Vericel Corporation · NASDAQ:VCEL
Vericel — Q1 2025 Earnings Presentation
8 slides from Vericel's earnings presentation, May 8, 2025
Slide 1: Q1 2025 Results
VERICEL Q1 2025 RESULTS MAY 8, 2025
Slide 2: Safe Harbor
Safe Harbor Vericel cautions you that all statements other than statements of gross margins and operating margins, the ability to continue to scale potentially new tariffs or quotas, lingering effects of adverse historical fact included in this presentation that address activities, our manufacturing
Slide 3: Q1 2025 Financial Highlights and Key Business Updates
Q1 2025 Financial Highlights Key Business Updates Total revenue of $52.6M Record first quarter MACI and total revenue MACI revenue growth of 15% to $46.3M Second highest number of MACI biopsies and Burn Care revenue of $6.3M surgeons taking biopsies in a quarter, with second highest biopsies in any
Slide 4: MACI Arthro Launch Progress
MACI Arthro Launch Progress ~400 Trained Surgeons Since Launch, With Highest Year-to-Date Biopsy Growth Over 30% for MACI Training Activity to Date in Q1 Arthro Trained Surgeons Biopsy and implant growth rates significantly higher for MACI Arthro trained surgeons ~400 Surgeons that historically
Slide 5: Q1 2025 Revenue Details
Q1 2025 Revenue Details Total Revenue ($M) $80 $70 NexoBrid $60 $52.6 $51.3 $0.4 $1.3 Epicel $50 $41.0 $10.7 $5.0 MACI growth of 15% vs. $40 $34.6 * $36.1 $0.2* $6.8 prior year MACI $0.9 $30 $9.8 $9.9 $46.3 $20 $40.2 $34.2 $23.8 $26.0 $10 $0 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 *NexoBrid revenue
Slide 6: Q1 2025 Financial Results
Q1 2025 Financial Results Three Months Ended March 31, Unaudited, amounts in millions except per share amounts 2025 2024 Net Revenue $52.6 $51.3 Gross Profit 36.3 35.4 Gross Margin 69% 69% Research and Development 7.3 6.4 Selling, General and Administrative 41.8 34.4 Total Operating Expenses 49.1 40
Slide 7: Raising 2025 Profitability Guidance
Raising 2025 Profitability Guidance Total Revenue Gross Margin Adjusted EBITDA Margin +150 bps 74% +350 bps +20-23% 26% % of Revenue $Millions % of Revenue +~400 bps 73% +20% $237M +~500 bps 23% 69% $198M 17% 2023 2024 2025 2023 2024 2025 2023 2024 2025 Guidance Guidance Guidance Reaffirmed total re
Slide 8: Reconciliation of Reported Net Income to Adjusted EBITDA
Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA (Non- GAAP Measure) – Unaudited Three Months Ended (unaudited, amounts in thousands) March 31, Adjusted EBITDA (In Thousands) 2025 2024 Net Income (Loss) $ (11,246) $ (3,862) Stock-based compensation expense 11,505 9,834 Depreciation an