Slide 1: Q3 2025 Results
VERICEL Q3 2025 RESULTS NOVEMBER 6, 2025
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 in the financial services industry or the financial services industry historical fact included in this presentation that address activities, products, includ
Slide 3: Q3 2025 Financial Results and Key Business Highlights
Q3 2025 Financial Results Q3 Key Business Highlights Total revenue of $67.5M ❖ Record Q3 Revenue: Total revenue of $67.5M driven by strong performance across both franchises Gross margin of 73.5% Net Income of $5.1M ❖ MACI Growth Inflection: MACI revenue growth of 25%, achieving record third quarter
Slide 4: Revenue Details
Q3 2025 Revenue Details Total Revenue ($M) $80 $70 $67.5 $1.5 $57.9 $10.4 NexoBrid $60 $1.1 $45.6 $12.2 Epicel $50 $0.6 MACI growth of 25% vs. $38.6 $7.4 $40 $0.2* prior year MACI $7.3 $30 $55.7 $20 $44.7 $37.6 $31.0 $10 $0 Q3 2022 Q3 2023 Q3 2024 Q3 2025 *NexoBrid revenue related to the U.S. Biomed
Slide 5: Financial Results
Q3 2025 Financial Results Three Months Ended Nine Months Ended September 30, September 30, Unaudited, amounts in millions except per share amounts 2025 2024 2025 2024 Net Revenue $67.5 $57.9 $183.3 $161.8 Gross Profit 49.6 41.7 132.5 113.6 Gross Margin 73% 72% 72% 70% Research and Development 6.3 6.
Slide 6: 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 Nine Months Ended September 30, September 30, Adjusted EBITDA (In Millions) 2025 2024 2025 2024 Net Income (Loss) (GAAP) $ 5.1 $ (0.9) $ (6.7) $ (9.4) Stock-based compensation expense 8