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Side-by-side financial comparison of Vericel Corp (VCEL) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
VARONIS SYSTEMS INC is the larger business by last-quarter revenue ($173.1M vs $92.9M, roughly 1.9× Vericel Corp). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 23.3%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $12.8M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 15.2%).
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.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
VCEL vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $92.9M | $173.1M |
| Net Profit | $23.2M | — |
| Gross Margin | 78.7% | 76.0% |
| Operating Margin | 24.1% | -1.7% |
| Net Margin | 25.0% | — |
| Revenue YoY | 23.3% | 26.9% |
| Net Profit YoY | 17.3% | — |
| EPS (diluted) | $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.
| Q1 26 | — | $173.1M | ||
| Q4 25 | $92.9M | $173.4M | ||
| Q3 25 | $67.5M | $161.6M | ||
| Q2 25 | $63.2M | $152.2M | ||
| Q1 25 | $52.6M | $136.4M | ||
| Q4 24 | $75.4M | $158.5M | ||
| Q3 24 | $57.9M | $148.1M | ||
| Q2 24 | $52.7M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $23.2M | $-27.8M | ||
| Q3 25 | $5.1M | $-29.9M | ||
| Q2 25 | $-553.0K | $-35.8M | ||
| Q1 25 | $-11.2M | $-35.8M | ||
| Q4 24 | $19.8M | $-13.0M | ||
| Q3 24 | $-901.0K | $-18.3M | ||
| Q2 24 | $-4.7M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 78.7% | 78.9% | ||
| Q3 25 | 73.5% | 78.2% | ||
| Q2 25 | 73.7% | 79.5% | ||
| Q1 25 | 69.0% | 78.7% | ||
| Q4 24 | 77.6% | 83.6% | ||
| Q3 24 | 71.9% | 83.8% | ||
| Q2 24 | 69.5% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 24.1% | -17.5% | ||
| Q3 25 | 5.1% | -22.2% | ||
| Q2 25 | -3.2% | -24.0% | ||
| Q1 25 | -24.3% | -32.1% | ||
| Q4 24 | 24.5% | -11.1% | ||
| Q3 24 | -4.3% | -16.0% | ||
| Q2 24 | -11.5% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 25.0% | -16.0% | ||
| Q3 25 | 7.5% | -18.5% | ||
| Q2 25 | -0.9% | -23.5% | ||
| Q1 25 | -21.4% | -26.2% | ||
| Q4 24 | 26.3% | -8.2% | ||
| Q3 24 | -1.6% | -12.4% | ||
| Q2 24 | -8.9% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.46 | $-0.23 | ||
| Q3 25 | $0.10 | $-0.26 | ||
| Q2 25 | $-0.01 | $-0.32 | ||
| Q1 25 | $-0.23 | $-0.32 | ||
| Q4 24 | $0.40 | $-0.12 | ||
| Q3 24 | $-0.02 | $-0.16 | ||
| Q2 24 | $-0.10 | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $137.5M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $354.6M | $453.5M |
| Total Assets | $488.0M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $137.5M | $883.7M | ||
| Q3 25 | $135.4M | $671.3M | ||
| Q2 25 | $116.9M | $770.9M | ||
| Q1 25 | $112.9M | $567.6M | ||
| Q4 24 | $116.2M | $529.0M | ||
| Q3 24 | $101.7M | $844.8M | ||
| Q2 24 | $102.5M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $354.6M | $598.7M | ||
| Q3 25 | $321.9M | $604.8M | ||
| Q2 25 | $306.8M | $341.5M | ||
| Q1 25 | $295.5M | $367.7M | ||
| Q4 24 | $292.0M | $455.7M | ||
| Q3 24 | $257.5M | $428.6M | ||
| Q2 24 | $243.0M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $488.0M | $1.8B | ||
| Q3 25 | $453.3M | $1.7B | ||
| Q2 25 | $435.6M | $1.6B | ||
| Q1 25 | $424.6M | $1.6B | ||
| Q4 24 | $432.7M | $1.7B | ||
| Q3 24 | $390.4M | $1.5B | ||
| Q2 24 | $376.8M | $1.1B |
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 | $15.0M | $55.0M |
| Free Cash FlowOCF − Capex | $12.8M | $49.0M |
| FCF MarginFCF / Revenue | 13.8% | 28.3% |
| Capex IntensityCapex / Revenue | 2.4% | — |
| Cash ConversionOCF / Net Profit | 0.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | $24.7M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $15.0M | $24.7M | ||
| Q3 25 | $22.1M | $33.4M | ||
| Q2 25 | $8.2M | $21.3M | ||
| Q1 25 | $6.6M | $68.0M | ||
| Q4 24 | $22.2M | $24.3M | ||
| Q3 24 | $10.2M | $22.5M | ||
| Q2 24 | $18.5M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $12.8M | $20.7M | ||
| Q3 25 | $19.5M | $30.4M | ||
| Q2 25 | $81.0K | $18.0M | ||
| Q1 25 | $-7.6M | $65.7M | ||
| Q4 24 | $8.5M | $19.9M | ||
| Q3 24 | $-9.2M | $21.3M | ||
| Q2 24 | $1.8M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 13.8% | 12.0% | ||
| Q3 25 | 28.8% | 18.8% | ||
| Q2 25 | 0.1% | 11.8% | ||
| Q1 25 | -14.5% | 48.1% | ||
| Q4 24 | 11.2% | 12.6% | ||
| Q3 24 | -15.9% | 14.4% | ||
| Q2 24 | 3.4% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 2.3% | ||
| Q3 25 | 3.9% | 1.8% | ||
| Q2 25 | 12.9% | 2.2% | ||
| Q1 25 | 27.0% | 1.7% | ||
| Q4 24 | 18.3% | 2.7% | ||
| Q3 24 | 33.5% | 0.8% | ||
| Q2 24 | 31.8% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.65× | — | ||
| Q3 25 | 4.35× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.12× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
