Vericel Corporation
VCEL Healthcare Biotechnology
Vericel Corporation’s revenue for fiscal 2025 (year ended December 2025) was $276.3 million, up 16.5% from fiscal 2024. In the quarter to June 2026, revenue grew 22.5%, EPS grew 500.0% and free cash flow grew 17,503.7%, each against the same quarter a year earlier. Revenue growth for ten consecutive years.
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Vericel Corporation (VCEL) Beneish M-score
Vericel Corporation's Beneish M-score for fiscal 2025 is −2.53; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.53 | 0.33 |
| FY2024 | −2.86 | (0.33) |
| FY2023 | −2.53 | 0.46 |
| FY2022 | −2.99 | 0.16 |
| FY2021 | −3.15 | (0.63) |
| FY2020 | −2.52 | (0.26) |
| FY2019 | −2.25 | (0.01) |
| FY2018 | −2.25 | 0.54 |
| FY2017 | −2.79 | (0.25) |
| FY2016 | −2.53 | 0.03 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.18 | — | 1.09 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 1.00 | — | 0.41 | |
| Sales growth index | 1.16 | — | 1.04 | |
| Depreciation index | 0.48 | — | 0.06 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | (0.07) | — | −0.34 | |
| Leverage index | 0.87 | — | −0.28 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.53 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| FTRE Fortrea Holdings Inc. compare | −4.6× |
| VCEL Vericel Corporation | −2.5× |
| AUPH Aurinia Pharmaceuticals Inc compare | −0.9× |
| NVAX Novavax, Inc. compare | 0.4× |
| IRON Disc Medicine, Inc. compare | — |
| VRDN Viridian Therapeutics, Inc. compare | — |
| PHVS Pharvaris N.V. compare | — |
| VERA Vera Therapeutics, Inc. compare | — |
| IMNM Immunome, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI