Vericel Corp Q4 FY2024 earnings call

• Delivered outstanding 2024 results: 20% total revenue growth, over $50M adjusted EBITDA, GAAP profitability. - Q4 record revenue ($75M+), gross margin 78%, adjusted EBITDA margin 40%, net income ~$20M. - MACI Arthro launch key performance indicators strong: 250 trained surgeons, biopsies from new targets. - NexoBrid hospital orders up 42% Q4, continuing into 2025. - Completed new corporate headquarters and manufacturing facility.

MACI: Fourth quarter revenue over $68 million (21% y/y growth, 53% sequential growth); full-year revenue $197.3 million (20% growth). Fourth quarter performance driven by highest number of MACI implants, surgeons, biopsies. Sales rep productivity $2.6 million per rep in 2024. Burn Care: Full-year revenue $39.9 million (22% growth), consisting of $36.6 million Epicel and $3.3 million NexoBrid. Fourth quarter Burn Care revenue $7 million. Epicel had 16% full-year growth but variable quarterly results. NexoBrid had 42% Q4 hospital order growth vs Q3.

• Maintain 2025 guidance: revenue growth 20%-23%, gross margin 73%-74%, adjusted EBITDA margin 25%-26%. - MACI expected low 20% revenue growth, biopsy surgeon/growth, price as drivers. - Burn Care: NexoBrid revenue in high single-digit million, Epicel high single-digit growth. - Q1 MACI revenue ~$45M-$47M, Burn Care revenue ~$7M-$8M.

• Forward-looking statements involve risks and uncertainties as described in SEC filings; no specific operational failures discussed.

Q: Ryan Zimmerman asks about MACI guidance and MACI Arthro contribution.

A: Joe Mara says guidance framework maintains similar to prior years, not baking in significant MACI Arthro contribution initially but seeing encouraging indicators.

Q: Mike Kratky asks about conversion rate factors.

A: Nick Colangelo says small uptick due to customer base maturation, not factored in 2025 guidance but potential upside.

Q: Felipe Lamar asks about incremental physicians for MACI Arthro.

A: Nick Colangelo says 250 trained surgeons, commercial team aims to train more, potential upside to guidance.

Q: Caitlin Cronin asks about MACI sales force sizing.

A: Nick Colangelo says will refresh sales force analysis this year, likely wrap by mid-year.