Vericel Corp Ord (VCEL)

Pretax margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	10,510	4,648	1,603	1,265	-2,368	-9,839	-12,449	-16,392	-15,988	-18,401	-16,776	-11,527	-7,582	609	9,158	4,603	3,044	145	-3	-11,526
Revenue (ttm)	US$ in thousands	237,224	226,844	214,520	207,780	197,516	185,214	178,184	169,308	164,365	159,262	155,217	157,690	156,184	153,822	151,574	132,069	124,179	118,340	116,581	122,718
Pretax margin		4.43%	2.05%	0.75%	0.61%	-1.20%	-5.31%	-6.99%	-9.68%	-9.73%	-11.55%	-10.81%	-7.31%	-4.85%	0.40%	6.04%	3.49%	2.45%	0.12%	-0.00%	-9.39%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $10,510K ÷ $237,224K
= 4.43%

Vericel Corp Ord's pretax margin has shown fluctuating performance over the past few years. The company experienced negative pretax margins in the first half of 2020, with a significant improvement towards the end of the year, reaching a high of 6.04% in June 2021. However, the pretax margin declined in the following quarters, dropping to negative values again by the end of 2021 and continuing to decrease into 2023.

The pretax margin started to recover in 2024, showing positive values from March 2024 onwards, indicating improved profitability. By the end of December 2024, the pretax margin had increased to 4.43%. Overall, Vericel Corp Ord's pretax margin reflects a mix of challenges and improvements in profitability, highlighting the company's ability to navigate through varying economic conditions.