Vericel Corporation · NASDAQ:VCEL
Vericel — Investor Presentation (November 2025)
25 slides from Vericel's investor presentation, November 2025
Slide 1: Corporate Presentation November 2025
Advanced Therapies for the Sports Medicine & Severe Burn Care Markets CORPORATE PRESENTATION NOVEMBER 2025
Slide 2: Forward Looking Statements
Forward Looking Statements Vericel cautions you that all statements other than statements of manufacturing operations to meet the demand for our cell therapy in the financial services industry or the financial services industry historical fact included in this presentation that address activities, p
Slide 3: Vericel is a Leader in Advanced Therapies in Sports Medicine and Burn Care
Vericel is a Leader in Advanced Therapies in Sports Medicine and Burn Care, Combining Innovations in Biology with Medical Technologies Our Vision SPORTS MEDICINE SEVERE BURNS Every patient benefits from therapies as unique as they are Our Mission We provide precision therapies that repair injuries a
Slide 4: Vericel is Well-Positioned to Deliver Sustained Long-Term Growth
Vericel is Well-Positioned to Deliver Sustained Long-Term Growth High revenue growth profile Market leader in knee cartilage repair Sustained positive adjusted EBITDA and 20% growth in 2023 and 2024 Operating Cash Flow MACI Arthro launched in Q3 2024 GAAP Net Income positive in 2024 ❶ ❷
Slide 5: Large Underpenetrated Markets with TAM Expanding to Over $5 Billion
Large Underpenetrated Markets with Total Addressable Market Opportunity Expanding to Over $5 Billion in the Years Ahead ~$5 Billion + $1 Billion TAM $600 Million ~$4 Billion TAM $600 Million $5 Billion NexoBrid launched in 2023 $3 Billion+ MACI Arthro launched in 2024; targets largest segment of
Slide 6: Current Portfolio Plus New Launches Expected to Drive Durable High Revenue Growth
Current Portfolio Plus New Product Launches Expected to Drive Durable High Revenue Growth Profile Longer-Term Potential to Add OUS MACI in Late 2020’s & MACI Ankle in ~2030+ Continued High ~20% CAGR Since Revenue Growth Launch of MACI 20% CAGR Since MACI Launch +20% +20% 2017 2018 2019 2020 2021 2
Slide 7: Driving High Revenue Growth and a Top-Tier Profitability Profile
Driving High Revenue Growth and a Top-Tier Profitability Profile Mid-Term Profitability Targets of High-70% Gross Margin and High-30% Adjusted EBITDA 20% Top Line Growth in 2024 Expect Continued High Revenue Growth in 2025 and Beyond Adjusted EBITDA Margin % High Revenue Gross Margin % Growth High H
Slide 8: Q3 2025 Financial Results and Key Business Highlights
Q3 2025 Financial Results Q3 Key Business Highlights Total revenue of $67.5M Record Q3 Revenue: Total revenue of $67.5M driven by strong performance across both franchises Gross margin of 73.5% MACI Growth Inflection: MACI revenue growth of 25%, achieving record Net Income of $5.1M third quarter
Slide 9: Knee Cartilage Injuries Represent a Significant Unmet Medical Need
Knee Cartilage Injuries Represent a Significant Unmet Medical Need Cartilage defects are found in ~60% of knee arthroscopies1 Damage caused by acute or repetitive trauma or degenerative conditions Cartilage has limited capacity for intrinsic healing and repair Untreated cartilage defects may lea
Slide 10: Large Addressable Knee Cartilage Repair Market for MACI
Large Addressable Knee Cartilage Repair Market for MACI Estimated Annual Addressable Patient Population (U.S.) Annual Cartilage Repair Revenue $197 ~750,0001 Cartilage Repair Procedures $165 $132 ~315,0002 $Millions $112 Patients Consistent With Label $92 $95 $3 Billion+ $68 ~125,0002 $44 Patients M
Slide 11: MACI is the Leading Restorative Cartilage Repair Product on the Market
MACI is the Leading Restorative Cartilage Repair Product on the Market BIOPSY TAKEN DEFECT DEBRIDED CHONDROCYTES TEMPLATE CREATED EXTRACTED, EXPANDED, & LOADED MACI DELIVERED MACI IMPLANTED 11
Slide 12: MACI Product Attributes Driving Strong Growth Since Launch
MACI Product Attributes Driving Strong Growth Since Launch Broad Label with Strong Clinical Data Simpler, Less Invasive Procedure Shorter Rehab Protocols Strong Reimbursement Profile 1 The American Journal of Sports Medicine. 2018;46(6):1343-1351. 12
Slide 13: MACI Arthro Can Amplify Core MACI Growth Drivers
MACI Growth Opportunities Broader Surgeon Adoption as MACI MACI Arthro Can Amplify Drivers Becomes Standard of Care Core MACI Growth Drivers Deeper Practice Penetration as Surgeons Gain MACI Experience Innovation that Supports Premium Pricing MACI has Generated Sustained High Growth Since Launch; MA
Slide 14: MACI Arthro is the First Restorative Biologic Approved for Arthroscopic Administration
MACI Arthro is the First Restorative Biologic Cartilage Repair Product Approved for Arthroscopic Administration 14
Slide 15: MACI Arthro Enables Additional Surgeon Growth
MACI Arthro Enables Additional Surgeon MACI Arthro Expected to Drive Incremental Growth Volume Across all Surgeon Segments Target Surgeons MACI Surgeon Segments Surgeons Primarily 7,000 Targets Treating Patella Remaining Potential Defects Current Open MACI 5,000 Targets New Targets Surgeons Users Su
Slide 16: MACI Arthro Addresses the Largest Segment of the Overall MACI TAM
MACI Arthro Addresses the Largest Segment of the Overall MACI TAM Where There is Significant Potential to Increase Penetration Current MACI Growth Segments MACI Arthro Provides Opportunity MACI Arthro Pre MACI Arthro Launch to Significantly Increase MACI Usage Target Segments Patella Larger Condyle
Slide 17: Significant Ankle Cartilage Repair Opportunity
Significant Ankle Cartilage Repair Opportunity MACI Ankle Annual TAM Estimate (U.S.) ~165,0001 Ankle Resurfacing Current Treatment Procedures Breakdown2 Minced Other autograft ~66,0002 Patients MD’s Consider Clinically Appropriate OCA OATs For MACI MFX alone MFX+ ~18,00022 ~18,000 Minced LargerLesio
Slide 18: Burn Injury Size and Depth Determine Treatment Pathway
Burn Injury Size and Depth Epidermis Determine Treatment Pathway Superficial (1st Degree) Superficial Partial-Thickness (2nd Degree) Dermis Deep Partial-Thickness (2nd Degree) Full thickness burn injuries of any size & partial thickness Full Thickness (3rd Degree) burn injuries >10% total body sur
Slide 19: Burn Care Franchise Addressable Market Opportunity
Burn Care Franchise Addressable Market Opportunity Estimated U.S. Burn Patients1 $600 Million $300 Million Addressable Market 500,000 Annual Burns (U.S.) Addressable in the U.S. Market in the U.S.2,3 40,000 Hospitalized Patients 1,500 Epicel-Indicated (>30% TBSA) $300 Million Patients NexoBrid comme
Slide 20: NexoBrid: Significant Advancement in Burn Treatment Paradigm
NexoBrid Significant Advancement in Burn Treatment Paradigm Concentrated mixture of proteolytic enzymes Orphan biologic product Non-surgical topical agent that may be applied at the patient’s bedside indicated for eschar removal Selectively degrades eschar in four hours while preserving viable
Slide 21: Epicel
Epicel Comparison of Epicel Patient Database to National Burn Only FDA-approved permanent Repository1 Data Demonstrates Lower Mortality Rate skin replacement for adult and pediatric patients with full- thickness burns ≥ 30% of total body surface area Important treatment option for severe burn pa
Slide 22: Burn Care Growth Opportunities
Burn Care Growth Opportunities Larger commercial footprint with portfolio selling approach in 2025 NexoBrid uptake increasing with strong clinical outcomes driving adoption Larger sales force enables visibility into Activating additional Epicel users through potential Epicel patients that have been
Slide 23: Vericel Remains Focused on Potential Strategic Transactions
Vericel Remains Focused on Potential Strategic Transactions to Maximize Long-Term Value A D VA N C E D C E L L T H E R A P Y D E V E L O P M E N T & M A N U F A C T U R I N G P L AT F O R M Sports Medicine Severe Burn Care New Advanced Cell Business development Franchise Franchise Therapy Vertical(s
Slide 24: Building on a Legacy of Growth with Near-Term and Long-Term Opportunities
Building on a Legacy of Growth with Near-Term and Long-Term Opportunities Potential for Acquisition of Sanofi’s MACI Acquisition of NexoBrid New Corporate HQ MACI OUS Cell Therapy and North American and Manufacturing Regenerative Medicine Launched commercial rights Launched Facility Complete Expansi
Slide 25: Growth Strategy Leverages Near-Term & Long-Term Opportunities
Growth Strategy Leverages Near-Term & Long-Term Opportunities Strong Financial High-Growth Sports Medicine Second High-Growth Franchise Expanding Core Profile Franchise in Burn Care Portfolio High revenue growth profile Market leader in knee NexoBrid launched in the On track to initiate MACI