Vericel Corporation VCEL

Health CarePharmaceuticalsUnited States of America

Last close 42.91 USD on Nov 1, 2026, +11.8% year to date

Quant rating

Quant rating B Rank 136 of 565 in Health Care

Growth A 50 of 565
Valuation B 122 of 565
Quality B 171 of 565
Revisions B 200 of 565
Momentum C 308 of 565

Wall Street consensus Buy (1.75)Average target 59.71 USD +39.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.1B
Enterprise value: 1.9B
52-week range: 29.00 – 49.32
3-year range: 29.00 – 61.80
Dividend yield: –
Beta (5 years): 1.09
Shares outstanding: 51.2M
Next earnings: Nov 5, 2026

About the company

Vericel Corporation is a provider of advanced therapies for sports medicine and severe burn care markets. It has a differentiated portfolio of cell therapy and specialty biologic products. It markets three products in the United States. MACI (autologous cultured chondrocytes on porcine collagen membrane) is an autologous-cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults. Epicel (cultured epidermal autografts) is a permanent skin replacement for the treatment of patients with deep dermal or full thickness burns greater than or equal to 30% of total body surface area. The Company also holds a license for North American rights to NexoBrid (anacaulase-bcdb), a biological orphan product containing proteolytic enzymes, which is indicated for eschar removal in adults and pediatric patients with deep partial-thickness and/or full-thickness thermal burns.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	276	237	198	164	156	–
Revenue growth	16.5%	20.1%	20.2%	5.2%	25.8%	17.3%
EPS (basic, normalized)	0.32	0.20	−0.07	−0.35	−0.16	–
EPS growth	60.0%	–	–	–	–	–
Gross margin	74.4%	72.6%	68.6%	66.8%	67.9%	70.1%
Net margin	6.0%	4.4%	−1.6%	−10.2%	−4.8%	−1.2%
ROE	5.1%	4.0%	−1.5%	−9.2%	−4.9%	−1.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	162
Current ratio	5.04x
Long-term debt (mil)	0.5
Net debt (mil)	−162
Total equity (mil)	370
Net debt / equity	−0.44x
Net debt / EBITDA	−2.28x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	276	+16.5%	6.9x	70.9	+35.2%	26.8x	0.32	+60.0%	134.1x
2026	336	+21.7%	5.7x	90.4	+27.5%	21.0x	0.55	+72.7%	77.7x
2027	393	+16.9%	4.8x	116	+28.4%	16.4x	0.88	+59.6%	48.7x
2028	455	+15.7%	4.2x	150	+29.5%	12.6x	1.34	+51.5%	32.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	336	+0.1%	+0.1%	+4.0%	0.55	+0.7%	+0.7%	+27.0%
2027	393	0.0%	0.0%	+2.8%	0.88	+0.1%	+0.1%	+10.9%
2028	455	−0.1%	−0.1%	+1.5%	1.34	+0.1%	+0.1%	+4.2%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	51.3	52.7	57.9	75.4	52.6	63.2	67.5	92.9	68.4	77.5
Sales mean (mil)	49.1	52.6	55.2	76.5	53.8	64.5	64.6	91.1	63.6	72.7
Surprise	+4.5%	+0.1%	+4.9%	−1.5%	−2.3%	−1.9%	+4.6%	+2.0%	+7.5%	+6.6%
EPS reported	−0.08	−0.10	−0.02	0.38	−0.23	−0.01	0.10	0.45	−0.12	0.04
EPS mean	−0.11	−0.08	−0.05	0.32	−0.13	−0.03	−0.01	0.39	−0.15	−0.03
Surprise	+27.2%	−18.3%	+58.8%	+17.6%	−82.2%	+68.0%	−1,700.0%	+15.4%	+22.6%	−242.2%

Peer comparison Pharmaceuticals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VCEL Vericel Corporation	2.1B	−2.28x	6.0%	5.57x	77.7x	48.7x	21.0x	16.4x
JNJ Johnson & Johnson	657.7B	0.69x	29.5%	8.07x	24.6x	23.6x	18.8x	17.9x
NOVN Novartis AG	330.3B	1.71x	24.8%	8.23x	18.4x	16.5x	15.8x	14.3x
AMGN Amgen Inc	251.9B	2.03x	21.0%	21.55x	20.2x	19.0x	13.6x	13.1x
SASY Sanofi SA	107.7B	0.99x	10.6%	1.38x	8.7x	8.8x	7.5x	7.1x
GSK GSK plc	100.4B	1.75x	17.5%	2.00x	10.4x	9.9x	8.4x	7.8x
Mean		0.82x	18.2%	7.80x	26.7x	21.1x	14.2x	12.7x
Median		1.35x	19.2%	6.82x	19.3x	17.8x	14.7x	13.7x

Technical analysis

1M0.0%
3M−13.8%
1Y+9.3%
3Y+22.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Vericel Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	276	237	198	164	156	124
Cost of revenue	70.7	65.1	61.9	54.6	50.2	40.0
Gross profit	206	172	136	110	106	84.2
Selling, general & administrative expenses	167	143	121	107	97.6	68.8
Research & development	27.6	24.8	21.0	19.9	16.3	13.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	0
Other operating expenses	0	0	0	0	0	0
Operating income	11.0	4.5	−6.5	−17.1	−7.9	2.4
Net interest income (expense)	6.4	5.8	4.0	1.0	0.2	0.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0.2	0.1	0.1	0.1	0
Net income before taxes	17.4	10.5	−2.4	−16.0	−7.6	3.0
Provision for taxes	0.9	0.1	0.8	0.7	−0.1	0.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	16.5	10.4	−3.2	−16.7	−7.5	2.9
Extraordinary items	–	–	–	–	–	–
Net income	16.5	10.4	−3.2	−16.7	−7.5	2.9
EBIT, normalized	11.0	4.5	−6.5	−17.1	−7.9	2.4
EBITDA, normalized	22.6	10.0	−1.8	−13.1	−4.9	4.8
Basic EPS, normalized	0.32	0.20	−0.07	−0.35	−0.16	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Vericel Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	137	116	110	120	103	75.8
Receivables	84.6	61.4	58.4	46.5	37.4	34.5
Total inventory	17.6	17.4	13.1	16.0	13.4	9.4
Prepaid expenses	–	–	–	–	–	–
Other current assets	7.7	17.8	24.6	4.8	4.2	3.9
Total current assets	247	213	206	187	158	124
Property, plant & equipment	173	173	115	57.4	59.0	57.7
Goodwill	–	–	–	–	–	–
Intangibles	5.6	6.2	6.9	7.5	–	–
Long-term investments	61.4	39.9	25.3	20.0	25.7	24.1
Note receivable	–	–	–	–	–	–
Other long-term assets	0.3	0.6	0.8	1.3	0.5	0.2
Total assets	488	433	354	273	244	206
Liabilities
Accounts payable	15.8	23.8	22.3	16.9	9.0	6.8
Payable/accrued	–	–	–	–	–	–
Accrued expenses	33.2	26.3	23.4	20.5	17.0	15.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0.1	0.1	0	0	0	0
Other current liabilities	0	0	0	0	0	0
Total current liabilities	49.1	50.3	45.7	37.5	26.1	22.5
Long-term debt	1.9	0.6	0.1	0	0	0.1
Minority interest	–	–	–	–	–	–
Other liabilities	82.3	89.9	81.9	43.3	47.1	48.8
Total liabilities	133	141	128	80.7	73.2	71.3
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	731	685	629	593	554	510
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	−376	−393	−403	−400	−383	−376
Treasury stock	–	–	–	–	–	–
Other equity	0.3	0	−0.1	−1.0	−0.2	0
Total equity	355	292	226	192	170	134
Total liabilities & shareholders' equity	488	433	354	273	244	206

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Vericel Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	16.5	10.4	−3.2	−16.7	−7.5	2.9
Depreciation, depletion & amortization	11.5	5.5	4.6	4.0	3.0	2.4
Deferred taxes	–	–	–	–	–	–
Non-cash items	45.2	42.7	37.8	41.6	39.7	18.7
Changes in working capital	−21.4	−0.5	−4.0	−11.2	−6.2	−6.4
Cash from operations	51.9	58.2	35.3	17.7	29.0	17.6
Investing activities
Capital expenditures	−27.2	−64.0	−27.5	−7.6	−7.9	−2.6
Other investing cash flows	−16.8	−15.1	24.4	−28.6	4.4	−14.5
Cash from investing	−43.9	−79.0	−3.1	−36.2	−3.5	−17.2
Financing activities
Financing cash flow items	−6.9	−5.5	−2.4	−2.6	−2.0	−0.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	13.9	24.5	6.0	3.7	11.2	6.6
Cash from financing	7.1	19.1	3.6	1.0	9.2	6.4
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	15.0	−1.8	35.8	−17.5	34.7	6.9
Free cash flow	24.7	−5.8	7.8	10.1	21.1	14.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.