2024 Q2 Form 10-Q Financial Statement
#000162828024021399 Filed on May 08, 2024
Income Statement
| Concept | 2024 Q2 | 2024 Q1 | 2023 Q1 |
|---|---|---|---|
| Revenue | $52.66M | $51.28M | $41.02M |
| YoY Change | 14.68% | 25.02% | 13.7% |
| Cost Of Revenue | $16.06M | $15.93M | $14.50M |
| YoY Change | 0.5% | 9.86% | 14.86% |
| Gross Profit | $36.60M | $35.35M | $26.52M |
| YoY Change | 22.24% | 33.31% | 13.08% |
| Gross Profit Margin | 69.5% | 68.94% | 64.66% |
| Selling, General & Admin | $35.27M | $34.40M | $29.49M |
| YoY Change | 15.07% | 16.67% | 14.0% |
| % of Gross Profit | 96.36% | 97.3% | 111.18% |
| Research & Development | $7.363M | $6.418M | $5.212M |
| YoY Change | 40.17% | 23.14% | 7.24% |
| % of Gross Profit | 20.12% | 18.15% | 19.65% |
| Depreciation & Amortization | $1.200M | $1.378M | $1.158M |
| YoY Change | 2.48% | 19.0% | 28.67% |
| % of Gross Profit | 3.28% | 3.9% | 4.37% |
| Operating Expenses | $42.63M | $40.82M | $34.70M |
| YoY Change | 18.75% | 17.64% | 12.93% |
| Operating Profit | -$6.031M | -$5.464M | -$8.177M |
| YoY Change | 1.17% | -33.18% | 12.43% |
| Interest Expense | $1.357M | $153.0K | $145.0K |
| YoY Change | 43.45% | 5.52% | 705.56% |
| % of Operating Profit | |||
| Other Income/Expense, Net | $1.349M | $1.602M | $682.0K |
| YoY Change | -27080.0% | 134.9% | 274.73% |
| Pretax Income | -$4.682M | -$3.862M | -$7.495M |
| YoY Change | -6.73% | -48.47% | 5.7% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$4.682M | -$3.862M | -$7.495M |
| YoY Change | -6.73% | -48.47% | 5.7% |
| Net Earnings / Revenue | -8.89% | -7.53% | -18.27% |
| Basic Earnings Per Share | -$0.10 | -$0.08 | -$0.16 |
| Diluted Earnings Per Share | -$0.10 | -$0.08 | -$0.16 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 48.60M shares | 48.29M shares | 47.36M shares |
| Diluted Shares Outstanding | 48.69M shares | 48.14M shares | 47.39M shares |
Balance Sheet
| Concept | 2024 Q2 | 2024 Q1 | 2023 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $102.5M | $110.6M | $119.3M |
| YoY Change | 4.78% | -7.23% | 18.63% |
| Cash & Equivalents | $50.29M | $62.90M | $61.80M |
| Short-Term Investments | $52.22M | $47.71M | $57.44M |
| Other Short-Term Assets | $6.432M | $7.775M | $4.540M |
| YoY Change | -80.41% | 71.26% | -10.86% |
| Inventory | $14.89M | $13.56M | $15.37M |
| Prepaid Expenses | |||
| Receivables | $48.00M | $49.93M | $38.36M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $197.4M | $189.7M | $177.5M |
| YoY Change | 7.94% | 6.86% | 16.9% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $146.1M | $130.1M | $59.05M |
| YoY Change | 48.37% | 120.29% | -0.09% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | $26.12M | $29.43M | $19.91M |
| YoY Change | 24.47% | 47.83% | -12.69% |
| Other Assets | $664.0K | $717.0K | $1.249M |
| YoY Change | -44.48% | -42.59% | 294.01% |
| Total Long-Term Assets | $179.5M | $166.9M | $87.55M |
| YoY Change | 40.37% | 90.68% | -0.97% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $197.4M | $189.7M | $177.5M |
| Total Long-Term Assets | $179.5M | $166.9M | $87.55M |
| Total Assets | $376.8M | $356.7M | $265.1M |
| YoY Change | 21.28% | 34.54% | 10.32% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $25.22M | $19.43M | $11.13M |
| YoY Change | 75.1% | 74.67% | 43.55% |
| Accrued Expenses | $12.86M | $11.03M | $13.11M |
| YoY Change | -39.33% | -15.9% | 21.48% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $20.00K | ||
| YoY Change | |||
| Total Short-Term Liabilities | $43.86M | $36.47M | $28.75M |
| YoY Change | 23.17% | 26.84% | 32.31% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $198.0K | $154.0K | $0.00 |
| YoY Change | -100.0% | ||
| Other Long-Term Liabilities | $198.0K | $154.0K | $42.37M |
| YoY Change | -99.74% | -99.64% | 222873.68% |
| Total Long-Term Liabilities | $198.0K | $154.0K | $42.37M |
| YoY Change | -99.74% | -99.64% | 222873.68% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $43.86M | $36.47M | $28.75M |
| Total Long-Term Liabilities | $198.0K | $154.0K | $42.37M |
| Total Liabilities | $133.9M | $122.8M | $71.12M |
| YoY Change | 19.75% | 72.62% | 4.89% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$411.7M | -$407.0M | -$407.5M |
| YoY Change | -0.19% | -0.12% | 4.39% |
| Common Stock | $655.0M | $641.2M | $602.1M |
| YoY Change | 7.01% | 6.49% | 6.86% |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $243.0M | $233.9M | $194.0M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $376.8M | $356.7M | $265.1M |
| YoY Change | 21.28% | 34.54% | 10.32% |
Cashflow Statement
| Concept | 2024 Q2 | 2024 Q1 | 2023 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$4.682M | -$3.862M | -$7.495M |
| YoY Change | -6.73% | -48.47% | 5.7% |
| Depreciation, Depletion And Amortization | $1.200M | $1.378M | $1.158M |
| YoY Change | 2.48% | 19.0% | 28.67% |
| Cash From Operating Activities | $18.53M | $7.202M | $7.860M |
| YoY Change | 81.79% | -8.37% | 126.64% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $16.76M | $14.02M | $1.413M |
| YoY Change | 299.45% | 892.0% | -54.14% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | -$958.0K | -$11.44M | $11.71M |
| YoY Change | -153.58% | -197.63% | -254.36% |
| Cash From Investing Activities | -$17.72M | -$25.45M | $2.800M |
| YoY Change | 635.84% | -1009.0% | -126.24% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 4.296M | $2.126M | $107.0K |
| YoY Change | 259.5% | 1886.92% | -78.73% |
| NET CHANGE | |||
| Cash From Operating Activities | 18.53M | $7.202M | $7.860M |
| Cash From Investing Activities | -17.72M | -$25.45M | $2.800M |
| Cash From Financing Activities | 4.296M | $2.126M | $107.0K |
| Net Change In Cash | 5.112M | -$16.12M | $10.77M |
| YoY Change | -43.09% | -249.75% | -260.75% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $18.53M | $7.202M | $7.860M |
| Capital Expenditures | $16.76M | $14.02M | $1.413M |
| Free Cash Flow | $1.774M | -$6.815M | $6.447M |
| YoY Change | -70.43% | -205.71% | 1565.89% |
Facts In Submission
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|---|---|---|---|---|
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Type Of Cost Good Or Service Extensible List
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Common Stock Shares Issued
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Common Stock Shares Outstanding
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Revenues
Revenues
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Revenues
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Cost Of Goods And Services Sold
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Gross Profit
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Gross Profit
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Research And Development Expense
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Selling General And Administrative Expense
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Operating Expenses
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Investment Income Interest
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Interest Expense
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Interest Expense
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Other Nonoperating Expense
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Net Income Loss
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Earnings Per Share Basic
EarningsPerShareBasic
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-0.08 | |
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Earnings Per Share Diluted
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Earnings Per Share Diluted
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-0.16 | |
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Earnings Per Share Basic
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-0.16 | |
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Weighted Average Number Of Shares Outstanding Basic
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Weighted Average Number Of Diluted Shares Outstanding
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Net Income Loss
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Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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|
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Net Income Loss
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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Stock Issued During Period Value Stock Options Exercised
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Stock Issued During Period Value Employee Stock Purchase Plan
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Adjustments Related To Tax Withholding For Share Based Compensation
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Stockholders Equity
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Stockholders Equity
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Net Income Loss
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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Adjustments Related To Tax Withholding For Share Based Compensation
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Net Income Loss
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Net Income Loss
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Depreciation Depletion And Amortization
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Share Based Compensation
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Accretion Amortization Of Discounts And Premiums Investments
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Accretion Amortization Of Discounts And Premiums Investments
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Amortization Of Financing Costs
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Amortization Of Financing Costs
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| CY2024Q1 | us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
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| CY2023Q1 | us-gaap |
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OtherNoncashIncomeExpense
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OtherNoncashIncomeExpense
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Increase Decrease In Inventories
IncreaseDecreaseInInventories
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IncreaseDecreaseInOtherCurrentAssets
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Increase Decrease In Accounts Payable
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IncreaseDecreaseInAccountsPayable
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| CY2023Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
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Net Cash Provided By Used In Operating Activities
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| CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
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| CY2023Q1 | us-gaap |
Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
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Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
|
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| CY2023Q1 | us-gaap |
Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
|
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| CY2024Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
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| CY2023Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
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| CY2024Q1 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
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| CY2023Q1 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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| CY2024Q1 | us-gaap |
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| CY2023Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
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| CY2024Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
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| CY2023Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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| CY2024Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
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| CY2023Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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Proceeds From Payments For Other Financing Activities
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Proceeds From Payments For Other Financing Activities
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| CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
107000 | usd |
| CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-16124000 | usd |
| CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
10767000 | usd |
| CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
86866000 | usd |
| CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
51067000 | usd |
| CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
70742000 | usd |
| CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
61834000 | usd |
| CY2024Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
|
1991000 | usd |
| CY2023Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
|
419000 | usd |
| CY2024Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
12115000 | usd |
| CY2023Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
2282000 | usd |
| CY2024Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
62938000 | usd |
| CY2023Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
61834000 | usd |
| CY2024Q1 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
7804000 | usd |
| CY2023Q1 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
0 | usd |
| CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
70742000 | usd |
| CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
61834000 | usd |
| CY2024Q1 | 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 leading provider of 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”) for North American rights to NexoBrid (anacaulase-bcdb), a topically administered biological orphan product containing proteolytic enzymes, which is indicated for the removal of eschar in adults with deep partial-thickness and/or full thickness thermal burns. Following the FDA’s approval of a Biologics License Application for NexoBrid on December 28, 2022, the Company began commercial sales of NexoBrid in the U.S. during the third quarter of 2023. 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 conditions. </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 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: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><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%">The War in Israel and Gaza</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%">In May 2019, the Company entered into exclusive license and supply agreements with MediWound, under which MediWound manufactures and supplies NexoBrid to the U.S. market on a unit price basis. MediWound develops and manufactures NexoBrid, in part, at its facilities in Yavne, Israel.</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 monitor the ongoing conflict in Israel and is in close communication with MediWound leadership. MediWound’s NexoBrid manufacturing operations are continuing and, as of the date of this disclosure, MediWound does not anticipate a disruption to its ongoing supply of commercial NexoBrid to the United States. To the extent the war between Israel and Hamas intensifies or expands to include additional countries or militant groups in the region and MediWound’s facilities in Israel are damaged or destroyed, travel to and from Israel is halted or inhibited, or significant key MediWound operational personnel are called to military service, MediWound’s ability to continue to supply NexoBrid to the U.S. market could be disrupted.</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="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 March 31, 2024, the Company had an accumulated deficit of $407.0 million and had a net loss of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$3.9 million</span><span style="color:#222222;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 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, 2024. The Company had cash and cash equivalents of $62.9 million and investments of $77.1 million as of March 31, 2024. The Company expects that cash from the sales of its products and existing cash, cash equivalents, investments, and available borrowing capacity will be sufficient</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> to support the Company’s current operations through at least 12 months from the issuance of these condensed consolidated </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%">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, the loss of which could have a negative effect on its operations and liquidity. 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> | |
| CY2024Q1 | vcel |
Number Of Products
NumberOfProducts
|
3 | product |
| CY2024Q1 | us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
1 | segment |
| CY2024Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-407000000 | usd |
| CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-3900000 | usd |
| CY2024Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
62900000 | usd |
| CY2024Q1 | us-gaap |
Investments
Investments
|
77100000 | usd |
| CY2024Q1 | 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, the loss of which could have a negative effect on its operations and liquidity. 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> | |
| CY2024Q1 | 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:112%">The condensed consolidated balance sheet as of December 31, 2023 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:112%">ondensed consolidated financial statements</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> 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, 2023, as filed with the SEC on February 29, 2024 (“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, 2024. </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”), as noted below:</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">November 2023</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the FASB issued ASU 2023-07, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The disclosure requirements must be applied retrospectively to all prior periods presented in the financial statements. The effective date for the standard is for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">December 15, 2024</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, with early adoption permitted. The Company is currently evaluating the effects adoption of this guidance will have on the consolidated financial statements.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">December 2023,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> the FASB issued ASU 2023-09</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Improvements to Income Tax Disclosures</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, to provide more detailed income tax disclosure requirements. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the standard is for fiscal years beginning after </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">December 15, 2024, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">with early adoption permitted. The Company is currently evaluating the effects adoption of this guidance will have on the consolidated financial statements.</span></div> | |
| CY2024Q1 | vcel |
Number Of Contracted Specialty Pharmacies
NumberOfContractedSpecialtyPharmacies
|
2 | pharmacy |
| CY2024Q1 | us-gaap |
Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
|
5300000 | usd |
| CY2023Q4 | us-gaap |
Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
|
5600000 | usd |
| CY2024Q1 | vcel |
Revenue Revenue Recognized Changein Uncollectible Analysis Percentage
RevenueRevenueRecognizedChangeinUncollectibleAnalysisPercentage
|
0.0050 | |
| CY2024Q1 | vcel |
Revenue Revenue Recognized Effect Of0.5 Change In The Estimated Uncollectible Percentage Amount
RevenueRevenueRecognizedEffectOf0.5ChangeInTheEstimatedUncollectiblePercentageAmount
|
400000 | usd |
| CY2024Q1 | us-gaap |
Revenues
Revenues
|
51281000 | usd |
| CY2023Q1 | us-gaap |
Revenues
Revenues
|
41017000 | usd |
| CY2024Q1 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
10858000 | usd |
| CY2023Q4 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
11348000 | usd |
| CY2024Q1 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
1745000 | usd |
| CY2023Q4 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
1210000 | usd |
| CY2024Q1 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
954000 | usd |
| CY2023Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
529000 | usd |
| CY2024Q1 | us-gaap |
Inventory Net
InventoryNet
|
13557000 | usd |
| CY2023Q4 | us-gaap |
Inventory Net
InventoryNet
|
13087000 | usd |
| CY2024Q1 | us-gaap |
Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
|
79820000 | usd |
| CY2023Q4 | us-gaap |
Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
|
63841000 | usd |
| CY2024Q1 | us-gaap |
Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
|
23428000 | usd |
| CY2023Q4 | us-gaap |
Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
|
22206000 | usd |
| CY2024Q1 | us-gaap |
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
|
56392000 | usd |
| CY2023Q4 | us-gaap |
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
|
41635000 | usd |
| CY2024Q1 | us-gaap |
Depreciation
Depreciation
|
1200000 | usd |
| CY2023Q1 | us-gaap |
Depreciation
Depreciation
|
1000000 | usd |
| CY2024Q1 | us-gaap |
Accrued Bonuses Current
AccruedBonusesCurrent
|
3932000 | usd |
| CY2023Q4 | us-gaap |
Accrued Bonuses Current
AccruedBonusesCurrent
|
9757000 | usd |
| CY2024Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
3394000 | usd |
| CY2023Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
3503000 | usd |
| CY2024Q1 | us-gaap |
Accrued Insurance Current
AccruedInsuranceCurrent
|
3385000 | usd |
| CY2023Q4 | us-gaap |
Accrued Insurance Current
AccruedInsuranceCurrent
|
3591000 | usd |
| CY2024Q1 | vcel |
Accrued Expenses Other Current
AccruedExpensesOtherCurrent
|
315000 | usd |
| CY2023Q4 | vcel |
Accrued Expenses Other Current
AccruedExpensesOtherCurrent
|
364000 | usd |
| CY2024Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
11026000 | usd |
| CY2023Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
17215000 | usd |
| CY2024Q1 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
100000 | usd |
| CY2023Q1 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
100000 | usd |
| CY2024Q1 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
3200000 | usd |
| CY2023Q1 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
1700000 | usd |
| CY2023Q1 | us-gaap |
Finance Lease Interest Expense
FinanceLeaseInterestExpense
|
100000 | usd |
| CY2024Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
73682000 | usd |
| CY2023Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
73462000 | usd |
| CY2024Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
6012000 | usd |
| CY2023Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
6187000 | usd |
| CY2024Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
86141000 | usd |
| CY2023Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
81856000 | usd |
| CY2024Q1 | vcel |
Lease Liability Noncurrent
LeaseLiabilityNoncurrent
|
92153000 | usd |
| CY2023Q4 | vcel |
Lease Liability Noncurrent
LeaseLiabilityNoncurrent
|
88043000 | usd |
| CY2024Q1 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
77385000 | usd |
| CY2024Q1 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
0 | usd |
| CY2024Q1 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
242000 | usd |
| CY2024Q1 | us-gaap |
Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
|
0 | usd |
| CY2024Q1 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
77143000 | usd |
| CY2024Q1 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
77143000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
65852000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
1000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
101000 | usd |
| CY2023Q4 | us-gaap |
Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
|
0 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
65752000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
65752000 | usd |
| CY2023 | vcel |
Debt Securities Available For Sale Contractual Maturity Period
DebtSecuritiesAvailableForSaleContractualMaturityPeriod
|
P3Y | |
| CY2024Q1 | vcel |
Debt Securities Available For Sale Contractual Maturity Period
DebtSecuritiesAvailableForSaleContractualMaturityPeriod
|
P3Y | |
| CY2024Q1 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
0 | usd |
| CY2023Q1 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
0 | usd |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
507162 | shares |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
467957 | shares |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
28.21 | |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
18.00 | |
| CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-3862000 | usd |
| CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7495000 | usd |
| CY2024Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
48141000 | shares |
| CY2023Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
47387000 | shares |
| CY2024Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
0 | shares |
| CY2023Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
0 | shares |
| CY2024Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
48141000 | shares |
| CY2023Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
47387000 | shares |
| CY2024Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.08 | |
| CY2023Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.16 | |
| CY2024Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.08 | |
| CY2023Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.16 | |
| CY2024Q1 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
| CY2024Q1 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
| CY2024Q1 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false |
