Vericel Corporation — Earnings Quality Grade D
VCEL · Healthcare
Significant concerns
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 17 days (94 → 112)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 37.9% exceeds revenue growth 16.5%
Revenue grew 16.5% but CFFO declined -10.8%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory 1.1% vs COGS 8.5%. Normal
CapEx growth -57.5% vs revenue 16.5%. Normal
SG&A/Gross Profit = 81.2%, exceeds 70%
Gross margin 74.4%, change +1.9pp. Stable
Cash Flow Quality
CFFO/NI = 3.14. Profits backed by cash
FCF $0.0B, FCF/NI = 1.50
Accruals ratio = -7.3%. Low accruals
Cash $0.1B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 2% of equity. Manageable
Debt/EBITDA = 3.3x. Healthy
Other assets -38.7% vs revenue 16.5%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -10% YoY. Normal
Manipulation Score
M-Score = -2.42 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25