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IMPINJ INC（PI）与Vericel Corp（VCEL）财务数据对比。点击上方公司名可切换其他公司
Vericel Corp的季度营收约是IMPINJ INC的1.3倍（$92.9M vs $74.3M），Vericel Corp净利率更高（25.0% vs 11.2%，领先13.8%），Vericel Corp同比增速更快（23.3% vs -0.0%），Vericel Corp自由现金流更多（$12.8M vs $2.2M），过去两年Vericel Corp的营收复合增速更高（34.6% vs -14.9%）
Impinj Inc.是一家美国射频识别（RFID）设备及软件提供商，成立于2000年，总部位于华盛顿州西雅图，源自加州理工学院Carver Mead与Chris Diorio的研究成果。公司主营EPC Class 1 Gen 2无源超高频RFID芯片、读写器、读写器芯片、天线，以及芯片编码、业务数据采集相关的软件应用，为各行业RFID应用提供全链路产品支持。
Vericel Corp是一家美国上市生物制药企业，前身为1989年在密歇根州安娜堡成立的Aastrom Bio，2014年10月正式更为现名，专注于生物制药相关领域的研发与商业化运营。
PI vs VCEL — 直观对比
营收规模更大
VCEL
是对方的1.3倍
$74.3M
营收增速更快
VCEL
高出23.3%
-0.0%
净利率更高
VCEL
高出13.8%
11.2%
自由现金流更多
VCEL
多$10.6M
$2.2M
两年增速更快
VCEL
近两年复合增速
-14.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $74.3M | $92.9M |
| 净利润 | $8.3M | $23.2M |
| 毛利率 | 49.1% | 78.7% |
| 营业利润率 | 30.5% | 24.1% |
| 净利率 | 11.2% | 25.0% |
| 营收同比 | -0.0% | 23.3% |
| 净利润同比 | — | 17.3% |
| 每股收益（稀释后） | $0.14 | $0.46 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收PIVCEL
| Q1 26 | $74.3M | — | ||
| Q4 25 | $92.8M | $92.9M | ||
| Q3 25 | $96.1M | $67.5M | ||
| Q2 25 | $97.9M | $63.2M | ||
| Q1 25 | $74.3M | $52.6M | ||
| Q4 24 | $91.6M | $75.4M | ||
| Q3 24 | $95.2M | $57.9M | ||
| Q2 24 | $102.5M | $52.7M |
净利润PIVCEL
| Q1 26 | $8.3M | — | ||
| Q4 25 | $-1.1M | $23.2M | ||
| Q3 25 | $-12.8M | $5.1M | ||
| Q2 25 | $11.6M | $-553.0K | ||
| Q1 25 | $-8.5M | $-11.2M | ||
| Q4 24 | $-2.7M | $19.8M | ||
| Q3 24 | $221.0K | $-901.0K | ||
| Q2 24 | $10.0M | $-4.7M |
毛利率PIVCEL
| Q1 26 | 49.1% | — | ||
| Q4 25 | 51.8% | 78.7% | ||
| Q3 25 | 50.3% | 73.5% | ||
| Q2 25 | 57.8% | 73.7% | ||
| Q1 25 | 49.4% | 69.0% | ||
| Q4 24 | 50.5% | 77.6% | ||
| Q3 24 | 50.0% | 71.9% | ||
| Q2 24 | 56.1% | 69.5% |
营业利润率PIVCEL
| Q1 26 | 30.5% | — | ||
| Q4 25 | -2.9% | 24.1% | ||
| Q3 25 | 0.7% | 5.1% | ||
| Q2 25 | 11.1% | -3.2% | ||
| Q1 25 | -12.9% | -24.3% | ||
| Q4 24 | -3.9% | 24.5% | ||
| Q3 24 | -0.8% | -4.3% | ||
| Q2 24 | 8.8% | -11.5% |
净利率PIVCEL
| Q1 26 | 11.2% | — | ||
| Q4 25 | -1.2% | 25.0% | ||
| Q3 25 | -13.3% | 7.5% | ||
| Q2 25 | 11.8% | -0.9% | ||
| Q1 25 | -11.4% | -21.4% | ||
| Q4 24 | -2.9% | 26.3% | ||
| Q3 24 | 0.2% | -1.6% | ||
| Q2 24 | 9.7% | -8.9% |
每股收益（稀释后）PIVCEL
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-0.02 | $0.46 | ||
| Q3 25 | $-0.44 | $0.10 | ||
| Q2 25 | $0.39 | $-0.01 | ||
| Q1 25 | $-0.30 | $-0.23 | ||
| Q4 24 | $-0.06 | $0.40 | ||
| Q3 24 | $0.01 | $-0.02 | ||
| Q2 24 | $0.34 | $-0.10 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $131.8M | $137.5M |
| 总债务越低越好 | $241.5M | — |
| 股东权益账面价值 | — | $354.6M |
| 总资产 | $502.5M | $488.0M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资PIVCEL
| Q1 26 | $131.8M | — | ||
| Q4 25 | $175.3M | $137.5M | ||
| Q3 25 | $190.1M | $135.4M | ||
| Q2 25 | $193.2M | $116.9M | ||
| Q1 25 | $147.9M | $112.9M | ||
| Q4 24 | $164.7M | $116.2M | ||
| Q3 24 | $170.3M | $101.7M | ||
| Q2 24 | $220.2M | $102.5M |
总债务PIVCEL
| Q1 26 | $241.5M | — | ||
| Q4 25 | $280.9M | — | ||
| Q3 25 | $280.4M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $283.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益PIVCEL
| Q1 26 | — | — | ||
| Q4 25 | $209.2M | $354.6M | ||
| Q3 25 | $195.0M | $321.9M | ||
| Q2 25 | $187.7M | $306.8M | ||
| Q1 25 | $160.6M | $295.5M | ||
| Q4 24 | $149.9M | $292.0M | ||
| Q3 24 | $136.1M | $257.5M | ||
| Q2 24 | $117.0M | $243.0M |
总资产PIVCEL
| Q1 26 | $502.5M | — | ||
| Q4 25 | $545.2M | $488.0M | ||
| Q3 25 | $516.5M | $453.3M | ||
| Q2 25 | $508.8M | $435.6M | ||
| Q1 25 | $479.8M | $424.6M | ||
| Q4 24 | $489.1M | $432.7M | ||
| Q3 24 | $476.4M | $390.4M | ||
| Q2 24 | $446.1M | $376.8M |
负债/权益比PIVCEL
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | — | ||
| Q3 25 | 1.44× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.89× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | — | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $2.2M | $12.8M |
| 自由现金流率自由现金流/营收 | 3.0% | 13.8% |
| 资本支出强度资本支出/营收 | — | 2.4% |
| 现金转化率经营现金流/净利润 | — | 0.65× |
| 过去12个月自由现金流最近4个季度 | $61.1M | $24.7M |
8季度趋势，按日历期对齐
经营现金流PIVCEL
| Q1 26 | — | — | ||
| Q4 25 | $15.1M | $15.0M | ||
| Q3 25 | $20.9M | $22.1M | ||
| Q2 25 | $33.9M | $8.2M | ||
| Q1 25 | $-11.1M | $6.6M | ||
| Q4 24 | $12.6M | $22.2M | ||
| Q3 24 | $10.1M | $10.2M | ||
| Q2 24 | $45.5M | $18.5M |
自由现金流PIVCEL
| Q1 26 | $2.2M | — | ||
| Q4 25 | $13.6M | $12.8M | ||
| Q3 25 | $18.0M | $19.5M | ||
| Q2 25 | $27.3M | $81.0K | ||
| Q1 25 | $-13.0M | $-7.6M | ||
| Q4 24 | $8.5M | $8.5M | ||
| Q3 24 | $4.7M | $-9.2M | ||
| Q2 24 | $44.1M | $1.8M |
自由现金流率PIVCEL
| Q1 26 | 3.0% | — | ||
| Q4 25 | 14.7% | 13.8% | ||
| Q3 25 | 18.7% | 28.8% | ||
| Q2 25 | 27.9% | 0.1% | ||
| Q1 25 | -17.5% | -14.5% | ||
| Q4 24 | 9.3% | 11.2% | ||
| Q3 24 | 4.9% | -15.9% | ||
| Q2 24 | 43.0% | 3.4% |
资本支出强度PIVCEL
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 2.4% | ||
| Q3 25 | 3.1% | 3.9% | ||
| Q2 25 | 6.7% | 12.9% | ||
| Q1 25 | 2.5% | 27.0% | ||
| Q4 24 | 4.5% | 18.3% | ||
| Q3 24 | 5.7% | 33.5% | ||
| Q2 24 | 1.3% | 31.8% |
现金转化率PIVCEL
| Q1 26 | — | — | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | 2.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | 45.56× | — | ||
| Q2 24 | 4.56× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
PI
暂无分部数据
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
