VCELVericel Corp

Biological Products, (no Diagnostic Substances)

Revenue: $276M; 16% YoY
Operating margin: 4.0%; 110% YoY
EBITDA: $23M; 125% YoY
Market cap: $2.1B
Employees: 40,000; $7K revenue each
Net debt / EBITDA: -5.0×; −$112M net debt
AI in 10-K: 2.5; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
314% of net income
Cash flow under 80% of net income
Dilutive SBCYes
14% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
79% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$7K · 21st pct
Bottom quartile of its SIC industry
Quiet on AINo
2.5 per 10K words · 63rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 5.0× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$153M	$164M	$198M	$237M	$276M	16%
Operating income	−$8M	−$17M	−$6M	$5M	$11M	144%
Net income	−$7M	−$17M	−$3M	$10M	$17M	59%
Operating cash flow	$29M	$18M	$35M	$58M	$52M	11%
Capex	$8M	$8M	$20M	$64M	$27M	58%
Stock-based comp	$34M	$37M	$32M	$36M	$39M	6.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $8M · 34
Net: −$8M

Pay vs performance

No pay-versus-performance disclosure yet.