Vericel (VCEL) Corporate presentation summary

Strategic vision and market positioning

• Focuses on advanced therapies for sports medicine and severe burn care, combining biological innovation with medical technology.

• Mission is to provide precision therapies that repair injuries and restore lives.

• Portfolio includes MACI, MACI Arthro, Epicel, and NexoBrid, with significant barriers to entry.

• Targets large, underpenetrated markets with a total addressable market (TAM) expanding to over $5 billion.

Financial performance and growth

• Achieved record Q3 2025 revenue of $67.5M, with MACI contributing nearly $56M.

• Gross margin reached 73.5%, net income was $5.1M, and adjusted EBITDA was $17.0M (25% margin).

• Operating cash flow for Q3 was $22.1M, with $185M in cash and investments.

• Sustained 20% CAGR since MACI launch, with high revenue growth expected to continue.

• Positive GAAP net income in 2024 and expanding EBITDA margins projected.

Product innovation and market expansion

• MACI is the leading restorative cartilage repair product, with broad label and strong clinical data.

• MACI Arthro, approved for arthroscopic administration, targets the largest segment of the MACI market.

• MACI Ankle represents a $1B opportunity, with a clinical study set to begin in Q4 2025.

• NexoBrid and Epicel expand the burn care franchise, with NexoBrid launched in the U.S. in Q4 2023 and Epicel as the only FDA-approved permanent skin replacement for severe burns.

• New manufacturing facility supports potential international expansion and increased production flexibility.