Slide 1: Vericel Q4 2024 Results
VERICEL Q4 2024 RESULTS FEBRUARY 27, 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 increases or changes in duties, current and potentially new tariffs or historical fact included in this presentation that address activities, our manufa
Slide 3: Q4 2024 and FY 2024 Financial Highlights
Q4 2024 Financial Highlights FY 2024 Financial Highlights Record Q4 total revenue of $75.4M Total net revenue increased 20% to $237.2M MACI revenue growth of 21% to $68.3M MACI revenue growth of 20% to $197.3M Burn Care revenue of $7.0M Burn Care revenue growth of 22% to $39.9M Gross margin of 78%,
Slide 4: Key Business Updates
Key Business Updates Brand Updates Business Updates Highest number of MACI implants, implanting Completed construction of new corporate surgeons, surgeons taking biopsies and MACI headquarters and manufacturing facility and biopsies in a quarter since launch remain on track to initiate MACI commerci
Slide 5: Q4 2024 Revenue Details
Q4 2024 Revenue Details Total Revenue ($M) $80 $75.4 $1.0 $70 $65.0 $6.0 $0.5 $60 $7.8 NexoBrid $52.7 MACI growth of 21% vs. $47.6 $- Epicel $50 $45.2 $1.0* $0.5* $6.3 prior year and $9.7 $40 $9.6 sequential growth of MACI $68.3 $30 $56.7 53% vs. Q3 2024 $46.3 $20 $37.3 $34.7 $10 $0 Q4 2020 Q4 2021
Slide 6: Q4 2024 Financial Results
Q4 2024 Financial Results Three Months Ended Twelve Months Ended December 31, December 31, Unaudited, amounts in millions except per share amounts 2024 2023 2024 2023 Net Revenue $75.4 $65.0 $237.2 $197.5 Gross Profit 58.5 48.5 172.1 135.6 Gross Margin 78% 75% 73% 69% Research and Development 4.9 4.
Slide 7: Reaffirmed 2025 Financial Guidance
Reaffirmed 2025 Financial Guidance Total Revenue Gross Margin Adjusted EBITDA Margin +50-150 bps +20-23% +250-350 bps 73%- 25%- % of Revenue $Millions % of Revenue +~400 bps 73% 74% 26% +20% $237M +~500 bps 23% 69% $198M 17% 2023 2024 2025 2023 2024 2025 2023 2024 2025 Guidance Guidance Guidance Ver
Slide 8: Current Portfolio Plus New Product Launches Expected to Drive Durable High Revenue Growth Profile
Current Portfolio Plus New Product Launches Expected to Drive Durable High Revenue Growth Profile Longer-Term Potential to Add OUS MACI in Late 2020’s & MACI Ankle in ~2030+ Continued High ~20% CAGR Since Revenue Growth Launch of MACI 20% CAGR Since MACI Launch +20-23% +20% +20% 2017 2018 2019 202
Slide 9: Driving High Revenue Growth and a Top-Tier Profitability Profile
Driving High Revenue Growth and a Top-Tier Profitability Profile Mid-Term Profitability Targets Increased to High-70% Gross Margin and High-30% Adjusted EBITDA 20% Top Line Growth in 2024 Expect Continued High Revenue Growth in 2025 and Beyond Adjusted EBITDA Margin % High Revenue Gross Margin % Gro
Slide 10: MACI Arthro Enables Additional Surgeon Growth
MACI Arthro Enables Additional Surgeon MACI Arthro Expected to Drive Incremental Growth Volume Across all Surgeon Segments Target Surgeons MACI Surgeon Segments Surgeons Primarily 7,000 Targets Treating Patella Remaining Potential Defects Current Open MACI 5,000 Targets New Targets Surgeons Users Su
Slide 11: MACI Arthro Addresses the Largest Segment of the Overall MACI TAM
MACI Arthro Addresses the Largest Segment of the Overall MACI TAM Where There is Significant Potential to Increase Penetration Current MACI Growth Segments MACI Arthro Provides Opportunity MACI Arthro Pre MACI Arthro Launch to Significantly Increase MACI Usage Target Segments Patella Larger Condyle
Slide 12: Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA
Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA (Non- GAAP Measure) – Unaudited Three Months Ended Year Ended (unaudited, amounts in thousands) December 31, December 31, Adjusted EBITDA (In Thousands) 2024 2023 2024 2023 Net Income (Loss) $ 19,807 $ 12,993 $ 10,362 $ (3,182) Stock-ba