Adaptive Biotechnologies vs Vericel
Adaptive Biotechnologies and Vericel are similar in size: $277m and $276m of revenue in their latest fiscal years. Adaptive Biotechnologies grew faster (54.8% against 16.5%). Vericel kept more of each dollar of sales as profit: a net margin of 6.0% against -21.5%. Vericel carries less debt relative to equity (0.0% against 60.0%).
| Latest fiscal year | Adaptive BiotechnologiesADPT, 2025 | VericelVCEL, 2025 |
|---|---|---|
| Revenue | $277m | $276m |
| Revenue growth | 54.8% | 16.5% |
| Net income | −$59.5m | $16.5m |
| Operating margin | -20.6% | 4.0% |
| Net margin | -21.5% | 6.0% |
| Return on equity | -28.2% | 5.1% |
| Free cash flow | −$48.9m | $24.7m |
| Cash | $70.5m | $100m |
| Total debt | $131m | $0 |
| Debt to equity | 60.0% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 624 | 398 |
| Market value | $4.10bn | $2.10bn |
| Price vs our value range | — | — |
| Moat score | 24 (Weak) | 32 (Weak) |
| Insider trades, 12 months | 0 buys, 168 sales | 0 buys, 33 sales |