Vericel Corporation (VCEL) Income Statement
VCEL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVCEL revenue and net income
Where VCEL's revenue goes
2025Each bar shows an amount and its share of revenue. VCEL kept 6.0% of revenue as net income.
VCEL profit margins
VCEL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +16.5% | +18.9% | +17.3% | +18.4% |
| Gross profit | +19.5% | +23.3% | +19.5% | +23.6% |
| Operating income | +144.4% | — | +36.0% | — |
| Net income | +59.4% | — | +42.0% | — |
| EPS (diluted) | +72.2% | — | +44.0% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VCEL quarterly EPS vs estimates
Vericel beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.02).
VCEL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $276.3M | $237.2M | $197.5M | $164.4M | $156.2M | $124.2M | $117.8M | $90.9M | $63.9M | $54.4M |
| Cost of revenue | $70.7M | $65.1M | $61.9M | $54.6M | $50.2M | $40.0M | $37.6M | $32.2M | $30.4M | $28.3M |
| Gross profit | $205.6M | $172.1M | $135.6M | $109.8M | $106.0M | $84.2M | $80.3M | $58.7M | $33.6M | $26.1M |
| Research & development | $27.6M | $24.8M | $21.0M | $19.9M | $16.3M | $13.0M | $30.4M | $13.6M | $12.9M | $15.3M |
| Sales, general & admin | $167.0M | $142.8M | $117.0M | $106.9M | $97.6M | $68.8M | $61.1M | $49.0M | $35.6M | $27.4M |
| Total operating expenses | $194.6M | $167.6M | $142.0M | $126.8M | $113.9M | $81.9M | $91.5M | $62.6M | $48.6M | $42.7M |
| Operating income | $11.0M | $4.5M | −$6.5M | −$17.1M | −$7.9M | $2.4M | −$11.3M | −$3.9M | −$15.0M | −$19.2M |
| Interest income | $7.0M | $6.4M | $4.0M | $1.3M | $224,000 | $691,000 | $1.6M | $897,000 | $14,000 | $8,000 |
| Interest expense | $1.6M | $614,000 | $600,000 | $366,000 | $4,000 | $6,000 | $8,000 | $1.7M | $1.1M | $314,000 |
| Income before taxes | $17.4M | $10.5M | −$2.4M | −$16.0M | −$7.6M | $3.0M | −$9.7M | −$8.1M | −$17.3M | −$19.6M |
| Income taxes | $859,000 | $148,000 | $814,000 | $721,000 | −$111,000 | $180,000 | −$1.8M | $3.4M | $1.1M | $2.6M |
| Net income | $16.5M | $10.4M | −$3.2M | −$16.7M | −$7.5M | $2.9M | −$9.7M | −$8.1M | −$17.3M | −$19.6M |
| EBITDA | $30.3M | $16.6M | $2.9M | −$11.6M | −$4.6M | $5.4M | −$7.9M | −$5.0M | −$14.6M | −$17.4M |
| EPS (diluted) | $0.31 | $0.18 | −$0.06 | −$0.36 | −$0.17 | $0.05 | $0.15 | −$0.22 | −$0.48 | −$0.79 |
| Gross margin | 74.4% | 72.6% | 68.6% | 66.8% | 67.9% | 67.8% | 68.1% | 64.6% | 52.5% | 47.9% |
| Operating margin | 4.0% | 1.9% | −3.3% | −10.4% | −5.0% | 1.9% | −9.5% | −4.3% | −23.4% | −35.4% |
| Net margin | 6.0% | 4.4% | −1.6% | −10.2% | −4.8% | 2.3% | −8.2% | −9.0% | −27.0% | −36.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $77.5M | $68.4M | $92.9M | $67.5M | $63.2M | $52.6M | $75.4M | $57.9M | $52.7M | $51.3M | $65.0M | $45.6M |
| Cost of revenue | $21.1M | $19.2M | $19.8M | $17.9M | $16.6M | $16.3M | $16.9M | $16.3M | $16.1M | $15.9M | $16.5M | $15.0M |
| Gross profit | $56.4M | $49.3M | $73.1M | $49.6M | $46.6M | $36.3M | $58.5M | $41.7M | $36.6M | $35.4M | $48.5M | $30.6M |
| Research & development | $7.5M | $8.1M | $7.3M | $6.3M | $6.7M | $7.3M | $4.9M | $6.1M | $7.4M | $6.4M | $4.9M | $5.7M |
| Sales, general & admin | $48.5M | $49.2M | $43.5M | $39.8M | $41.9M | $41.8M | $35.1M | $38.0M | $35.3M | $34.4M | $30.9M | $30.0M |
| Total operating expenses | $56.0M | $57.3M | $50.7M | $46.1M | $48.6M | $49.1M | $40.0M | $44.1M | $42.6M | $40.8M | $35.8M | $35.7M |
| Operating income | $434,000 | −$8.1M | $22.4M | $3.5M | −$2.0M | −$12.8M | $18.5M | −$2.5M | −$6.0M | −$5.5M | $12.7M | −$5.1M |
| Interest income | $2.0M | $1.9M | $1.9M | $1.8M | $1.7M | $1.7M | $1.6M | $1.6M | $1.5M | $1.8M | $1.4M | $1.3M |
| Interest expense | $160,000 | $160,000 | $162,000 | $158,000 | $157,000 | $153,000 | $154,000 | $154,000 | $153,000 | $153,000 | $156,000 | $150,000 |
| Income before taxes | $2.2M | −$6.3M | $24.1M | $5.1M | −$553,000 | −$11.2M | $20.0M | −$901,000 | −$4.7M | −$3.9M | $14.1M | −$3.9M |
| Income taxes | — | — | $859,000 | — | — | — | $148,000 | — | — | $1.3M | $1.1M | −$286,000 |
| Net income | $2.2M | −$6.3M | $23.2M | $5.1M | −$553,000 | −$11.2M | $19.8M | −$901,000 | −$4.7M | −$3.9M | $13.0M | −$3.7M |
| EBITDA | $6.0M | −$2.9M | $27.5M | $8.2M | $2.4M | −$8.4M | $21.6M | $579,000 | −$3.2M | −$2.3M | $15.4M | −$2.6M |
| EPS (diluted) | $0.04 | −$0.12 | $0.45 | $0.10 | −$0.01 | −$0.23 | $0.38 | −$0.02 | −$0.10 | −$0.08 | $0.26 | −$0.05 |
| Gross margin | 72.8% | 72.0% | 78.7% | 73.5% | 73.7% | 69.0% | 77.6% | 71.9% | 69.5% | 68.9% | 74.6% | 67.2% |
| Operating margin | 0.6% | −11.8% | 24.1% | 5.1% | −3.2% | −24.3% | 24.5% | −4.3% | −11.5% | −10.7% | 19.6% | −11.1% |
| Net margin | 2.8% | −9.2% | 25.0% | 7.5% | −0.9% | −21.4% | 26.3% | −1.6% | −8.9% | −7.5% | 20.0% | −8.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VCEL's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VCEL financial results
In fiscal year 2025 (ended December 31, 2025), Vericel reported revenue of $276.3 million, up 16.5% from the year before. It had net income of $16.5 million (up 59.4%), a net profit margin of 6.0%. Diluted earnings per share came to $0.31. Over five years revenue grew at an average rate of 17.3% a year.
See the VCEL stock overview for the latest quote and news, or the VCEL chart for price history and technical indicators.
VCEL income statement FAQ
What is Vericel's annual revenue?
Vericel reported total revenue of $276.3 million for fiscal year 2025, which ended on December 31, 2025. That was up 16.5% from $237.2 million the previous year.
Is Vericel profitable?
Yes. Vericel reported net income of $16.5 million in fiscal 2025, a net profit margin of 6.0%; its operating margin was 4.0%.
What is Vericel's gross margin?
Vericel's gross margin was 74.4% in fiscal 2025: for every $100 of revenue, Vericel kept $74 after the direct cost of its products and services.
How much does Vericel spend on research and development?
Vericel spent $27.6 million on research and development in fiscal 2025, 10.0% of revenue.
How fast is Vericel growing?
Revenue grew 17.3% a year on average over the last five fiscal years, from $124.2 million to $276.3 million.
What are Vericel's earnings per share?
Vericel earned $0.31 per diluted share in fiscal 2025, compared with $0.18 a year earlier.
When will Vericel report its next earnings?
Vericel is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Vericel's fiscal year end?
Vericel's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.