Vericel Corp Files 10-Q for Period Ending March 31, 2024
Ticker: VCEL · Form: 10-Q · Filed: May 8, 2024 · CIK: 887359
Sentiment: neutral
Topics: 10-Q, Vericel Corp, Financial Report, SEC Filing, Quarterly Results
TL;DR
<b>Vericel Corp has submitted its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial information and business operations.</b>
AI Summary
Vericel Corp (VCEL) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Vericel Corp filed a 10-Q report on May 8, 2024, for the period ending March 31, 2024. The company's Central Index Key is 0000887359. Vericel Corp is incorporated in Michigan and its fiscal year ends on December 31. The filing includes data related to various financial statement members such as Common Stock, Accumulated Other Comprehensive Income, and Retained Earnings. Specific contract types like Fixed Price Contract and Time and Materials Contract are mentioned in relation to product segments.
Why It Matters
For investors and stakeholders tracking Vericel Corp, this filing contains several important signals. This 10-Q filing provides a detailed look at Vericel Corp's financial performance and position as of the first quarter of 2024, which is crucial for investors to assess the company's health and prospects. The report contains specific financial data and disclosures that are essential for understanding revenue streams, contractual obligations, and equity structure, enabling informed investment decisions.
Risk Assessment
Risk Level: low — Vericel Corp shows low risk based on this filing. The filing is a standard 10-Q report, which is a routine disclosure for publicly traded companies and does not contain immediate red flags or significant negative developments.
Analyst Insight
Investors should review the detailed financial statements and risk factors within the 10-Q to understand Vericel Corp's current financial standing and operational landscape.
Key Numbers
- 20240331 — Period of Report (The 10-Q covers this date)
- 20240508 — Filing Date (The 10-Q was filed on this date)
- 0000887359 — Central Index Key (Identifier for Vericel Corp)
- 2836 — Standard Industrial Classification (SIC code for Vericel Corp's industry)
- 943096597 — IRS Number (Tax identification number)
- 001-35280 — SEC File Number (SEC registration number)
- 24924446 — Film Number (SEC processing number)
- 02139 — ZIP Code (Business address ZIP code)
Key Players & Entities
- Vericel Corp (company) — Filer of the 10-Q report
- 0000887359 (company) — Central Index Key for Vericel Corp
- 20240331 (date) — Period of report for the 10-Q
- 20240508 (date) — Filing date of the 10-Q
- MI (location) — State of incorporation for Vericel Corp
- 1231 (date) — Fiscal year end for Vericel Corp
- AASTROM BIOSCIENCES INC (company) — Former company name of Vericel Corp
- 19960428 (date) — Date of name change from AASTROM BIOSCIENCES INC
FAQ
When did Vericel Corp file this 10-Q?
Vericel Corp filed this Quarterly Report (10-Q) with the SEC on May 8, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Vericel Corp (VCEL).
Where can I read the original 10-Q filing from Vericel Corp?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Vericel Corp.
What are the key takeaways from Vericel Corp's 10-Q?
Vericel Corp filed this 10-Q on May 8, 2024. Key takeaways: Vericel Corp filed a 10-Q report on May 8, 2024, for the period ending March 31, 2024.. The company's Central Index Key is 0000887359.. Vericel Corp is incorporated in Michigan and its fiscal year ends on December 31..
Is Vericel Corp a risky investment based on this filing?
Based on this 10-Q, Vericel Corp presents a relatively low-risk profile. The filing is a standard 10-Q report, which is a routine disclosure for publicly traded companies and does not contain immediate red flags or significant negative developments.
What should investors do after reading Vericel Corp's 10-Q?
Investors should review the detailed financial statements and risk factors within the 10-Q to understand Vericel Corp's current financial standing and operational landscape. The overall sentiment from this filing is neutral.
Key Dates
- 2024-03-31: Quarter End Date — The period covered by the 10-Q filing.
- 2024-05-08: Filing Date — The date the 10-Q was officially submitted to the SEC.
Filing Stats: 4,571 words · 18 min read · ~15 pages · Grade level 15.8 · Accepted 2024-05-08 08:59:38
Filing Documents
- vcel-20240331.htm (10-Q) — 874KB
- ex101vericelcorporation202.htm (EX-10.1) — 30KB
- ex311ceocertificationq12024.htm (EX-31.1) — 13KB
- ex312cfocertificationq12024.htm (EX-31.2) — 11KB
- ex321ceoandcfosoxcertifica.htm (EX-32.1) — 9KB
- 0001628280-24-021399.txt ( ) — 5230KB
- vcel-20240331.xsd (EX-101.SCH) — 34KB
- vcel-20240331_cal.xml (EX-101.CAL) — 60KB
- vcel-20240331_def.xml (EX-101.DEF) — 152KB
- vcel-20240331_lab.xml (EX-101.LAB) — 497KB
- vcel-20240331_pre.xml (EX-101.PRE) — 326KB
- vcel-20240331_htm.xml (XML) — 723KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited): 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Loss 5 Condensed Consolidated Statements of Shareholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 9
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 27
Controls and Procedures
Item 4. Controls and Procedures 28
— OTHER INFORMATION
PART II — OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 28
Risk Factors
Item 1A. Risk Factors 28
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 28
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 28
Other Information
Item 5. Other Information 28
Exhibits
Item 6. Exhibits 30 Exhibit Index 30
Signatures
Signatures 31 2 Table of Contents
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) VERICEL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, amounts in thousands) March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 62,938 $ 69,088 Restricted cash 7,804 17,778 Short-term investments 47,710 40,469 Accounts receivable (net of allowance for doubtful accounts of $ 87 and $ 43 , respectively) 49,934 58,356 Inventory 13,557 13,087 Other current assets 7,775 6,853 Total current assets 189,718 205,631 Property and equipment, net 56,392 41,635 Intangible assets, net 6,719 6,875 Right-of-use assets 73,682 73,462 Long-term investments 29,433 25,283 Other long-term assets 717 771 Total assets $ 356,661 $ 353,657 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 19,432 $ 22,347 Accrued expenses 11,026 17,215 Current portion of operating lease liabilities 6,012 6,187 Total current liabilities 36,470 45,749 Operating lease liabilities 86,141 81,856 Other long-term liabilities 154 100 Total liabilities 122,765 127,705 COMMITMENTS AND CONTINGENCIES (Note 12) Shareholders' equity: Common stock, no par value; shares authorized — 75,000 ; shares issued and outstanding — 48,489 and 47,829 , respectively 641,180 629,229 Accumulated other comprehensive loss ( 245 ) ( 100 ) Accumulated deficit ( 407,039 ) ( 403,177 ) Total shareholders' equity 233,896 225,952 Total liabilities and shareholders' equity $ 356,661 $ 353,657 The accompanying notes to condensed consolidated financial statements are an integral part of these statements. 3 Table of Contents VERICEL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, amounts in thousands, except per share amounts) Three Months Ended March 31, 2024 2023 Product sales, net $ 51,281 $ 41,017 Total revenue 51,281 41,017 Cost of product sales 15,927 14,497 Gross profit 35,354 26,520 Research and development 6,418 5,212 Selling, general and admin