Vericel Corporation · NASDAQ:VCEL
Vericel — Investor Presentation (August 2026)
25 slides from Vericel's investor presentation, August 2026
Slide 1: Corporate Presentation August 2026
Advanced Therapies for the Sports Medicine & Severe Burn Care Markets CORPORATE PRESENTATION AUGUST 2026
Slide 2: Safe Harbor
Safe Harbor Forward-Looking Statements FDA’s potential approval of the use of MACI to treat cartilage defects in the ankle, the These and other significant factors are discussed in greater detail in Vericel’s Annual Report Vericel cautions you that all statements other than statements of historical
Slide 3: Vericel is a Leading Provider of Advanced Therapies in Sports Medicine and Burn Care
Vericel is a Leading Provider of Advanced Therapies in Sports Medicine and Burn Care that Repair Tissues and Restore Lives SPORTS MEDICINE SEVERE BURNS PORTFOLIO OF INNOVATIVE CELL THERAPIES AND SPECIALTY BIOLOGICS WITH SIGNIFICANT BARRIERS TO ENTRY 3
Slide 4: Vericel is Well-Positioned to Deliver Sustained Long-Term Growth
Vericel is Well-Positioned to Deliver Sustained Long-Term Growth High revenue growth profile Market leader in knee cartilage Sustained positive adjusted EBITDA repair and Operating Cash Flow 24% revenue CAGR since launch GAAP Net Income positive ❶ ❷ MACI Arthro® launched in 2024 ~$227M
Slide 5: Large Underpenetrated Markets with TAM Expanding to Over $5 Billion
Large Underpenetrated Markets with Total Addressable Market Opportunity Expanding to Over $5 Billion in the Years Ahead ~$1B $5B+ TAM $600 Million $4B+ TAM $600 Million $5 Billion $4 Billion Core TAM Expanded TAM 5
Slide 6: Current Portfolio Plus Expansion Opportunities Expected to Drive Durable High Revenue Growth
Current Portfolio Plus Expansion Opportunities Expected to Drive Durable High Revenue Growth Longer-Term Potential to Add OUS MACI in 2027+ and MACI Continued High Revenue Ankle in 2030+ Growth with MACI Sales Force Expansion and Commercial Excellence Investments 20% CAGR Since MACI Launch 2017 2018
Slide 7: Driving High Revenue Growth and a Top-Tier Profitability Profile
Driving High Revenue Growth and a Top-Tier Profitability Profile Mid-Term Targets: Revenue of ~$500M, High-70% Gross Margin and High-30% Adjusted EBITDA Margin High Revenue Growth Increasing Gross Margin Expected to ~Double by 2029 Operating Leverage drives margin expansion ~$500M High 70% 74% ~$276
Slide 8: Q2 2026 Financial Results
Q2 2026 Financial Results Q2 Key Business Highlights Record Q2 Total Revenue: Record second quarter revenue of $77.5M driven by strong performance for MACI and Burn Care Burn Care +22% $12.0 MACI Momentum Continues: Record second quarter MACI revenue with $77.5M 23% growth as sales force expansi
Slide 9: Knee Cartilage Injuries Represent a Significant Unmet Medical Need
Knee Cartilage Injuries Represent a Significant Unmet Medical Need Cartilage defects are found in ~60% of knee arthroscopies1 Damage caused by acute or repetitive trauma or degenerative conditions Cartilage has limited capacity for intrinsic healing and repair Untreated cartilage defects may lea
Slide 10: MACI is the First Tissue-Engineered Autologous Cell Scaffold Product Approved by the FDA
MACI is the First Tissue-Engineered Autologous Cell Scaffold Product Approved by the FDA BIOPSY TAKEN DEFECT DEBRIDED CHONDROCYTES TEMPLATE CREATED EXTRACTED, EXPANDED, & LOADED MACI DELIVERED MACI IMPLANTED 10
Slide 11: Large Addressable Knee Cartilage Repair Market for MACI
Large Addressable Knee Cartilage Repair Market for MACI Estimated Annual Addressable Patient Population (U.S.) ~750,0001 Cartilage Repair Procedures ~315,0002 Patients Consistent With Label $4 Billion ~125,0002 Patients MD’s Consider Addressable Market Clinically Appropriate For MACI in the U.S.3 ~6
Slide 12: MACI's Highly Differentiated Product Attributes Have Driven Strong Multi-Year Growth
MACI’s Highly Differentiated Product Attributes Have Driven Strong Multi- Year Growth and Continued Momentum Moving into 2026 24% CAGR for MACI Since Launch MACI Revenue Growth 12
Slide 13: 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% Continuation of recent growth driver trends 23% 23% including surgeon growth, biopsies per 22% 21% 21% surgeon, conversion rate and price 1
Slide 14: MACI is the First Restorative Biologic Cartilage Repair Product Approved for Arthroscopic Administration
MACI is the First Restorative Biologic Cartilage Repair Product Approved for Arthroscopic Administration 14
Slide 15: MACI Arthro Provides an Opportunity to Increase Penetration in the Largest Segment
MACI Arthro Provides an Opportunity to Increase Penetration in the Largest Segment of the Overall MACI Addressable Market MACI Growth Segments MACI Arthro Pre-MACI Arthro Launch Target Segments ~$1.5B TAM ~$2.5B TAM Current penetration of 10%+ Current penetration of <5% Patella Other Smaller Condyle
Slide 16: MACI Growth Opportunities
MACI Growth Opportunities Broader Surgeon Adoption as MACI MACI’s Becomes Standard of Care Market Leadership Position Deeper Practice Penetration as Surgeons Gain MACI Experience MACI 30% Increase Arthro to MACI Addition Sales Force Innovation that Supports Premium Pricing Addition of MACI Arthro an
Slide 17: Significant Ankle Cartilage Repair Opportunity
Significant Ankle Cartilage Repair Opportunity MACI Ankle Annual TAM Estimate (U.S.) ~165,0001 Ankle Resurfacing Current Treatment Procedures Breakdown2 Minced Other autograft ~66,0002 Patients MD’s Consider Clinically Appropriate OCA OATs For MACI MFX alone MFX+ ~18,00022 ~18,000 Minced LargerLesio
Slide 18: Burn Injury Size and Depth Determine Treatment Pathway
Burn Injury Size and Depth Determine Treatment Pathway Epidermis Superficial (1st Degree) Superficial Partial-Thickness (2nd Degree) Dermis Full thickness burn injuries of any size & partial Deep Partial-Thickness (2nd Degree) thickness burn injuries >10% total body surface area Full Thickness (3r
Slide 19: Burn Care Franchise Addressable Market Opportunity
Burn Care Franchise Addressable Market Opportunity Estimated U.S. Burn Patients1 $300 Million 500,000 $600 Million Annual Burns (U.S.) Addressable Market in the Addressable Market U.S.2,3 in the U.S. 40,000 Hospitalized Patients 1,500 Epicel-Indicated (>30% TBSA) $300 Million Patients Addressable Ne
Slide 20: NexoBrid
NexoBrid Significant Advancement in Burn Treatment Paradigm Concentrated mixture of proteolytic enzymes Orphan biologic product indicated Non-surgical topical agent that may be applied at the patient’s bedside for eschar removal in adult and pediatric patients with severe Selectively degrades
Slide 21: Epicel
Epicel Comparison of Epicel Patient Database to National Burn Only FDA-approved permanent Repository1 Data Demonstrates Lower Mortality Rate skin replacement for adult and pediatric patients with full- thickness burns ≥ 30% of total body surface area Important treatment option for severe burn pa
Slide 22: Burn Care Growth Opportunities
Burn Care Growth Larger commercial footprint with portfolio Opportunities selling approach in 2026 Strong clinical outcomes driving NexoBrid adoption Activating additional Epicel users through cross-selling efforts with NexoBrid BARDA award granted for up to $197 million Larger sales force enables v
Slide 23: Vericel Remains Focused on Potential Strategic Transactions to Maximize Long-Term Value
Vericel Remains Focused on Potential Strategic Transactions to Maximize Long-Term Value A D VA N C E D C E L L T H E R A P Y D E V E L O P M E N T & M A N U F A C T U R I N G P L AT F O R M Business development Sports Medicine Severe Burn Care New Advanced Cell activities focused on Franchise Franch
Slide 24: Building on a Legacy of Growth with Near-Term and Long-Term Opportunities
Building on a Legacy of Growth with Near-Term and Long-Term Opportunities Potential for Acquisition of Sanofi’s MACI Acquisition of NexoBrid New Corporate HQ MACI OUS Cell Therapy and North American and Manufacturing Regenerative Medicine Launched commercial rights Launched Facility Complete Expansi
Slide 25: Growth Strategy Leverages Near-Term & Long-Term Opportunities
Growth Strategy Leverages Near-Term & Long-Term Opportunities Strong Financial High-Growth Expand Leadership Expanding Core Profile Sports Medicine Franchise in Burn Care Portfolio High revenue growth profile Market leader in knee NexoBrid launched in the Initiated MACI Ankle with 20% CAGR s