training to properly use these products. Once surgeons become proficient with MACI or Epicel, they are unlikely to switch to alternative treatments, especially given the limited number of comparable options available. The company has trained thousands of surgeons over the years, creating a network effect that strengthens its market position. However, the moat faces several potential threats. Large pharmaceutical companies with greater resources could potentially develop competing cellular therapies or acquire smaller competitors. Technological disruption from advances in synthetic materials, 3D bioprinting, or other regenerative medicine approaches could potentially offer simpler, cheaper alternatives. Regulatory changes that streamline approval processes for competing therapies could lower barriers to entry. The burn care market is particularly vulnerable to competition, as it represents a smaller addressable market that might not justify the investment required for multiple competitors, but could be disrupted by breakthrough technologies or treatment approaches developed by larger medical device companies.
Risks & safety
Vericel demonstrates a strong financial safety profile with solid liquidity and improving profitability metrics. • Liquidity and Solvency: The company maintains $73.5 million in cash and short-term investments as of Q1 2025, with a current ratio of 5.0 and quick ratio of 4.6, indicating excellent short-term liquidity. Total debt-to-equity ratio of 0.33 represents manageable leverage levels. • Cash Flow: Operating cash flow of $58.2 million for full year 2024 demonstrates strong cash generation capability, though free cash flow was negative $5.8 million due to capital expenditures for the new manufacturing facility. • Valuation Metrics: Trading at 7.5x price-to-book ratio and approximately 35x trailing earnings, the stock appears moderately expensive but not egregiously overvalued for a growing specialty pharmaceutical company. • Profitability Trend: The company achieved GAAP profitability in 2024 with $10.4 million net income, representing a significant improvement from previous losses, with adjusted EBITDA margins expanding to 26%. • Other Considerations: Revenue concentration in MACI creates some risk, but the product's strong market position and growth trajectory provide stability. The specialized nature of the business creates high barriers to entry but also limits diversification options.
Recent development
Over the past few years, Vericel has executed several key strategic initiatives that have transformed the company from a loss-making enterprise to a profitable, growing organization. The most significant development has been the launch of MACI Arthro in 2024, which allows surgeons to deliver the MACI treatment through minimally invasive arthroscopic procedures rather than traditional open surgery. This innovation has expanded the addressable surgeon base from 5,000 to 7,000 practitioners and potentially opens access to treating smaller cartilage defects, representing approximately 20,000 additional patients annually. The company has made substantial progress in burn care commercialization, successfully launching NexoBrid after overcoming manufacturing challenges. NexoBrid revenue grew over 200% year-over-year in Q1 2025, and the product received pediatric indication approval, expanding the target market to include pediatric burn centers. The burn care sales force has been expanded to 17 territories to support broader market penetration. Manufacturing infrastructure improvements represent another major strategic achievement. Vericel completed construction of a new state-of-the-art cell therapy manufacturing facility, which became operational in early 2025. This facility is expected to improve operational efficiency, reduce costs, and provide capacity for future growth, including potential international expansion. The company is advancing MACI Ankle development as a significant growth driver, with plans to submit an Investigational New Drug (IND) application in the first half of 2025 and initiate Phase III clinical studies in the second half. This represents a potential $1 billion addressable market opportunity that could substantially expand the company's revenue base. International expansion planning has emerged as a long-term strategic priority, with management evaluating opportunities in Europe, South America, and Asia Pacific markets for potential MACI commercialization beginning in 2027-2028.
VCEL company profile · for informational purposes only — not investment advice.
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