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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vericel Corporation | NASDAQ:VCEL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.92 | 3.85% | 51.77 | 51.68 | 51.80 | 52.175 | 49.585 | 50.66 | 154,831 | 17:29:44 |
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Michigan
|
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94-3096597
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(State or other jurisdiction of
|
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(I.R.S. employer
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incorporation or organization)
|
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identification no.)
|
|
|
|
64 Sidney Street
|
||
Cambridge, MA 02139
|
||
(Address of principal executive offices, including zip code)
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Large accelerated filer -
o
|
|
Accelerated filer -
x
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Non-accelerated filer -
o
|
|
Smaller reporting company -
o
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(Do not check if a smaller reporting company)
|
|
Emerging growth company -
o
|
COMMON STOCK, NO PAR VALUE
|
|
42,726,455
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(Class)
|
|
Outstanding at August 3, 2018
|
|
|
|
|
|
|
PART I — FINANCIAL INFORMATION
|
|
|
|
|
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Item 1.
|
||
|
|
|
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||
|
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|
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||
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|
|
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Item 2.
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Item 3.
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Item 4.
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||
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PART II — OTHER INFORMATION
|
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Item 1.
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||
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Item 1A.
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Item 1B.
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Item 2.
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Item 6.
|
||
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June 30,
|
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December 31,
|
||||
|
|
2018
|
|
2017
|
||||
ASSETS
|
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
94,969
|
|
|
$
|
26,862
|
|
Accounts receivable (net of allowance for doubtful accounts of $102 and $249, respectively)
|
|
17,499
|
|
|
18,270
|
|
||
Inventory
|
|
3,725
|
|
|
3,793
|
|
||
Other current assets
|
|
1,327
|
|
|
1,581
|
|
||
Total current assets
|
|
117,520
|
|
|
50,506
|
|
||
Property and equipment, net
|
|
4,673
|
|
|
4,071
|
|
||
Total assets
|
|
$
|
122,193
|
|
|
$
|
54,577
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
|
||
Accounts payable
|
|
$
|
5,011
|
|
|
$
|
5,552
|
|
Accrued expenses
|
|
5,111
|
|
|
5,573
|
|
||
Deferred rent
|
|
503
|
|
|
420
|
|
||
Current portion of term loan credit agreement (net of deferred costs of $69 and $67, respectively)
|
|
2,848
|
|
|
350
|
|
||
Warrant liabilities
|
|
1,549
|
|
|
1,014
|
|
||
Other
|
|
198
|
|
|
181
|
|
||
Total current liabilities
|
|
15,220
|
|
|
13,090
|
|
||
Revolving and term loan credit agreement (net of deferred costs of $167 and $196, respectively)
|
|
14,416
|
|
|
16,888
|
|
||
Deferred rent
|
|
1,959
|
|
|
2,059
|
|
||
Total liabilities
|
|
31,595
|
|
|
32,037
|
|
||
COMMITMENTS AND CONTINGENCIES (Note 12)
|
|
|
|
|
|
|
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Shareholders’ equity:
|
|
|
|
|
|
|
||
Common stock, no par value; shares authorized — 75,000; shares issued and outstanding — 42,684 and 35,861, respectively
|
|
463,483
|
|
|
383,020
|
|
||
Warrants
|
|
302
|
|
|
397
|
|
||
Accumulated deficit
|
|
(373,187
|
)
|
|
(360,877
|
)
|
||
Total shareholders’ equity
|
|
90,598
|
|
|
22,540
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
122,193
|
|
|
$
|
54,577
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
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2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Product sales, net
|
|
$
|
19,011
|
|
|
$
|
16,953
|
|
|
$
|
37,038
|
|
|
$
|
26,314
|
|
Cost of product sales
|
|
7,727
|
|
|
7,670
|
|
|
15,393
|
|
|
14,779
|
|
||||
Gross profit
|
|
11,284
|
|
|
9,283
|
|
|
21,645
|
|
|
11,535
|
|
||||
Research and development
|
|
3,739
|
|
|
2,971
|
|
|
7,468
|
|
|
6,438
|
|
||||
Selling, general and administrative
|
|
11,791
|
|
|
8,833
|
|
|
22,745
|
|
|
17,241
|
|
||||
Total operating expenses
|
|
15,530
|
|
|
11,804
|
|
|
30,213
|
|
|
23,679
|
|
||||
Loss from operations
|
|
(4,246
|
)
|
|
(2,521
|
)
|
|
(8,568
|
)
|
|
(12,144
|
)
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
0
|
|
|
|
|
||||
(Increase) decrease in fair value of warrants
|
|
(37
|
)
|
|
441
|
|
|
(2,944
|
)
|
|
548
|
|
||||
Foreign currency translation loss
|
|
(5
|
)
|
|
(13
|
)
|
|
(49
|
)
|
|
(14
|
)
|
||||
Interest income
|
|
83
|
|
|
3
|
|
|
83
|
|
|
4
|
|
||||
Interest expense
|
|
(448
|
)
|
|
(299
|
)
|
|
(880
|
)
|
|
(561
|
)
|
||||
Other income
|
|
2
|
|
|
1
|
|
|
48
|
|
|
1
|
|
||||
Total other income (expense)
|
|
(405
|
)
|
|
133
|
|
|
(3,742
|
)
|
|
(22
|
)
|
||||
Net loss
|
|
$
|
(4,651
|
)
|
|
$
|
(2,388
|
)
|
|
$
|
(12,310
|
)
|
|
$
|
(12,166
|
)
|
|
|
|
|
|
|
|
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|
||||||||
Net loss per share attributable to common shareholders (Basic and Diluted)
|
|
$
|
(0.12
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
(0.33
|
)
|
|
$
|
(0.38
|
)
|
Weighted average number of common shares outstanding (Basic and Diluted)
|
|
38,349
|
|
|
32,765
|
|
|
37,251
|
|
|
32,333
|
|
|
|
Six Months Ended June 30,
|
||||||
|
|
2018
|
|
2017
|
||||
Operating activities:
|
|
|
|
|
|
|
||
Net loss
|
|
$
|
(12,310
|
)
|
|
(12,166
|
)
|
|
Adjustments to reconcile net loss to net cash used for operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
813
|
|
|
784
|
|
||
Stock compensation expense
|
|
3,807
|
|
|
1,298
|
|
||
Change in fair value of warrants
|
|
2,944
|
|
|
(548
|
)
|
||
Inventory provision
|
|
(234
|
)
|
|
160
|
|
||
Loss on sales of fixed assets
|
|
23
|
|
|
—
|
|
||
Foreign currency translation loss
|
|
49
|
|
|
13
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||
Inventory
|
|
302
|
|
|
173
|
|
||
Deferred rent
|
|
(17
|
)
|
|
51
|
|
||
Accounts receivable
|
|
771
|
|
|
2,364
|
|
||
Other current assets
|
|
254
|
|
|
48
|
|
||
Accounts payable
|
|
(1,049
|
)
|
|
(404
|
)
|
||
Accrued expenses
|
|
(462
|
)
|
|
(388
|
)
|
||
Other assets and liabilities, net
|
|
73
|
|
|
(161
|
)
|
||
Net cash used for operating activities
|
|
(5,036
|
)
|
|
(8,776
|
)
|
||
Investing activities:
|
|
|
|
|
|
|
||
Expenditures for property, plant and equipment
|
|
(979
|
)
|
|
(273
|
)
|
||
Net cash used in investing activities
|
|
(979
|
)
|
|
(273
|
)
|
||
Financing activities:
|
|
|
|
|
|
|
||
Net proceeds from equity offering
|
|
70,090
|
|
|
—
|
|
||
Net proceeds from issuance of common stock due to stock option exercises
|
|
2,096
|
|
|
132
|
|
||
Proceeds from exercise of warrants
|
|
1,965
|
|
|
—
|
|
||
Other
|
|
(29
|
)
|
|
(20
|
)
|
||
Net cash provided by financing activities
|
|
74,122
|
|
|
112
|
|
||
Net increase (decrease) in cash and cash equivalents
|
|
68,107
|
|
|
(8,937
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
26,862
|
|
|
22,978
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
94,969
|
|
|
$
|
14,041
|
|
|
|
|
|
|
1.
|
Organization
|
2.
|
Basis of Presentation
|
|
|
Six Months Ended June 30,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Supplementary Cash Flows information:
|
|
|
|
|
||||
Warrants exercised for common stock
|
|
$
|
2,409
|
|
|
$
|
—
|
|
Interest paid (net of interest capitalized)
|
|
754
|
|
|
452
|
|
||
Shares converted between common and preferred stock
|
|
—
|
|
|
38,389
|
|
||
Additions to equipment in process included in accounts payable
|
|
459
|
|
|
129
|
|
3.
|
Recent Accounting Pronouncements
|
|
|
Three Months Ended June 30, 2018
|
|
Six Months Ended June 30,
|
||||||||||||
Revenue by product (in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
MACI and Carticel implants and kits
|
|
|
|
|
|
|
|
|
||||||||
Implants - based on contracted rate
|
|
$
|
7,362
|
|
|
$
|
2,802
|
|
|
$
|
18,111
|
|
|
$
|
3,099
|
|
Implants - subject to third party reimbursement
|
|
6,346
|
|
|
7,744
|
|
|
7,430
|
|
|
14,093
|
|
||||
Biopsy kits - direct bill
|
|
468
|
|
|
423
|
|
|
904
|
|
|
862
|
|
||||
Change in estimates related to prior periods
|
|
(51
|
)
|
|
1,936
|
|
|
(265
|
)
|
|
(142
|
)
|
||||
Epicel
|
|
|
|
|
|
|
|
|
||||||||
Direct bill (hospital)
|
|
4,886
|
|
|
4,048
|
|
|
10,858
|
|
|
8,402
|
|
||||
Total revenue
|
|
$
|
19,011
|
|
|
$
|
16,953
|
|
|
$
|
37,038
|
|
|
$
|
26,314
|
|
|
Revenue Concentration
|
|
Revenue Concentration
|
|
Accounts Receivable Concentration
|
||||||||||||
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|
June 30,
|
|
December 31,
|
|||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||
MACI and Carticel
1
|
39
|
%
|
|
14
|
%
|
|
41
|
%
|
|
9
|
%
|
|
50
|
%
|
|
46
|
%
|
Epicel
|
7
|
%
|
|
11
|
%
|
|
11
|
%
|
|
14
|
%
|
|
2
|
%
|
|
3
|
%
|
5.
|
Selected Balance Sheet Components
|
(In thousands)
|
June 30, 2018
|
|
December 31, 2017
|
||||
Raw materials
|
$
|
3,303
|
|
|
$
|
3,532
|
|
Work-in-process
|
377
|
|
|
226
|
|
||
Finished goods
|
45
|
|
|
35
|
|
||
Inventory
|
$
|
3,725
|
|
|
$
|
3,793
|
|
(In thousands)
|
June 30, 2018
|
|
December 31, 2017
|
||||
Machinery and equipment
|
$
|
1,212
|
|
|
$
|
1,249
|
|
Furniture, fixtures and office equipment
|
757
|
|
|
872
|
|
||
Computer equipment and software
|
3,554
|
|
|
3,536
|
|
||
Leasehold improvements
|
4,459
|
|
|
4,213
|
|
||
Construction in process
|
1,583
|
|
|
822
|
|
||
Total property and equipment, gross
|
11,565
|
|
|
10,692
|
|
||
Less: Accumulated depreciation
|
(6,892
|
)
|
|
(6,621
|
)
|
||
|
$
|
4,673
|
|
|
$
|
4,071
|
|
(In thousands)
|
June 30, 2018
|
|
December 31, 2017
|
||||
Bonus related compensation
|
$
|
1,452
|
|
|
$
|
2,693
|
|
Employee related accruals
|
3,286
|
|
|
2,389
|
|
||
Other accrued expenses
|
373
|
|
|
491
|
|
||
|
$
|
5,111
|
|
|
$
|
5,573
|
|
6.
|
Stock Purchase Warrants
|
|
|
August 2013 Warrants
|
|
September 2016 Warrants
|
|
December 2017 Warrants
|
Exercise price
|
|
$4.80
|
|
$2.25
|
|
$4.27
|
Expiration date
|
|
August 16, 2018
|
|
September 9, 2022
|
|
December 6, 2023
|
Total shares issuable on exercise
|
|
315,500
|
|
58,537
|
|
53,902
|
August 2013 Warrants
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Closing stock price
|
|
$
|
9.70
|
|
|
$
|
5.45
|
|
Expected dividend rate
|
|
—
|
%
|
|
—
|
%
|
||
Expected stock price volatility
|
|
56.3
|
%
|
|
63.7
|
%
|
||
Risk-free interest rate
|
|
1.77
|
%
|
|
1.65
|
%
|
||
Expected life (years)
|
|
0.13
|
|
|
0.62
|
|
7.
|
Debt
|
(In thousands)
|
|
||
Years Ending December 31,
|
Amount
|
|
|
2018
|
$
|
417
|
|
2019
|
5,000
|
|
|
2020
|
5,000
|
|
|
2021
|
7,083
|
|
|
2022
|
—
|
|
|
Thereafter
|
—
|
|
|
|
$
|
17,500
|
|
8.
|
Stock-based Compensation
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Cost of goods sold
|
|
$
|
394
|
|
|
$
|
106
|
|
|
$
|
536
|
|
|
$
|
197
|
|
Research and development
|
|
442
|
|
|
156
|
|
|
917
|
|
|
214
|
|
||||
Selling, general and administrative
|
|
1,629
|
|
|
534
|
|
|
2,354
|
|
|
887
|
|
||||
Total non-cash stock-based compensation expense
|
|
$
|
2,465
|
|
|
$
|
796
|
|
|
$
|
3,807
|
|
|
$
|
1,298
|
|
|
|
Six Months Ended June 30,
|
||||
Service-Based Stock Options
|
|
2018
|
|
2017
|
||
Expected dividend rate
|
|
—
|
%
|
|
—
|
%
|
Expected stock price volatility
|
|
82.3 – 88.3%
|
|
|
80.1 – 88.2%
|
|
Risk-free interest rate
|
|
2.4 – 2.9%
|
|
|
1.8 – 2.3%
|
|
Expected life (years)
|
|
5.2 – 6.3
|
|
|
5.5 – 6.3
|
|
|
|
|
|
|
|
|
|
|
9.
|
Fair Value Measurements
|
•
|
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
|
•
|
Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
|
•
|
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
|
|
|
|
Fair value measurement category
|
|
|
|
Fair value measurement category
|
||||||||||||||||||||||||
(In thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Warrant liabilities
|
|
$
|
1,549
|
|
|
$
|
—
|
|
|
$
|
1,549
|
|
|
$
|
—
|
|
|
$
|
1,014
|
|
|
$
|
—
|
|
|
$
|
1,014
|
|
|
$
|
—
|
|
10.
|
Shareholders' Equity
|
11.
|
Net Loss Per Common Share
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(Amounts in thousands except per share amounts)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss
|
$
|
(4,651
|
)
|
|
$
|
(2,388
|
)
|
|
$
|
(12,310
|
)
|
|
$
|
(12,166
|
)
|
Denominator for basic and diluted EPS:
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted-average common shares outstanding
|
38,349
|
|
|
32,765
|
|
|
37,251
|
|
|
32,333
|
|
||||
Net loss per share attributable to common shareholders (basic and diluted)
|
$
|
(0.12
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
(0.33
|
)
|
|
$
|
(0.38
|
)
|
(In thousands)
|
|
Total
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
More than 5 years
|
||||||||||||||
Operating leases
|
|
$
|
18,200
|
|
|
$
|
2,515
|
|
|
$
|
4,932
|
|
|
$
|
4,922
|
|
|
$
|
4,813
|
|
|
$
|
954
|
|
|
$
|
64
|
|
Debt and interest related payments
|
|
21,169
|
|
|
1,192
|
|
|
6,254
|
|
|
5,794
|
|
|
7,929
|
|
|
—
|
|
|
—
|
|
|||||||
Purchase commitments
|
|
2,682
|
|
|
68
|
|
|
676
|
|
|
646
|
|
|
646
|
|
|
646
|
|
|
—
|
|
|||||||
Capital leases
|
|
77
|
|
|
39
|
|
|
14
|
|
|
10
|
|
|
10
|
|
|
4
|
|
|
—
|
|
|||||||
Total
|
|
$
|
42,128
|
|
|
$
|
3,814
|
|
|
$
|
11,876
|
|
|
$
|
11,372
|
|
|
$
|
13,398
|
|
|
$
|
1,604
|
|
|
$
|
64
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Total revenues
|
|
$
|
19,011
|
|
|
$
|
16,953
|
|
|
$
|
37,038
|
|
|
$
|
26,314
|
|
Cost of product sales
|
|
7,727
|
|
|
7,670
|
|
|
15,393
|
|
|
14,779
|
|
||||
Gross profit
|
|
11,284
|
|
|
9,283
|
|
|
21,645
|
|
|
11,535
|
|
||||
Total operating expenses
|
|
15,530
|
|
|
11,804
|
|
|
30,213
|
|
|
23,679
|
|
||||
Loss from operations
|
|
(4,246
|
)
|
|
(2,521
|
)
|
|
(8,568
|
)
|
|
(12,144
|
)
|
||||
Other income (expense)
|
|
(405
|
)
|
|
133
|
|
|
(3,742
|
)
|
|
(22
|
)
|
||||
Net loss
|
|
$
|
(4,651
|
)
|
|
$
|
(2,388
|
)
|
|
$
|
(12,310
|
)
|
|
$
|
(12,166
|
)
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
Revenue by product (in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Carticel and MACI
|
|
$
|
14,125
|
|
|
$
|
12,905
|
|
|
$
|
26,180
|
|
|
$
|
17,912
|
|
Epicel
|
|
4,886
|
|
|
4,048
|
|
|
10,858
|
|
|
8,402
|
|
||||
Total Revenue
|
|
$
|
19,011
|
|
|
$
|
16,953
|
|
|
$
|
37,038
|
|
|
$
|
26,314
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Gross profit
|
|
$
|
11,284
|
|
|
$
|
9,283
|
|
|
$
|
21,645
|
|
|
$
|
11,535
|
|
Gross profit %
|
|
59
|
%
|
|
55
|
%
|
|
58
|
%
|
|
44
|
%
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Research and development costs
|
|
$
|
3,739
|
|
|
$
|
2,971
|
|
|
$
|
7,468
|
|
|
$
|
6,438
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Dilated Cardiomyopathy
|
|
$
|
604
|
|
|
$
|
1,193
|
|
|
$
|
1,160
|
|
|
$
|
3,141
|
|
MACI
|
|
2,357
|
|
|
1,063
|
|
|
4,778
|
|
|
1,924
|
|
||||
Carticel
|
|
66
|
|
|
214
|
|
|
102
|
|
|
324
|
|
||||
Epicel
|
|
712
|
|
|
501
|
|
|
1,428
|
|
|
1,049
|
|
||||
Total research and development costs
|
|
$
|
3,739
|
|
|
$
|
2,971
|
|
|
$
|
7,468
|
|
|
$
|
6,438
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Selling, general and administrative costs
|
|
$
|
11,791
|
|
|
$
|
8,833
|
|
|
$
|
22,745
|
|
|
$
|
17,241
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Decrease (increase) in fair value of warrants
|
|
$
|
(37
|
)
|
|
$
|
441
|
|
|
$
|
(2,944
|
)
|
|
$
|
548
|
|
Foreign currency translation loss
|
|
(5
|
)
|
|
(13
|
)
|
|
(49
|
)
|
|
(14
|
)
|
||||
Other income
|
|
2
|
|
|
1
|
|
|
48
|
|
|
1
|
|
||||
Net interest expense
|
|
(365
|
)
|
|
(296
|
)
|
|
(797
|
)
|
|
(557
|
)
|
||||
Total other expense
|
|
$
|
(405
|
)
|
|
$
|
133
|
|
|
$
|
(3,742
|
)
|
|
$
|
(22
|
)
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Cost of goods sold
|
|
$
|
394
|
|
|
$
|
106
|
|
|
$
|
536
|
|
|
$
|
197
|
|
Research and development
|
|
442
|
|
|
156
|
|
|
917
|
|
|
214
|
|
||||
Selling, general and administrative
|
|
1,629
|
|
|
534
|
|
|
2,354
|
|
|
887
|
|
||||
Total non-cash stock-based compensation expense
|
|
$
|
2,465
|
|
|
$
|
796
|
|
|
$
|
3,807
|
|
|
$
|
1,298
|
|
Exhibit No.
|
|
Description
|
|
|
|
31.1**
|
|
|
|
|
|
31.2**
|
|
|
|
|
|
32.1**
|
|
|
|
|
|
32.2**
|
|
|
|
|
|
101.INS**
|
|
|
|
|
|
101.SCH**
|
|
|
|
|
|
101.CAL**
|
|
|
|
|
|
101.LAB**
|
|
|
|
|
|
101.PRE**
|
|
|
|
|
|
101 DEF**
|
|
|
VERICEL CORPORATION
|
|
|
|
|
|
/s/ DOMINICK C. COLANGELO
|
|
Dominick C. Colangelo
|
|
President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
|
|
|
|
/s/ GERARD MICHEL
|
|
Gerard Michel
|
|
Chief Financial Officer and Vice President, Corporate Development
|
|
(Principal Financial Officer)
|
1 Year Vericel Chart |
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