VCEL Vericel Corp

Overview and Growth

Vericel Corp generated $276.26M of revenue in fiscal 2025, with net income of $16.52M and an operating cash inflow of $51.91M. The $276.26M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 16.5% above fiscal 2024 revenue of $237.22M, marking a year-over-year increase. The company reported diluted EPS of $0.32, adding a shareholder-level measure to the absolute income figures considered below. Against diluted EPS of $0.20 in fiscal 2024, the current result was 60.0% higher. The revenue-to-assets relationship was 0.57x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $205.60M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 74.4% of revenue, quantifying the portion retained before operating expenses were recognized. Operating income was $11.04M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Operating margin measured 4.0%, showing the portion of revenue preserved after the full set of operating costs. After all reported below-operating-line items, the company recorded net income of $16.52M for the fiscal year. Measured against reported revenue, net income produced a 6.0% margin after operating costs and the remaining recognized items. Before income taxes, the company reported $17.38M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 6.3%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $859.00K, providing the reported tax component that separates pretax and after-tax earnings. Relative to pretax income, the tax provision measured 4.9%, quantifying the portion of pre-tax earnings paid in income tax. Net income equaled 4.7% of period-end equity, showing the earnings generated on shareholders’ book capital. The net-income-to-assets relationship measured 3.4%, showing earnings relative to the full balance sheet.

Liquidity and Capital Structure

The company held $487.97M of assets against $133.33M of liabilities and $354.64M of equity, revealing how the asset base was financed. Current assets were $247.44M against $49.15M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 5.03x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $100.09M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 203.7%, excluding receivables and other current assets. Relative to total assets, liabilities measured 27.3%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 20.5%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 12.8% from $432.72M in fiscal 2024, leaving current total assets higher year over year. Against $291.97M of equity in fiscal 2024, the current book-equity balance moved 21.5% and ended higher.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $51.91M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 3.14x, comparing cash generated by operations with the bottom-line earnings result. Capital expenditures used $27.16M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 52.3% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $24.75M, leaving a positive amount after capital expenditures. The free-cash-flow margin was 9.0%, measuring cash remaining after capital spending against revenue. Free cash flow equaled 5.1% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.