Vericel Corp Files Q2 2024 10-Q
Ticker: VCEL · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 887359
Sentiment: neutral
Topics: 10-Q, financials, biotech
TL;DR
Vericel's Q2 10-Q is in. Check financials for the latest on their biological products business.
AI Summary
Vericel Corp filed its 10-Q for the period ending June 30, 2024. The company, headquartered in Cambridge, MA, operates in the biological products sector. Key financial data and operational details for the second quarter and first half of 2024 are presented in this filing.
Why It Matters
This filing provides investors with a detailed look at Vericel's financial performance and operational status for the second quarter of 2024, crucial for understanding the company's trajectory in the biological products market.
Risk Assessment
Risk Level: medium — As a company in the biological products sector, Vericel faces inherent risks related to research, development, regulatory approvals, and market adoption of its products.
Key Numbers
- 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
- 20240801 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
Key Players & Entities
- Vericel Corp (company) — Filer of the 10-Q
- Cambridge, MA (location) — Company headquarters
- 20240630 (date) — End of reporting period
- 20240801 (date) — Filing date
FAQ
What is Vericel Corp's primary business sector?
Vericel Corp operates in the BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) sector, SIC code 2836.
What is the address of Vericel Corp's headquarters?
Vericel Corp's business and mailing address is 64 SIDNEY ST., CAMBRIDGE, MA 02139.
What is the SEC file number for Vericel Corp?
The SEC file number for Vericel Corp is 001-35280.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 30, 2024.
When was Vericel Corp formerly known as AASTROM BIOSCIENCES INC?
Vericel Corp was formerly known as AASTROM BIOSCIENCES INC, with a date of name change in 19960428.
Filing Stats: 4,660 words · 19 min read · ~16 pages · Grade level 16 · Accepted 2024-08-01 09:05:00
Filing Documents
- vcel-20240630.htm (10-Q) — 1038KB
- ex101fourthamendmenttothed.htm (EX-10.1) — 14KB
- ex102tenthamendmenttothedi.htm (EX-10.2) — 11KB
- ex311ceocertificationq22024.htm (EX-31.1) — 13KB
- ex312cfocertificationq22024.htm (EX-31.2) — 11KB
- ex321ceoandcfosoxcertifica.htm (EX-32.1) — 9KB
- 0001628280-24-033905.txt ( ) — 5656KB
- vcel-20240630.xsd (EX-101.SCH) — 33KB
- vcel-20240630_cal.xml (EX-101.CAL) — 60KB
- vcel-20240630_def.xml (EX-101.DEF) — 151KB
- vcel-20240630_lab.xml (EX-101.LAB) — 511KB
- vcel-20240630_pre.xml (EX-101.PRE) — 332KB
- vcel-20240630_htm.xml (XML) — 815KB
- 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) June 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 50,291 $ 69,088 Restricted cash 25,563 17,778 Short-term investments 52,217 40,469 Accounts receivable (net of allowance for doubtful accounts of $ 10 and $ 43 , respectively) 47,996 58,356 Inventory 14,887 13,087 Other current assets 6,432 6,853 Total current assets 197,386 205,631 Property and equipment, net 73,086 41,635 Intangible assets, net 6,563 6,875 Right-of-use assets 73,020 73,462 Long-term investments 26,120 25,283 Other long-term assets 664 771 Total assets $ 376,839 $ 353,657 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 25,216 $ 22,347 Accrued expenses 12,856 17,215 Current portion of operating lease liabilities 5,791 6,187 Total current liabilities 43,863 45,749 Operating lease liabilities 89,801 81,856 Other long-term liabilities 198 100 Total liabilities 133,862 127,705 COMMITMENTS AND CONTINGENCIES (Note 12) Shareholders' equity: Common stock, no par value; shares authorized — 75,000 ; shares issued and outstanding — 48,862 and 47,829 , respectively 654,971 629,229 Accumulated other comprehensive loss ( 273 ) ( 100 ) Accumulated deficit ( 411,721 ) ( 403,177 ) Total shareholders' equity 242,977 225,952 Total liabilities and shareholders' equity $ 376,839 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Product sales, net $ 52,662 $ 45,922 $ 103,943 $ 86,939 Total revenue 52,662 45,922 103,943 86,939 Cost of product sales 16,061 15,981 31,988 30,478 Gross pro