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Advanced Therapies for the Sports Medicine & Severe Burn Care Markets 44TH ANNUAL J.P . MORGAN HEALTHCARE CONFERENCE JANUARY 14, 2026
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Safe Harbor 2 Vericel cautions you that all statements other than statements of historical fact included in this presentation that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe that we have a reasonable basis for the forward- looking statements contained herein, they are based on current expectations about future events affecting us and are subject to risks, assumptions, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Our actual results may differ materially from those expressed or implied by the forward-looking statements in this presentation. These statements are often, but are not always, made through the use of words or phrases such as “anticipates,” “intends,” “estimates,” “plans,” “expects,” “continues,” “believe,” “guidance,” “outlook,” “target,” “future,” “potential,” “goals” and similar words or phrases, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” or similar expressions. Among the factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to, the inherent uncertainties associated with our expectations concerning revenue results for the fourth quarter and full-year ended 2025, and estimates of our net income, gross margin, adjusted EBITDA margin and cash and investments as of December 31, 2025. Vericel’s revenue expectations for the fourth quarter and full-year ended 2025, as well as its estimates concerning net income, gross margin, adjusted EBITDA margin and cash and investments are preliminary, unaudited and are subject to change during ongoing internal control, review and audit procedures. Additional factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to, uncertainties associated with our expectations regarding future revenue, growth in revenue, market penetration for MACI®, MACI Arthro®, Epicel®, and NexoBrid®, growth in profit, gross margins and operating margins, the ability to continue to scale our manufacturing operations to meet the demand for our cell therapy products, including the timely qualification of a new manufacturing facility in Burlington, Massachusetts, the ability to sustain profitability, contributions to adjusted EBITDA, the expected target surgeon audience, potential fluctuations in sales and volumes and our results of operations over the course of the year, timing and conduct of clinical trial and product development activities, timing and likelihood of the FDA’s potential approval of the use of MACI to treat cartilage defects in the ankle, the estimate of the commercial growth potential of our products and product candidates, competitive developments, changes in third- party coverage and reimbursement, including recent and future healthcare reform measures and private payor initiatives, surgeon adoption of MACI Arthro, physician and burn center adoption of NexoBrid, labor strikes, supply chain disruptions or other events or factors that might affect our ability to manufacture MACI or Epicel or affect MediWound’s ability to manufacture and supply sufficient quantities of NexoBrid to meet customer demand, including but not limited to conflicts in the Middle East region involving Israel, negative impacts on the global economy and capital markets resulting from the conflict in Ukraine and Middle East conflicts, including those associated with potential further involvement by the U.S., changes in trade policies and regulations, including the potential for increases or changes in duties, current and potentially new tariffs or quotas, lingering effects of adverse developments affecting financial institutions, companies in the financial services industry or the financial services industry generally, changes in governmental monetary and fiscal policies, including, but not limited to, Federal Reserve policies in connection with continued inflationary pressures, the impact from future regulatory, judicial and legislative changes to our industry or to the broader business landscape, including those included in the One Big Beautiful Bill Act, a shutdown of, or gridlock within the U.S. government, global geopolitical tensions and potential future impacts on our business or the economy generally stemming from a public health emergency. These and other significant factors are discussed in greater detail in Vericel’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (SEC) on February 27, 2025, Vericel’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 6, 2025, and in other filings with the SEC. These forward-looking statements reflect our views as of the date hereof and Vericel does not assume and specifically disclaims any obligation to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this press release except as required by law.
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Vericel is a Leading Provider of Advanced Therapies in Sports Medicine and Burn Care that Repair Tissues and Restore Lives 3 SPORTS MEDICINE SEVERE BURNS PORTFOLIO OF INNOVATIVE CELL THERAPIES AND SPECIALTY BIOLOGICS WITH SIGNIFICANT BARRIERS TO ENTRY
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❶ Strong Financial Profile ❷ High-Growth Sports Medicine Franchise ❸ Expand Leadership in Severe Burn Care ❹ Expanding Core Portfolio ❖ High revenue growth profile ❖ Sustained positive adjusted EBITDA and Operating Cash Flow ❖ GAAP Net Income positive ❖ ~$200M in Cash & Investments 4 Vericel is Well-Positioned to Deliver Sustained Long-T erm Growth ❖ Initiated MACI Ankle MASCOT clinical study in Q4 2025 ❖ New manufacturing facility provides flexibility for MACI OUS expansion ❖ Market leader in knee cartilage repair ❖ 24% revenue CAGR since launch ❖ MACI Arthro® launched in 2024 ❖ 30% sales force expansion in 2026 ❖ Launched in the U.S. in 2023; Pediatric indication in 2024 ❖ Potentially life-saving product with large market opportunity 2025 financial metrics are based on preliminary, unaudited 2025 financial results and are subject to change.
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Large Underpenetrated Markets with T otal Addressable Market Opportunity Expanding to Over $5 Billion in the Years Ahead $4 Billion ~$1B $5 Billion Core TAM Expanded TAM $5B+ TAM $4B+ TAM $600 Million 5 $600 Million
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Current Portfolio Plus Expansion Opportunities Expected to Drive Durable High Revenue Growth 6 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E + + 20% CAGR Since MACI Launch OUS MACI Continued High Revenue Growth with MACI Sales Force Expansion and Commercial Excellence Investments Longer-Term Potential to Add OUS MACI in 2027+ and MACI Ankle in 2030+ + ++ 2025 financial metrics are based on preliminary, unaudited 2025 financial results and are subject to change.
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Driving High Revenue Growth and a T op-Tier Profitability Profile Mid-T erm T argets: Revenue of ~$500M, High-70% Gross Margin and High-30% Adjusted EBITDA Margin 7 Unique Combination of High Revenue & Profitability Growth with Strong Cash Generation Operating Leverage drives margin expansion Increasing Gross Margin Combined with lower CAPEX will drive FCF Inflecting Operating Cash Flow Expected to ~Double by 2029 High Revenue Growth Trending toward $200M by 2029 Expanding Adjusted EBITDA Margin ~$125M ~$276M1 ~$500M 2020 2025 2029 68% 74%1 High 70% Range 2020 2025 2029 ~$20M ~$50M1 $100M+ 2020 2025 2029 1 2025 revenue, Gross Margin, Adjusted EBITDA margin and operating cash flow based on preliminary, unaudited 2025 financial results and are subject to change. 15% 26%1 High 30% Range 2020 2025 2029
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8 Harris Poll found that 77% of knee pain sufferers can no longer participate in at least one activity they previously enjoyed because of knee pain2 Impact of Knee Pain 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 lead to debilitating joint pain, dysfunction, and osteoarthritis ❖ Defects can expand and new high-grade lesions can form over time Treatment Options Palliative Reparative Restorative Techniques intended to relieve or prevent pain with little repair of underlying defect Marrow-stimulation techniques that result in formation of fibrocartilage Techniques designed to recreate hyaline-like cartilage at the site of the defect Lavage and debridement Thermal chondroplasty Microfracture/microdrilling Augmented microfracture Autologous chondrocyte implant Autograft or allograft
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MACI is the First Tissue-Engineered Autologous Cell Scaffold Product Approved by the FDA 9 BIOPSY TAKEN CHONDROCYTES EXTRACTED, EXPANDED, & LOADED MACI DELIVERED DEFECT DEBRIDED TEMPLATE CREATED MACI IMPLANTED
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10 Large Addressable Knee Cartilage Repair Market for MACI Estimated Annual Addressable Patient Population (U.S.) ~315,0002 Patients Consistent With Label ~125,0002 Patients MD’s Consider Clinically Appropriate For MACI ~750,0001 Cartilage Repair Procedures ~60,0002 Patients With Larger Lesions $4 Billion Addressable Market in the U.S.3 1 Health Advances LLC MACI market assessment report (2018), Vericel data, LexisNexis, Medtech Insight, NY SASD, SmartTRAK, LSI, PSPS, McCormick, Frank et al. Arthroscopy, (2014) 30(2): 222-6, Montgomery, et al. Knee Surg Sports Traumatol Arthrosc (2014) 22: 2070. 2 Health Advances LLC MACI market assessment report (2018). 3 Assumes MACI ASP of ~$60,000+.
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MACI’s Highly Differentiated Product Attributes Have Driven Strong Multi- Year Growth and Continued Momentum Moving into 2026 11 MACI Revenue Growth 24% CAGR for MACI Since Launch
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MACI is the First Restorative Biologic Cartilage Repair Product Approved for Arthroscopic Administration 12
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MACI Arthro Provides an Opportunity to Increase Penetration in the Largest Segment of the Overall MACI Addressable Market 13 Patella Smaller Non- Patella Defects <4cm2 Larger Defects Non-Patella 4cm2+ Patella TAM 4 cm2+ TAM 2-4cm2 Condyle TAM MACI Growth Segments Pre-MACI Arthro Launch MACI Arthro Target Segments Other ≤4cm2 TAM Patella Larger Defects Condyle Other Smaller Defects1 1 1-2cm2 Condyle defects and ≤4cm2 Trochlea and Tibia defects. ~$1.5B TAM Current penetration of 10%+ ~$2.5B TAM Current penetration of <5% ~ 20K Patients ~10K Trochlea Patients ~10K Other Patients ~ 10K Patients ~ 10K Patients
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MACI Growth Opportunities 14 Innovation that Supports Premium Pricing Deeper Practice Penetration as Surgeons Gain MACI Experience Broader Surgeon Adoption as MACI Becomes Standard of Care Addition of MACI Arthro and sales force expansion will build on MACI’s market leadership MACI Arthro Addition 30% Increase to MACI Sales Force MACI’s Market Leadership Position
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15 Significant Ankle Cartilage Repair Opportunity OATs MFX+ Minced allograft MFX alone OCA Minced autograft Other MACI Ankle Annual TAM Estimate (U.S.) ~66,0002 Patients MD’s Consider Clinically Appropriate For MACI ~165,0001 Ankle Resurfacing Procedures ~18,0002 Larger Lesions Current Treatment Breakdown2 MACI Ankle represents a $1 billion3 market opportunity, increasing the total MACI addressable market to ~$5 billion ~18,0002 Larger Lesions 1 SmartTrak Cartilage Repair Procedures; resurfacing includes microfracture, OATs, OCA, etc. and does not include chondroplasty/debridement only. 2 Cello Health MACI Ankle quantitative market research survey (2021). 3 Assumes MACI ASP of $60,000+.
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16 Deep partial thickness Surgical or enzymatic debridement Post debridement evaluation Spontaneous healing Skin grafting (if necessary) Full thickness Surgical or enzymatic debridement Skin grafting (permanent skin coverage) 16 INITIAL ASSESSMENT ESCHAR REMOVAL EVALUATION TREATMENT/HEALINGT R E A T M E N T P A T H W A Y Epidermis Dermis Subcutaneous fat Muscle Bone Superficial (1st Degree) Superficial Partial-Thickness (2nd Degree) Deep Partial-Thickness (2nd Degree) Full Thickness (3rd Degree) Fourth Degree Burn Injury Size and Depth Determine Treatment Pathway ❖ Full thickness burn injuries of any size & partial thickness burn injuries >10% total body surface area (TBSA) are most often transferred to specialized burn centers ❖ Full thickness & deep partial-thickness burns require eschar removal and grafting to achieve wound closure
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Burn Care Franchise Addressable Market Opportunity 17 $300 Million Addressable Market in the U.S.4 Estimated U.S. Burn Patients1 500,000 Annual Burns (U.S.) 1,500 Epicel-Indicated (>30% TBSA) Patients 600 Surviving >40% TBSA Patients $300 Million Addressable Market in the U.S.2,3 40,000 Hospitalized Patients 1 2017 National Burn Repository Report Version 13. 2 ~90% of hospitalized patients with thermal burns; ~90% of eligible patients require eschar removal (management estimate). 3 Assumes NexoBrid average price of ~$9,000 per patient. 4 Assumes 600 patients x 120 grafts per patient x ~$4,000+ per graft. NexoBrid significantly expands Burn Care addressable market $600 Million Addressable Market in the U.S.
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18 Significant Advancement in Burn Treatment Paradigm ❖ Concentrated mixture of proteolytic enzymes ❖ Non-surgical topical agent that may be applied at the patient’s bedside ❖ Selectively degrades eschar in four hours while preserving viable tissue 1 NexoBrid Label. Cambridge, MA. Vericel Corporation; 2022. 2 Krieger Y, Bogdanov-Berezovsky A, Gurfinkel R, et al. Efficacy of enzymatic debridement of deeply burned hands. Burns. 2012;38:108-112. 3 Palao R, Aguilera-Saez J, Collado JM, et al. Use of a selective enzymatic debridement agent (NexoBrid) for wound management: Learning curve. World J Dermatol. 2017;6(2):32-41. NexoBrid Orphan biologic product indicated for eschar removal in adult and pediatric patients with severe thermal burns
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Epicel 19 Comparison of Epicel Patient Database to National Burn Repository1 Data Demonstrates Lower Mortality Rate Twenty-five Years’ Experience and Beyond with Cultured Epidermal Autografts (CEA) for Coverage of Large Burn Wounds in Adult and Pediatric Patients, 1989-2015; Hickerson, Journal of Burn Care & Research, iry061, https://doi.org/10.1093/jbcr/iry061. 1 American Burn Association, National Burn Repository 2016, Version 12. ❖ Only FDA-approved permanent skin replacement for adult and pediatric patients with full- thickness burns ≥ 30% of total body surface area ❖ Important treatment option for severe burn patients where little skin is available for autografts
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Burn Care Growth Opportunities 20 Larger commercial footprint with portfolio selling approach in 2026 Larger sales force enables visibility into potential Epicel patients that have been admitted Strong clinical outcomes driving NexoBrid adoption Activating additional Epicel users through cross-selling efforts with NexoBrid
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Business development activities focused on opportunities having a strategic fit with current franchises or advanced cell therapy platform 21 Sports Medicine Franchise Severe Burn Care Franchise A D V A 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 New Advanced Cell Therapy Vertical(s) Vericel Remains Focused on Potential Strategic Transactions to Maximize Long-T erm Value
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MACI Arthro Approved and Launched NexoBrid Pediatric Label Expansion Approved 1st Profitable Quarter Acquisition of North American commercial rights to NexoBrid MACI Approved Epicel Pediatric Label Expansion Approved MACI Launched in U.S. 22 New Corporate HQ and Manufacturing Facility Complete Acquisition of Sanofi’s Cell Therapy and Regenerative Medicine Business NexoBrid Approved in U.S. NexoBrid Launched in U.S. Target Launch Potential for MACI OUS Expansion MACI Sales Force Expansion and Initiation of Commercial Manufacturing at New Facility Building on a Legacy of Growth with Near-T erm and Long-T erm Opportunities
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Strong Financial Profile ❖ High revenue growth profile with 20% CAGR since 2017 ❖ Sustained positive adjusted EBITDA and operating cash flow ❖ ~$200 Million in cash and investments High-Growth Sports Medicine Franchise ❖ Market leader in knee cartilage repair ❖ MACI Arthro launched in Q3 2024 ❖ 24% CAGR for MACI since launch 23 Expand Leadership in Burn Care ❖ NexoBrid launched in the U.S. in Q4 2023 ❖ NexoBrid pediatric indication approved in 2024 Expanding Core Portfolio ❖ Initiated MACI Ankle MASCOT clinical study in Q4 2025 ❖ New facility provides flexibility to potentially commercialize MACI outside the US 2025 financial metrics are based on preliminary, unaudited 2025 financial results and are subject to change. Growth Strategy Leverages Near-T erm & Long-T erm Opportunities