Slide 1: Vericel Q4 2023 Results
VERICEL Q4 2023 RESULTS FEBRUARY 29, 2024
Slide 2: Safe Harbor
Safe Harbor Vericel cautions you that all statements other than revenue, growth in revenue, market penetration for institutions, companies in the financial services industry statements of historical fact included in this presentation MACI®, Epicel®, and NexoBrid®, growth in profit, gross or the fina
Slide 3: Q4 2023 Financial Highlights
Q4 2023 Financial Highlights Q4 Financial Highlights Recent MACI Growth Rates 32% 30% 27% 24% Epicel $7.8 22% $22.3M 21% NexoBrid $0.5 $65.0M Adjusted EBITDA Total Revenue $10.1 $56.7 Operating Cash Flow MACI Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Total revenue growth of 23% and Full-year 2
Slide 4: Key Brand and Business Updates
Key Brand and Business Updates MACI Burn Care Corporate Highlights Highest number of MACI implants, Highest number of Epicel biopsies in Record fourth quarter total revenue implanting surgeons, surgeons taking a quarter since 2021 of $65.0 million increased 23% biopsies and MACI biopsies in a NexoBr
Slide 5: Q4 Revenue Details
Q4 Revenue Details Total Revenue ($M) $80 $70 $65.0 $0.5 NexoBrid $60 $7.8 Total revenue growth of $52.7 $50 $45.2 $47.6 $- $6.3 23% driven by both $0.5 Epicel $40 $39.4 $1.0 $9.7 franchises, with MACI $- $9.6 MACI $5.8 growth of 22% and Burn $30 $56.7 $46.3 Care growth of 31% $20 $37.3 $33.6 $34.7
Slide 6: Fourth-Quarter and Full-Year 2023 Financial Results
Fourth-Quarter and Full-Year 2023 Financial Results Three Months Ended Twelve Months Ended December 31 December 31, Unaudited, amounts in millions except per share amounts 2023 2022 2023 2022 Net Revenue $65.0 $52.7 $197.5 $164.4 Gross Profit 48.5 38.2 135.6 109.8 Gross Margin 75% 73% 69% 67% Resear
Slide 7: Core Portfolio Plus New Product Launches Expected to Drive Further Strong Revenue Growth
Core Portfolio Plus New Product Launches Expected to Drive Further Strong Revenue Growth in 2024 and Beyond + + + Top-Tier Revenue Growth Sports Med Burn Care 20%+ $197.5M $237-$241M +20% 20%-22% 2017 2018 2019 2020 2021 2022 2023 2024 2025 Durable Growth Platform With Additional Growth Drivers in 2
Slide 8: Driving High Revenue Growth with a Top-Tier Profitability Profile
Driving High Revenue Growth with a Top-Tier Profitability Profile 20% Top Line Growth in 2023 Expect Continued 20%+ Growth in 2024+ Adjusted EBITDA Margin % High Revenue Gross Margin % Growth 70%+ Expanding Increasing 69% ~70% ~30% ~20% EBITDA Margins Gross Margins 52% 17% 2017 2023 2024 2025+ 2017
Slide 9: Appendix
VERICEL Q4 2023 FINANCIAL RESULTS APPENDIX 9
Slide 10: Reconciliation of Reported Net Income (Loss) (GAAP) to Adjusted EBITDA
Reconciliation of Reported Net Income (Loss) (GAAP) to Adjusted EBITDA (Non-GAAP Measure) – Unaudited Three Months Ended Twelve Months Ended (unaudited, amounts in thousands) December 31, December 31, Adjusted EBITDA (In Thousands) 2023 2022 2023 2022 Net Income (Loss) (GAAP) $ 12,993 $ 5,922 $ (3,1
Slide 11: Vericel Capitalization Table
Vericel Capitalization Table Capitalization (as of December 31, 2023) Shares Common Stock 47,828,879 Options Outstanding 6,716,686 Unvested Restricted Stock Units 930,936 Total 55,476,501 Vericel Q4 2023 Financial Results – February 29, 2024 11