$VCEL
Vericel Corp Stock $vcel

$vcel Overview Financials Valuation SEC Filings Company Website

2022 Q1 Form 10-Q Financial Statement

#000162828022012151 Filed on May 04, 2022

Income Statement

Concept	2022 Q1	2021 Q1
Revenue	$36.07M	$34.57M
YoY Change	4.36%	29.57%
Cost Of Revenue	$12.62M	$11.58M
YoY Change	8.97%	16.74%
Gross Profit	$23.45M	$22.99M
YoY Change	2.03%	37.17%
Gross Profit Margin	65.01%	66.49%
Selling, General & Admin	$25.87M	$22.66M
YoY Change	14.14%	25.41%
% of Gross Profit	110.29%	98.59%
Research & Development	$4.860M	$3.630M
YoY Change	33.88%	-3.53%
% of Gross Profit	20.72%	15.79%
Depreciation & Amortization	$900.0K	$800.0K
YoY Change	12.5%	50.09%
% of Gross Profit	3.84%	3.48%
Operating Expenses	$30.73M	$26.29M
YoY Change	16.87%	20.42%
Operating Profit	-$7.273M	-$3.305M
YoY Change	120.06%	-34.89%
Interest Expense	$18.00K	$1.000K
YoY Change	1700.0%	-50.0%
% of Operating Profit
Other Income/Expense, Net	$182.0K	$159.0K
YoY Change	14.47%	-57.14%
Pretax Income	-$7.091M	-$3.146M
YoY Change	125.4%	-33.13%
Income Tax	$0.00	$143.0K
% Of Pretax Income
Net Earnings	-$7.091M	-$3.289M
YoY Change	115.6%	-30.1%
Net Earnings / Revenue	-19.66%	-9.51%
Basic Earnings Per Share	-$0.15	-$0.07
Diluted Earnings Per Share	-$0.15	-$0.07
COMMON SHARES
Basic Shares Outstanding	46.99M shares	45.98M shares
Diluted Shares Outstanding	46.99M shares	45.98M shares

Balance Sheet

Concept	2022 Q1	2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$100.5M	$83.60M
YoY Change	20.27%	2.45%
Cash & Equivalents	$55.70M	$58.15M
Short-Term Investments	$44.89M	$25.40M
Other Short-Term Assets	$5.093M	$4.213M
YoY Change	20.89%	20.23%
Inventory	$14.39M	$10.32M
Prepaid Expenses
Receivables	$31.86M	$29.12M
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$151.9M	$127.2M
YoY Change	19.39%	9.16%
LONG-TERM ASSETS
Property, Plant & Equipment	$59.10M	$58.00M
YoY Change	1.9%	81.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$22.80M	$26.00M
YoY Change	-12.3%	1429.41%
Other Assets	$317.0K	$200.0K
YoY Change	58.5%	100.0%
Total Long-Term Assets	$88.41M	$84.25M
YoY Change	4.93%	149.8%
TOTAL ASSETS
Total Short-Term Assets	$151.9M	$127.2M
Total Long-Term Assets	$88.41M	$84.25M
Total Assets	$240.3M	$211.5M
YoY Change	13.63%	40.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$7.750M	$8.826M
YoY Change	-12.19%	37.91%
Accrued Expenses	$10.79M	$9.965M
YoY Change	8.31%	62.06%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due		$0.00
YoY Change
Total Short-Term Liabilities	$21.73M	$23.23M
YoY Change	-6.45%	28.17%
LONG-TERM LIABILITIES
Long-Term Debt	$19.00K	$100.0K
YoY Change	-81.0%	0.0%
Other Long-Term Liabilities	$19.00K	$57.00K
YoY Change	-66.67%	-37.36%
Total Long-Term Liabilities	$19.00K	$57.00K
YoY Change	-66.67%	-37.36%
TOTAL LIABILITIES
Total Short-Term Liabilities	$21.73M	$23.23M
Total Long-Term Liabilities	$19.00K	$57.00K
Total Liabilities	$67.80M	$71.26M
YoY Change	-4.84%	78.97%
SHAREHOLDERS EQUITY
Retained Earnings	-$390.4M	-$379.1M
YoY Change	2.97%	-1.12%
Common Stock	$563.5M	$519.4M
YoY Change	8.49%	5.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$172.5M	$140.2M
YoY Change
Total Liabilities & Shareholders Equity	$240.3M	$211.5M
YoY Change	13.63%	40.73%

Cashflow Statement

Concept	2022 Q1	2021 Q1
OPERATING ACTIVITIES
Net Income	-$7.091M	-$3.289M
YoY Change	115.6%	-30.1%
Depreciation, Depletion And Amortization	$900.0K	$800.0K
YoY Change	12.5%	50.09%
Cash From Operating Activities	$3.468M	$10.09M
YoY Change	-65.62%	115.24%
INVESTING ACTIVITIES
Capital Expenditures	$3.081M	$2.343M
YoY Change	31.5%	226.78%
Acquisitions
YoY Change
Other Investing Activities	-$7.588M	$14.53M
YoY Change	-152.22%	0.48%
Cash From Investing Activities	-$10.67M	$12.19M
YoY Change	-187.55%	-11.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	$503.0K	$2.262M
YoY Change	-77.76%	639.22%
NET CHANGE
Cash From Operating Activities	$3.468M	$10.09M
Cash From Investing Activities	-$10.67M	$12.19M
Cash From Financing Activities	$503.0K	$2.262M
Net Change In Cash	-$6.698M	$24.53M
YoY Change	-127.3%	30.96%
FREE CASH FLOW
Cash From Operating Activities	$3.468M	$10.09M
Capital Expenditures	$3.081M	$2.343M
Free Cash Flow	$387.0K	$7.743M
YoY Change	-95.0%	95.09%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2022Q1	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2022Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2022
CY2022Q1	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2022Q1	dei	Amendment Flag AmendmentFlag	false
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CY2022Q1	dei	Document Type DocumentType	10-Q
CY2022Q1	dei	Document Quarterly Report DocumentQuarterlyReport	true
CY2022Q1	dei	Document Period End Date DocumentPeriodEndDate	2022-03-31
CY2022Q1	dei	Document Transition Report DocumentTransitionReport	false
CY2022Q1	dei	Entity File Number EntityFileNumber	001-35280
CY2022Q1	dei	Entity Registrant Name EntityRegistrantName	VERICEL CORPORATION
CY2022Q1	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	MI
CY2022Q1	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	94-3096597
CY2022Q1	dei	Entity Address Address Line1 EntityAddressAddressLine1	64 Sidney Street
CY2022Q1	dei	Entity Address City Or Town EntityAddressCityOrTown	Cambridge
CY2022Q1	dei	Entity Address State Or Province EntityAddressStateOrProvince	MA
CY2022Q1	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	02139
CY2022Q1	dei	City Area Code CityAreaCode	617
CY2022Q1	dei	Local Phone Number LocalPhoneNumber	588-5555
CY2022Q1	dei	Security12b Title Security12bTitle	Common Stock (No par value)
CY2022Q1	dei	Trading Symbol TradingSymbol	VCEL
CY2022Q1	dei	Security Exchange Name SecurityExchangeName	NASDAQ
CY2022Q1	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2022Q1	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2022Q1	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
CY2022Q1	dei	Entity Small Business EntitySmallBusiness	false
CY2022Q1	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
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CY2022Q1	us-gaap	Increase Decrease In Other Current Assets IncreaseDecreaseInOtherCurrentAssets	847000	USD
CY2021Q1	us-gaap	Increase Decrease In Other Current Assets IncreaseDecreaseInOtherCurrentAssets	320000	USD
CY2022Q1	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	-219000	USD
CY2021Q1	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	2174000	USD
CY2022Q1	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	-3734000	USD
CY2021Q1	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	-1328000	USD
CY2022Q1	vcel	Increase Decrease In Lease Liabilities IncreaseDecreaseInLeaseLiabilities	-897000	USD
CY2021Q1	vcel	Increase Decrease In Lease Liabilities IncreaseDecreaseInLeaseLiabilities	-821000	USD
CY2022Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	3468000	USD
CY2021Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	10086000	USD
CY2022Q1	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	12629000	USD
CY2021Q1	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	10426000	USD
CY2022Q1	us-gaap	Proceeds From Sale Maturity And Collection Of Shortterm Investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments	5041000	USD
CY2021Q1	us-gaap	Proceeds From Sale Maturity And Collection Of Shortterm Investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments	24955000	USD
CY2022Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	3081000	USD
CY2021Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	2343000	USD
CY2022Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-10669000	USD
CY2021Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	12186000	USD
CY2022Q1	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	1465000	USD
CY2021Q1	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	3781000	USD
CY2022Q1	us-gaap	Payments Related To Tax Withholding For Share Based Compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation	943000	USD
CY2021Q1	us-gaap	Payments Related To Tax Withholding For Share Based Compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation	1501000	USD
CY2022Q1	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-19000	USD
CY2021Q1	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-18000	USD
CY2022Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	503000	USD
CY2021Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	2262000	USD
CY2022Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-6698000	USD
CY2021Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	24534000	USD
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	68541000	USD
CY2020Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	33831000	USD
CY2022Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	61843000	USD
CY2021Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	58365000	USD
CY2022Q1	us-gaap	Capital Expenditures Incurred But Not Yet Paid CapitalExpendituresIncurredButNotYetPaid	317000	USD
CY2021Q1	us-gaap	Capital Expenditures Incurred But Not Yet Paid CapitalExpendituresIncurredButNotYetPaid	530000	USD
CY2022Q1	vcel	Restricted Stock Held For Employee Tax Remittance Included In Accounts Payable RestrictedStockHeldForEmployeeTaxRemittanceIncludedInAccountsPayable	480000	USD
CY2021Q1	vcel	Restricted Stock Held For Employee Tax Remittance Included In Accounts Payable RestrictedStockHeldForEmployeeTaxRemittanceIncludedInAccountsPayable	65000	USD
CY2022Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	55659000	USD
CY2021Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	58154000	USD
CY2022Q1	us-gaap	Restricted Cash And Cash Equivalents Noncurrent RestrictedCashAndCashEquivalentsNoncurrent	6184000	USD
CY2021Q1	us-gaap	Restricted Cash And Cash Equivalents Noncurrent RestrictedCashAndCashEquivalentsNoncurrent	211000	USD
CY2022Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	61843000	USD
CY2021Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	58365000	USD
CY2022Q1	us-gaap	Nature Of Operations NatureOfOperations	Organization<div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Vericel Corporation, a Michigan corporation (together with its consolidated subsidiaries referred to herein as the Company, or Vericel), was incorporated in March 1989 and began employee-based operations in 1991. The Company is a fully-integrated, commercial-stage biopharmaceutical company and is a leader in advanced therapies for the sports medicine and severe burn care markets. Vericel currently markets two cell therapy products in the U.S., MACI</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(autologous cultured chondrocytes on porcine collagen membrane) and Epicel</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(cultured epidermal autografts).</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">MACI 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 is a permanent skin replacement for the treatment of adult and pediatric patients with deep-dermal or full-thickness burns comprising greater than or equal to 30 percent of total body surface area (“TBSA”). The Company also holds an exclusive license from MediWound Ltd. (“MediWound”) for North American rights to NexoBrid</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, a registration-stage biological orphan product designed for the debridement of severe thermal burns. The Company operates its business primarily in the U.S. in one reportable segment — the research, product development, manufacture and distribution of cellular therapies for use in the treatment of specific diseases. </span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">COVID-19</span></div><div style="padding-right:72pt;text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The ongoing pandemic caused by the spread of a novel strain of coronavirus (“COVID-19”) has created significant disruptions to the U.S. and global economy and has contributed to significant volatility in financial markets. The global impact of the outbreak has fluctuated since early 2020. At times, many state, local and national governments – including those in Massachusetts and Michigan, where the Company’s operations are located – have responded by issuing, extending and supplementing orders requiring quarantines, restrictions on travel, and the mandatory closure of certain non-essential businesses, among other actions. In the U.S., the status and application of these orders have varied on a state-by-state basis since the early days of the pandemic. Many of the restrictions have been periodically updated as infection rates in the U.S. have risen and fallen, as new virus variants have emerged, as vaccines have been distributed and administered, and as world health leaders learn more about the virus, its transmission pathway and who is most at risk. Because Vericel is deemed an essential business, the Company has been exempted from government orders requiring the closure of workplaces and the cessation of business operations.</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Notwithstanding being an essential business, the Company’s business and operations at times have been adversely impacted by the ongoing effects of the COVID-19 pandemic. For example, as a result of periodic restrictions placed on the performance of elective surgical procedures, Vericel experienced a significant increase in cancellations of scheduled MACI procedures as well as a slowdown in new MACI orders during March and April of 2020. The widespread suspension of surgical procedures impacted the Company’s business and operations during the first and second quarters of 2020. The level and degree of restriction on elective surgeries, on the ability of patients to seek treatment and on U.S. business operations generally fluctuated throughout 2020 as COVID-19 infection rates rose and fell during the summer months and into the autumn. By the first quarter of 2021, the pandemic’s effects on the Company’s MACI business had largely dissipated. During the summer of 2021, however, the pandemic’s direct and ancillary effects again began to cause some disruption to the Company’s MACI business. Following the cessation of COVID-19-related travel restrictions in many parts of the U.S. and the availability of vaccinations in May and June 2021, some MACI patients postponed or delayed treatment. Further, surges of new COVID-19 cases during the second half of 2021 caused by the spread of the “Delta” and “Omicron” variants again caused disruptions to health care networks including restrictions on the performance of elective procedures, the availability of physicians and/or their treatment prioritizations, the level of healthcare facility staffing and, in some instances, the willingness or ability of patients to seek treatment. Consequently, and notwithstanding the widespread distribution of vaccines, these factors contributed to a slowdown of MACI procedures during the third and fourth quarters of 2021 and during the first months of 2022. Although hospitals are now better prepared for subsequent surges in COVID-19 patients, the risk remains that regional or local restrictions could again be placed on the performance of elective surgical procedures if the number of COVID-19 infections in the U.S. were to rise, or if new or existing COVID-19 variants render current vaccine treatments ineffective. </span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Because Epicel is used almost exclusively in an emergent setting by burn centers and surgeons throughout the country, Epicel revenue and procedure volumes have been less affected by the pandemic. Nevertheless, the number of large burns and burn admissions can be affected by restrictions on human activity resulting from more severe government lockdown orders.</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the outset of the pandemic, the Company put in place a comprehensive workplace protection plan, which instituted protective measures in response to COVID-19. Vericel’s workplace protection plan has closely followed guidance issued by the Centers for Disease Control and Prevention (“CDC”) and has complied with applicable federal and state law. To date, Vericel </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">has been successful in sustaining its operations and providing MACI and Epicel to patients in need. The Company continues to review its policies and procedures regularly, including its workplace protection plan, as the pandemic evolves and the Company may take additional actions to the extent required.</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company continues to manufacture MACI and Epicel and is maintaining a significant safety stock of all key raw materials. Vericel does not expect current supply chain interruptions will impact its ongoing manufacturing operations. With respect to customer delivery, MACI final product has an established shelf life of six (6) days and an established shipping shelf life of three (3) days. Currently, MACI is picked up by courier and shipped by commercial air or ground transportation to customer surgical sites. Epicel final product has an established shelf life of 48 hours and is hand carried to customer hospitals by courier. Transportation is primarily by commercial or charter airline. Although the Company has not experienced material shipping delays or materially increased costs to date, significant disruption of air travel could result in the inability to deliver MACI or Epicel final products to customer sites within appropriate timeframes, which could further adversely impact the Company’s business. At this time, the Company is not aware of COVID-19 related impacts on its distributors, operations or third-party service providers’ ability to manage patient cases. The Company believes it is possible that it could experience variable impacts on our business, should a new resurgence of COVID-19 infections occur in the future.</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#222222;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#222222;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">March 31, 2022, the Company had an accumulated deficit of </span><span style="color:#222222;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$390.4 million</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and had a </span><span style="color:#222222;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">net loss of $7.1 million during the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">three months ended</span><span style="color:#222222;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> March 31, 2022. The Company had cash and cash equivalents of $55.7 million and investments of $67.7 million as of March 31, 2022. The Company expects that cash from the sales of its products and existing cash, cash equivalents and investments will be sufficient to support the Company’s current operations through at least 12 months from the issuance of these condensed consolidated financial statements. The effects of the COVID-19 pandemic continue to evolve, however. To the extent the U.S. experiences a worsening in COVID-19 infections or the emergence of additional virus variants that result in more serious disease or limit the effectiveness of existing vaccines, subsequent healthcare measures – to include the postponement or cessation of elective and other surgical procedures – may cause the Company to experience a reduction in business and resulting revenue. This, consequently, may result in irrecoverable losses of customers and significantly impact the Company’s long-term liquidity, potentially requiring the Company to engage in layoffs, furloughs and/or reductions in salaries. The Company also may need to access additional capital; however, the Company may not be able to obtain financing on acceptable terms or at all, particularly in light of the impact of COVID-19 on the global economy and financial markets. The terms of any financing may adversely affect the holdings or the rights of the Company’s shareholders.</span></div>
CY2022Q1	us-gaap	Net Income Loss NetIncomeLoss	-7100000	USD
CY2022Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	55700000	USD
CY2022Q1	us-gaap	Investments Investments	67700000	USD
CY2022Q1	us-gaap	Basis Of Accounting BasisOfAccounting	Basis of Presentation<div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying c</span><span style="color:#222222;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ondensed consolidated financial statements</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of Vericel are unaudited and have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The preparation of </span><span style="color:#222222;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">condensed consolidated financial statements</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates, judgments, and assumptions that may affect the reported amounts of assets, liabilities, equity, revenue and expenses. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. </span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The financial statements reflect, in the opinion of management, all adjustments (consisting only of normal, recurring adjustments) necessary to state fairly the financial position and results of operations as of and for the periods indicated. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenue and expenses. The full extent to which the COVID-19 pandemic will continue to directly or indirectly impact its business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning the COVID-19 pandemic and the actions taken to continue to contain or treat COVID-19, as well as the economic impact on its customers. The Company has made estimates of the impact of the COVID-19 pandemic within these financial statements and there may be changes to those estimates in future periods. Actual results may differ from these estimates. As of March 31, 2022, the Company has not recorded impairments to investments, inventory, other current assets or long-lived assets as a result of the COVID-19 pandemic.</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date, but does not include all the information and notes required by U.S. GAAP for complete financial </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">statements. These c</span><span style="color:#222222;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ondensed consolidated financial statements</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 24, 2022 (“Annual Report”).</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recent Accounting Pronouncements</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">No new Accounting Standards were adopted during the quarter ended March 31, 2022.</span></div>
CY2022Q1	vcel	Number Of Contracted Specialty Pharmacies NumberOfContractedSpecialtyPharmacies	2	pharmacy
CY2022Q1	us-gaap	Allowance For Doubtful Other Receivables Current AllowanceForDoubtfulOtherReceivablesCurrent	6700000	USD
CY2021Q4	us-gaap	Allowance For Doubtful Other Receivables Current AllowanceForDoubtfulOtherReceivablesCurrent	7000000	USD
CY2022Q1	vcel	Revenue Revenue Recognized Changein Uncollectible Analysis Percentage RevenueRevenueRecognizedChangeinUncollectibleAnalysisPercentage	0.0050
CY2022Q1	vcel	Revenue Revenue Recognized Effect Of0.5 Change In The Estimated Uncollectible Percentage Amount RevenueRevenueRecognizedEffectOf0.5ChangeInTheEstimatedUncollectiblePercentageAmount	300000	USD
CY2022Q1	us-gaap	Revenues Revenues	36074000	USD
CY2021Q1	us-gaap	Revenues Revenues	34568000	USD
CY2022Q1	us-gaap	Inventory Raw Materials InventoryRawMaterials	13264000	USD
CY2021Q4	us-gaap	Inventory Raw Materials InventoryRawMaterials	12676000	USD
CY2022Q1	us-gaap	Inventory Work In Process InventoryWorkInProcess	1057000	USD
CY2021Q4	us-gaap	Inventory Work In Process InventoryWorkInProcess	644000	USD
CY2022Q1	us-gaap	Inventory Finished Goods InventoryFinishedGoods	64000	USD
CY2021Q4	us-gaap	Inventory Finished Goods InventoryFinishedGoods	61000	USD
CY2022Q1	us-gaap	Inventory Net InventoryNet	14385000	USD
CY2021Q4	us-gaap	Inventory Net InventoryNet	13381000	USD
CY2022Q1	us-gaap	Finance Lease Right Of Use Asset Before Accumulated Amortization FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization	65000	USD
CY2021Q4	us-gaap	Finance Lease Right Of Use Asset Before Accumulated Amortization FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization	74000	USD
CY2022Q1	us-gaap	Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization	29646000	USD
CY2021Q4	us-gaap	Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization	27630000	USD
CY2022Q1	us-gaap	Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization	15195000	USD
CY2021Q4	us-gaap	Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization	14322000	USD
CY2022Q1	us-gaap	Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	14451000	USD
CY2021Q4	us-gaap	Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	13308000	USD
CY2022Q1	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	900000	USD
CY2021Q1	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	800000	USD
CY2022Q1	us-gaap	Accrued Bonuses Current AccruedBonusesCurrent	2483000	USD
CY2021Q4	us-gaap	Accrued Bonuses Current AccruedBonusesCurrent	6305000	USD
CY2022Q1	us-gaap	Employee Related Liabilities Current EmployeeRelatedLiabilitiesCurrent	3112000	USD
CY2021Q4	us-gaap	Employee Related Liabilities Current EmployeeRelatedLiabilitiesCurrent	3616000	USD
CY2022Q1	us-gaap	Accrued Insurance Current AccruedInsuranceCurrent	5111000	USD
CY2021Q4	us-gaap	Accrued Insurance Current AccruedInsuranceCurrent	3973000	USD
CY2022Q1	vcel	Accrued Expenses Other Current AccruedExpensesOtherCurrent	87000	USD
CY2021Q4	vcel	Accrued Expenses Other Current AccruedExpensesOtherCurrent	151000	USD
CY2022Q1	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	10793000	USD
CY2021Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	14045000	USD
CY2022Q1	us-gaap	Short Term Lease Cost ShortTermLeaseCost	100000	USD
CY2021Q1	us-gaap	Short Term Lease Cost ShortTermLeaseCost	100000	USD
CY2022Q1	us-gaap	Operating Lease Expense OperatingLeaseExpense	1700000	USD
CY2021Q1	us-gaap	Operating Lease Expense OperatingLeaseExpense	1900000	USD
CY2021Q1	us-gaap	Finance Lease Interest Expense FinanceLeaseInterestExpense	100000	USD
CY2022Q1	us-gaap	Finance Lease Interest Expense FinanceLeaseInterestExpense	100000	USD
CY2022Q1	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	44653000	USD
CY2021Q4	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	45720000	USD
CY2022Q1	us-gaap	Finance Lease Right Of Use Asset FinanceLeaseRightOfUseAsset	65000	USD
CY2021Q4	us-gaap	Finance Lease Right Of Use Asset FinanceLeaseRightOfUseAsset	73000	USD
CY2022Q1	vcel	Right Of Use Asset RightOfUseAsset	44718000	USD
CY2021Q4	vcel	Right Of Use Asset RightOfUseAsset	45793000	USD
CY2022Q1	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	3147000	USD
CY2021Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	2950000	USD
CY2022Q1	us-gaap	Finance Lease Liability Current FinanceLeaseLiabilityCurrent	41000	USD
CY2021Q4	us-gaap	Finance Lease Liability Current FinanceLeaseLiabilityCurrent	41000	USD
CY2022Q1	vcel	Lease Liability Current LeaseLiabilityCurrent	3188000	USD
CY2021Q4	vcel	Lease Liability Current LeaseLiabilityCurrent	2991000	USD
CY2022Q1	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	46053000	USD
CY2021Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	47147000	USD
CY2022Q1	us-gaap	Finance Lease Liability Noncurrent FinanceLeaseLiabilityNoncurrent	19000	USD
CY2021Q4	us-gaap	Finance Lease Liability Noncurrent FinanceLeaseLiabilityNoncurrent	44000	USD
CY2022Q1	vcel	Lease Liability Noncurrent LeaseLiabilityNoncurrent	46072000	USD
CY2021Q4	vcel	Lease Liability Noncurrent LeaseLiabilityNoncurrent	47191000	USD
CY2022Q1	us-gaap	Available For Sale Debt Securities Amortized Cost Basis AvailableForSaleDebtSecuritiesAmortizedCostBasis	68304000	USD
CY2022Q1	us-gaap	Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax	0	USD
CY2022Q1	us-gaap	Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax	613000	USD
CY2022Q1	us-gaap	Debt Securities Available For Sale Allowance For Credit Loss DebtSecuritiesAvailableForSaleAllowanceForCreditLoss	0	USD
CY2022Q1	us-gaap	Available For Sale Securities Debt Securities AvailableForSaleSecuritiesDebtSecurities	67691000	USD
CY2022Q1	us-gaap	Available For Sale Securities Debt Securities AvailableForSaleSecuritiesDebtSecurities	67691000	USD
CY2021Q4	us-gaap	Available For Sale Debt Securities Amortized Cost Basis AvailableForSaleDebtSecuritiesAmortizedCostBasis	60909000	USD
CY2021Q4	us-gaap	Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax	0	USD
CY2021Q4	us-gaap	Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax	154000	USD
CY2021Q4	us-gaap	Debt Securities Available For Sale Allowance For Credit Loss DebtSecuritiesAvailableForSaleAllowanceForCreditLoss	0	USD
CY2021Q4	us-gaap	Available For Sale Securities Debt Securities AvailableForSaleSecuritiesDebtSecurities	60755000	USD
CY2021Q4	us-gaap	Available For Sale Securities Debt Securities AvailableForSaleSecuritiesDebtSecurities	60755000	USD
CY2022Q1	vcel	Debt Securities Available For Sale Contractual Maturity Period DebtSecuritiesAvailableForSaleContractualMaturityPeriod	P3Y
CY2021	vcel	Debt Securities Available For Sale Contractual Maturity Period DebtSecuritiesAvailableForSaleContractualMaturityPeriod	P3Y
CY2022Q1	us-gaap	Asset Impairment Charges AssetImpairmentCharges	0	USD
CY2021Q1	us-gaap	Asset Impairment Charges AssetImpairmentCharges	0	USD
CY2022Q1	us-gaap	Net Income Loss NetIncomeLoss	-7091000	USD
CY2021Q1	us-gaap	Net Income Loss NetIncomeLoss	-3289000	USD
CY2022Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	46985000	shares
CY2021Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	45984000	shares
CY2022Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	46985000	shares
CY2021Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	45984000	shares
CY2022Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.15
CY2021Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.07
CY2022Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.15
CY2021Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.07

Files In Submission

Name	View Source	Status
0001628280-22-012151-index-headers.html	Edgar Link	pending
0001628280-22-012151-index.html	Edgar Link	pending
0001628280-22-012151.txt	Edgar Link	pending
0001628280-22-012151-xbrl.zip	Edgar Link	pending
a101-leaseagreementdatedja.htm	Edgar Link	pending
a102-formofcurrentemployee.htm	Edgar Link	pending
a103-formofnewhireincentiv.htm	Edgar Link	pending
a104-formofnonxqualifiedst.htm	Edgar Link	pending
ex311ceocertificationq12022.htm	Edgar Link	pending
ex312cfocertificationq12022.htm	Edgar Link	pending
ex321ceoandcfosoxcertifica.htm	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
Financial_Report.xlsx	Edgar Link	pending
image.jpg	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
R11.htm	Edgar Link	pending
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R40.htm	Edgar Link	pending
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R42.htm	Edgar Link	pending
R5.htm	Edgar Link	pending
R6.htm	Edgar Link	pending
R7.htm	Edgar Link	pending
R8.htm	Edgar Link	pending
R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending
vcel-20220331.htm	Edgar Link	pending
vcel-20220331.xsd	Edgar Link	pending
vcel-20220331_cal.xml	Edgar Link	unprocessable
vcel-20220331_def.xml	Edgar Link	unprocessable
vcel-20220331_htm.xml	Edgar Link	completed
vcel-20220331_lab.xml	Edgar Link	unprocessable
vcel-20220331_pre.xml	Edgar Link	unprocessable

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$VCEL
Vericel Corp Stock $vcel

2022 Q1 Form 10-Q Financial Statement

#000162828022012151 Filed on May 04, 2022

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$VCEL Vericel Corp Stock $vcel

2022 Q1 Form 10-Q Financial Statement

#000162828022012151 Filed on May 04, 2022

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$VCEL
Vericel Corp Stock $vcel