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Side-by-side financial comparison of Twist Bioscience Corp (TWST) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Twist Bioscience Corp is the larger business by last-quarter revenue ($103.7M vs $92.9M, roughly 1.1× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -29.4%, a 54.4% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 16.9%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-34.8M).
Twist Bioscience is a public biotechnology company based in South San Francisco that manufactures synthetic DNA and DNA products for customers in a wide range of industries. Twist was founded in 2013 by Emily Leproust, Bill Banyai, and Bill Peck.
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.
TWST vs VCEL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $103.7M | $92.9M |
| Net Profit | $-30.5M | $23.2M |
| Gross Margin | 52.0% | 78.7% |
| Operating Margin | -31.7% | 24.1% |
| Net Margin | -29.4% | 25.0% |
| Revenue YoY | 16.9% | 23.3% |
| Net Profit YoY | 3.4% | 17.3% |
| EPS (diluted) | $-0.50 | $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 | $103.7M | $92.9M | ||
| Q3 25 | — | $67.5M | ||
| Q2 25 | — | $63.2M | ||
| Q1 25 | — | $52.6M | ||
| Q4 24 | — | $75.4M | ||
| Q3 24 | — | $57.9M | ||
| Q2 24 | — | $52.7M | ||
| Q1 24 | — | $51.3M |
| Q4 25 | $-30.5M | $23.2M | ||
| Q3 25 | — | $5.1M | ||
| Q2 25 | — | $-553.0K | ||
| Q1 25 | — | $-11.2M | ||
| Q4 24 | — | $19.8M | ||
| Q3 24 | — | $-901.0K | ||
| Q2 24 | — | $-4.7M | ||
| Q1 24 | — | $-3.9M |
| Q4 25 | 52.0% | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | -31.7% | 24.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | — | -3.2% | ||
| Q1 25 | — | -24.3% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | — | -4.3% | ||
| Q2 24 | — | -11.5% | ||
| Q1 24 | — | -10.7% |
| Q4 25 | -29.4% | 25.0% | ||
| Q3 25 | — | 7.5% | ||
| Q2 25 | — | -0.9% | ||
| Q1 25 | — | -21.4% | ||
| Q4 24 | — | 26.3% | ||
| Q3 24 | — | -1.6% | ||
| Q2 24 | — | -8.9% | ||
| Q1 24 | — | -7.5% |
| Q4 25 | $-0.50 | $0.46 | ||
| Q3 25 | — | $0.10 | ||
| Q2 25 | — | $-0.01 | ||
| Q1 25 | — | $-0.23 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | — | $-0.02 | ||
| Q2 24 | — | $-0.10 | ||
| Q1 24 | — | $-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 | $197.9M | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $456.1M | $354.6M |
| Total Assets | $638.1M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $197.9M | $137.5M | ||
| Q3 25 | — | $135.4M | ||
| Q2 25 | — | $116.9M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | — | $116.2M | ||
| Q3 24 | — | $101.7M | ||
| Q2 24 | — | $102.5M | ||
| Q1 24 | — | $110.6M |
| Q4 25 | $456.1M | $354.6M | ||
| Q3 25 | — | $321.9M | ||
| Q2 25 | — | $306.8M | ||
| Q1 25 | — | $295.5M | ||
| Q4 24 | — | $292.0M | ||
| Q3 24 | — | $257.5M | ||
| Q2 24 | — | $243.0M | ||
| Q1 24 | — | $233.9M |
| Q4 25 | $638.1M | $488.0M | ||
| Q3 25 | — | $453.3M | ||
| Q2 25 | — | $435.6M | ||
| Q1 25 | — | $424.6M | ||
| Q4 24 | — | $432.7M | ||
| Q3 24 | — | $390.4M | ||
| Q2 24 | — | $376.8M | ||
| Q1 24 | — | $356.7M |
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 | $-24.8M | $15.0M |
| Free Cash FlowOCF − Capex | $-34.8M | $12.8M |
| FCF MarginFCF / Revenue | -33.5% | 13.8% |
| Capex IntensityCapex / Revenue | 9.6% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-24.8M | $15.0M | ||
| Q3 25 | — | $22.1M | ||
| Q2 25 | — | $8.2M | ||
| Q1 25 | — | $6.6M | ||
| Q4 24 | — | $22.2M | ||
| Q3 24 | — | $10.2M | ||
| Q2 24 | — | $18.5M | ||
| Q1 24 | — | $7.2M |
| Q4 25 | $-34.8M | $12.8M | ||
| Q3 25 | — | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | -33.5% | 13.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | -13.3% |
| Q4 25 | 9.6% | 2.4% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | — | 33.5% | ||
| Q2 24 | — | 31.8% | ||
| Q1 24 | — | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TWST
| Industrial Chemicals | $37.2M | 36% |
| Diagnostics | $35.3M | 34% |
| Food Or Agriculture | $12.8M | 12% |
| Academic Research | $12.2M | 12% |
| Health Care | $6.1M | 6% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
