上市程序（主要阶段） 赴纳斯达克上市通常需经历以下核心阶段，整个过程可能耗时6至9个月。 美国纳斯达克上市条件根据公司规模与发展阶段分为三个层级（全球精选市场、全球市场、资本市场），各层级有不同的财务、流动性与公司治理标准； 上市程序主要包括筹备、申请审核、路演定价、发行上市等阶段。纳斯达克151-0151-3603丘-老-师 上市条件（基于三层市场结构） 纳斯达克根据企业规模与财务状况，设立了全球精选市场（要求最高）、全球市场（中等要求）和资本市场（要求最低）三个上市层级。企业需满足所选 层级的特定标准，并符合共同的流动性及公司治理要求。1 赴美纳斯达克上市为例，详细介绍美国IPO流程 全球精选市场 (Global Select Market) 财务标准（满足其一即可）：通常要求较高的收入、现金流、市值或资产规模。例如，收入标准要求前三个会计年度税前收入总和达到1100万美元 且每年盈利。 全球市场 (Global Market) 财务标准（满足其一即可）：包括收入标准（如过去一年或三年中的两年税前收入达到100万美元）、权益标准、市值标准或资产标准。注意：根据 美国证券交易委员会（SEC）2025年12月 ...

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PresentationToday, we are joined by Nick Colangelo, who is the President and CEO at Vericel, who will be leading the presentation and the Q&A. For the Q&A, we have the last few minutes reserve. So please save your questions for the end. Thank you.Good morning, everyone. I'm Dishayu Kapadia. I'm an associate with the Healthcare Investment Banking Group at JPMorgan Chase. Thank you for joining us for the company presentation for Vericel Corp. at the 44th Annual JPMorgan Healthcare Conference in San Francisco. ...

Vericel Corp Conference Call Summary Company Overview - **Company**: Vericel Corp - **Industry**: Healthcare, specifically advanced therapies for sports medicine and severe burn care - **Key Products**: MACI (cartilage repair), Epicel (skin graft), NexoBrid (eschar removal) [2][3][4] Core Points and Arguments Financial Performance - Vericel has transformed from a declining business to a leading medtech growth company since acquiring MACI and Epicel in 2014, with revenues growing from less than $50 million to projected revenues of approximately $276 million for 2025 [2][10] - The company has achieved a 20% compound annual growth rate (CAGR) in revenue since launching MACI in 2017, with MACI alone generating close to $240 million in 2025 [8][11] - Vericel maintains a strong financial profile with $200 million in cash, no debt, and consistent positive Adjusted EBITDA and operating cash flow for over five years [6][10] Product Highlights - **MACI**: - Leading cartilage repair product, FDA-approved for arthroscopic delivery, with a 24% CAGR since launch [3][8] - Unique in its ability to use a patient's own cells for cartilage repair, addressing a significant market need with an addressable market of over $4 billion [10][21] - Expected to expand into ankle cartilage repair, potentially increasing the addressable market to over $5 billion [10][33] - **Epicel**: - The only FDA-approved permanent skin replacement for large burns, addressing a critical need in severe burn care [4][41] - **NexoBrid**: - An orphan biologic product for eschar removal, with a market opportunity estimated at $300 million [35][39] Competitive Advantages - Vericel's products have significant competitive moats due to regulatory barriers, including the lack of a defined biosimilar pathway for MACI and Epicel [5] - Strong clinical outcomes and a broad FDA label for MACI enhance its market position, with a 95% approval rate for insurance coverage [26][27] Growth Strategies - Expansion of the sales force by 30% to enhance market penetration and support growth initiatives [12][45] - Ongoing clinical studies for MACI ankle indications and geographic expansion into international markets [9][33] - Focus on operational excellence and commercial execution to sustain growth momentum [49] Market Dynamics - The U.S. market for cartilage repair procedures is approximately 750,000 annually, with MACI positioned to capture a significant share due to its unique attributes [21][22] - The burn care market is also substantial, with around 40,000 hospitalized burn patients annually, creating a strong demand for NexoBrid and Epicel [34][35] Additional Important Insights - The company has a robust pipeline for future growth, with expectations to double revenues again by 2029, reaching approximately $500 million [13] - MACI's innovative delivery method and less invasive procedure compared to previous products have led to broader adoption among orthopedic surgeons [25][32] - Vericel is actively seeking opportunities for business development to enhance its portfolio, particularly in sports medicine and cell therapy [42][43] This summary encapsulates the key points discussed during the conference call, highlighting Vericel's strong market position, financial health, and strategic growth initiatives.

Advanced Therapies for the Sports Medicine & Severe Burn Care Markets 44TH ANNUAL J.P. MORGAN HEALTHCARE CONFERENCE JANUARY 14, 2026 Safe Harbor PORTFOLIO OF INNOVATIVE CELL THERAPIES AND SPECIALTY BIOLOGICS WITH SIGNIFICANT BARRIERS TO ENTRY 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 regardi ...

Financial Estimates and Results - The company issued a press release on January 13, 2026, providing preliminary estimates for full-year 2025 revenue, net income, gross margin percentage, and adjusted EBITDA margin[4] - Preliminary estimates indicate that the company's cash and investments balance as of December 31, 2025, will be reported[4] - The financial statements for the year ended December 31, 2025, have not been finalized or audited, and actual results may differ materially from preliminary estimates[5] - PricewaterhouseCoopers LLP has not audited or reviewed the preliminary financial data provided by the company[7] - The preliminary financial data is the responsibility of the company's management and should not be relied upon without caution[5] - The company has not disclosed specific figures for revenue or net income in the provided documents[4] Conference Participation - Vericel Corporation will participate in the 44th Annual J.P. Morgan Healthcare Conference on January 14, 2026, at 11:15 a.m. Pacific Time[4] Regulatory Information - The company is not classified as an emerging growth company under the Securities Act of 1933[3] - The information in this report is not deemed "filed" under the Securities Exchange Act of 1934[8] - The press release titled "Vericel Announces Preliminary 2025 Financial Results and Business Updates" is included as Exhibit 99.1[9]

Core Insights - Vericel Corporation expects total revenue of approximately $276 million for the fourth quarter of 2025, with MACI revenue projected at $239.5 million, indicating a growth of 23% in both total revenue and MACI revenue compared to the previous year [1][6]. Financial Performance - The company anticipates a gross margin of 74% and an adjusted EBITDA margin of 26% for the fourth quarter [6]. - Vericel is expected to report GAAP net income profitability for the second consecutive year [6]. - The company holds $200 million in cash and investments with no debt [6]. Product and Market Developments - The fourth quarter of 2025 saw the highest number of MACI implants and trained surgeons since the product's launch, with MACI revenue growth exceeding 20% for the third consecutive year [6]. - Vericel has completed the expansion of its MACI sales force and has over 900 trained surgeons as of year-end 2025 [6]. - The company has initiated the MACI Ankle™ MASCOT clinical study and is on track to begin MACI commercial manufacturing in a new facility in 2026 [6]. Leadership Commentary - Nick Colangelo, President and CEO, stated that the company executed extremely well in 2025 and is entering 2026 with strong momentum, expecting continued high revenue growth and increased MACI utilization [3].

Core Viewpoint - Vericel Corporation will present at the 44th Annual J.P. Morgan Healthcare Conference on January 14, 2026, showcasing its advancements in therapies for sports medicine and severe burn care [1]. Company Overview - Vericel Corporation is a leader in advanced therapies for sports medicine and severe burn care, combining biological innovations with medical technologies to create a differentiated portfolio of cell therapies and specialty biologics [2]. - The company markets three primary products in the United States: - MACI® is an autologous cellularized scaffold product for repairing full-thickness cartilage defects in the knee [2]. - Epicel® is a permanent skin replacement for treating deep dermal or full-thickness burns covering 30% or more of total body surface area [2]. - Vericel holds an exclusive license for NexoBrid®, a biological orphan product for eschar removal in burn patients [2].

Core Viewpoint - Vericel Corporation (NASDAQ:VCEL) is highlighted as a promising small-cap stock with significant upside potential, despite recent adjustments in price targets by analysts [1][2]. Financial Performance - In fiscal Q3 2025, Vericel reported total net revenue of $67.5 million, an increase from $57.9 million in the same quarter of the previous year [2]. - The net product revenue included $55.7 million from MACI, up from $44.7 million year-over-year, and $10.4 million from Epicel, down from $44.7 million [2]. - NexoBrid generated $1.5 million in revenue, a slight increase from $1.1 million in fiscal Q3 2024 [2]. Operating Expenses - Total operating expenses for the quarter rose to $46.1 million, compared to $44.1 million in the same period of 2024, primarily due to increased headcount and costs associated with the new Burlington facility [3]. Revenue Guidance - The company provided full-year revenue guidance of $272 to $276 million, reaffirming MACI revenue growth in the low 20% range, estimated at $237.5 to $239.5 million [4]. - Full-year profitability guidance includes a gross margin of 74% and an adjusted EBITDA margin of 26% [4]. Company Overview - Vericel is engaged in the development, research, manufacturing, and distribution of patient-specific expanded cellular therapies, with products including Epicel for skin replacement and MACI for tissue engineering using the patient's own cartilage [5].

Market Trends - The market rotation trend is shifting from mega-cap tech stocks towards small caps, cyclicals, and financials, with expectations for this trend to continue due to easy monetary policy from the Fed and upcoming rate cuts [2][3] - Small caps are viewed as undervalued and are expected to outperform as the Fed enters a rate-cutting cycle, supported by fiscal policies and a new tax bill that benefits R&D intensive small caps [2][3] Investment Methodology - A list of small cap stocks was created using stock screeners, focusing on those with high analyst upside potential and hedge fund interest, with data sourced from Insider Monkey's database [6][7] - The methodology aims to identify stocks that hedge funds are investing in, as this strategy has historically outperformed the market [7] Company Highlights UP Fintech Holding Ltd. (NASDAQ:TIGR) - UP Fintech Holding Ltd. has a market cap of $1.54 billion and an analyst upside of 72.79%, with 18 hedge fund holders [8][9] - The company reported a fiscal Q3 revenue of $175.2 million, reflecting a 73.3% year-over-year growth, and a net income of $53.8 million, up 29.9% quarter-over-quarter [12] - Despite strong fiscal results, analysts maintain a cautious outlook due to anticipated rate cuts, slowing client acquisition, and market volatility [10][11] Vericel Corporation (NASDAQ:VCEL) - Vericel Corporation has a market cap of $1.84 billion and an analyst upside of 53.33%, also with 18 hedge fund holders [14] - The company reported fiscal Q3 revenue of $67.5 million, an increase from $57.9 million in the prior year, with net product revenue driven by MACI and Epicel products [15] - Vericel reaffirmed its full-year revenue guidance of $272 to $276 million, with a projected growth rate for MACI in the low 20% range [17]