$VCEL
Vericel Corp Stock $vcel

$vcel Overview Financials Valuation SEC Filings Company Website

2023 Q2 Form 10-Q Financial Statement

#000162828023017039 Filed on May 10, 2023

Income Statement

Concept	2023 Q2	2023 Q1	2022 Q1
Revenue	$45.92M	$41.02M	$36.07M
YoY Change	23.96%	13.7%	4.36%
Cost Of Revenue	$15.98M	$14.50M	$12.62M
YoY Change	12.61%	14.86%	8.97%
Gross Profit	$29.94M	$26.52M	$23.45M
YoY Change	31.01%	13.08%	2.03%
Gross Profit Margin	65.2%	64.66%	65.01%
Selling, General & Admin	$30.65M	$29.49M	$25.87M
YoY Change	12.91%	14.0%	14.14%
% of Gross Profit	102.36%	111.18%	110.29%
Research & Development	$5.253M	$5.212M	$4.860M
YoY Change	9.62%	7.24%	33.88%
% of Gross Profit	17.54%	19.65%	20.72%
Depreciation & Amortization	$1.171M	$1.158M	$900.0K
YoY Change	6.45%	28.67%	12.5%
% of Gross Profit	3.91%	4.37%	3.84%
Operating Expenses	$35.90M	$34.70M	$30.73M
YoY Change	12.42%	12.93%	16.87%
Operating Profit	-$5.961M	-$8.177M	-$7.273M
YoY Change	-34.36%	12.43%	120.06%
Interest Expense	$946.0K	$145.0K	$18.00K
YoY Change	4630.0%	705.56%	1700.0%
% of Operating Profit
Other Income/Expense, Net	-$5.000K	$682.0K	$182.0K
YoY Change	-104.2%	274.73%	14.47%
Pretax Income	-$5.020M	-$7.495M	-$7.091M
YoY Change	-43.99%	5.7%	125.4%
Income Tax			$0.00
% Of Pretax Income
Net Earnings	-$5.020M	-$7.495M	-$7.091M
YoY Change	-43.99%	5.7%	115.6%
Net Earnings / Revenue	-10.93%	-18.27%	-19.66%
Basic Earnings Per Share	-$0.11	-$0.16	-$0.15
Diluted Earnings Per Share	-$0.11	-$0.16	-$0.15
COMMON SHARES
Basic Shares Outstanding	47.56M shares	47.36M shares	46.99M shares
Diluted Shares Outstanding	47.57M shares	47.39M shares	46.99M shares

Balance Sheet

Concept	2023 Q2	2023 Q1	2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$97.83M	$119.3M	$100.5M
YoY Change	-2.84%	18.63%	20.27%
Cash & Equivalents	$43.02M	$61.80M	$55.70M
Short-Term Investments	$54.81M	$57.44M	$44.89M
Other Short-Term Assets	$32.84M	$4.540M	$5.093M
YoY Change	582.84%	-10.86%	20.89%
Inventory	$13.88M	$15.37M	$14.39M
Prepaid Expenses
Receivables	$38.32M	$38.36M	$31.86M
Other Receivables	$0.00	$0.00	$0.00
Total Short-Term Assets	$182.9M	$177.5M	$151.9M
YoY Change	17.91%	16.9%	19.39%
LONG-TERM ASSETS
Property, Plant & Equipment	$98.47M	$59.05M	$59.10M
YoY Change	65.49%	-0.09%	1.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$20.99M	$19.91M	$22.80M
YoY Change	-11.52%	-12.69%	-12.3%
Other Assets	$1.196M	$1.249M	$317.0K
YoY Change	277.29%	294.01%	58.5%
Total Long-Term Assets	$127.8M	$87.55M	$88.41M
YoY Change	42.49%	-0.97%	4.93%
TOTAL ASSETS
Total Short-Term Assets	$182.9M	$177.5M	$151.9M
Total Long-Term Assets	$127.8M	$87.55M	$88.41M
Total Assets	$310.7M	$265.1M	$240.3M
YoY Change	26.92%	10.32%	13.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$14.40M	$11.13M	$7.750M
YoY Change	48.71%	43.55%	-12.19%
Accrued Expenses	$21.19M	$13.11M	$10.79M
YoY Change	74.64%	21.48%	8.31%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due	$21.00K	$20.00K
YoY Change	-48.78%
Total Short-Term Liabilities	$35.61M	$28.75M	$21.73M
YoY Change	42.36%	32.31%	-6.45%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$19.00K
YoY Change	-100.0%	-100.0%	-81.0%
Other Long-Term Liabilities	$76.17M	$42.37M	$19.00K
YoY Change	362623.81%	222873.68%	-66.67%
Total Long-Term Liabilities	$76.17M	$42.37M	$19.00K
YoY Change	362623.81%	222873.68%	-66.67%
TOTAL LIABILITIES
Total Short-Term Liabilities	$35.61M	$28.75M	$21.73M
Total Long-Term Liabilities	$76.17M	$42.37M	$19.00K
Total Liabilities	$111.8M	$71.12M	$67.80M
YoY Change	59.69%	4.89%	-4.84%
SHAREHOLDERS EQUITY
Retained Earnings	-$412.5M	-$407.5M	-$390.4M
YoY Change	3.31%	4.39%	2.97%
Common Stock	$612.1M	$602.1M	$563.5M
YoY Change	6.44%	6.86%	8.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$198.9M	$194.0M	$172.5M
YoY Change
Total Liabilities & Shareholders Equity	$310.7M	$265.1M	$240.3M
YoY Change	26.92%	10.32%	13.63%

Cashflow Statement

Concept	2023 Q2	2023 Q1	2022 Q1
OPERATING ACTIVITIES
Net Income	-$5.020M	-$7.495M	-$7.091M
YoY Change	-43.99%	5.7%	115.6%
Depreciation, Depletion And Amortization	$1.171M	$1.158M	$900.0K
YoY Change	6.45%	28.67%	12.5%
Cash From Operating Activities	$10.20M	$7.860M	$3.468M
YoY Change	224.4%	126.64%	-65.62%
INVESTING ACTIVITIES
Capital Expenditures	$4.196M	$1.413M	$3.081M
YoY Change	-311.81%	-54.14%	31.5%
Acquisitions
YoY Change
Other Investing Activities	$1.788M	$11.71M	-$7.588M
YoY Change	-275.98%	-254.36%	-152.22%
Cash From Investing Activities	-$2.408M	$2.800M	-$10.67M
YoY Change	-19.65%	-126.24%	-187.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	1.195M	$107.0K	$503.0K
YoY Change	379.92%	-78.73%	-77.76%
NET CHANGE
Cash From Operating Activities	10.20M	$7.860M	$3.468M
Cash From Investing Activities	-2.408M	$2.800M	-$10.67M
Cash From Financing Activities	1.195M	$107.0K	$503.0K
Net Change In Cash	8.983M	$10.77M	-$6.698M
YoY Change	2174.18%	-260.75%	-127.3%
FREE CASH FLOW
Cash From Operating Activities	$10.20M	$7.860M	$3.468M
Capital Expenditures	$4.196M	$1.413M	$3.081M
Free Cash Flow	$6.000M	$6.447M	$387.0K
YoY Change	17.1%	1565.89%	-95.0%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2023Q1	dei	Entity Central Index Key EntityCentralIndexKey	0000887359
CY2023Q1	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2023Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2023
CY2023Q1	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2023Q1	dei	Amendment Flag AmendmentFlag	false
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CY2022Q4	us-gaap	Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List FinanceLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList	http://fasb.org/us-gaap/2022#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
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CY2022Q4	us-gaap	Finance Lease Liability Current Statement Of Financial Position Extensible List FinanceLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList	http://fasb.org/us-gaap/2022#OtherLiabilitiesCurrent
CY2023Q1	dei	Document Type DocumentType	10-Q
CY2023Q1	dei	Document Quarterly Report DocumentQuarterlyReport	true
CY2023Q1	dei	Document Period End Date DocumentPeriodEndDate	2023-03-31
CY2023Q1	dei	Document Transition Report DocumentTransitionReport	false
CY2023Q1	dei	Entity File Number EntityFileNumber	001-35280
CY2023Q1	dei	Entity Registrant Name EntityRegistrantName	VERICEL CORPORATION
CY2023Q1	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	MI
CY2023Q1	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	94-3096597
CY2023Q1	dei	Entity Address Address Line1 EntityAddressAddressLine1	64 Sidney Street
CY2023Q1	dei	Entity Address City Or Town EntityAddressCityOrTown	Cambridge
CY2023Q1	dei	Entity Address State Or Province EntityAddressStateOrProvince	MA
CY2023Q1	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	02139
CY2023Q1	dei	City Area Code CityAreaCode	617
CY2023Q1	dei	Local Phone Number LocalPhoneNumber	588-5555
CY2023Q1	dei	Security12b Title Security12bTitle	Common Stock (No par value)
CY2023Q1	dei	Trading Symbol TradingSymbol	VCEL
CY2023Q1	dei	Security Exchange Name SecurityExchangeName	NASDAQ
CY2023Q1	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2023Q1	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2023Q1	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
CY2023Q1	dei	Entity Small Business EntitySmallBusiness	false
CY2023Q1	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
CY2023Q1	dei	Entity Shell Company EntityShellCompany	false
CY2023Q2	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	47564919	shares
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CY2023Q1	us-gaap	Allowance For Doubtful Accounts Receivable Current AllowanceForDoubtfulAccountsReceivableCurrent	47000	usd
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CY2023Q1	us-gaap	Accretion Amortization Of Discounts And Premiums Investments AccretionAmortizationOfDiscountsAndPremiumsInvestments	290000	usd
CY2022Q1	us-gaap	Accretion Amortization Of Discounts And Premiums Investments AccretionAmortizationOfDiscountsAndPremiumsInvestments	-194000	usd
CY2023Q1	us-gaap	Amortization Of Financing Costs AmortizationOfFinancingCosts	54000	usd
CY2022Q1	us-gaap	Amortization Of Financing Costs AmortizationOfFinancingCosts	0	usd
CY2023Q1	us-gaap	Operating Lease Right Of Use Asset Amortization Expense OperatingLeaseRightOfUseAssetAmortizationExpense	1112000	usd
CY2022Q1	us-gaap	Operating Lease Right Of Use Asset Amortization Expense OperatingLeaseRightOfUseAssetAmortizationExpense	1076000	usd
CY2023Q1	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-12000	usd
CY2022Q1	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-4000	usd
CY2023Q1	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	-616000	usd
CY2022Q1	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	1004000	usd
CY2023Q1	us-gaap	Increase Decrease In Receivables IncreaseDecreaseInReceivables	-8180000	usd
CY2022Q1	us-gaap	Increase Decrease In Receivables IncreaseDecreaseInReceivables	-5582000	usd
CY2023Q1	us-gaap	Increase Decrease In Other Current Assets IncreaseDecreaseInOtherCurrentAssets	-263000	usd
CY2022Q1	us-gaap	Increase Decrease In Other Current Assets IncreaseDecreaseInOtherCurrentAssets	847000	usd
CY2023Q1	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	-274000	usd
CY2022Q1	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	-219000	usd
CY2023Q1	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	-3079000	usd
CY2022Q1	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	-3734000	usd
CY2023Q1	vcel	Increase Decrease In Lease Liabilities IncreaseDecreaseInLeaseLiabilities	-1128000	usd
CY2022Q1	vcel	Increase Decrease In Lease Liabilities IncreaseDecreaseInLeaseLiabilities	-897000	usd
CY2023Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	7860000	usd
CY2022Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	3468000	usd
CY2023Q1	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	9787000	usd
CY2022Q1	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	12629000	usd
CY2023Q1	us-gaap	Proceeds From Sale Maturity And Collection Of Shortterm Investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments	21500000	usd
CY2022Q1	us-gaap	Proceeds From Sale Maturity And Collection Of Shortterm Investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments	5041000	usd
CY2023Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	1413000	usd
CY2022Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	3081000	usd
CY2023Q1	us-gaap	Payments To Acquire Intangible Assets PaymentsToAcquireIntangibleAssets	7500000	usd
CY2022Q1	us-gaap	Payments To Acquire Intangible Assets PaymentsToAcquireIntangibleAssets	0	usd
CY2023Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	2800000	usd
CY2022Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-10669000	usd
CY2023Q1	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	2225000	usd
CY2022Q1	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	1465000	usd
CY2023Q1	us-gaap	Payments Related To Tax Withholding For Share Based Compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation	2097000	usd
CY2022Q1	us-gaap	Payments Related To Tax Withholding For Share Based Compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation	943000	usd
CY2023Q1	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-21000	usd
CY2022Q1	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-19000	usd
CY2023Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	107000	usd
CY2022Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	503000	usd
CY2023Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	10767000	usd
CY2022Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-6698000	usd
CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	51067000	usd
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	68541000	usd
CY2023Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	61834000	usd
CY2022Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	61843000	usd
CY2023Q1	us-gaap	Right Of Use Asset Obtained In Exchange For Finance Lease Liability RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability	419000	usd
CY2022Q1	us-gaap	Right Of Use Asset Obtained In Exchange For Finance Lease Liability RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability	0	usd
CY2023Q1	us-gaap	Capital Expenditures Incurred But Not Yet Paid CapitalExpendituresIncurredButNotYetPaid	2282000	usd
CY2022Q1	us-gaap	Capital Expenditures Incurred But Not Yet Paid CapitalExpendituresIncurredButNotYetPaid	317000	usd
CY2023Q1	vcel	Restricted Stock Held For Employee Tax Remittance Included In Accounts Payable RestrictedStockHeldForEmployeeTaxRemittanceIncludedInAccountsPayable	0	usd
CY2022Q1	vcel	Restricted Stock Held For Employee Tax Remittance Included In Accounts Payable RestrictedStockHeldForEmployeeTaxRemittanceIncludedInAccountsPayable	480000	usd
CY2023Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	61834000	usd
CY2022Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	55659000	usd
CY2023Q1	us-gaap	Restricted Cash And Cash Equivalents Noncurrent RestrictedCashAndCashEquivalentsNoncurrent	0	usd
CY2022Q1	us-gaap	Restricted Cash And Cash Equivalents Noncurrent RestrictedCashAndCashEquivalentsNoncurrent	6184000	usd
CY2023Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	61834000	usd
CY2022Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	61843000	usd
CY2023Q1	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 three commercial-stage 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%">, 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%"> and 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%">.</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 (autologous cultured chondrocytes on porcine collagen membrane) is an autologous cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults. Epicel (cultured epidermal autografts) is a permanent skin replacement for the treatment of 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”) to commercialize NexoBrid (anacaulase-bcdb) in North America. On December 28, 2022, the U.S. Food and Drug Administration (“FDA”) approved a Biologics License Application (“BLA”) for NexoBrid, granting a license for commercial use in the U.S. NexoBrid is a topically-administered biological product containing proteolytic enzymes and is indicated for the removal of eschar in adults with deep partial-thickness and/or full thickness 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 and specialty biologics 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-weight:400;line-height:120%">The Company is subject to risks common to companies in the life sciences industry including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with FDA regulations and approval requirements, as well as the ability to grow the Company’s business through appropriate commercial strategies.</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%">In March 2020, the World Health Organization declared the spread of a novel strain of coronavirus (“COVID-19”) to be a pandemic, which contributed to an economic downturn on a global scale, as well as significant volatility in the financial markets. At the time of the pandemic’s inception, and at times throughout its duration, there was significant volatility in the Company’s results of operations on a quarterly basis due to the widespread and periodic cancellation or delay of elective MACI surgical procedures throughout the U.S., staffing shortages and the Company’s ability to access customers. Based on declining COVID-related statistics, the U.S. Department of Health and Human Services has announced that the federal Public Health Emergency for COVID-19 is set to expire at the end of the day on May 11, 2023. Although at this juncture the pandemic’s effects on the Company’s business and results of operations have moderated, should a resurgence of COVID-19 occur it could result in additional disruptions that could impact the Company’s business and operations in the future, including intermittent restrictions on the ability of Company personnel to travel and access customers for selling, marketing, training, case support and product development feedback, delays in approvals by regulatory bodies, delays in product development efforts, and additional government requirements or other incremental mitigation efforts that may further impact its capacity to manufacture, sell and support the use of its products.</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-style:italic;font-weight:700;line-height:107%">The War in Ukraine</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%">The ongoing war between Russia and Ukraine and the related sanctions and other penalties imposed by countries across the globe against Russia are continuing to create substantial uncertainty in the global economy and have contributed to heightened inflation and supply chain disruptions. While the Company does not have operations in Russia or Ukraine and does not have exposure to distributors, or third-party service providers in Russia or Ukraine, it is unable to predict the ultimate impact that these actions will have on the global economy or on its financial condition, results of operations, and cash flows as of the date of these condensed consolidated financial statements.</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, 2023, 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%">$407.5 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 $7.5 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, 2023. The Company had cash and cash equivalents of $61.8 million and investments of $77.4 million as of March 31, 2023. The Company expects that cash from the sales of its products and existing cash, cash equivalents, investments, and available borrowing capacity will be sufficient to support the Company’s current operations through at least 12 months from the issuance of these condensed consolidated financial statements. If revenues decline for a sustained period, the Company may need to access additional capital; however, the Company may not be able to obtain additional financing on acceptable terms or at all. The terms of any additional financing may adversely affect the holdings or the rights of the Company’s shareholders.</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%">Concentration of Credit Risk </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%">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents and investments in marketable debt securities. The Company may maintain deposits in financial institutions in excess of the insurance coverage offered by the Federal Deposit Insurance Corporation (“FDIC”), the loss of which could have a negative effect on our operations and liquidity. The Company is closely monitoring ongoing events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or other companies in the financial services industry or the financial services industry generally. The Company believes that it is not exposed to significant credit risk as its deposits, including cash and cash equivalents, are held at multiple high credit quality financial institutions. The Company has not experienced any losses on these deposits; however no assurances can be provided that there will not be losses experienced in the future. The Company believes that the market risk arising from its holdings of these financial instruments is mitigated based on the fact that many of these securities are either government-backed or of high credit rating.</span></div>
CY2023Q1	vcel	Number Of Products NumberOfProducts	3	product
CY2023Q1	us-gaap	Number Of Reportable Segments NumberOfReportableSegments	1	segment
CY2023Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-407500000	usd
CY2023Q1	us-gaap	Net Income Loss NetIncomeLoss	-7500000	usd
CY2023Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	61800000	usd
CY2023Q1	us-gaap	Investments Investments	77400000	usd
CY2023Q1	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<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%">Concentration of Credit Risk </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%">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents and investments in marketable debt securities. The Company may maintain deposits in financial institutions in excess of the insurance coverage offered by the Federal Deposit Insurance Corporation (“FDIC”), the loss of which could have a negative effect on our operations and liquidity. The Company is closely monitoring ongoing events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or other companies in the financial services industry or the financial services industry generally. The Company believes that it is not exposed to significant credit risk as its deposits, including cash and cash equivalents, are held at multiple high credit quality financial institutions. The Company has not experienced any losses on these deposits; however no assurances can be provided that there will not be losses experienced in the future. The Company believes that the market risk arising from its holdings of these financial instruments is mitigated based on the fact that many of these securities are either government-backed or of high credit rating.</span></div>
CY2023Q1	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 condensed consolidated financial statements 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 condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. 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. </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 as of December 31, 2022 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 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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 23, 2023 (“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="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 three months ended March 31, 2023. </span><span style="color:#222222;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company considers the applicability and impact of any recent Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). Based on the assessment, the ASUs were determined to be either not applicable or are expected to have minimal impact on the Company’s condensed consolidated financial statements.</span></div>
CY2023Q1	vcel	Number Of Contracted Specialty Pharmacies NumberOfContractedSpecialtyPharmacies	2	pharmacy
CY2023Q1	us-gaap	Allowance For Doubtful Other Receivables Current AllowanceForDoubtfulOtherReceivablesCurrent	7100000	usd
CY2022Q4	us-gaap	Allowance For Doubtful Other Receivables Current AllowanceForDoubtfulOtherReceivablesCurrent	6100000	usd
CY2023Q1	vcel	Revenue Revenue Recognized Changein Uncollectible Analysis Percentage RevenueRevenueRecognizedChangeinUncollectibleAnalysisPercentage	0.0050
CY2023Q1	vcel	Revenue Revenue Recognized Effect Of0.5 Change In The Estimated Uncollectible Percentage Amount RevenueRevenueRecognizedEffectOf0.5ChangeInTheEstimatedUncollectiblePercentageAmount	300000	usd
CY2023Q1	us-gaap	Revenues Revenues	41017000	usd
CY2022Q1	us-gaap	Revenues Revenues	36074000	usd
CY2023Q1	us-gaap	Inventory Raw Materials InventoryRawMaterials	14264000	usd
CY2022Q4	us-gaap	Inventory Raw Materials InventoryRawMaterials	15101000	usd
CY2023Q1	us-gaap	Inventory Work In Process InventoryWorkInProcess	1043000	usd
CY2022Q4	us-gaap	Inventory Work In Process InventoryWorkInProcess	832000	usd
CY2023Q1	us-gaap	Inventory Finished Goods InventoryFinishedGoods	63000	usd
CY2022Q4	us-gaap	Inventory Finished Goods InventoryFinishedGoods	53000	usd
CY2023Q1	us-gaap	Inventory Net InventoryNet	15370000	usd
CY2022Q4	us-gaap	Inventory Net InventoryNet	15986000	usd
CY2023Q1	us-gaap	Finance Lease Right Of Use Asset Before Accumulated Amortization FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization	28000	usd
CY2022Q4	us-gaap	Finance Lease Right Of Use Asset Before Accumulated Amortization FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization	37000	usd
CY2023Q1	us-gaap	Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization	37399000	usd
CY2022Q4	us-gaap	Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization	34139000	usd
CY2023Q1	us-gaap	Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization	19202000	usd
CY2022Q4	us-gaap	Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization	18302000	usd
CY2023Q1	us-gaap	Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	18197000	usd
CY2022Q4	us-gaap	Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	15837000	usd
CY2023Q1	us-gaap	Depreciation Depreciation	1000000	usd
CY2022Q1	us-gaap	Depreciation Depreciation	900000	usd
CY2023Q1	us-gaap	Accrued Bonuses Current AccruedBonusesCurrent	3588000	usd
CY2022Q4	us-gaap	Accrued Bonuses Current AccruedBonusesCurrent	7132000	usd
CY2023Q1	us-gaap	Employee Related Liabilities Current EmployeeRelatedLiabilitiesCurrent	2739000	usd
CY2022Q4	us-gaap	Employee Related Liabilities Current EmployeeRelatedLiabilitiesCurrent	3101000	usd
CY2023Q1	us-gaap	Accrued Insurance Current AccruedInsuranceCurrent	5769000	usd
CY2022Q4	us-gaap	Accrued Insurance Current AccruedInsuranceCurrent	5030000	usd
CY2023Q1	vcel	Accrued Expenses Other Current AccruedExpensesOtherCurrent	1015000	usd
CY2022Q4	vcel	Accrued Expenses Other Current AccruedExpensesOtherCurrent	927000	usd
CY2023Q1	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	13111000	usd
CY2022Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	16190000	usd
CY2022Q1	us-gaap	Short Term Lease Cost ShortTermLeaseCost	100000	usd
CY2023Q1	us-gaap	Short Term Lease Cost ShortTermLeaseCost	100000	usd
CY2023Q1	us-gaap	Operating Lease Expense OperatingLeaseExpense	1700000	usd
CY2022Q1	us-gaap	Operating Lease Expense OperatingLeaseExpense	1700000	usd
CY2023Q1	us-gaap	Finance Lease Interest Expense FinanceLeaseInterestExpense	100000	usd
CY2022Q1	us-gaap	Finance Lease Interest Expense FinanceLeaseInterestExpense	100000	usd
CY2023Q1	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	40851000	usd
CY2022Q4	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	41535000	usd
CY2023Q1	us-gaap	Finance Lease Right Of Use Asset FinanceLeaseRightOfUseAsset	28000	usd
CY2022Q4	us-gaap	Finance Lease Right Of Use Asset FinanceLeaseRightOfUseAsset	37000	usd
CY2023Q1	vcel	Right Of Use Asset RightOfUseAsset	40879000	usd
CY2022Q4	vcel	Right Of Use Asset RightOfUseAsset	41572000	usd
CY2023Q1	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	4497000	usd
CY2022Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	4302000	usd
CY2023Q1	us-gaap	Finance Lease Liability Current FinanceLeaseLiabilityCurrent	20000	usd
CY2022Q4	us-gaap	Finance Lease Liability Current FinanceLeaseLiabilityCurrent	41000	usd
CY2023Q1	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	42365000	usd
CY2022Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	43268000	usd
CY2023Q1	vcel	Lease Liability Noncurrent LeaseLiabilityNoncurrent	46882000	usd
CY2022Q4	vcel	Lease Liability Noncurrent LeaseLiabilityNoncurrent	47611000	usd
CY2023Q1	us-gaap	Available For Sale Debt Securities Amortized Cost Basis AvailableForSaleDebtSecuritiesAmortizedCostBasis	77983000	usd
CY2023Q1	us-gaap	Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax	5000	usd
CY2023Q1	us-gaap	Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax	636000	usd
CY2023Q1	us-gaap	Debt Securities Available For Sale Allowance For Credit Loss DebtSecuritiesAvailableForSaleAllowanceForCreditLoss	0	usd
CY2023Q1	us-gaap	Available For Sale Securities Debt Securities AvailableForSaleSecuritiesDebtSecurities	77352000	usd
CY2023Q1	us-gaap	Available For Sale Securities Debt Securities AvailableForSaleSecuritiesDebtSecurities	77352000	usd
CY2022Q4	us-gaap	Available For Sale Debt Securities Amortized Cost Basis AvailableForSaleDebtSecuritiesAmortizedCostBasis	89411000	usd
CY2022Q4	us-gaap	Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax	0	usd
CY2022Q4	us-gaap	Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax	978000	usd
CY2022Q4	us-gaap	Debt Securities Available For Sale Allowance For Credit Loss DebtSecuritiesAvailableForSaleAllowanceForCreditLoss	0	usd
CY2022Q4	us-gaap	Available For Sale Securities Debt Securities AvailableForSaleSecuritiesDebtSecurities	88433000	usd
CY2022Q4	us-gaap	Available For Sale Securities Debt Securities AvailableForSaleSecuritiesDebtSecurities	88433000	usd
CY2023Q1	vcel	Debt Securities Available For Sale Contractual Maturity Period DebtSecuritiesAvailableForSaleContractualMaturityPeriod	P3Y
CY2022	vcel	Debt Securities Available For Sale Contractual Maturity Period DebtSecuritiesAvailableForSaleContractualMaturityPeriod	P3Y
CY2022Q1	us-gaap	Asset Impairment Charges AssetImpairmentCharges	0	usd
CY2023Q1	us-gaap	Asset Impairment Charges AssetImpairmentCharges	0	usd
CY2023Q1	us-gaap	Net Income Loss NetIncomeLoss	-7495000	usd
CY2022Q1	us-gaap	Net Income Loss NetIncomeLoss	-7091000	usd
CY2023Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	47387000	shares
CY2022Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	46985000	shares
CY2023Q1	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	0	shares
CY2022Q1	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	0	shares
CY2023Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	47387000	shares
CY2022Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	46985000	shares
CY2023Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.16
CY2022Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.15
CY2023Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.16
CY2022Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.15

Files In Submission

Name	View Source	Status
vcel-20230331_cal.xml	Edgar Link	unprocessable
0001628280-23-017039-index-headers.html	Edgar Link	pending
0001628280-23-017039-index.html	Edgar Link	pending
0001628280-23-017039.txt	Edgar Link	pending
0001628280-23-017039-xbrl.zip	Edgar Link	pending
ex311ceocertificationq12023.htm	Edgar Link	pending
ex312cfocertificationq12023.htm	Edgar Link	pending
ex321ceoandcfosoxcertifica.htm	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
MetaLinks.json	Edgar Link	pending
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
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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-20230331.htm	Edgar Link	pending
vcel-20230331.xsd	Edgar Link	pending
vcel-20230331_def.xml	Edgar Link	unprocessable
vcel-20230331_lab.xml	Edgar Link	unprocessable
vcel-20230331_pre.xml	Edgar Link	unprocessable
vcel-20230331_htm.xml	Edgar Link	completed

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$VCEL
Vericel Corp Stock $vcel

2023 Q2 Form 10-Q Financial Statement

#000162828023017039 Filed on May 10, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$VCEL Vericel Corp Stock $vcel

2023 Q2 Form 10-Q Financial Statement

#000162828023017039 Filed on May 10, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$VCEL
Vericel Corp Stock $vcel