Vericel (VCEL) FY2020 results: revenue $124 million, up 5.4% on the year
Vericel Corp. (VCEL) reported revenue of $124 million for fiscal 2020, the year ended 31 December 2020, up 5.4% on the year before. Net income was $3 million, and diluted earnings per share $0.06. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$124 million
+5.4% on the year
FY2013FY2020
Operating margin
1.9%
-9.5% a year earlier
FY2013FY2020
Net income
$3 million
FY2013FY2020
Diluted EPS
$0.06
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
124
118
90.9
+5.4%
Cost of revenue
40.0
37.6
32.2
+6.3%
Gross profit
84.2
80.3
58.7
+4.9%
Gross margin
67.8%
68.1%
64.6%
Research and development
13.0
30.4
13.6
-57.2%
Selling, general and administrative
68.8
61.1
49.0
+12.6%
Operating income
2.4
-11.3
-3.9
Operating margin
1.9%
-9.5%
-4.3%
Interest expense
0.0
0.0
0.0
-25.0%
Pre-tax income
3.0
-9.7
-8.1
Income tax
0.2
0.0
0.0
Effective tax rate
5.9%
n/a
n/a
Net income
2.9
-9.7
-8.1
Net margin
2.3%
-8.2%
-9.0%
Diluted EPS
$0.06
-$0.22
-$0.20
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
17.6
-7.2
-0.4
Capital expenditure
2.6
2.6
2.7
+0.4%
Free cash flow
14.9
-9.8
-3.1
Free cash flow margin
12.0%
-8.3%
-3.4%
Cash from investing
-17.2
10.6
-67.0
Cash from financing
6.4
5.3
58.9
+22.5%
Depreciation and amortisation
2.4
1.7
1.4
+40.2%
Share-based compensation
13.8
13.2
7.2
+5.0%
Diluted shares, weighted
47m
44m
40m
+7.0%
Shares outstanding at period end
46m
45m
44m
+2.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
134
111
102
+20.9%
Debt
0.0
0.0
n/a
Operating lease liabilities
48.8
22.2
0.0
+119.4%
Finance lease liabilities
0.1
0.1
n/a
-30.9%
Other liabilities
22.5
19.8
16.5
+13.6%
Total liabilities and equity
206
153
119
+34.2%
Fixed assets
n/a
n/a
5.9
Investments
66.3
52.1
64.6
+27.3%
Cash and equivalents
33.6
26.9
18.3
+25.0%
Receivables
34.5
32.2
23.5
+7.3%
Inventory
9.4
6.8
3.6
+37.3%
Other assets
61.8
35.3
2.8
+75.2%
Total assets
206
153
119
+34.2%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.