Slide 1: Vericel Q1 2026 Results
VERICEL Q1 2026 RESULTS MAY 7, 2026
Slide 2: Safe Harbor
Safe Harbor Forward-Looking Statements likelihood of obtaining marketing approval for MACI in the United Kingdom, the estimate of Commission (SEC) on February 26, 2026, Vericel’s Quarterly Report on Form 10-Q for the Vericel cautions you that all statements other than statements of historical fact i
Slide 3: Q1 2026 Financial Results and Key Business Highlights
Q1 2026 Financial Results Q1 Key Business Highlights Record Q1 Total Revenue: Record first quarter revenue driven by strong performance for MACI and Burn Care Burn Care +91% $12.0 MACI Momentum Continues: Record first quarter MACI revenue with $68.4M double-digit implant and biopsy growth; trail
Slide 4: MACI Continues to Deliver Top-Tier Revenue Growth
MACI Continues to Deliver Top-Tier Revenue Growth Rolling Four-Quarter Growth Rate of 23% 2026 MACI Growth Drivers Rolling Four-Quarter Growth Rate of 19% 25% Strong leading indicators exiting 2025 23% 22% continued through first quarter of 2026 21% 21% 21% 19% MACI Arthro supporting higher grow
Slide 5: 2026 Financial Guidance
2026 Financial Guidance Raising Full-Year Revenue Guidance by $10 Million Total Revenue Gross Margin Adjusted EBITDA Margin $326M- 75% $336M 74% 27% 73% 26% % of Revenue $Millions % of Revenue 23% $276M $237M 2024 2025 2026 2024 2025 2026 2024 2025 2026 Guidance Guidance Guidance Raising Full-Year R
Slide 6: 2026 Strategic Imperatives
2026 Strategic Imperatives Q1 2026 Progress Drive breadth and depth of MACI surgeon penetration Record Q1 biopsies, implants, and MACI Meaningfully increase reach across biopsy and implanting surgeons Enhance commercial excellence and Sales Force MACI customer base with 30% sales execution for
Slide 7: Q1 2026 Revenue Details
Q1 2026 Revenue Details Total Revenue ($M) $68.4 $70 $1.1 $60 $10.9 $51.3 $52.6 Total Company growth $1.3 NexoBrid $50 $0.4 $5.0 of 30% vs. prior year $41.0 $10.7 Epicel $40 $6.8 $30 MACI $56.4 MACI growth of 22% vs. $46.3 $20 $34.2 $40.2 prior year $10 $0 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Vericel Q1
Slide 8: Cash and Balance Sheet Highlights
Cash and Balance Sheet Highlights Cash Flow Summary Free Cash Flow Balance Sheet Summary As of March 31, 2026 Q1 2025 Q1 2026 Three months ending March 31, Unaudited ($M) 2025 2026 ~$211M Cash provided by $6.6 $16.4 +$22.7M Total cash and investments operations Cash used in investing (15.1) (4.2) $1
Slide 9: Q1 2026 Financial Results
Q1 2026 Financial Results Income Statement Summary Three months ending March 31, Unaudited ($M except per share amounts) 2026 2025 Net Revenue $68.4 $52.6 Gross Profit 49.3 36.3 Gross Margin 72% 69% Research and Development 8.1 7.3 Selling, General and Administrative 49.2 41.8 Total Operating Expens
Slide 10: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Q1 Q1 Reconciliation of Adjusted EBITDA ($M) 2026 2025 Net Income (Loss) (GAAP) ($6.3) ($11.2) Stock-based compensation expense 11.3 11.5 Depreciation and amortization 3.3 2.7 Net interest income (1.7) (1.5) Pre-occupancy lease expense and tech transfer 3.0 1.8 Ad