Vericel (VCEL)


Market Price (11/10/2026): $58.6 | Market Cap: $3.0 BilSector: Health Care | Industry: Biotechnology

Vericel (VCEL)


Market Price (11/10/2026): $58.6
Market Cap: $3.0 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%

Low stock price volatility
Vol 12M is 45%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Regenerative Medicine & Cell Therapy, and Targeted Therapies.

Trading close to highs
Dist 52W High is 0.0%

Weak multi-year price returns
2Y Excs Rtn is -4.6%, 3Y Excs Rtn is -18%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 80x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 43x, P/EPrice/Earnings or Price/(Net Income) is 84x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.2%

Key risks
VCEL key risks include [1] regulatory and development hurdles for its novel cell therapy products, Show more.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%
1 Low stock price volatility
Vol 12M is 45%
2 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Regenerative Medicine & Cell Therapy, and Targeted Therapies.
3 Trading close to highs
Dist 52W High is 0.0%
4 Weak multi-year price returns
2Y Excs Rtn is -4.6%, 3Y Excs Rtn is -18%
5 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%
6 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 80x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 43x, P/EPrice/Earnings or Price/(Net Income) is 84x
7 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.2%
9 Key risks
VCEL key risks include [1] regulatory and development hurdles for its novel cell therapy products, Show more.

VCEL in ETFs

Weight = VCEL's share of each fund

VTI0.00%
ITOT0.00%
IWM0.09%
IJR0.12%
XBI0.46%
SLYG0.26%
IJT0.25%
IWO0.14%
+9 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/9/2026

Vericel (VCEL) stock has gained about 25% since 7/31/2026 because of the following key factors:

1. Exceptional Fiscal Q3 2026 Financial Results: Vericel reported significantly strong fiscal Q3 2026 results on November 5, 2026. The company posted earnings per share (EPS) of $0.27, substantially beating the consensus estimate of $0.06 by $0.21. Additionally, quarterly revenue rose 26.5% year-over-year to $85.37 million, surpassing analysts' expectations of $77.95 million.

2. Raised Full-Year 2026 Financial Guidance: Following its robust Q3 performance, Vericel's management raised its full-year 2026 revenue guidance to between $344 million and $346 million, an increase from the previous outlook of $330 million-$340 million and exceeding analyst expectations of approximately $336 million. The company also increased its adjusted EBITDA margin guidance to approximately 28% from 27%.

Show more
Updated on 11/9/2026

Vericel (VCEL) stock has gained about 25% since 7/31/2026 because of the following key factors:

1. Exceptional Fiscal Q3 2026 Financial Results: Vericel reported significantly strong fiscal Q3 2026 results on November 5, 2026. The company posted earnings per share (EPS) of $0.27, substantially beating the consensus estimate of $0.06 by $0.21. Additionally, quarterly revenue rose 26.5% year-over-year to $85.37 million, surpassing analysts' expectations of $77.95 million.

2. Raised Full-Year 2026 Financial Guidance: Following its robust Q3 performance, Vericel's management raised its full-year 2026 revenue guidance to between $344 million and $346 million, an increase from the previous outlook of $330 million-$340 million and exceeding analyst expectations of approximately $336 million. The company also increased its adjusted EBITDA margin guidance to approximately 28% from 27%.

3. Robust Growth Across Key Product Franchises: During fiscal Q3 2026, Vericel experienced significant growth in both its MACI and burn care franchises. MACI revenue surged 21% to $67.4 million, marking its sixth consecutive quarter of 20% or more growth. Burn care revenue also increased 52% to a record $18.0 million, with Epicel achieving its highest quarterly revenue since launch and NexoBrid its highest quarterly commercial revenue.

4. Positive Analyst Sentiment and Increased Price Targets: Post-earnings, several financial analysts upgraded their ratings and increased price targets for Vericel. For example, Wall Street Zen upgraded the stock to a "strong-buy" rating, and HC Wainwright raised its price target from $72.00 to $75.00. The consensus price target from analysts reached $60.80, reflecting continued optimism for the company's outlook.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 27.0% change in VCEL stock from 7/31/2026 to 11/9/2026 was primarily driven by a 29.9% change in the company's Net Income Margin (%).
(LTM values as of)731202611092026Change
Stock Price ($)45.9658.3927.0%
Change Contribution By: 
Total Revenues ($ Mil)3063245.8%
Net Income Margin (%)7.9%10.3%29.9%
P/E Multiple96.989.7-7.4%
Shares Outstanding (Mil)5151-0.2%
Cumulative Contribution27.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/9/2026
ReturnCorrelation
VCEL27.0% 
Market (SPY)0.8%-5.9%
Sector (XLV)15.9%24.1%

Fundamental Drivers

The 68.1% change in VCEL stock from 4/30/2026 to 11/9/2026 was primarily driven by a 71.8% change in the company's Net Income Margin (%).
(LTM values as of)430202611092026Change
Stock Price ($)34.7358.3968.1%
Change Contribution By: 
Total Revenues ($ Mil)27632417.3%
Net Income Margin (%)6.0%10.3%71.8%
P/E Multiple106.489.7-15.6%
Shares Outstanding (Mil)5151-1.2%
Cumulative Contribution68.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/9/2026
ReturnCorrelation
VCEL68.1% 
Market (SPY)5.0%-6.5%
Sector (XLV)29.6%32.6%

Fundamental Drivers

The 66.5% change in VCEL stock from 10/31/2025 to 11/9/2026 was primarily driven by a 260.2% change in the company's Net Income Margin (%).
(LTM values as of)1031202511092026Change
Stock Price ($)35.0658.3966.5%
Change Contribution By: 
Total Revenues ($ Mil)24932430.1%
Net Income Margin (%)2.9%10.3%260.2%
P/E Multiple248.589.7-63.9%
Shares Outstanding (Mil)5051-1.6%
Cumulative Contribution66.5%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/9/2026
ReturnCorrelation
VCEL66.5% 
Market (SPY)11.3%15.1%
Sector (XLV)32.2%37.4%

Fundamental Drivers

The 66.0% change in VCEL stock from 10/31/2023 to 11/9/2026 was primarily driven by a 81.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311092026Change
Stock Price ($)35.1858.3966.0%
Change Contribution By: 
Total Revenues ($ Mil)17832481.9%
P/S Multiple9.49.2-1.8%
Shares Outstanding (Mil)4851-7.1%
Cumulative Contribution66.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/9/2026
ReturnCorrelation
VCEL66.0% 
Market (SPY)86.2%35.3%
Sector (XLV)58.4%39.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
VCEL Return27%-33%35%54%-34%62%89%
Peers Return-7%32%41%-1%13%11%113%
S&P 500 Return27%-19%24%23%16%8%96%

Monthly Win Rates [3]
VCEL Win Rate58%33%75%67%50%55% 
Peers Win Rate42%67%58%50%83%31% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
VCEL Max Drawdown-48%-59%-21%-25%-52%-28% 
Peers Max Drawdown-27%-19%-12%-23%-29%-15% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, ASPE, ATYR, BBTX, CTY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/9/2026 (YTD)

How Low Can It Go

EventVCELS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-17.5%-9.5%
  % Gain to Breakeven21.2%10.5%
  Time to Breakeven92 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-44.9%-24.5%
  % Gain to Breakeven81.6%32.4%
  Time to Breakeven503 days427 days
2020 COVID-19 Crash
  % Loss-61.8%-33.7%
  % Gain to Breakeven162.1%50.9%
  Time to Breakeven184 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-27.8%-19.2%
  % Gain to Breakeven38.5%23.8%
  Time to Breakeven8 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-30.5%-3.7%
  % Gain to Breakeven43.9%3.9%
  Time to Breakeven35 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-48.8%-12.2%
  % Gain to Breakeven95.3%13.9%
  Time to Breakeven114 days62 days

Compare to VRTX, ASPE, ATYR, BBTX, CTY

In The Past

Vericel's stock fell -0.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventVCELS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-44.9%-24.5%
  % Gain to Breakeven81.6%32.4%
  Time to Breakeven503 days427 days
2020 COVID-19 Crash
  % Loss-61.8%-33.7%
  % Gain to Breakeven162.1%50.9%
  Time to Breakeven184 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-27.8%-19.2%
  % Gain to Breakeven38.5%23.8%
  Time to Breakeven8 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-30.5%-3.7%
  % Gain to Breakeven43.9%3.9%
  Time to Breakeven35 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-48.8%-12.2%
  % Gain to Breakeven95.3%13.9%
  Time to Breakeven114 days62 days
2014-2016 Oil Price Collapse
  % Loss-55.8%-6.8%
  % Gain to Breakeven126.3%7.3%
  Time to Breakeven114 days15 days
2013 Taper Tantrum
  % Loss-69.3%-0.2%
  % Gain to Breakeven226.0%0.2%
  Time to Breakeven1560 days1 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-29.5%-17.9%
  % Gain to Breakeven41.8%21.8%
  Time to Breakeven3511 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-26.4%-15.4%
  % Gain to Breakeven35.8%18.2%
  Time to Breakeven156 days125 days
2008-2009 Global Financial Crisis
  % Loss-73.3%-53.4%
  % Gain to Breakeven275.0%114.4%
  Time to Breakeven28 days1085 days

Compare to VRTX, ASPE, ATYR, BBTX, CTY

In The Past

Vericel's stock fell -0.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Vericel (VCEL)

Vericel Corporation is a commercial-stage biopharmaceutical company focused on developing, manufacturing, and distributing advanced cellular therapies. Headquartered in Cambridge, Massachusetts, the company specializes in providing innovative biological solutions within the United States for significant medical needs in both sports medicine and severe burn care.

Vericel's product portfolio includes two commercially available autologous cell therapy products. MACI is designed to repair symptomatic full-thickness cartilage defects in the knee, serving the sports medicine market. Epicel is a permanent skin replacement humanitarian use device for treating adult and pediatric patients with deep-dermal or full-thickness burns, addressing a critical need in severe burn care.

In addition to its marketed products, Vericel has NexoBrid, a biological orphan product in the registration stage, aimed at eschar removal in adults with deep partial-thickness and/or full-thickness thermal burns, further expanding its presence in the burn care market. The company primarily serves medical professionals, hospitals, and specialized burn centers involved in orthopedic sports medicine and critical burn treatment.

AI Analysis | Feedback

Vericel is like the Vertex Pharmaceuticals of cellular therapies for severe burns and knee cartilage repair.

Vericel is like a specialized Regeneron, but focused on advanced cellular treatments for severe burns and damaged joints.

AI Analysis | Feedback

  • MACI: An autologous cellularized scaffold product used for the repair of symptomatic, full-thickness cartilage defects of the knee.
  • Epicel: A permanent skin replacement humanitarian use device for treating deep-dermal or full-thickness burns in adult and pediatric patients.
  • NexoBrid: A biological orphan product currently in the registration stage, intended for eschar removal in adults with deep partial-thickness and/or full-thickness thermal burns.

AI Analysis | Feedback

Vericel Corporation sells its specialized cellular therapies directly to healthcare institutions, rather than to individual patients. Based on the company's business model for products like MACI, Epicel, and NexoBrid, its sales are distributed across a broad network of medical facilities in the United States. Vericel does not typically disclose specific major customer companies by name, as its products are sold to a large number of providers, and no single customer is reported to have a material adverse effect on its business.

Therefore, the primary categories of customers that Vericel serves are:

  • Hospitals: Healthcare facilities that administer treatments for severe burns (Epicel, NexoBrid) and perform orthopedic procedures (MACI).
  • Burn Centers: Specialized units within hospitals focused on treating patients with deep-dermal or full-thickness burns.
  • Orthopedic Clinics: Medical practices or departments specializing in the diagnosis and treatment of musculoskeletal conditions, where MACI for cartilage repair would be utilized.

AI Analysis | Feedback

  • B. Braun Medical Inc.
  • Eurofins Scientific (EPA.PA)
  • Grifols S.A. (GRF.MC, GRFS)
  • Lonza Group Ltd. (LONN.SW)

AI Analysis | Feedback

Dominick Colangelo, President & CEO

Nick Colangelo joined Vericel in 2013 with more than twenty years of executive management and corporate development experience in the biopharmaceutical industry. He spent nearly a decade with Eli Lilly and Company, where he held positions as Director of Strategy and Business Development for Lilly's Diabetes Product Group and served as a founding Managing Director of Lilly Ventures. He is credited with spearheading the acquisition of MACI and Epicel, which transformed the company into the commercial-stage Vericel.

Joe Mara, Chief Financial Officer

Joe Mara joined Vericel in 2021, bringing over 20 years of financial, strategic, and operational experience, including more than 14 years in the biotech industry. Prior to Vericel, he served as Vice President, Finance and Head of Investor Relations at Biogen Inc., where he held various finance leadership roles, including Vice President, Global Financial Planning and Analysis and Strategic Corporate Finance, and Vice President, U.S. Finance and Operations. He also held finance and strategy roles at Thomson Reuters Corporation and Fidelity Investments.

Mike Halpin, Chief Operating Officer

Mike Halpin oversees Vericel's day-to-day operations and is responsible for ensuring the complex manufacturing and distribution of products. He previously held roles at Sanofi and Genzyme Corporation, including vice president, North American region regulatory head for Sanofi Genzyme's rare disease, immuno-inflammatory, multiple sclerosis, and other business unit products. He also served as vice president, regulatory affairs for Genzyme's biosurgery division, with regulatory oversight of products such as Carticel®, Epicel®, and MACI®.

Jonathan Hopper, Chief Medical Officer

Dr. Jonathan Hopper joined Vericel in August 2018. He has over 15 years of experience in the clinical research industry. His previous roles include Senior Medical Director, Orthopedic Clinical Development for Ferring Pharmaceuticals, and Vice President, Global Medical Director for Stryker Corporation. Dr. Hopper also possesses significant medical device regulatory experience, having served as a Senior Medical Officer for the UK Medicines and Healthcare products Regulatory Agency.

Patrick Fowler, Senior Vice President, Corporate Development and Strategy

Patrick Fowler joined Vericel in 2021 with over 15 years of business development, strategy, and operations experience in the biotechnology and medical technology industries. Before Vericel, he was Head, North America Strategy, Operations & New Product Development for Sanofi (formerly Genzyme Corporation), where he guided business development, lifecycle management, and go-to-market strategy efforts for General Medicines and Established Products. He also held several corporate development roles at Genzyme.

AI Analysis | Feedback

Vericel Corporation (VCEL) faces several key risks inherent to its commercial-stage biopharmaceutical operations. Here are the key risks to the business:
  1. Dependence on MACI and Potential for Capped Demand: Vericel's future growth largely hinges on the successful scaling and adoption of MACI, its autologous cellularized scaffold product for knee cartilage repair. The demand for Vericel's products, including Epicel and NexoBrid, may be limited due to their specialized and "needs-based" nature in niche markets, potentially capping future upside if new patient populations or expanded indications are not successfully addressed.
  2. Operational and Manufacturing Challenges: The company is exposed to risks related to its manufacturing operations, including potential disruptions in the supply chain, changes in customer demand, and significant fluctuations in quarterly and annual results. Furthermore, the transition to and qualification of new manufacturing facilities, such as the Burlington plant for MACI, introduces execution risks. Delays in qualification or higher fixed costs and operational complexities could outpace revenue growth if utilization lags, impacting the company's ability to meet demand.
  3. Regulatory Hurdles: As a biopharmaceutical company, Vericel's products are subject to stringent FDA regulations. Obtaining and maintaining regulatory approvals for existing products and for new indications, such as MACI for ankle cartilage defects, presents significant risks. Any delays or failures in securing these crucial approvals could adversely affect Vericel's product development, commercialization efforts, and overall growth trajectory.

AI Analysis | Feedback

null

AI Analysis | Feedback

Vericel Corporation operates in the United States with several key products addressing specific medical markets.

For their sports medicine product, MACI (autologous cultured chondrocytes on porcine collagen membrane), the addressable market for knee cartilage repair in the U.S. is estimated to be over $3 billion annually. Some estimates for MACI's total addressable market in the U.S., considering procedure volume and cost, range from $7.6 billion to $13.5 billion annually. Additionally, there is a potential for an extra $1 billion U.S. addressable market if MACI's indication expands to include ankle cartilage defects.

In the severe burn care market, Vericel's products include Epicel and NexoBrid. The U.S. total addressable market for their burn care franchise, which encompasses both Epicel and NexoBrid, is estimated at $600 million, with $300 million attributed to Epicel and $300 million to NexoBrid. Epicel is a permanent skin replacement for patients with deep dermal or full-thickness burns covering 30% or more of their total body surface area. NexoBrid, indicated for eschar removal in adults and pediatric patients with deep partial-thickness and/or full-thickness thermal burns, has an addressable market of $300 million in the U.S.

AI Analysis | Feedback

Vericel (NASDAQ: VCEL) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

  1. Expanded Adoption and Utilization of MACI: Vericel anticipates continued revenue growth from its MACI product for knee cartilage repair, particularly through the increasing adoption of the arthroscopic MACI Arthro technique, which received FDA approval and launched in 2024. This method allows surgeons to deliver the MACI implant through smaller incisions, expanding its market. The company is also focusing on targeting more surgeons and increasing the number of MACI biopsies and conversion rates, supported by a recently expanded MACI sales force.

  2. Expansion of MACI into New Indications: A significant long-term growth driver for MACI is its potential expansion into new anatomical indications beyond the knee. Vericel is advancing a pivotal ankle trial (MASCOT) and plans to initiate a Phase III clinical study for MACI Ankle in the second half of 2025 or fourth quarter of 2026, aiming to tap into a substantial addressable market for ankle cartilage repair.

  3. Continued Growth and Market Penetration of the Burn Care Franchise: The company's burn care portfolio, consisting of Epicel and NexoBrid, is expected to be a strong revenue driver. NexoBrid, which received FDA approval for a pediatric indication and is early in its launch phase, is gaining traction with increased hospital orders and Pharmacy and Therapeutics (P&T) committee approvals. Vericel aims to leverage its unique burn portfolio to expand the number of burn centers and surgeons utilizing both Epicel and NexoBrid. Additionally, there is potential for a BARDA (Biomedical Advanced Research and Development Authority) agreement for NexoBrid stockpiling and development, which could further bolster this segment.

  4. International Expansion for MACI: Vericel is pursuing international market entry for MACI. This includes plans for a UK launch via the MHRA's (Medicines and Healthcare products Regulatory Agency) recognition pathway, with a regulatory submission anticipated in mid-2026 for a potential 2027 launch. This geographic expansion represents a new market opportunity for the company's leading sports medicine product.

  5. Increased Manufacturing Capacity: The FDA approval of Vericel's new Burlington, Massachusetts, facility to commence commercial manufacturing of MACI in the second quarter of 2026 is crucial for supporting future revenue growth. This facility is designed to become the primary global manufacturing site for MACI and Epicel, significantly enhancing production capabilities to meet rising demand and enable the company's expansion strategies.

AI Analysis | Feedback

Share Issuance

  • Total shares outstanding have increased by 3 million over the last three years (ending Q4 2025).

Capital Expenditures

  • Vericel has engaged in ongoing capital spending on property, plant, and equipment, and other investments, contributing to a steady cash outflow and negative cash flow from investing in several quarters.
  • A significant portion of capital expenditures has been directed towards the new Burlington facility for MACI commercial manufacturing.
  • Increased operating expenses in 2025 were partly attributable to additional costs associated with the new Burlington facility, including depreciation and manufacturing start-up activities for MACI.

Better Bets vs. Vericel (VCEL)

Peer Outperformance in Biotechnology

VCEL has outperformed 84% of its 364 Biotechnology peers over 5Y. Among the peers that beat it are LGND and INCY. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that VCEL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
81%
of 452 industry peers · 49.9% return
3Y
72%
of 398 industry peers · 72.2% return
5Y
84%
of 364 industry peers · 38.5% return
Biotechnology peers with revenue growth within 4pp of VCEL's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
VCEL Vericel 20.6% 89.7x 49.9%72.2%38.5% —
LGND Ligand Pharmaceuticals 21.7% 121.9x 55.2%467.3%106.8% +68pp
INCY Incyte 18.6% 61.4x 15.0%132.4%83.2% +45pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is VCEL's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 9.8%58.5%102.8% CAH 516% · MCK 395% · COR 192%
Health Care Services 20 34.0%25.5%10.9% HIMS 177% · RDNT 147% · DGX 101%
Managed Health Care 8 52.2%-4.3%-3.7% OSCR 98% · HQY 50% · ELV 5%
Health Care Facilities 26 23.0%20.7%-4.3% THC 263% · NHC 228% · EHC 190%
Health Care Equipment 50 11.7%22.1%-13.2% UFPT 383% · GKOS 358% · TMDX 202%
Pharmaceuticals 59 -11.8%20.4%-37.9% LQDA 1097% · XERS 709% · KNSA 590%
Health Care Supplies 11 29.2%20.4%-40.8% LNTH 235% · HAE 96% · MMSI 30%
Life Sciences Tools & Services 109 -0.8%-9.6%-74.3% AXGN 278% · MEDP 201% · NTRA 183%
Biotechnology ← 365 -21.2%-29.6%-80.6% ELVN 1218% · TRVI 1187% · DNTH 1113%
Health Care Technology 21 -19.4%-44.4%-82.6% VEEV -4% · DOCS -57%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

VCELVRTXASPEATYRBBTXCTYMedian
NameVericel Vertex P.Aspen Ne.aTyr Pha.Bambusa .City The. 
Mkt Price58.60546.3612.547.7316.9818.8217.90
Mkt Cap3.0138.5----70.8
Rev LTM32412,952-0--324
Op Inc LTM274,288--56--27
FCF LTM583,202--44--58
FCF 3Y Avg221,729--58--22
CFO LTM653,695--44--65
CFO 3Y Avg572,190--58--57

Growth & Margins

VCELVRTXASPEATYRBBTXCTYMedian
NameVericel Vertex P.Aspen Ne.aTyr Pha.Bambusa .City The. 
Rev Chg LTM25.3%10.5%--100.0%--10.5%
Rev Chg 3Y Avg20.6%10.3%--72.3%--10.3%
Rev Chg Q26.5%11.8%--100.0%--11.8%
QoQ Delta Rev Chg LTM5.8%2.9%--100.0%--2.9%
Op Inc Chg LTM279.4%4,760.7%-28.9%--279.4%
Op Inc Chg 3Y Avg349.5%1,548.2%--10.6%--349.5%
Op Mgn LTM8.3%33.1%----20.7%
Op Mgn 3Y Avg3.5%22.4%----13.0%
QoQ Delta Op Mgn LTM2.4%-4.8%-----1.2%
CFO/Rev LTM20.1%28.5%----24.3%
CFO/Rev 3Y Avg21.1%17.4%----19.3%
FCF/Rev LTM17.9%24.7%----21.3%
FCF/Rev 3Y Avg6.8%13.5%----10.2%

Valuation

VCELVRTXASPEATYRBBTXCTYMedian
NameVericel Vertex P.Aspen Ne.aTyr Pha.Bambusa .City The. 
Mkt Cap3.0138.5----70.8
P/S9.310.7----10.0
P/Op Inc111.232.3----71.8
P/EBIT86.230.4----58.3
P/E90.134.8----62.4
P/CFO45.937.5----41.7
Total Yield1.1%2.8%----2.0%
Dividend Yield0.0%0.0%----0.0%
FCF Yield 3Y Avg1.2%1.5%----1.4%
D/E0.00.0----0.0
Net D/E-0.00.0-----0.0

Returns

VCELVRTXASPEATYRBBTXCTYMedian
NameVericel Vertex P.Aspen Ne.aTyr Pha.Bambusa .City The. 
1M Rtn46.1%7.1%-15.8%55.8%13.3%-16.0%10.2%
3M Rtn33.3%4.3%-15.8%55.8%13.3%-16.0%8.8%
6M Rtn78.0%25.6%-15.8%55.8%13.3%-16.0%19.4%
12M Rtn50.5%33.4%-15.8%55.8%13.3%-16.0%23.4%
3Y Rtn72.8%46.2%-15.8%55.8%13.3%-16.0%29.7%
1M Excs Rtn51.7%12.6%-10.2%61.5%18.9%-10.4%15.7%
3M Excs Rtn36.7%7.7%-11.2%60.5%17.8%-11.4%12.7%
6M Excs Rtn78.5%26.0%-15.3%56.3%13.8%-15.5%19.9%
12M Excs Rtn41.4%21.6%-25.7%45.9%3.5%-25.8%12.5%
3Y Excs Rtn-6.2%-25.2%-87.4%-16.4%-57.7%-87.4%-41.5%

Comparison Analyses

null

Clinical Pipeline

Drug CandidateIndicationPhase 3 TrialsEst. Primary Completion
MACI (autologous cultured chondrocytes on porcine collagen membrane)Knee and ankle cartilage defects2Feb 2030
Active Phase 3 studies led by the company. Source: ClinicalTrials.gov · Updated 8/28/2026

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
MACI implants, kits, and instruments240197165132112
Epicel3237323242
NexoBrid53113
Total276237198164156


Price Behavior

Price Behavior
Market Price$58.39 
Market Cap ($ Bil)3.0 
First Trading Date02/04/1997 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$41.36$38.97
DMA Trenddownup
Distance from DMA41.2%49.8%
 3M1YR
Volatility50.3%45.1%
Downside Capture-17.5742.94
Upside Capture104.4678.68
Correlation (S&P 500)-15.6%14.5%
VCEL Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.820.470.500.070.751.13
Up Beta5.150.010.260.521.071.35
Down Beta2.342.141.420.240.800.86
Up Capture6%8%0%4%58%103%
Bmk +ve Days12182862130427
Stock +ve Days13243268129380
Down Capture1%0%81%-36%66%105%
Bmk -ve Days10253664121325
Stock -ve Days9193258121368

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VCEL
VCEL50.9%45.1%1.03-
Sector ETF (XLV)30.8%17.0%1.4037.7%
Equity (SPY)13.3%13.7%0.6515.6%
Gold (GLD)3.7%28.8%0.129.2%
Commodities (DBC)38.2%21.3%1.42-28.1%
Real Estate (VNQ)13.7%14.3%0.6534.6%
Bitcoin (BTCUSD)-25.3%43.6%-0.551.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VCEL
VCEL5.0%52.7%0.28-
Sector ETF (XLV)8.8%15.4%0.3741.0%
Equity (SPY)11.8%17.3%0.5144.5%
Gold (GLD)17.8%19.1%0.755.9%
Commodities (DBC)8.0%19.6%0.290.1%
Real Estate (VNQ)1.5%18.9%-0.0344.6%
Bitcoin (BTCUSD)4.4%51.6%0.2723.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VCEL
VCEL37.9%62.7%0.76-
Sector ETF (XLV)12.6%16.8%0.6235.1%
Equity (SPY)15.3%18.0%0.7238.6%
Gold (GLD)12.1%16.5%0.601.7%
Commodities (DBC)7.6%18.1%0.338.5%
Real Estate (VNQ)6.1%20.7%0.2532.6%
Bitcoin (BTCUSD)60.0%66.3%1.0013.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity5.2 Mil
Short Interest: % Change Since 93020260.7%
Average Daily Volume0.6 Mil
Days-to-Cover Short Interest9.5 days
Basic Shares Quantity51.2 Mil
Short % of Basic Shares10.2%

Returns Analyses

Earnings Returns History

Updated 11/10/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/5/202613.9%  
7/30/20262.1%-2.7%-11.7%
5/7/2026-4.5%-10.7%-1.3%
2/26/20261.6%-5.7%-16.9%
11/6/20254.2%8.7%0.3%
7/31/2025-14.1%-10.7%-11.7%
5/8/20253.5%4.5%7.0%
2/27/2025-6.1%-2.5%-12.8%
...
SUMMARY STATS   
# Positive121013
# Negative141512
Median Positive4.1%4.8%8.8%
Median Negative-4.4%-6.6%-9.6%
Max Positive20.8%34.5%22.9%
Max Negative-23.4%-15.5%-21.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/5/202613.9%  
7/30/20262.1%-2.7%-11.7%
5/7/2026-4.5%-10.7%-1.3%
2/26/20261.6%-5.7%-16.9%
11/6/20254.2%8.7%0.3%
7/31/2025-14.1%-10.7%-11.7%
5/8/20253.5%4.5%7.0%
2/27/2025-6.1%-2.5%-12.8%
11/7/20244.1%15.5%17.3%
8/1/2024-5.9%-10.3%2.0%
5/8/2024-3.7%-2.0%-7.5%
2/29/2024-4.4%-5.5%8.8%
1/9/20240.1%1.4%22.9%
11/8/2023-3.4%0.7%-6.2%
8/2/2023-1.4%-6.6%-7.3%
5/10/20234.1%0.7%3.1%
2/23/20237.3%5.2%1.0%
11/9/2022-23.4%1.0%1.7%
8/3/2022-0.3%-13.8%-21.6%
5/4/2022-1.0%-15.5%-12.2%
2/24/202220.8%34.5%12.2%
11/9/2021-2.2%-4.1%-5.7%
8/4/2021-4.9%-9.7%9.2%
5/5/2021-4.3%-15.5%-7.5%
2/24/20214.4%-1.2%8.8%
11/5/20202.5%17.3%18.5%
SUMMARY STATS   
# Positive121013
# Negative141512
Median Positive4.1%4.8%8.8%
Median Negative-4.4%-6.6%-9.6%
Max Positive20.8%34.5%22.9%
Max Negative-23.4%-15.5%-21.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/05/202610-Q
06/30/202607/30/202610-Q
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/06/202510-Q
06/30/202507/31/202510-Q
03/31/202505/08/202510-Q
12/31/202402/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/01/202410-Q
03/31/202405/08/202410-Q
12/31/202302/29/202410-K
09/30/202311/08/202310-Q
06/30/202308/02/202310-Q
03/31/202305/10/202310-Q
12/31/202202/23/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/05/202610-Q
06/30/202607/30/202610-Q
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/06/202510-Q
06/30/202507/31/202510-Q
03/31/202505/08/202510-Q
12/31/202402/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/01/202410-Q
03/31/202405/08/202410-Q
12/31/202302/29/202410-K
09/30/202311/08/202310-Q
06/30/202308/02/202310-Q
03/31/202305/10/202310-Q
12/31/202202/23/202310-K
09/30/202211/09/202210-Q
06/30/202208/03/202210-Q
03/31/202205/04/202210-Q
12/31/202102/24/202210-K
09/30/202111/09/202110-Q
06/30/202108/04/202110-Q
03/31/202105/05/202110-Q
12/31/202002/24/202110-K
09/30/202011/05/202010-Q
06/30/202008/05/202010-Q
03/31/202005/11/202010-Q
12/31/201902/25/202010-K

Recent Forward Guidance

Updated 11/6/2026

Latest: Q3 2026 Earnings Reported 11/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Total RevenueReported344.00 Mil345.00 Mil346.00 Mil3.0% RaisedGuidance: 335.00 Mil for 2026
2026 MACI RevenueReported290.00 Mil291.00 Mil292.00 Mil1.4% RaisedGuidance: 287.00 Mil for 2026
2026 Burn Care RevenueReported 54.00 Mil 12.5% RaisedGuidance: 48.00 Mil for 2026
2026 Gross MarginReported 75.0%  0AffirmedGuidance: 75.0% for 2026
2026 Adjusted EBITDA MarginReported 28.0%  1.0%RaisedGuidance: 27.0% for 2026


Prior: Q2 2026 Earnings Reported 7/30/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Total RevenueReported330.00 Mil335.00 Mil340.00 Mil1.2% RaisedGuidance: 331.00 Mil for 2026
2026 MACI RevenueReported284.00 Mil287.00 Mil290.00 Mil0.7% RaisedGuidance: 285.00 Mil for 2026
2026 Burn Care RevenueReported46.00 Mil48.00 Mil50.00 Mil4.3% RaisedGuidance: 46.00 Mil for 2026
2026 Gross ProfitCalculated247.50 Mil251.25 Mil255.00 Mil  Rev x Gross Margin
2026 Gross MarginReported 75.0%  0AffirmedGuidance: 75.0% for 2026
2026 Adjusted EBITDA MarginReported 27.0%  0AffirmedGuidance: 27.0% for 2026

Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Total RevenueReported326.00 Mil331.00 Mil336.00 Mil3.1% RaisedGuidance: 321.00 Mil for 2026
2026 MACI RevenueReported282.00 Mil285.00 Mil288.00 Mil0.7% RaisedGuidance: 283.00 Mil for 2026
2026 Burn Care RevenueReported44.00 Mil46.00 Mil48.00 Mil   
2026 Gross ProfitCalculated244.50 Mil248.25 Mil252.00 Mil  Rev x Gross Margin
2026 Gross MarginReported 75.0%  0AffirmedGuidance: 75.0% for 2026
2026 Adjusted EBITDA MarginReported 27.0%  0AffirmedGuidance: 27.0% for 2026

Q4 2025 Earnings Reported 2/26/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Total RevenueReported316.00 Mil321.00 Mil326.00 Mil17.2% Higher NewActual: 274.00 Mil for 2025
2026 MACI RevenueReported280.00 Mil283.00 Mil286.00 Mil18.7% Higher NewActual: 238.50 Mil for 2025
2026 Gross ProfitCalculated237.00 Mil240.75 Mil244.50 Mil  Rev x Gross Margin
2026 Gross MarginReported 75.0%  1.0%Higher NewActual: 74.0% for 2025
2026 Adjusted EBITDA MarginReported 27.0%  1.0%Higher NewActual: 26.0% for 2025

Insider Activity

Updated 11/9/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Mara, Joseph Anthony JRChief Financial OfficerDirectSell1109202653.4228,6411,530,007864,659Form
2Mara, Joseph Anthony JRChief Financial OfficerDirectSell1109202653.5621,3591,144,012866,940Form
3Siegal, JonathanPrincipal Accounting OfficerDirectSell1106202652.901,50079,35066,601Form
4Flynn, Sean CChief Legal OfficerDirectSell1106202651.9215,000778,800103,321Form
5Zerbe, Robert L MD DirectSell1106202652.233,000156,6751,723,164Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Mara, Joseph Anthony JRChief Financial OfficerDirectSell1109202653.4228,6411,530,007864,659Form
2Mara, Joseph Anthony JRChief Financial OfficerDirectSell1109202653.5621,3591,144,012866,940Form
3Siegal, JonathanPrincipal Accounting OfficerDirectSell1106202652.901,50079,35066,601Form
4Flynn, Sean CChief Legal OfficerDirectSell1106202651.9215,000778,800103,321Form
5Zerbe, Robert L MD DirectSell1106202652.233,000156,6751,723,164Form
6Zerbe, Robert L MD DirectSell1106202645.402,500113,5001,497,973Form
7McLaughlin, Kevin F DirectSell814202644.537,000311,710814,899Form
8Halpin, MichaelChief Operating OfficerDirectSell805202646.8410,000468,400767,895Form
9Siegal, JonathanPrincipal Accounting OfficerDirectSell731202648.904,500220,05052,714Form
10Siegal, JonathanPrincipal Accounting OfficerDirectSell630202644.902,732122,66739,781Form
11Mara, Joseph Anthony JRChief Financial OfficerDirectSell630202644.755,000223,750716,403Form
12Hopper, Jonathan MarkChief Medical OfficerDirectSell630202645.0010,000450,0003,408,885Form
13Flynn, Sean CChief Legal OfficerDirectSell630202645.6415,000684,60075,169Form
14Halpin, MichaelChief Operating OfficerDirectSell622202640.2410,000402,400653,820Form
15Flynn, Sean CChief Legal OfficerDirectSell622202640.2115,000603,15066,226Form
16Hopper, Jonathan MarkChief Medical OfficerDirectSell604202635.004,375153,1252,651,355Form
17McLaughlin, Kevin F DirectSell515202632.837,000229,775600,698Form
18Wotton, Paul K DirectSell513202632.7410,000327,425615,624Form
19Mara, Joseph Anthony JRChief Financial OfficerDirectSell508202640.505,000202,500850,864Form
20Siegal, JonathanPrincipal Accounting OfficerDirectSell508202640.501,42257,59145,279Form
21Siegal, JonathanPrincipal Accounting OfficerDirectSell508202638.003,433130,45496,520Form
22Hopper, Jonathan MarkChief Medical OfficerDirectSell406202635.003,472121,5202,644,460Form
23Hagen, Heidi DirectSell325202632.4115,000486,1501,032,258Form
24Flynn, Sean CChief Legal OfficerDirectSell304202635.1821,421753,53044,394Form
25Halpin, MichaelChief Operating OfficerDirectSell304202635.3010,305363,766567,624Form
26McLaughlin, Kevin F DirectSell213202634.667,000242,620523,366Form
27Wotton, Paul K DirectSell1204202537.832,50094,575968,524Form
28Hopper, Jonathan MarkChief Medical OfficerDirectSell1204202539.141,65264,6592,605,237Form
29Wotton, Paul K DirectSell1204202537.972,50094,9251,067,033Form
30Halpin, MichaelChief Operating OfficerDirectSell1113202540.412,642106,763643,812Form
31McLaughlin, Kevin F DirectSell1112202538.597,000270,130582,709Form
32Halpin, MichaelChief Operating OfficerDirectSell1110202540.477,358297,778644,768Form
Core Cache Last Updated: 11/9/2026