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Side-by-side financial comparison of Purple Innovation, Inc. (PRPL) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Purple Innovation, Inc. is the larger business by last-quarter revenue ($140.7M vs $92.9M, roughly 1.5× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -2.3%, a 27.3% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 9.1%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-7.8M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 8.3%).
Purple Carrot is a Needham, Massachusetts-based, and 100% plant-based meal kit company. Founded by Andy Levitt, it offers both prepared meals as well as meal kits to subscribers weekly. As stated in a 2022 article in Cosmopolitan, “each Purple Carrot meal kit results in 72% less carbon being released into the atmosphere as compared to the standard American meal.”
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
PRPL vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.7M | $92.9M |
| Net Profit | $-3.2M | $23.2M |
| Gross Margin | 41.9% | 78.7% |
| Operating Margin | -1.6% | 24.1% |
| Net Margin | -2.3% | 25.0% |
| Revenue YoY | 9.1% | 23.3% |
| Net Profit YoY | 62.1% | 17.3% |
| EPS (diluted) | $0.03 | $0.46 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $140.7M | $92.9M | ||
| Q3 25 | $118.8M | $67.5M | ||
| Q2 25 | $105.1M | $63.2M | ||
| Q1 25 | $104.2M | $52.6M | ||
| Q4 24 | $129.0M | $75.4M | ||
| Q3 24 | $118.6M | $57.9M | ||
| Q2 24 | $120.3M | $52.7M | ||
| Q1 24 | $120.0M | $51.3M |
| Q4 25 | $-3.2M | $23.2M | ||
| Q3 25 | $-11.7M | $5.1M | ||
| Q2 25 | $-17.3M | $-553.0K | ||
| Q1 25 | $-19.1M | $-11.2M | ||
| Q4 24 | $-8.5M | $19.8M | ||
| Q3 24 | $-39.2M | $-901.0K | ||
| Q2 24 | $27.0K | $-4.7M | ||
| Q1 24 | $-50.2M | $-3.9M |
| Q4 25 | 41.9% | 78.7% | ||
| Q3 25 | 42.8% | 73.5% | ||
| Q2 25 | 35.9% | 73.7% | ||
| Q1 25 | 39.4% | 69.0% | ||
| Q4 24 | 42.9% | 77.6% | ||
| Q3 24 | 29.7% | 71.9% | ||
| Q2 24 | 40.7% | 69.5% | ||
| Q1 24 | 34.8% | 68.9% |
| Q4 25 | -1.6% | 24.1% | ||
| Q3 25 | -10.2% | 5.1% | ||
| Q2 25 | -13.5% | -3.2% | ||
| Q1 25 | -13.9% | -24.3% | ||
| Q4 24 | -6.0% | 24.5% | ||
| Q3 24 | -39.5% | -4.3% | ||
| Q2 24 | -12.1% | -11.5% | ||
| Q1 24 | -19.3% | -10.7% |
| Q4 25 | -2.3% | 25.0% | ||
| Q3 25 | -9.9% | 7.5% | ||
| Q2 25 | -16.5% | -0.9% | ||
| Q1 25 | -18.4% | -21.4% | ||
| Q4 24 | -6.6% | 26.3% | ||
| Q3 24 | -33.1% | -1.6% | ||
| Q2 24 | 0.0% | -8.9% | ||
| Q1 24 | -41.8% | -7.5% |
| Q4 25 | $0.03 | $0.46 | ||
| Q3 25 | $0.11 | $0.10 | ||
| Q2 25 | $0.16 | $-0.01 | ||
| Q1 25 | $0.18 | $-0.23 | ||
| Q4 24 | $0.08 | $0.40 | ||
| Q3 24 | $0.36 | $-0.02 | ||
| Q2 24 | $0.00 | $-0.10 | ||
| Q1 24 | $0.47 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $24.3M | $137.5M |
| Total DebtLower is stronger | $126.7M | — |
| Stockholders' EquityBook value | $-29.7M | $354.6M |
| Total Assets | $296.3M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.3M | $137.5M | ||
| Q3 25 | $32.4M | $135.4M | ||
| Q2 25 | $34.2M | $116.9M | ||
| Q1 25 | $21.6M | $112.9M | ||
| Q4 24 | $29.0M | $116.2M | ||
| Q3 24 | $23.4M | $101.7M | ||
| Q2 24 | $23.4M | $102.5M | ||
| Q1 24 | $34.5M | $110.6M |
| Q4 25 | $126.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $70.7M | — | ||
| Q3 24 | $50.8M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-29.7M | $354.6M | ||
| Q3 25 | $-26.9M | $321.9M | ||
| Q2 25 | $-15.6M | $306.8M | ||
| Q1 25 | $1.3M | $295.5M | ||
| Q4 24 | $20.2M | $292.0M | ||
| Q3 24 | $28.0M | $257.5M | ||
| Q2 24 | $66.4M | $243.0M | ||
| Q1 24 | $65.5M | $233.9M |
| Q4 25 | $296.3M | $488.0M | ||
| Q3 25 | $302.1M | $453.3M | ||
| Q2 25 | $303.8M | $435.6M | ||
| Q1 25 | $293.8M | $424.6M | ||
| Q4 24 | $307.8M | $432.7M | ||
| Q3 24 | $309.3M | $390.4M | ||
| Q2 24 | $362.1M | $376.8M | ||
| Q1 24 | $382.1M | $356.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.50× | — | ||
| Q3 24 | 1.82× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-5.8M | $15.0M |
| Free Cash FlowOCF − Capex | $-7.8M | $12.8M |
| FCF MarginFCF / Revenue | -5.5% | 13.8% |
| Capex IntensityCapex / Revenue | 1.4% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-41.9M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-5.8M | $15.0M | ||
| Q3 25 | $-968.0K | $22.1M | ||
| Q2 25 | $-4.0M | $8.2M | ||
| Q1 25 | $-23.1M | $6.6M | ||
| Q4 24 | $6.8M | $22.2M | ||
| Q3 24 | $1.1M | $10.2M | ||
| Q2 24 | $-8.9M | $18.5M | ||
| Q1 24 | $-16.8M | $7.2M |
| Q4 25 | $-7.8M | $12.8M | ||
| Q3 25 | $-1.8M | $19.5M | ||
| Q2 25 | $-7.0M | $81.0K | ||
| Q1 25 | $-25.3M | $-7.6M | ||
| Q4 24 | $5.7M | $8.5M | ||
| Q3 24 | $101.0K | $-9.2M | ||
| Q2 24 | $-11.0M | $1.8M | ||
| Q1 24 | $-19.9M | $-6.8M |
| Q4 25 | -5.5% | 13.8% | ||
| Q3 25 | -1.5% | 28.8% | ||
| Q2 25 | -6.6% | 0.1% | ||
| Q1 25 | -24.3% | -14.5% | ||
| Q4 24 | 4.4% | 11.2% | ||
| Q3 24 | 0.1% | -15.9% | ||
| Q2 24 | -9.2% | 3.4% | ||
| Q1 24 | -16.5% | -13.3% |
| Q4 25 | 1.4% | 2.4% | ||
| Q3 25 | 0.7% | 3.9% | ||
| Q2 25 | 2.8% | 12.9% | ||
| Q1 25 | 2.2% | 27.0% | ||
| Q4 24 | 0.8% | 18.3% | ||
| Q3 24 | 0.9% | 33.5% | ||
| Q2 24 | 1.7% | 31.8% | ||
| Q1 24 | 2.5% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | -330.22× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PRPL
| Cost Of Revenues | $81.7M | 58% |
| Other | $59.0M | 42% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
