VCEL on Nasdaq
Vericel
American biopharmaceutical company
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.3 From Wikipedia, CC BY-SA 4.0
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Last updated Oct 18, 2026.
Overview
1989Founded1
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- TickerVCEL on Nasdaq1
- Industrybiotechnology1
- HeadquartersCambridge1
- Websitewww.vcel.com
- Incorporated inMI4
- Business address25 Blue Sky Drive, Burlington, Ma 018034
- Filer categoryLarge accelerated filer4
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Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
74.4%Gross margin5
4.0%Operating margin5
6.0%Net margin5
16.5%Revenue growth, 20255
4.7%Return on equity5
$24.7MFree cash flow5
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue25¢$70.7M
- Research and development10¢$27.6M
- Selling, general and admin59¢$167.0M
- Income tax0¢$859.0K
- Profit6¢$16.5M
Out of $276.3M in revenue.5
Where each dollar of operating cash went, fiscal 2025
- Capital spending52¢$27.2M
- Kept or used elsewhere48¢$24.7M
Out of $51.9M of cash from operations.5
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Product sales, net | $276.3M | $237.2M | $197.5M |
| Other revenue | $0 | $0 | $0 |
| Total revenue | $276.3M | $237.2M | $197.5M |
| Cost of product sales | $70.7M | $65.1M | $61.9M |
| Gross profit | $205.6M | $172.1M | $135.6M |
| Research and development | $27.6M | $24.8M | $21.0M |
| Selling, general and administrative | $167.0M | $142.8M | $121.0M |
| Total operating expenses | $194.6M | $167.6M | $142.0M |
| Income (loss) from operations | $11.0M | $4.5M | -$6.5M |
| Interest income | $7.0M | $6.4M | $4.6M |
| Interest expense | -$630.0K | -$614.0K | -$600.0K |
| Other (expense) income | -$44.0K | $195.0K | $64.0K |
| Total other income | $6.3M | $6.0M | $4.1M |
| Income (loss) before income taxes | $17.4M | $10.5M | -$2.4M |
| Income tax expense | $859.0K | $148.0K | $814.0K |
| Net income (loss) | $16.5M | $10.4M | -$3.2M |
| Basic (in USD per share) | $0.33 | $0.21 | -$0.07 |
| Diluted (in USD per share) | $0.32 | $0.20 | -$0.07 |
| Basic (in shares) | 50.3M shares | 48.8M shares | 47.6M shares |
| Diluted (in shares) | 52.2M shares | 51.7M shares | 47.6M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $100.1M | $74.5M | $69.1M | |
| Restricted cash | $0 | $10.5M | ||
| Short-term investments | $37.4M | $41.7M | ||
| Accounts receivable (net of allowance for doubtful accounts of $13 and $10, respectively) | $84.6M | $61.4M | ||
| Inventory | $17.6M | $17.4M | ||
| Other current assets | $7.7M | $7.3M | ||
| Total current assets | $247.4M | $212.8M | ||
| Property and equipment, net | $108.4M | $103.2M | ||
| Intangible assets, net | $5.6M | $6.2M | ||
| Right-of-use assets | $64.8M | $70.1M | ||
| Long-term investments | $61.4M | $39.9M | ||
| Other long-term assets | $341.0K | $556.0K | ||
| Total assets | $488.0M | $432.7M | ||
| Accounts payable | $15.8M | $23.8M | ||
| Accrued expenses | $19.2M | $17.1M | ||
| Current portion of operating lease liabilities | $14.0M | $9.3M | ||
| Other current liabilities | $116.0K | $116.0K | ||
| Total current liabilities | $49.1M | $50.3M | ||
| Operating lease liabilities | $82.3M | $89.6M | ||
| Other long-term liabilities | $1.9M | $876.0K | ||
| Total liabilities | $133.3M | $140.8M | ||
| Common stock, no par value; shares authorized 75,000; shares issued and outstanding 50,620 and 49,628, respectively | $730.7M | $684.8M | ||
| Accumulated other comprehensive gain | $275.0K | $4.0K | ||
| Accumulated deficit | -$376.3M | -$392.8M | ||
| Total shareholders equity | $354.6M | $292.0M | $226.0M | $192.3M |
| Total liabilities and shareholders equity | $488.0M | $432.7M | ||
| Allowance for doubtful accounts | $13.0K | $10.0K | ||
| Common stock, shares authorized (in shares) | 75.0M shares | 75.0M shares | ||
| Common stock, shares issued (in shares) | 50.6M shares | 49.6M shares | ||
| Common stock, shares outstanding (in shares) | 50.6M shares | 49.6M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $100.1M | $74.5M | $69.1M | |
| Restricted cash | $0 | $10.5M | ||
| Short-term investments | $37.4M | $41.7M | ||
| Accounts receivable (net of allowance for doubtful accounts of $13 and $10, respectively) | $84.6M | $61.4M | ||
| Inventory | $17.6M | $17.4M | ||
| Other current assets | $7.7M | $7.3M | ||
| Total current assets | $247.4M | $212.8M | ||
| Property and equipment, net | $108.4M | $103.2M | ||
| Intangible assets, net | $5.6M | $6.2M | ||
| Right-of-use assets | $64.8M | $70.1M | ||
| Long-term investments | $61.4M | $39.9M | ||
| Other long-term assets | $341.0K | $556.0K | ||
| Total assets | $488.0M | $432.7M | ||
| Accounts payable | $15.8M | $23.8M | ||
| Accrued expenses | $19.2M | $17.1M | ||
| Current portion of operating lease liabilities | $14.0M | $9.3M | ||
| Other current liabilities | $116.0K | $116.0K | ||
| Total current liabilities | $49.1M | $50.3M | ||
| Operating lease liabilities | $82.3M | $89.6M | ||
| Other long-term liabilities | $1.9M | $876.0K | ||
| Total liabilities | $133.3M | $140.8M | ||
| Common stock, no par value; shares authorized 75,000; shares issued and outstanding 50,620 and 49,628, respectively | $730.7M | $684.8M | ||
| Accumulated other comprehensive gain | $275.0K | $4.0K | ||
| Accumulated deficit | -$376.3M | -$392.8M | ||
| Total shareholders equity | $354.6M | $292.0M | $226.0M | $192.3M |
| Total liabilities and shareholders equity | $488.0M | $432.7M | ||
| Allowance for doubtful accounts | $13.0K | $10.0K | ||
| Common stock, shares authorized (in shares) | 75.0M shares | 75.0M shares | ||
| Common stock, shares issued (in shares) | 50.6M shares | 49.6M shares | ||
| Common stock, shares outstanding (in shares) | 50.6M shares | 49.6M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $16.5M | $10.4M | -$3.2M |
| Depreciation and amortization expense | $11.5M | $5.5M | $4.6M |
| Stock-based compensation expense | $38.8M | $36.5M | $32.3M |
| Amortization of premiums and discounts on marketable securities | -$183.0K | -$657.0K | -$824.0K |
| Amortization of debt issuance costs | $215.0K | $215.0K | $215.0K |
| Non-cash lease costs | $5.3M | $6.7M | $6.1M |
| Provision for excess and obsolete inventory | $1.0M | $0 | $0 |
| Other | $13.0K | $43.0K | $39.0K |
| Inventory | -$1.2M | -$4.3M | $2.9M |
| Accounts receivable | -$23.3M | -$3.0M | -$11.8M |
| Other current assets | -$457.0K | -$434.0K | -$1.7M |
| Accounts payable | $3.0M | -$287.0K | $3.0M |
| Accrued expenses | $2.2M | -$149.0K | $1.0M |
| Operating lease liabilities | -$2.6M | $7.5M | $2.5M |
| Other non-current assets and liabilities, net | $1.1M | $205.0K | $100.0K |
| Net cash provided by operating activities | $51.9M | $58.2M | $35.3M |
| Purchases of investments | -$72.4M | -$68.2M | -$55.2M |
| Sales and maturities of investments | $55.6M | $53.2M | $79.6M |
| Expenditures for property and equipment | -$27.2M | -$64.0M | -$20.0M |
| Purchases of intangible assets | $0 | $0 | -$7.5M |
| Net cash used in investing activities | -$43.9M | -$79.0M | -$3.1M |
| Net proceeds from common stock issuance | $13.9M | $24.5M | $6.0M |
| Payments on employee's behalf for taxes related to vesting of restricted stock unit awards | -$6.8M | -$5.5M | -$2.3M |
| Other | -$47.0K | $0 | -$41.0K |
| Net cash provided by financing activities | $7.1M | $19.1M | $3.6M |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $15.0M | -$1.8M | $35.8M |
| Right-of-use assets and operating lease liabilities recognized | $0 | $3.3M | $38.0M |
| Property and equipment obtained in exchange for financing lease liabilities | $0 | $686.0K | $0 |
| Additions to property and equipment included in accounts payable | $891.0K | $11.9M | $10.2M |
| Interest paid | $489.0K | $399.0K | $383.0K |
| Taxes paid | $580.0K | $628.0K | $1.2M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Vericel, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
19901995200020052010201520202025
- Chief executive officerDominick Colangelo Mar 8, 2013 to now13
- Chief executive officerDaniel Orlando Dec 14, 2012 to Dec 14, 201214
- Chief executive officerTimothy M. Mayleben Dec 16, 2009 to Aug 30, 201215
- Chief executive officerR. Douglas Armstrong Phd. Feb 14, 2006 to Jun 8, 200616
- Chief executive officerGeorge W. Dunbar Jr. Jul 19, 2006 to Nov 4, 200817
- ChairR. Douglas Armstrong Phd. Feb 14, 2006 to Jun 8, 200616
- PresidentDominick Colangelo Mar 8, 2013 to now13
- PresidentTimothy M. Mayleben Dec 16, 2009 to Aug 30, 201215
- PresidentGeorge W. Dunbar Jr. Jul 19, 2006 to Nov 4, 200817
- Chief financial officerJoseph Anthony Mara Jr. Jan 26, 2021 to now18
- Chief financial officerGerard J. Michel Jun 11, 2014 to Apr 3, 202019
- Chief financial officerScott Durbin Jun 8, 2010 to Jan 6, 201220
- Chief financial officerTimothy M. Mayleben Dec 16, 2009 to May 25, 201015
- Chief financial officerGerald Brennan Jr. Feb 16, 2006 to Dec 4, 200721
- Chief operating officerMichael Halpin Jun 18, 2019 to now22
- Chief operating officerDaniel Orlando Jan 8, 2014 to Feb 11, 202023
Board members and other officers (29)
- Chief Human Resources OfficerKaren Mahoney Feb 19, 2025 to now24
- Principal Accounting OfficerJonathan Siegal Mar 11, 2022 to now25
- Chief Medical OfficerJonathan Mark Hopper Feb 11, 2020 to now26
- VP and Corporate ControllerSandra Pennell Oct 2, 2020 to Oct 2, 202027
- ControllerMichael W. Elliston Aug 27, 2013 to Jan 8, 201428
- Vice PresidentSharon Watling Mar 23, 2011 to Jun 27, 201229
- Vice PresidentBrian Gibson Oct 24, 2011 to May 15, 201230
- VP Global Research & CSOJanet Mary Hock May 15, 2006 to May 15, 200631
- VP Product DevelopmentBrian Hampson Sep 11, 2006 to Sep 11, 200632
- VP Reg-Clinic Affairs &, QS.Robert Bard Sep 11, 2006 to Sep 11, 200633
- VP Medical AffiarsBurchardt Elmar Sep 21, 2006 to Sep 21, 200634
- VP Research & DevelopmentRonnda Bartel Oct 16, 2006 to Jun 27, 201235
- Board memberLisa Wright Jun 3, 2021 to now36
- Board memberKevin F. McLaughlin Jan 7, 2015 to now37
- Board memberPaul K. Wotton Jan 7, 2015 to now38
- Board memberSteven C. Gilman Jan 7, 2015 to Oct 18, 202439
- Board memberDominick Colangelo Mar 8, 2013 to now13
- Board memberHeidi Hagen Aug 27, 2013 to now40
- Board memberRonald M. Cresswell Oct 25, 2010 to May 3, 201341
- Board memberHarold C. Urschel Jr. Oct 20, 2009 to Oct 25, 201242
- Board memberRobert L. Zerbe Md. Jan 19, 2006 to now43
- Board memberNelson M. Sims Feb 13, 2006 to Mar 24, 201544
- Board memberStephen Sudovar May 22, 2006 to Oct 21, 200845
- Board memberGeorge W. Dunbar Jr. Jul 19, 2006 to Mar 15, 201046
- Board memberR. Douglas Armstrong Phd. Jul 19, 2006 to Jul 19, 200647
- Board memberAlan L. Rubino Nov 6, 2006 to now48
- Board memberSusan Wyant Nov 6, 2006 to Nov 8, 200749
- Board memberTimothy M. Mayleben Nov 7, 2006 to Aug 30, 201250
- General counselSean C. Flynn Feb 11, 2020 to now51
Former names
- AASTROM BIOSCIENCES INCNov 1, 1996 to Nov 14, 20144
Timeline
- Mar 8, 2013New chief executive Dominick Colangelo becomes CEO13
- Dec 14, 2012New chief executive Daniel Orlando becomes CEO14
- Dec 16, 2009New chief executive Timothy M. Mayleben becomes CEO15
- Jul 19, 2006New chief executive George W. Dunbar Jr. becomes CEO17
- Feb 14, 2006New chief executive R. Douglas Armstrong Phd. becomes CEO16
- 1989Founded Founded1
Filings
474 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 39 major events, 244 insider forms, 33 large holders, 138 other. The latest 20:
- Aug 14, 20264 EDGAR
- Aug 13, 2026SCHEDULE 13G/A EDGAR
- Aug 12, 2026144 EDGAR
- Aug 5, 20264 EDGAR
- Aug 3, 2026144 EDGAR
- Jul 31, 20264 EDGAR
- Jul 30, 2026144 EDGAR
- Jul 30, 202610-Q EDGAR
- Jul 30, 20268-K EDGAR
- Jun 30, 20264 EDGAR
- Jun 30, 20264 EDGAR
- Jun 30, 20264 EDGAR
- Jun 30, 20264 EDGAR
- Jun 26, 2026144 EDGAR
- Jun 26, 2026144 EDGAR
- Jun 26, 2026144 EDGAR
- Jun 26, 2026144 EDGAR
- Jun 22, 20264 EDGAR
- Jun 22, 20264 EDGAR
- Jun 18, 2026144 EDGAR
The 474 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 33 such filings since October 2021, the latest 10:
- Aug 13, 2026SCHEDULE 13G/A
- Apr 30, 2026SCHEDULE 13G
- Apr 1, 2026SCHEDULE 13G
- Mar 27, 2026SCHEDULE 13G/A
- Nov 12, 2025SCHEDULE 13G/A
- Nov 10, 2025SCHEDULE 13G
- May 15, 2025SCHEDULE 13G/A
- Feb 14, 2025SCHEDULE 13G/A
- Nov 14, 2024SC 13G/A
- Nov 14, 2024SC 13G/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Links
- Websitewww.vcel.com1
- WikipediaVericel
- WikidataQ19604609
- SEC EDGARCIK 887359
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataVericel on Wikidata
- 2SEC EDGARVericel filings on SEC EDGAR
- 3WikipediaVericel on Wikipedia
- 4SEC EDGARVericel filings on SEC EDGAR
- 5SEC EDGARVericel 10-K for fiscal 2025
- 6SEC EDGARVericel 10-K for fiscal 2019
- 7SEC EDGARVericel 10-K for fiscal 2020
- 8SEC EDGARVericel 10-K for fiscal 2021
- 9SEC EDGARVericel 10-K for fiscal 2022
- 10SEC EDGARVericel 10-Q for fiscal 2026
- 11SEC EDGARVericel 10-Q for fiscal 2026
- 12SEC EDGARVericel 10-K for fiscal 2019
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
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- 22
- 23
- 24
- 25
- 26
- 27
- 28SEC EDGARMichael W. Elliston, Controller
- 29SEC EDGARSharon Watling, Vice President
- 30SEC EDGARBrian Gibson, Vice President
- 31
- 32
- 33
- 34SEC EDGARBurchardt Elmar, VP Medical Affiars
- 35
- 36SEC EDGARLisa Wright, Board member
- 37SEC EDGARKevin F. McLaughlin, Board member
- 38SEC EDGARPaul K. Wotton, Board member
- 39SEC EDGARSteven C. Gilman, Board member
- 40SEC EDGARHeidi Hagen, Board member
- 41SEC EDGARRonald M. Cresswell, Board member
- 42SEC EDGARHarold C. Urschel Jr., Board member
- 43SEC EDGARRobert L. Zerbe Md., Board member
- 44SEC EDGARNelson M. Sims, Board member
- 45SEC EDGARStephen Sudovar, Board member
- 46SEC EDGARGeorge W. Dunbar Jr., Board member
- 47
- 48SEC EDGARAlan L. Rubino, Board member
- 49SEC EDGARSusan Wyant, Board member
- 50SEC EDGARTimothy M. Mayleben, Board member
- 51SEC EDGARSean C. Flynn, General counsel