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Side-by-side financial comparison of Vericel Corp (VCEL) and Exzeo Group, Inc. (XZO). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $55.5M, roughly 1.7× Exzeo Group, Inc.). Exzeo Group, Inc. runs the higher net margin — 36.7% vs 25.0%, a 11.7% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 6.0%). Exzeo Group, Inc. produced more free cash flow last quarter ($25.1M vs $12.8M).
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.
Exzeo Group, Inc. is a global technology firm specializing in cloud-native SaaS solutions for the insurance industry. Its core product portfolio includes claims processing platforms, policy administration tools, and underwriting automation systems, serving insurance carriers, third-party administrators, and independent adjusters across North America and European markets.
VCEL vs XZO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $92.9M | $55.5M |
| Net Profit | $23.2M | $20.4M |
| Gross Margin | 78.7% | 59.0% |
| Operating Margin | 24.1% | 45.2% |
| Net Margin | 25.0% | 36.7% |
| Revenue YoY | 23.3% | 6.0% |
| Net Profit YoY | 17.3% | 13.7% |
| EPS (diluted) | $0.46 | $0.22 |
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 | — | $55.5M | ||
| Q4 25 | $92.9M | $53.3M | ||
| Q3 25 | $67.5M | $55.2M | ||
| Q2 25 | $63.2M | — | ||
| Q1 25 | $52.6M | — | ||
| Q4 24 | $75.4M | — | ||
| Q3 24 | $57.9M | — | ||
| Q2 24 | $52.7M | — |
| Q1 26 | — | $20.4M | ||
| Q4 25 | $23.2M | $22.0M | ||
| Q3 25 | $5.1M | $21.2M | ||
| Q2 25 | $-553.0K | — | ||
| Q1 25 | $-11.2M | — | ||
| Q4 24 | $19.8M | — | ||
| Q3 24 | $-901.0K | — | ||
| Q2 24 | $-4.7M | — |
| Q1 26 | — | 59.0% | ||
| Q4 25 | 78.7% | 65.4% | ||
| Q3 25 | 73.5% | 61.2% | ||
| Q2 25 | 73.7% | — | ||
| Q1 25 | 69.0% | — | ||
| Q4 24 | 77.6% | — | ||
| Q3 24 | 71.9% | — | ||
| Q2 24 | 69.5% | — |
| Q1 26 | — | 45.2% | ||
| Q4 25 | 24.1% | 50.3% | ||
| Q3 25 | 5.1% | 49.4% | ||
| Q2 25 | -3.2% | — | ||
| Q1 25 | -24.3% | — | ||
| Q4 24 | 24.5% | — | ||
| Q3 24 | -4.3% | — | ||
| Q2 24 | -11.5% | — |
| Q1 26 | — | 36.7% | ||
| Q4 25 | 25.0% | 41.2% | ||
| Q3 25 | 7.5% | 38.3% | ||
| Q2 25 | -0.9% | — | ||
| Q1 25 | -21.4% | — | ||
| Q4 24 | 26.3% | — | ||
| Q3 24 | -1.6% | — | ||
| Q2 24 | -8.9% | — |
| Q1 26 | — | $0.22 | ||
| Q4 25 | $0.46 | $0.25 | ||
| Q3 25 | $0.10 | $0.25 | ||
| Q2 25 | $-0.01 | — | ||
| Q1 25 | $-0.23 | — | ||
| Q4 24 | $0.40 | — | ||
| Q3 24 | $-0.02 | — | ||
| Q2 24 | $-0.10 | — |
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 | $231.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $354.6M | $274.9M |
| Total Assets | $488.0M | $379.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $231.4M | ||
| Q4 25 | $137.5M | $305.4M | ||
| Q3 25 | $135.4M | $140.9M | ||
| Q2 25 | $116.9M | — | ||
| Q1 25 | $112.9M | — | ||
| Q4 24 | $116.2M | — | ||
| Q3 24 | $101.7M | — | ||
| Q2 24 | $102.5M | — |
| Q1 26 | — | $274.9M | ||
| Q4 25 | $354.6M | $254.2M | ||
| Q3 25 | $321.9M | $78.4M | ||
| Q2 25 | $306.8M | — | ||
| Q1 25 | $295.5M | — | ||
| Q4 24 | $292.0M | — | ||
| Q3 24 | $257.5M | — | ||
| Q2 24 | $243.0M | — |
| Q1 26 | — | $379.8M | ||
| Q4 25 | $488.0M | $347.7M | ||
| Q3 25 | $453.3M | $182.3M | ||
| Q2 25 | $435.6M | — | ||
| Q1 25 | $424.6M | — | ||
| Q4 24 | $432.7M | — | ||
| Q3 24 | $390.4M | — | ||
| Q2 24 | $376.8M | — |
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 | — |
| Free Cash FlowOCF − Capex | $12.8M | $25.1M |
| FCF MarginFCF / Revenue | 13.8% | 45.3% |
| Capex IntensityCapex / Revenue | 2.4% | 0.6% |
| Cash ConversionOCF / Net Profit | 0.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | $24.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $15.0M | — | ||
| Q3 25 | $22.1M | $89.0M | ||
| Q2 25 | $8.2M | — | ||
| Q1 25 | $6.6M | — | ||
| Q4 24 | $22.2M | — | ||
| Q3 24 | $10.2M | — | ||
| Q2 24 | $18.5M | — |
| Q1 26 | — | $25.1M | ||
| Q4 25 | $12.8M | $97.5M | ||
| Q3 25 | $19.5M | $86.6M | ||
| Q2 25 | $81.0K | — | ||
| Q1 25 | $-7.6M | — | ||
| Q4 24 | $8.5M | — | ||
| Q3 24 | $-9.2M | — | ||
| Q2 24 | $1.8M | — |
| Q1 26 | — | 45.3% | ||
| Q4 25 | 13.8% | 182.8% | ||
| Q3 25 | 28.8% | 156.9% | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | -14.5% | — | ||
| Q4 24 | 11.2% | — | ||
| Q3 24 | -15.9% | — | ||
| Q2 24 | 3.4% | — |
| Q1 26 | — | 0.6% | ||
| Q4 25 | 2.4% | 5.3% | ||
| Q3 25 | 3.9% | 4.4% | ||
| Q2 25 | 12.9% | — | ||
| Q1 25 | 27.0% | — | ||
| Q4 24 | 18.3% | — | ||
| Q3 24 | 33.5% | — | ||
| Q2 24 | 31.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.65× | — | ||
| Q3 25 | 4.35× | 4.21× | ||
| 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% |
XZO
Segment breakdown not available.
