Vericel (VCEL) Morgan Stanley 24th Annual Global Healthcare Conference summary

MACI growth and expansion

• MACI is the only FDA-approved product in its class, driving strong revenue and profitability through premium pricing and concentrated call points.

• OUS expansion began with the UK, leveraging expedited approval and high surgeon advocacy, with a launch expected after regulatory approval in 2027, followed by broader European and Canadian rollouts.

• MACI Ankle targets a billion-dollar market, with a three-year enrollment and two-year follow-up, positioning it as a 2030+ opportunity.

• MACI Arthro, launched in early 2025, enables access to smaller defect markets and has driven increased growth and surgeon adoption.

• MACI has achieved a 24% CAGR over a decade, with recent rolling four-quarter growth at 23%.

Commercial initiatives and sales force productivity

• Salesforce expansion at the start of 2026 increased coverage by 30%, with new hires showing strong biopsy and implant growth, especially in new territories.

• Commercial excellence initiatives include better surgeon segmentation, standardized playbooks, and CRM implementation to boost rep productivity.

• Growth drivers include adding new surgeons, increasing biopsies per surgeon, improving conversion rates, and price optimization.

• Rep productivity typically peaks in years two and three post-hire, supporting durable growth into 2027 and 2028.

Competitive positioning and clinical data

• MACI Arthro targets smaller femoral condyle defects, expanding the addressable market by about a third.

• Over 1,000 surgeons trained on MACI Arthro in 2025, with this cohort representing over half of implants.

• Ongoing data generation and registry efforts aim to demonstrate improved postoperative outcomes and support further adoption.

• Long-term international data shows high patient satisfaction with arthroscopic administration.