Intrinsic value of Vericel - VCEL

Previous Close

$16.82

  Intrinsic Value

$1.42

stock screener

  Rating & Target

str. sell

-92%

Previous close

$16.82

 
Intrinsic value

$1.42

 
Up/down potential

-92%

 
Rating

str. sell

We calculate the intrinsic value of VCEL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.80
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
Revenue, $m
  72
  80
  88
  97
  107
  117
  127
  138
  149
  160
  172
  185
  197
  211
  225
  239
  254
  270
  287
  304
  321
  340
  359
  380
  401
  423
  446
  470
  495
  522
Variable operating expenses, $m
  39
  44
  48
  53
  58
  64
  69
  75
  81
  88
  94
  101
  108
  115
  123
  131
  139
  148
  157
  166
  176
  186
  197
  208
  219
  231
  244
  257
  271
  285
Fixed operating expenses, $m
  46
  47
  48
  49
  50
  51
  52
  54
  55
  56
  57
  58
  60
  61
  62
  64
  65
  67
  68
  70
  71
  73
  74
  76
  78
  79
  81
  83
  85
  86
Total operating expenses, $m
  85
  91
  96
  102
  108
  115
  121
  129
  136
  144
  151
  159
  168
  176
  185
  195
  204
  215
  225
  236
  247
  259
  271
  284
  297
  310
  325
  340
  356
  371
Operating income, $m
  -14
  -11
  -8
  -5
  -2
  2
  5
  9
  13
  17
  21
  25
  30
  34
  39
  45
  50
  56
  62
  68
  75
  81
  89
  96
  104
  112
  121
  130
  140
  150
EBITDA, $m
  -13
  -10
  -7
  -4
  0
  3
  7
  10
  14
  19
  23
  27
  32
  37
  42
  48
  53
  59
  65
  72
  79
  86
  93
  101
  109
  118
  127
  136
  146
  156
Interest expense (income), $m
  0
  1
  2
  2
  2
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
Earnings before tax, $m
  -15
  -13
  -10
  -7
  -5
  -2
  2
  5
  8
  12
  16
  19
  23
  28
  32
  37
  42
  47
  52
  58
  64
  70
  76
  83
  90
  97
  105
  113
  122
  131
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  1
  2
  3
  4
  5
  6
  7
  9
  10
  11
  13
  14
  16
  17
  19
  21
  22
  24
  26
  28
  31
  33
  35
Net income, $m
  -15
  -13
  -10
  -7
  -5
  -2
  1
  4
  6
  9
  11
  14
  17
  20
  24
  27
  30
  34
  38
  42
  46
  51
  56
  61
  66
  71
  77
  83
  89
  96

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  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, $m
  45
  50
  56
  62
  68
  74
  80
  87
  94
  101
  109
  117
  125
  133
  142
  151
  161
  171
  181
  192
  203
  215
  227
  240
  253
  267
  282
  297
  313
  330
Adjusted assets (=assets-cash), $m
  45
  50
  56
  62
  68
  74
  80
  87
  94
  101
  109
  117
  125
  133
  142
  151
  161
  171
  181
  192
  203
  215
  227
  240
  253
  267
  282
  297
  313
  330
Revenue / Adjusted assets
  1.600
  1.600
  1.571
  1.565
  1.574
  1.581
  1.588
  1.586
  1.585
  1.584
  1.578
  1.581
  1.576
  1.586
  1.585
  1.583
  1.578
  1.579
  1.586
  1.583
  1.581
  1.581
  1.581
  1.583
  1.585
  1.584
  1.582
  1.582
  1.581
  1.582
Average production assets, $m
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
Working capital, $m
  12
  14
  15
  17
  18
  20
  22
  23
  25
  27
  29
  31
  34
  36
  38
  41
  43
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  89
Total debt, $m
  21
  25
  29
  34
  38
  43
  48
  54
  59
  65
  71
  77
  83
  90
  97
  104
  112
  119
  127
  136
  145
  154
  163
  173
  184
  195
  206
  218
  231
  244
Total liabilities, $m
  35
  40
  44
  48
  53
  58
  63
  68
  74
  79
  85
  91
  98
  104
  111
  118
  126
  134
  142
  150
  159
  168
  178
  188
  198
  209
  221
  233
  245
  258
Total equity, $m
  10
  11
  12
  13
  15
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  64
  68
  72
Total liabilities and equity, $m
  45
  51
  56
  61
  68
  74
  80
  87
  94
  101
  109
  116
  125
  133
  142
  151
  161
  171
  181
  192
  203
  215
  227
  240
  253
  267
  282
  297
  313
  330
Debt-to-equity ratio
  2.140
  2.290
  2.420
  2.530
  2.620
  2.710
  2.780
  2.840
  2.900
  2.950
  3.000
  3.040
  3.070
  3.110
  3.140
  3.170
  3.190
  3.220
  3.240
  3.260
  3.280
  3.300
  3.320
  3.330
  3.350
  3.360
  3.370
  3.380
  3.400
  3.410
Adjusted equity ratio
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -15
  -13
  -10
  -7
  -5
  -2
  1
  4
  6
  9
  11
  14
  17
  20
  24
  27
  30
  34
  38
  42
  46
  51
  56
  61
  66
  71
  77
  83
  89
  96
Depreciation, amort., depletion, $m
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
Funds from operations, $m
  -14
  -12
  -9
  -6
  -3
  0
  3
  5
  8
  11
  13
  16
  20
  23
  26
  30
  34
  38
  42
  46
  50
  55
  60
  65
  71
  76
  82
  89
  95
  102
Change in working capital, $m
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
Cash from operations, $m
  -15
  -13
  -10
  -8
  -5
  -2
  1
  3
  6
  9
  11
  14
  17
  21
  24
  27
  31
  35
  39
  43
  47
  52
  57
  62
  67
  73
  78
  85
  91
  98
Maintenance CAPEX, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
New CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
Cash from investing activities, $m
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -8
  -8
Free cash flow, $m
  -17
  -14
  -12
  -9
  -7
  -4
  -1
  1
  4
  6
  9
  11
  14
  17
  20
  24
  27
  31
  34
  38
  42
  47
  51
  56
  61
  66
  72
  78
  84
  90
Issuance/(repayment) of debt, $m
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
Issuance/(repurchase) of shares, $m
  16
  14
  11
  9
  6
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  20
  18
  15
  13
  11
  8
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
Total cash flow (excl. dividends), $m
  3
  3
  4
  4
  4
  4
  4
  6
  9
  12
  15
  18
  21
  24
  27
  31
  35
  38
  43
  47
  51
  56
  61
  66
  72
  77
  83
  89
  96
  103
Retained Cash Flow (-), $m
  -16
  -14
  -11
  -9
  -6
  -3
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
Prev. year cash balance distribution, $m
  14
  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
Cash flow adjustment, $m
  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
Cash available for distribution, $m
  1
  -10
  -8
  -5
  -2
  1
  3
  5
  8
  10
  13
  16
  19
  22
  25
  29
  33
  36
  40
  44
  49
  53
  58
  63
  69
  74
  80
  86
  93
  99
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  1
  -9
  -7
  -4
  -1
  1
  2
  3
  4
  5
  6
  7
  7
  7
  7
  7
  7
  7
  6
  6
  5
  4
  4
  3
  3
  2
  2
  1
  1
  1
Current shareholders' claim on cash, %
  84.6
  74.3
  67.4
  62.9
  60.3
  59.1
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0
  59.0

Vericel Corporation, formerly Aastrom Biosciences, Inc., is a commercial-stage biopharmaceutical company dedicated to the identification, development and commercialization of therapies that enable the body to repair and regenerate damaged tissues and organs to restore normal structure and function. The Company operates through the research, product development, manufacture and distribution of patient-specific, expanded cellular therapies for use in the treatment of specific diseases segment. Its autologous cell therapy products include Carticel (autologous cultured chondrocytes), which is an autologous chondrocyte implant for the treatment of cartilage defects in the knee, and Epicel (cultured epidermal autografts), which is a permanent skin replacement for the treatment of patients with deep-dermal or full-thickness burns. The Company is developing MACI, which is a third-generation autologous chondrocyte implant and ixmyelocel-T, which is a patient-specific multicellular therapy.

FINANCIAL RATIOS  of  Vericel (VCEL)

Valuation Ratios
P/E Ratio -26.6
Price to Sales 9.8
Price to Book 21.3
Price to Tangible Book
Price to Cash Flow -26.6
Price to Free Cash Flow -25.3
Growth Rates
Sales Growth Rate 5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 23
Current Ratio 0.1
LT Debt to Equity 36%
Total Debt to Equity 40%
Interest Coverage 0
Management Effectiveness
Return On Assets -48.2%
Ret/ On Assets - 3 Yr. Avg. -52.5%
Return On Total Capital -70.2%
Ret/ On T. Cap. - 3 Yr. Avg. -75.1%
Return On Equity -85.1%
Return On Equity - 3 Yr. Avg. -80.1%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 48.1%
Gross Margin - 3 Yr. Avg. 48.5%
EBITDA Margin -33.3%
EBITDA Margin - 3 Yr. Avg. -42.1%
Operating Margin -37%
Oper. Margin - 3 Yr. Avg. -49.9%
Pre-Tax Margin -37%
Pre-Tax Margin - 3 Yr. Avg. -45.8%
Net Profit Margin -37%
Net Profit Margin - 3 Yr. Avg. -45.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

VCEL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VCEL stock intrinsic value calculation we used $63.924 million for the last fiscal year's total revenue generated by Vericel. The default revenue input number comes from 0001 income statement of Vericel. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our VCEL stock valuation model: a) initial revenue growth rate of 12.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for VCEL is calculated based on our internal credit rating of Vericel, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Vericel.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of VCEL stock the variable cost ratio is equal to 54.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $45 million in the base year in the intrinsic value calculation for VCEL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 8.1% for Vericel.

Corporate tax rate of 27% is the nominal tax rate for Vericel. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the VCEL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for VCEL are equal to 6.2%.

Life of production assets of 2.5 years is the average useful life of capital assets used in Vericel operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for VCEL is equal to 17%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $22.54 million for Vericel - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 36.439 million for Vericel is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Vericel at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Cell therapy biotech Vericel eyes $2B knee repair market   [Nov-12-18 06:10AM  American City Business Journals]
▶ US Market Indexes Close With Gains Tuesday, Dow Up 0.68%   [Nov-06-18 05:49PM  GuruFocus.com]
▶ Q3 Earnings Preview For Vericel   [Nov-05-18 01:58PM  Benzinga]
▶ Stem Cell Companies Moving The Markets   [Sep-28-18 10:30AM  ACCESSWIRE]
▶ Vericel to Present at Multiple Upcoming Conferences   [Sep-21-18 08:30AM  GlobeNewswire]
▶ Stem Cell Deals Moving the Markets   [Sep-19-18 10:30AM  ACCESSWIRE]
▶ Vericel's Earnings Preview   [08:47AM  Benzinga]
▶ 3 Biotech Stocks to Bet on in the Second Half of 2018   [Jul-16-18 10:30AM  ACCESSWIRE]
▶ Vericel Added to Russell 3000┬« Index   [Jun-25-18 08:30AM  GlobeNewswire]
▶ When Will Vericel Corporation (NASDAQ:VCEL) Turn A Profit?   [Jun-20-18 03:17PM  Simply Wall St.]
▶ Vericel Reports First Quarter 2018 Financial Results   [May-08-18 07:00AM  GlobeNewswire]
▶ Vericel Stock Looks to Break Out From Prior Highs   [Apr-13-18 08:44AM  Investopedia]
▶ Harry Boxers five biotech stocks to watch   [Apr-11-18 01:46PM  MarketWatch]
▶ 3 Biotech Stocks Hitting New Highs   [Apr-02-18 09:22AM  Investopedia]
▶ Vericel to Host Analyst and Investor Day on April 11, 2018   [Mar-12-18 04:30PM  GlobeNewswire]
▶ Why Vericel Jumped Higher Today   [Mar-05-18 12:57PM  Motley Fool]
▶ [$$] Big Biotech Buys: Vericel, Achillion, PTC, Dicerna   [Mar-01-18 12:16PM  Barrons.com]
▶ Vericel to Present at the BIO CEO & Investor Conference   [Feb-05-18 08:00AM  GlobeNewswire]
▶ Vericel Corporation (VCEL): Time For A Financial Health Check   [Nov-17-17 12:44PM  Simply Wall St.]
▶ ETFs with exposure to Vericel Corp. : November 8, 2017   [Nov-08-17 06:40PM  Capital Cube]
▶ Vericel Reports Third-Quarter 2017 Financial Results   [Nov-07-17 07:00AM  GlobeNewswire]
▶ ETFs with exposure to Vericel Corp. : October 26, 2017   [Oct-26-17 10:53AM  Capital Cube]
▶ ETFs with exposure to Vericel Corp. : October 16, 2017   [Oct-16-17 10:01AM  Capital Cube]
▶ ETFs with exposure to Vericel Corp. : October 3, 2017   [Oct-03-17 11:42AM  Capital Cube]
▶ ETFs with exposure to Vericel Corp. : September 22, 2017   [Sep-22-17 11:20AM  Capital Cube]
▶ Vericel Reports Second-Quarter 2017 Financial Results   [Aug-09-17 07:00AM  GlobeNewswire]
▶ ETFs with exposure to Vericel Corp. : July 7, 2017   [Jul-07-17 03:38PM  Capital Cube]
▶ ETFs with exposure to Vericel Corp. : June 26, 2017   [Jun-26-17 05:09PM  Capital Cube]
▶ ETFs with exposure to Vericel Corp. : June 16, 2017   [Jun-16-17 04:25PM  Capital Cube]
▶ Vericel Reports First-Quarter 2017 Financial Results   [May-10-17 07:00AM  GlobeNewswire]
▶ ETFs with exposure to Vericel Corp. : April 7, 2017   [Apr-07-17 05:41PM  Capital Cube]

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