Vericel (VCEL) investor relations material

Company and product portfolio overview

• Leading provider of advanced cell therapies and specialty biologics for sports medicine and burn care markets.

• MACI is the only FDA-approved restorative cartilage repair product, now available for arthroscopic administration.

• Burn care portfolio includes NexoBrid for eschar removal and Epicel for permanent skin replacement, both unique in their class.

• Strong competitive barriers due to regulatory requirements and lack of generic pathways.

• Consistent profitability, with gross margins at 73% and adjusted EBITDA margins at 23% last year.

MACI Arthro market expansion and surgeon adoption

• Addressable market for knee cartilage repair is about 60,000 patients annually, with MACI Arthro targeting smaller defects.

• MACI Arthro enables less invasive procedures, expanding reach to new surgeon segments and increasing market penetration.

• Surgeon trainings have included both existing and new users, with about one-third being new MACI users.

• Reimbursement and gross margin are consistent between MACI Arthro and core MACI procedures.

• MACI Arthro is expected to drive significant growth by increasing penetration in the larger segment of smaller knee defects.

Commercial execution and sales force expansion

• Sales force expansion underway to support anticipated growth, with new hires expected to be productive by 2026.

• New reps are experienced and will begin territory work in Q4, with full productivity ramping up over four to six quarters.

• Revenue per rep remains strong, and territory realignment is planned for January 1st.