Vericel (VCEL) FY2023 results: revenue $198 million, up 20.2% on the year

Vericel Corp. (VCEL) reported revenue of $198 million for fiscal 2023, the year ended 31 December 2023, up 20.2% on the year before. Net income was -$3 million, and diluted earnings per share $-0.07. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$198 million

+20.2% on the year

FY2016FY2023

Operating margin

-3.3%

-10.4% a year earlier

FY2016FY2023

Net income

-$3 million

FY2016FY2023

Diluted EPS

-$0.07

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	198	164	156	+20.2%
Cost of revenue	61.9	54.6	50.2	+13.5%
Gross profit	136	110	106	+23.5%
Gross margin	68.6%	66.8%	67.9%
Research and development	21.0	19.9	16.3	+5.5%
Selling, general and administrative	121	107	97.6	+13.2%
Operating income	-6.5	-17.1	-7.9
Operating margin	-3.3%	-10.4%	-5.0%
Interest expense	0.6	0.4	0.0	+63.9%
Pre-tax income	-2.4	-16.0	-7.6
Income tax	0.8	0.7	-0.1	+12.9%
Net income	-3.2	-16.7	-7.5
Net margin	-1.6%	-10.2%	-4.8%
Diluted EPS	-$0.07	-$0.35	-$0.16

$ million except per share.

Free 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	35.3	17.7	29.0	+99.6%
Capital expenditure	20.0	7.6	7.9	+163.5%
Free cash flow	15.3	10.1	21.1	+51.6%
Free cash flow margin	7.7%	6.1%	13.5%
Cash from investing	-3.1	-36.2	-3.5
Cash from financing	3.6	1.0	9.2	+246.2%
Depreciation and amortisation	4.6	4.0	3.0	+16.4%
Share-based compensation	32.3	37.2	34.3	-13.1%
Diluted shares, weighted	48m	47m	46m	+1.0%
Shares outstanding at period end	48m	47m	47m	+1.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	226	192	170	+17.5%
Debt	0.0	0.0	0.0
Operating lease liabilities	81.9	43.3	47.1	+89.2%
Finance lease liabilities	0.0	0.0	0.0
Other liabilities	45.8	37.5	26.1	+22.4%
Total liabilities and equity	354	273	244	+29.5%
Intangible assets	6.9	7.5	0.0	-8.3%
Investments	65.8	88.4	60.8	-25.6%
Cash and equivalents	69.1	51.1	68.3	+35.3%
Receivables	58.4	46.5	37.4	+25.4%
Inventory	13.1	16.0	13.4	-18.1%
Other assets	140	63.5	63.8	+121.3%
Total assets	354	273	244	+29.5%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.