Vericel Corp Ord (VCEL)

Return on total capital

		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	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	-3,685	-11,080	-13,735	-16,717	-15,613	-18,257	-16,736	-11,506	-7,578	613	9,163	4,608	3,050	-141	-664	-12,596	-11,251	-14,466	-18,899	-2,945
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	225,952	204,380	198,928	193,978	192,272	177,837	174,816	172,485	170,462	156,780	151,092	140,209	134,260	114,630	107,596	110,452	111,091	96,990	88,542	103,055
Return on total capital		-1.63%	-5.42%	-6.90%	-8.62%	-8.12%	-10.27%	-9.57%	-6.67%	-4.45%	0.39%	6.06%	3.29%	2.27%	-0.12%	-0.62%	-11.40%	-10.13%	-14.91%	-21.34%	-2.86%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $-3,685K ÷ ($—K + $225,952K)
= -1.63%

Vericel Corp's return on total capital has fluctuated over the past eight quarters, with negative figures recorded in each quarter. The return on total capital ranged from -2.86% to -10.69% during this period. The consistent negative trend indicates that the company is not generating sufficient returns from its total invested capital. Vericel Corp may need to address underlying inefficiencies or improve its operational performance to enhance its return on total capital in the future.