Slide 1: Vericel Q4 2025 Results
VERICEL Q4 2025 RESULTS FEBRUARY 26, 2026
Slide 2: Safe Harbor
Safe Harbor Vericel cautions you that all statements other than statements of manufacturing operations to meet the demand for our cell therapy duties, current and potentially new tariffs or quotas, lingering effects historical fact included in this presentation that address activities, products, inc
Slide 3: Q4 2025 Financial Results and Key Business Highlights
Q4 2025 Financial Results Q4 Key Business Highlights Total revenue of $92.9M Record Q4 Total Revenue: Record fourth quarter total revenue driven by strong performance across both franchises Total Revenue Growth of 23% Gross margin of 79% MACI Growth Inflection: MACI revenue growth of 23%, with r
Slide 4: 2026 Financial Guidance and Strategic Imperatives
2026 Financial Guidance and Strategic Imperatives MACI Drive breadth and depth of MACI surgeon penetration Meaningfully increase reach across MACI customer base Sales Force with 30% sales force expansion Enhance commercial excellence and execution Expansion Drive sales rep productivity to pre-
Slide 5: MACI Continues to Deliver Top-Tier Revenue Growth
MACI Continues to Deliver Top-Tier Revenue Growth 2026 MACI Growth Drivers $280M- $286M 24% CAGR Since Strong leading indicators exiting 2025 MACI Launch ~$240M MACI Arthro supporting higher growth in small condyle defects (largest segment of TAM) 30% increase in sales force to start 2026 will
Slide 6: Q4 2025 Revenue Details
Q4 2025 Revenue Details Total Revenue ($M) $92.9 $0.7 $90 $8.1 $80 $75.4 $1.0 NexoBrid $70 $65.0 $6.0 $0.5 Epicel $60 $52.7 $7.8 MACI growth of 23% vs. $50 $6.3 $84.1 prior year MACI $40 $68.3 $30 $56.7 $46.3 $20 $10 $0 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Vericel Q4 2025 Financial Results – February 26,
Slide 7: Q4 2025 Financial Results
Q4 2025 Financial Results Three Months Ended Twelve Months Ended December 31, December 31, Unaudited, amounts in millions except per share amounts 2025 2024 2025 2024 Net Revenue $92.9 $75.4 $276.3 $237.2 Gross Profit 73.1 58.5 205.6 172.1 Gross Margin 79% 78% 74% 73% Research and Development 7.3 4.
Slide 8: Reconciliation of Reported Net Income to Adjusted EBITDA (Non-GAAP Measure)
Reconciliation of Reported Net Income to Adjusted EBITDA (Non-GAAP Measure) – Unaudited Three Months Ended Twelve Months Ended December 31, December 31, Adjusted EBITDA (In Millions) 2025 2024 2025 2024 Net Income (GAAP) $ 23.2 $ 19.8 $ 16.5 $ 10.4 Stock-based compensation expense 8.4 7.9 38.8 36.5