Vericel Corp (VCEL)
Vericel Corporation operates as a biopharmaceutical firm that has reached the commercialization phase, specializing in the research, development, production, and distribution of cell-based treatments. Its primary therapeutic areas are sports medicine and critical burn care across the United States. The company's product lineup includes MACI, an autologous cellularized scaffold employed for mending symptomatic, full-thickness cartilage damage in the knee, and Epicel, a permanent skin replacement designated as a humanitarian use device for treating deep-dermal or full-thickness burns in both adults and children. Additionally, Vericel is progressing NexoBrid, an orphan biological product currently in the registration phase, which aims to remove eschar from deep partial-thickness or full-thickness thermal burns in adults. Established in 1989 under its former name, Aastrom Biosciences, Inc., the company is headquartered in Cambridge, Massachusetts.
Sector: Biological Products, (No Diagnostic Substances)
Industry: Biotechnology
Vericel Corporation
NASDAQ:VCELHealthcare · Biotechnology
-6.18%$40.26
AH$40.26+0.00%vs close
Mkt Cap$2.06B
Float47.31M
O/S51.21M
Vol
$ Vol
RVOL
Inst Own-
SI11.1%
Earnings
Dilution
Financials Summary
Revenue$276.26M
Net Income$16.52M
Total Assets$487.97M
Free Cash Flow$24.75M
Debt & Equity
Debt 22%
Equity 78%
Total Debt$98.27M
Total Equity$354.64M
Shares Outstanding
Short Interest
Split History1 split · 1 reverse
- 1:20Reverse splitOct 16, 201320 shares → 1
Balance Sheet Details
Assets$487.97M
Liabilities$133.33M
Accounts Receivable$84.63M
Accounts Payable$15.83M
Inventory$17.56M
PP&E (Net)$173.17M
Goodwill$0
Intangible Assets$5.63M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 | FY 1997 | FY 1996 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-06-30 | 2008-06-30 | 2007-06-30 | 2006-06-30 | 2005-06-30 | 2004-06-30 | 2003-06-30 | 2002-06-30 | 2001-06-30 | 2000-06-30 | 1999-06-30 | 1998-06-30 | 1997-06-30 | 1996-06-30 |
| Revenue | $276.26M | $237.22M | $197.52M | $164.37M | $156.18M | $124.18M | $117.85M | $90.86M | $63.92M | $54.38M | $51.17M | $28.8M | $19K | $21K | $18K | $89K | $182K | $522K | $685K | $863K | $909K | $1.3M | $844K | $877K | $899K | $1.15M | $881K | $249K | $400K | $1.6M |
| YoY Growth | 16.5% | 20.1% | 20.2% | 5.2% | 25.8% | 5.4% | 29.7% | 42.1% | 17.5% | 6.3% | 77.7% | 151457.9% | -9.5% | 16.7% | -79.8% | -51.1% | -65.1% | -23.8% | -20.6% | -5.1% | -30.2% | 54.3% | -3.8% | -2.4% | -21.8% | 30.5% | 253.8% | -37.8% | -75.0% | - |
| Cost of Revenue | $70.66M | $65.12M | $61.94M | $54.58M | $50.16M | $39.95M | $37.57M | $32.16M | $30.35M | $28.31M | $26.47M | $17.29M | $4K | $6K | $4K | $34K | $112K | $56K | $29K | $11K | $148K | $280K | $893K | $202K | $13K | $926K | $6K | $0 | -$500K | $9.6M |
| Gross Profit | $205.6M | $172.11M | $135.58M | $109.79M | $106.03M | $84.23M | $80.28M | $58.7M | $33.57M | $26.08M | $24.7M | $11.5M | $15K | $15K | $14K | $55K | $70K | $466K | $656K | $852K | $761K | $1.02M | -$49K | $675K | $886K | $224K | $875K | $249K | $900K | -$8M |
| Gross Margin | 74.4% | 72.6% | 68.6% | 66.8% | 67.9% | 67.8% | 68.1% | 64.6% | 52.5% | 47.9% | 48.3% | 39.9% | 78.9% | 71.4% | 77.8% | 61.8% | 38.5% | 89.3% | 95.8% | 98.7% | 83.7% | 78.5% | -5.8% | 77.0% | 98.6% | 19.5% | 99.3% | 100.0% | 225.0% | -500.0% |
| Research and Development | $27.56M | $24.8M | $21.04M | $19.94M | $16.29M | $13.02M | $30.39M | $13.6M | $12.94M | $15.29M | $18.89M | $21.26M | $15.1M | $26.02M | $21.33M | $12.66M | $11.29M | $15.25M | $11.44M | $9.48M | $7.21M | $6.29M | $5.65M | $5.43M | $4.98M | $6.29M | $10.87M | $15.5M | $13.4M | $0 |
| Selling, General, and Administrative | $166.99M | $142.79M | $121M | $106.9M | $97.59M | $68.84M | $61.14M | $49.01M | $35.61M | $27.39M | $22.48M | $13.77M | $5.88M | $7.75M | $7.72M | $5.2M | $4.95M | $6.44M | $8.68M | $9.1M | $5.97M | $5.39M | $4.02M | $3.53M | $2.48M | $3.36M | $2.84M | $2.86M | $2M | $2.1M |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$31K | -$92K | -$10K | $47K | -$2K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $325K | $0 | $0 | $500K | $400K |
| Total Operating Expenses | $194.56M | $167.59M | $142.04M | $126.85M | $113.88M | $81.86M | $91.53M | $62.61M | $48.55M | $42.68M | $41.37M | $35.04M | $20.98M | $33.77M | $29.05M | $17.86M | $16.24M | $21.68M | $20.13M | $18.59M | $13.18M | $11.68M | $9.66M | $8.96M | $7.46M | $9.98M | $13.71M | $18.36M | $15.9M | $2.5M |
| Operating Income (EBIT) | $11.04M | $4.52M | -$6.46M | -$17.06M | -$7.85M | $2.37M | -$11.25M | -$3.91M | -$14.98M | -$19.25M | -$16.67M | -$23.53M | -$20.96M | -$33.76M | -$29.04M | -$17.8M | -$16.17M | -$21.22M | -$19.47M | -$17.73M | -$12.42M | -$10.66M | -$9.71M | -$8.28M | -$6.58M | -$9.75M | -$12.83M | -$18.11M | -$15M | -$10.5M |
| Operating Margin | 4.0% | 1.9% | -3.3% | -10.4% | -5.0% | 1.9% | -9.5% | -4.3% | -23.4% | -35.4% | -32.6% | -81.7% | -110336.8% | -160761.9% | -161333.3% | -20004.5% | -8884.1% | -4064.9% | -2842.2% | -2054.8% | -1366.0% | -818.5% | -1150.8% | -944.2% | -731.8% | -848.2% | -1456.5% | -7271.9% | -3750.0% | -656.3% |
| Interest Expense | $1.56M | $614K | $600K | $366K | $4K | $6K | $8K | $1.73M | $1.11M | $314K | $9K | $6K | $11K | $12K | $10K | $40K | $73K | $73K | $84K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $7.01M | $6.41M | $4.63M | $1.34M | $224K | $691K | $1.61M | $897K | $14K | $8K | $36K | $24K | $16K | $50K | $53K | $115K | $296K | $1.17M | $1.26M | $594K | $594K | $169K | $134K | $342K | $364K | $364K | $0 | $0 | $0 | $0 |
| Other Income (Expense) | $6.33M | $5.99M | $4.1M | $1.07M | $272K | $672K | $1.59M | -$4.23M | -$2.3M | -$321K | $331K | $3.61M | $5.34M | $4.29M | $9.37M | -$20.37M | $1.86M | $223K | $1.09M | $1.88M | $1.26M | $606K | $169K | $134K | -$1.11M | $364K | $1.24M | $0 | $3.85M | $5.2M |
| Income Before Tax (EBT) | $17.38M | $10.51M | -$2.37M | -$15.99M | -$7.58M | $3.04M | -$9.66M | -$8.14M | -$17.29M | -$19.57M | -$16.34M | -$19.92M | -$15.62M | -$29.47M | -$19.71M | -$17.73M | -$15.95M | -$20.13M | -$16.48M | -$11.81M | -$12.4M | -$10.49M | -$9.58M | -$7.94M | -$9.39M | -$9.39M | -$11.6M | $0 | -$14.3M | -$9.8M |
| Income Tax Expense | $859K | $148K | $814K | $721K | -$111K | $180K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$18.71M | -$115K | -$296K | -$1.09M | -$1.83M | -$1.26M | -$618K | -$169K | -$134K | -$342K | -$653K | -$364K | -$3.04M | -$874K | -$1.4M | -$1.3M |
| Net Income | $16.52M | $10.36M | -$3.18M | -$16.71M | -$7.47M | $2.86M | -$9.66M | -$8.14M | -$17.29M | -$19.57M | -$16.34M | -$19.92M | -$15.62M | -$29.47M | -$19.67M | -$17.73M | -$15.95M | -$20.13M | -$17.59M | -$16.48M | -$11.81M | -$10.49M | -$9.58M | -$7.94M | -$5.93M | -$9.39M | -$11.03M | -$17.23M | -$14.3M | -$9.9M |
| Net Income Margin | 6.0% | 4.4% | -1.6% | -10.2% | -4.8% | 2.3% | -8.2% | -9.0% | -27.0% | -36.0% | -31.9% | -69.2% | -82221.1% | -140352.4% | -109266.7% | -19920.2% | -8761.5% | -3856.9% | -2568.5% | -1909.0% | -1299.3% | -805.5% | -1135.0% | -905.2% | -659.2% | -816.5% | -1251.8% | -6920.9% | -3575.0% | -618.8% |
| Supplementary Data | ||||||||||||||||||||||||||||||
| EPS | 0.33 | 0.21 | -0.07 | -0.35 | -0.16 | 0.06 | -0.18 | -0.20 | -0.52 | -0.85 | -0.69 | -1.71 | -5.18 | -14.31 | -10.19 | -14.34 | -17.84 | -24.95 | -23.55 | -24.79 | -20.20 | -22.77 | -30.06 | -30.16 | -27.86 | -64.36 | -115.01 | -206.34 | -203.20 | -171.20 |
| Diluted EPS | 0.32 | 0.20 | -0.07 | -0.35 | -0.16 | 0.06 | -0.18 | -0.20 | -0.52 | -0.85 | -0.69 | -1.71 | -5.18 | -14.31 | -10.19 | -14.34 | -17.84 | -24.95 | -23.55 | -24.79 | -20.20 | -22.77 | -30.06 | -30.16 | -27.86 | -64.36 | -115.01 | -206.34 | -203.20 | -171.20 |
| Weighted Average OS | 50.59M | 48.85M | 47.59M | 47.13M | 46.47M | 45.22M | 44.18M | 40.24M | 33.35M | 23.09M | 23.76M | 11.64M | 3.02M | 2.06M | 1.93M | 1.24M | 893,850 | 807,000 | 747,018 | 664,462 | 584,631 | 460,643 | 318,650 | 263,256 | 212,687 | 145,900 | 95,887 | 83,518 | 70,374 | 57,827 |
| EBITDA | $30.29M | $16.63M | $2.86M | -$11.64M | -$4.61M | $5.43M | -$7.91M | -$4.98M | -$14.57M | -$17.37M | -$14.74M | -$19.16M | -$15.12M | -$28.81M | -$19.01M | -$30.15M | -$17.8M | -$15.46M | -$21.22M | -$19.47M | -$17.73M | -$12.42M | -$10.36M | -$9.71M | -$8.15M | -$6.48M | -$9.43M | -$12.62M | -$17.75M | -$14.5M |
| EBITDA Margin | 11.0% | 7.0% | 1.5% | -7.1% | -3.0% | 4.4% | -6.7% | -5.5% | -22.8% | -31.9% | -28.8% | -66.5% | -79589.5% | -137204.8% | -105616.7% | -33874.2% | -9782.4% | -2962.6% | -3097.7% | -2256.0% | -1950.8% | -953.7% | -1227.8% | -1107.5% | -907.1% | -563.2% | -1070.3% | -5067.9% | -4437.8% | -906.3% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 | FY 1997 | FY 1996 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-06-30 | 2008-06-30 | 2007-06-30 | 2006-06-30 | 2005-06-30 | 2004-06-30 | 2003-06-30 | 2002-06-30 | 2001-06-30 | 2000-06-30 | 1999-06-30 | 1998-06-30 | 1997-06-30 | 1996-06-30 |
| Assets | ||||||||||||||||||||||||||||||
| Current Assets | ||||||||||||||||||||||||||||||
| Cash and Cash Equivalents | $100.09M | $74.52M | $69.09M | $51.07M | $68.33M | $33.62M | $26.89M | $18.29M | $26.86M | $22.98M | $14.58M | $30.34M | $8.06M | $13.64M | $5.53M | $31.25M | $17M | $16.49M | $13.44M | $9.03M | $14.41M | $16.93M | $10.51M | $8.61M | $10.66M | $2.06M | $7.53M | $2.08M | $1.27M | $4.1M |
| Short-Term Investments | $37.41M | $41.69M | $40.47M | $68.47M | $35.07M | $42.19M | $42.83M | $64.64M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5.97M | $14.89M | $33.96M | $18.01M | $0 | $0 | $1M | $0 | $10.68M | $0 | $9.13M | $18.51M | $0 |
| Cash and Short-Term Investments | $137.5M | $116.21M | $109.56M | $119.54M | $103.4M | $75.81M | $69.72M | $82.92M | $26.86M | $22.98M | $14.58M | $30.34M | $8.06M | $13.64M | $5.53M | $31.25M | $17M | $22.46M | $28.32M | $43M | $32.41M | $16.93M | $10.51M | $9.61M | $10.66M | $12.74M | $7.53M | $11.21M | $19.78M | $4.1M |
| Accounts Receivable | $84.63M | $61.38M | $58.36M | $46.54M | $37.44M | $34.5M | $32.17M | $23.45M | $18.27M | $17.09M | $10.92M | $8.19M | $8K | $28K | $9K | $25K | $16K | $58K | $18K | $78K | $139K | $193K | $350K | $120K | $129K | $129K | $113K | $100K | $244K | $100K |
| Inventory | $17.56M | $17.37M | $13.09M | $15.99M | $13.38M | $9.36M | $6.82M | $3.56M | $3.79M | $3.49M | $1.38M | $1.92M | $0 | $0 | $0 | $0 | $1K | $1K | $8K | $1K | $116K | $389K | $806K | $1.4M | $725K | $725K | $1.14M | $0 | $0 | $0 |
| Other Current Assets | $7.74M | $17.82M | $24.63M | $4.8M | $4.25M | $3.89M | $2.95M | $2.85M | $1.58M | $1.16M | $464K | $1.04M | $409K | $324K | $636K | $426K | $383K | $732K | $1.58M | $1.77M | $528K | $421K | $271K | $185K | $213K | $213K | $253K | $47K | $0 | $700K |
| Total Current Assets | $247.44M | $212.78M | $205.63M | $186.87M | $158.46M | $123.56M | $111.66M | $112.78M | $50.51M | $44.72M | $27.34M | $41.49M | $8.48M | $13.99M | $6.17M | $31.7M | $17.79M | $24.06M | $30.18M | $43.66M | $33.14M | $17.83M | $11.85M | $11.35M | $11.73M | $13.14M | $9.04M | $11.65M | $20.08M | $4.9M |
| Long-Term Assets | ||||||||||||||||||||||||||||||
| Property, Plant & Equipment Net | $173.17M | $173.26M | $115.1M | $57.37M | $59.03M | $57.74M | $32.25M | $5.91M | $4.07M | $3.88M | $4.05M | $2.89M | $739K | $1.19M | $1.56M | $1.13M | $1.49M | $2.15M | $2.67M | $1.22M | $753K | $334K | $302K | $206K | $179K | $292K | $502K | $725K | $834K | $1.2M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $5.63M | $6.25M | $6.88M | $7.5M | $0 | $0 | $0 | $0 | $0 | $0 | $2.92M | $3.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $61.4M | $39.88M | $25.28M | $19.96M | $25.69M | $24.1M | $9.25M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $341K | $556K | $771K | $1.3M | $528K | $211K | $89K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Assets | $240.53M | $219.94M | $148.03M | $86.14M | $85.24M | $82.05M | $41.58M | $5.91M | $4.07M | $3.88M | $6.97M | $6.09M | $739K | $1.19M | $1.56M | $1.13M | $1.49M | $2.15M | $2.67M | $1.22M | $753K | $334K | $302K | $206K | $179K | $292K | $502K | $725K | $834K | $1.2M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $487.97M | $432.72M | $353.66M | $273M | $243.71M | $205.61M | $153.24M | $118.69M | $54.58M | $48.6M | $34.31M | $47.58M | $9.21M | $15.18M | $7.74M | $32.83M | $19.28M | $26.22M | $32.85M | $44.88M | $33.9M | $18.17M | $12.15M | $11.55M | $11.9M | $13.44M | $9.54M | $12.37M | $20.91M | $6.1M |
| Liabilities | ||||||||||||||||||||||||||||||
| Current Liabilities | ||||||||||||||||||||||||||||||
| Accounts Payable | $15.83M | $23.85M | $22.35M | $16.93M | $9.02M | $6.75M | $6.34M | $7.11M | $5.55M | $6.54M | $7.59M | $5.82M | $2.35M | $2.84M | $2.24M | $25K | $0 | $0 | $344K | $532K | $356K | $216K | $186K | $406K | $589K | $856K | $837K | $800K | $1.9M | $1M |
| Short-Term Debt | $14.09M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $350K | $779K | $0 | $0 | $6K | $34K | $40K | $214K | $226K | $479K | $446K | $439K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $100K | $100K |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5.99M | $4.52M | $0 | $0 | $941K | $787K | $1.77M | $0 | $0 | $0 | $0 | -$439K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $4.97M | $13.7M | $13.26M | $10.27M | $9.92M | $9.2M | $6.9M | $7.47M | $4M | $2.68M | $2.26M | $2.92M | $2.25M | $2.38M | $17.67M | $29.65M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $165K | $7K | -$50K | $200K |
| Total Current Liabilities | $49.15M | $50.29M | $45.75M | $37.46M | $26.05M | $22.48M | $19.8M | $14.79M | $13.09M | $12.85M | $12.11M | $11.83M | $5.32M | $5.66M | $20.67M | $29.86M | $1.69M | $2.1M | $3.5M | $2.54M | $869K | $558K | $580K | $750K | $1.01M | $1M | $1.03M | $1.53M | $2.07M | $1.2M |
| Long-Term Liabilities | ||||||||||||||||||||||||||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $16.89M | $9.35M | $71K | $109K | $0 | $6K | $40K | $41K | $79K | $305K | $783K | $1.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $100K |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $16.89M | $9.32M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$27.87M | -$11.35M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $0 | $876K | $100K | $0 | $0 | $0 | $0 | $1.67M | $2.06M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.38M | $0 | $0 |
| Total Long-Term Liabilities | $84.18M | $90.47M | $81.96M | $43.27M | $47.19M | $48.87M | $22.35M | $1.67M | $18.95M | $11.04M | $71K | $109K | $2.36M | $6K | $40K | $41K | $305K | $783K | $1.1M | $356K | $533K | $382K | $406K | $589K | $856K | $837K | $836K | $1.38M | $30K | $100K |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$2.36M | $0 | $0 | $0 | $0 | $0 | $0 | -$356K | -$533K | -$382K | -$406K | -$589K | -$856K | -$837K | -$836K | -$1.38M | $0 | $0 |
| Total Liabilities | $133.33M | $140.75M | $127.7M | $80.73M | $73.24M | $71.35M | $42.15M | $16.46M | $32.04M | $23.89M | $12.18M | $11.94M | $5.32M | $5.67M | $20.71M | $29.91M | $1.99M | $2.88M | $4.6M | $2.54M | $869K | $558K | $580K | $750K | $1.01M | $1M | $1.03M | $1.53M | $2.1M | $1.3M |
| Stockholders' Equity | ||||||||||||||||||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $38.39M | $41.54M | $38.39M | $38.39M | $41.61M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6.59M | $9.93M | $9.93M | $37.7M |
| Common Stock | $730.66M | $684.78M | $629.23M | $593.25M | $553.9M | $510.06M | $489.75M | $471.18M | $383.02M | $329.72M | $307.77M | $305.01M | $253.27M | $243.22M | $228.88M | $231.34M | $213.11M | $203.21M | $188M | $184.49M | $158.7M | $131.47M | $114.95M | $104.6M | $96.75M | $92.37M | $72.26M | $59.47M | $57.99M | $0 |
| Retained Earnings | -$376.3M | -$392.81M | -$403.18M | -$400M | -$383.29M | -$375.81M | -$378.68M | -$369.01M | -$360.88M | -$343.59M | -$324.02M | -$307.69M | -$287.76M | -$275.31M | -$241.85M | -$222.18M | -$195.82M | -$179.88M | -$159.74M | -$142.15M | -$125.67M | -$113.86M | -$103.38M | -$93.8M | -$85.86M | -$79.93M | -$70.33M | -$58.9M | -$49.39M | -$33.2M |
| Comprehensive Income & Other | $275K | $4K | -$100K | -$978K | -$154K | $14K | $21K | -$39K | -$6.62M | -$7.09M | -$5.64M | -$71K | -$4.09M | -$3.6M | $0 | $0 | -$3.12M | -$2.64M | -$1.94M | -$2.5M | -$2.19M | -$3.17M | -$3.04M | -$2.93M | -$2.86M | -$2.82M | -$2.48M | $339K | $286K | -$1.4M |
| Other Stockholders' Equity | $275K | $4K | -$100K | -$978K | -$154K | $14K | $21K | $65K | $397K | $38.58M | $38.39M | $38.32M | $38.39M | $41.61M | $0 | -$6.24M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6.59M | $10.27M | $10.22M | $38M |
| Total Equity | $354.64M | $291.97M | $225.95M | $192.27M | $170.46M | $134.26M | $111.09M | $102.23M | $22.54M | $24.71M | $22.13M | $35.64M | $3.89M | $9.51M | -$12.97M | $2.92M | $17.28M | $23.33M | $28.25M | $42.34M | $33.03M | $17.61M | $11.57M | $10.8M | $10.89M | $12.44M | $8.51M | $10.85M | $18.81M | $4.8M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $487.97M | $432.72M | $353.66M | $273M | $243.71M | $205.61M | $153.24M | $118.69M | $54.58M | $48.6M | $34.31M | $47.58M | $9.21M | $15.18M | $7.74M | $32.83M | $19.28M | $26.22M | $32.85M | $44.88M | $33.9M | $18.17M | $12.15M | $11.55M | $11.9M | $13.44M | $9.54M | $12.37M | $20.91M | $6.1M |
| Supplementary Data | ||||||||||||||||||||||||||||||
| Total Debt | $98.27M | $98.85M | $88.04M | $47.57M | $50.18M | $53.3M | $27.85M | $0 | $17.24M | $10.13M | $71K | $109K | $6K | $40K | $80K | $255K | $784K | $1.23M | $1.54M | $1.54M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $65K | $101K | $300K |
| Net Debt | -$1.83M | $24.33M | $18.95M | -$3.5M | -$18.15M | $19.68M | $965K | -$18.29M | -$9.62M | -$12.85M | -$14.51M | -$30.23M | -$8.05M | -$13.6M | -$5.45M | -$30.99M | -$16.22M | -$15.26M | -$11.9M | -$7.5M | -$14.41M | -$16.93M | -$10.51M | -$8.61M | -$10.66M | -$2.06M | -$7.53M | -$2.01M | -$1.17M | -$3.8M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 | FY 1997 | FY 1996 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-06-30 | 2008-06-30 | 2007-06-30 | 2006-06-30 | 2005-06-30 | 2004-06-30 | 2003-06-30 | 2002-06-30 | 2001-06-30 | 2000-06-30 | 1999-06-30 | 1998-06-30 | 1997-06-30 | 1996-06-30 |
| Operating Activities | ||||||||||||||||||||||||||||||
| Net Income | $16.52M | $10.36M | -$3.18M | -$16.71M | -$7.47M | $2.86M | -$9.66M | -$8.14M | -$17.29M | -$19.57M | -$16.34M | -$19.92M | -$15.62M | -$29.47M | -$19.67M | -$17.73M | -$15.95M | -$20.13M | -$17.59M | -$16.48M | -$11.81M | -$10.49M | -$9.58M | -$7.94M | -$5.93M | -$9.39M | -$11.03M | -$17.23M | -$14.3M | -$9.9M |
| Depreciation & Amortization | $11.36M | $5.5M | $4.63M | $3.98M | $2.96M | $2.38M | $1.74M | $1.43M | $1.61M | $1.89M | $1.59M | $752K | $489K | $649K | $647K | $592K | $704K | $351K | -$47K | $191K | $99K | $125K | $119K | $126K | $102K | $325K | $226K | $377K | $500K | $400K |
| Deferred Income Tax | $0 | $0 | $0 | $721K | $949K | $411K | -$568K | $0 | $1.39M | $2.78M | $67K | $0 | $0 | $0 | $19.67M | $0 | $0 | -$1.6M | -$2.81M | -$1.03M | -$160K | $0 | -$335K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $38.77M | $36.49M | $32.33M | $37.18M | $34.32M | $13.84M | $13.18M | $7.22M | $2.68M | $2.5M | $2.75M | $839K | $926K | $3.61M | $3.74M | $0 | $0 | $0 | $1.6M | $2.81M | $1.03M | $160K | $0 | $335K | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||||||||||||||||||
| Accounts Receivable | -$23.26M | -$3.02M | -$11.82M | -$9.1M | -$2.93M | -$2.34M | -$8.71M | -$5.18M | -$1.18M | -$6.17M | -$2.73M | -$8.14M | $0 | -$19K | $42K | $0 | $0 | $60K | $61K | $39K | $9K | $9K | -$230K | $9K | $9K | $0 | $0 | $0 | $0 | $0 |
| Inventory | -$1.23M | -$4.29M | $2.9M | -$2.6M | -$4.03M | -$2.54M | -$3.26M | $235K | -$657K | -$2.25M | -$86K | $119K | $0 | $312K | $1K | $1K | -$1K | $8K | -$7K | $115K | $264K | $164K | -$253K | -$874K | -$725K | $117K | -$1.14M | $0 | $0 | $0 |
| Accounts Payable | $2.97M | -$287K | $3.05M | $1.44M | $1.49M | $33K | -$1.02M | $899K | -$1.36M | -$1.08M | $1.73M | $2.77M | $284K | $284K | $896K | $0 | $0 | -$867K | $633K | $551K | $151K | $151K | -$183K | -$267K | -$267K | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | $158K | $7.14M | $1.91M | -$939K | -$687K | -$1.53M | -$1.66M | $18K | $1.63M | $251K | -$244K | $2.73M | -$683K | -$659K | -$824K | $1.34M | $106K | -$549K | -$678K | $988K | $45K | -$8K | $53K | -$6K | $67K | -$61K | -$363K | -$281K | $400K | $500K |
| Total Working Capital Change | -$21.36M | -$450K | -$3.96M | -$11.21M | -$6.15M | -$6.37M | -$14.66M | -$4.03M | -$1.57M | -$9.24M | -$1.33M | -$2.52M | -$399K | -$82K | $115K | $1.34M | $105K | -$1.35M | $9K | $1.69M | $469K | $156K | -$613K | -$1.14M | -$658K | $56K | -$1.51M | -$281K | $400K | $500K |
| Other Non-Cash Items | $6.62M | $6.25M | $5.5M | $3.72M | $4.43M | $4.45M | $2.79M | $3.11M | -$13K | $1.75M | -$80K | -$4.56M | -$5.34M | -$4.25M | -$29M | $0 | -$30K | $1.6M | $2.81M | $1.07M | $178K | $682K | $1.08M | $202K | $120K | $2.13M | $1.11M | $1.5M | $100K | -$100K |
| Net Cash from Operating | $51.91M | $58.16M | $35.31M | $17.69M | $29.04M | $17.57M | -$7.18M | -$412K | -$13.18M | -$19.89M | -$13.35M | -$25.41M | -$19.94M | -$29.55M | -$24.49M | -$15.09M | -$13.8M | -$19.53M | -$14.83M | -$13.52M | -$11.06M | -$9.53M | -$8.99M | -$8.75M | -$6.36M | -$6.88M | -$11.2M | -$15.64M | -$13.3M | -$9.1M |
| Investing Activities | ||||||||||||||||||||||||||||||
| Capital Expenditures | -$27.16M | $0 | $0 | -$7.6M | -$7.92M | -$2.63M | -$2.62M | -$2.68M | -$1.51M | -$1.42M | -$2.43M | -$829K | -$40K | -$273K | -$1.03M | -$120K | -$35K | -$215K | -$1.06M | -$789K | -$586K | -$157K | -$119K | -$153K | -$58K | -$136K | -$73K | -$234K | -$400K | -$400K |
| Acquisitions | $0 | $0 | $0 | $7.6M | $7.92M | $2.63M | $2.62M | $2.68M | $0 | $0 | $0 | -$1.45M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $153K | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$72.37M | -$68.21M | -$55.23M | -$69.55M | -$60.02M | -$63.06M | -$72.35M | -$66.55M | $0 | $0 | $0 | $0 | $0 | $0 | -$5M | -$5M | $0 | -$30.7M | -$49.38M | -$43.9M | -$25.94M | -$25.94M | $0 | -$5.5M | -$1.5M | -$10.66M | -$1M | -$12.33M | -$19.2M | $0 |
| Sales of Investments | $55.6M | $53.15M | $79.61M | $40.94M | $64.44M | $48.52M | $85.58M | $2.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6M | $40M | $69M | $28.08M | $8M | $8M | $1M | $4.5M | $12.25M | $0 | $10.2M | $18.45M | $4.2M | $8.5M |
| Other Investing Activities | $0 | -$63.97M | -$27.51M | -$7.6M | -$7.92M | -$2.63M | -$2.62M | -$2.68M | -$1.51M | -$1.42M | $35K | $101K | $0 | $0 | $5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$153K | -$153K | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | -$43.94M | -$79.03M | -$3.13M | -$36.21M | -$3.5M | -$17.16M | $10.62M | -$67.03M | -$1.51M | -$1.42M | -$2.39M | -$2.18M | -$40K | -$273K | -$1.03M | -$5.12M | $5.96M | $9.08M | $18.56M | -$16.61M | -$18.52M | -$157K | $881K | -$1.15M | $10.69M | -$10.8M | $9.13M | $5.89M | -$15.4M | $8.1M |
| Financing Activities | ||||||||||||||||||||||||||||||
| Debt Repaid | - | - | - | - | - | - | - | $17.53M | -$6.75M | -$10.27M | $35K | $8K | $34K | $40K | $227K | $119K | $479K | $445K | $356K | -$751K | - | - | - | - | - | - | - | $100K | -$10M | $200K |
| Common Stock Issuance | $13.93M | $24.52M | $6M | $3.65M | $11.18M | $6.63M | $5.29M | $70.03M | $8.22M | $19.45M | $11K | $49.93M | $14.44M | $346K | $32K | $17.53M | $17.53M | $8.53M | $13.61M | $697K | $24.75M | $27.07M | $16.1M | $10.02M | $7.85M | $4.26M | $12.21M | $7.6M | $10.06M | $19.9M |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$49K | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$6.86M | -$5.46M | -$2.38M | -$2.61M | -$2.01M | -$191K | -$26K | $7.08M | $3.6M | -$23K | -$11K | $0 | $0 | $0 | $0 | $0 | -$8.7M | $5.41M | $241K | -$777K | $0 | $0 | -$6.08M | -$2.17M | -$3.58M | $7.94M | $0 | $0 | -$308K | $0 |
| Net Cash from Financing | $7.07M | $19.05M | $3.62M | $1.04M | $9.17M | $6.44M | $5.26M | $58.86M | $18.58M | $29.7M | -$24K | $49.93M | $14.4M | $37.93M | -$195K | $17.32M | $8.35M | $13.5M | $671K | $24.75M | $27.07M | $16.1M | $10.02M | $7.85M | $4.26M | $12.21M | $7.52M | $9.88M | $19.7M | $9.3M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$54K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $15.04M | -$1.82M | $35.8M | -$17.47M | $34.71M | $6.85M | $8.69M | -$8.58M | $3.88M | $8.4M | -$15.76M | $22.28M | -$5.58M | $8.11M | -$25.72M | -$2.88M | $508K | $3.05M | $4.41M | -$5.37M | -$2.52M | $6.41M | $1.91M | -$2.05M | $8.6M | -$5.46M | $5.45M | $135K | -$9M | $8.3M |
| Supplementary Data | ||||||||||||||||||||||||||||||
| Operating Cash Flow | $51.91M | $58.16M | $35.31M | $17.69M | $29.04M | $17.57M | -$7.18M | -$412K | -$13.18M | -$19.89M | -$13.35M | -$25.41M | -$19.94M | -$29.55M | -$24.49M | -$15.09M | -$13.8M | -$19.53M | -$14.83M | -$13.52M | -$11.06M | -$9.53M | -$8.99M | -$8.75M | -$6.36M | -$6.88M | -$11.2M | -$15.64M | -$13.3M | -$9.1M |
| Capital Expenditure | -$27.16M | -$63.97M | -$27.51M | -$7.6M | -$7.92M | -$2.63M | -$2.62M | -$2.68M | -$1.51M | -$1.42M | -$2.43M | -$829K | -$40K | -$273K | -$1.03M | -$120K | -$35K | -$215K | -$1.06M | -$789K | -$586K | -$157K | -$119K | -$153K | -$58K | -$136K | -$73K | -$234K | -$400K | -$400K |
| Free Cash Flow | $24.75M | -$5.81M | $7.8M | $10.09M | $21.13M | $14.95M | -$9.8M | -$3.09M | -$14.69M | -$21.31M | -$15.77M | -$26.24M | -$19.98M | -$29.82M | -$25.52M | -$15.21M | -$13.84M | -$19.74M | -$15.89M | -$14.31M | -$11.65M | -$9.68M | -$9.11M | -$8.9M | -$6.42M | -$7.01M | -$11.27M | -$15.87M | -$13.7M | -$9.5M |
| Cash at Beginning | $85.05M | $86.87M | $51.07M | $68.54M | $33.83M | $26.98M | $18.29M | $26.86M | $22.98M | $14.58M | $30.34M | $8.06M | $13.64M | $5.53M | $31.25M | $17M | $16.49M | $13.44M | $9.03M | $14.41M | $16.93M | $10.51M | $8.61M | $10.66M | $2.06M | $7.53M | $2.08M | $1.94M | $11M | $2.7M |
| Cash at End | $100.09M | $85.05M | $86.87M | $51.07M | $68.54M | $33.83M | $26.98M | $18.29M | $26.86M | $22.98M | $14.58M | $30.34M | $8.06M | $13.64M | $5.53M | $14.12M | $17M | $16.49M | $13.44M | $9.03M | $14.41M | $16.93M | $10.51M | $8.61M | $10.66M | $2.06M | $7.53M | $2.08M | $2M | $11M |