Vericel Corp Files Q3 2024 10-Q
Ticker: VCEL · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 887359
Sentiment: neutral
Topics: 10-Q, financials, biotech
TL;DR
Vericel's Q3 10-Q is in. Get the latest on their financials.
AI Summary
Vericel Corp filed its 10-Q for the period ending September 30, 2024. The company, headquartered in Cambridge, MA, operates in the biological products sector. Key financial data and operational details for the third quarter and year-to-date are presented in this filing.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational updates for Vericel Corp, crucial for understanding the company's trajectory in the biological products market.
Risk Assessment
Risk Level: medium — As a publicly traded company in the biological products sector, Vericel faces inherent market, regulatory, and operational risks detailed in its SEC filings.
Key Numbers
- 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
- 20241107 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
- 001-35280 — SEC File Number (Unique identifier for Vericel Corp's filings with the SEC.)
Key Players & Entities
- Vericel Corp (company) — Filer of the 10-Q
- 20240930 (date) — End of the reporting period
- 64 SIDNEY ST. CAMBRIDGE MA 02139 (address) — Company's business and mailing address
- 943096597 (identifier) — IRS Number
- MI (location) — State of Incorporation
FAQ
What is the primary business of Vericel Corp?
Vericel Corp is in the business of Biological Products (No Diagnostic Substances), as indicated by its Standard Industrial Classification code [2836].
What is the fiscal year end for Vericel Corp?
Vericel Corp's fiscal year ends on December 31st, as stated in the filing.
When was the company formerly known as AASTROM BIOSCIENCES INC?
The company was formerly known as AASTROM BIOSCIENCES INC, with a date of name change on April 28, 1996.
What is the SEC file number for Vericel Corp?
The SEC file number for Vericel Corp is 001-35280.
What is the reporting period covered by this 10-Q filing?
This 10-Q filing covers the period ending September 30, 2024.
Filing Stats: 4,694 words · 19 min read · ~16 pages · Grade level 16.3 · Accepted 2024-11-07 08:48:55
Filing Documents
- vcel-20240930.htm (10-Q) — 1083KB
- ex101eleventhamendmenttoth.htm (EX-10.1) — 34KB
- ex311ceocertificationq32024.htm (EX-31.1) — 13KB
- ex312cfocertificationq32024.htm (EX-31.2) — 11KB
- ex321ceoandcfosoxcertifica.htm (EX-32.1) — 9KB
- 0001628280-24-046015.txt ( ) — 5738KB
- vcel-20240930.xsd (EX-101.SCH) — 32KB
- vcel-20240930_cal.xml (EX-101.CAL) — 62KB
- vcel-20240930_def.xml (EX-101.DEF) — 149KB
- vcel-20240930_lab.xml (EX-101.LAB) — 511KB
- vcel-20240930_pre.xml (EX-101.PRE) — 332KB
- vcel-20240930_htm.xml (XML) — 825KB
- 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 8 Notes to Condensed Consolidated Financial Statements 10
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 22
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 28
Controls and Procedures
Item 4. Controls and Procedures 29
— OTHER INFORMATION
PART II — OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 29
Risk Factors
Item 1A. Risk Factors 29
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 29
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 29
Other Information
Item 5. Other Information 29
Exhibits
Item 6. Exhibits 31 Exhibit Index 31
Signatures
Signatures 32 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) September 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 53,681 $ 69,088 Restricted cash 16,669 17,778 Short-term investments 48,053 40,469 Accounts receivable (net of allowance for doubtful accounts of $ 12 and $ 43 , respectively) 48,479 58,356 Inventory 15,756 13,087 Other current assets 7,882 6,853 Total current assets 190,520 205,631 Property and equipment, net 88,413 41,635 Intangible assets, net 6,406 6,875 Right-of-use assets 71,561 73,462 Long-term investments 32,895 25,283 Other long-term assets 610 771 Total assets $ 390,405 $ 353,657 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 20,884 $ 22,347 Accrued expenses 14,343 17,215 Current portion of operating lease liabilities 6,119 6,187 Total current liabilities 41,346 45,749 Operating lease liabilities 91,344 81,856 Other long-term liabilities 243 100 Total liabilities 132,933 127,705 COMMITMENTS AND CONTINGENCIES (Note 12) Shareholders' equity: Common stock, no par value; shares authorized — 75,000 ; shares issued and outstanding — 49,265 and 47,829 , respectively 669,735 629,229 Accumulated other comprehensive gain (loss) 359 ( 100 ) Accumulated deficit ( 412,622 ) ( 403,177 ) Total shareholders' equity 257,472 225,952 Total liabilities and shareholders' equity $ 390,405 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Product sales, net $ 57,905 $ 45,581 $ 161,848 $ 132,520 Total revenue 57,905 45,581 161,848 132,520 Cost of product sales 16,252 14,973 48,