Vericel Corporation (NASDAQ:VCEL) Q4 2024 Earnings Conference Call February 27, 2025 8:30 AM ET Company Participants Nick Colangelo - CEO Joe Mara - CFO Eric Burns - VP, Finance and IR Conference Call Participants Ryan Zimmerman - BTIG Mike Kratky - Leerink Partners Felipe Lamar - Truist Securities Josh Jennings - TD Cowen Caitlin Cronin - Canaccord Genuity Mason Carrico - Stephens, Inc. Jeffrey Cohen - Ladenburg Thalmann & Co. Swayampakula Ramakanth - H.C. Wainwright & Co. Operator Good day, and thank you ...

Group 1 - Vericel Corporation held its Q4 2024 earnings conference call on February 27, 2025, at 8:30 AM ET [1][2] - The call featured key company executives including CEO Nick Colangelo and CFO Joe Mara [3] - The conference call was recorded and participants were initially in a listen-only mode [2][4] Group 2 - Forward-looking statements were made during the call, which are subject to risks and uncertainties that could lead to actual results differing from expectations [4] - The company provided access to its fourth quarter financial results press release and a presentation with highlights from the call on its Investor Relations website [4]

Vericel Corporation (VCEL) came out with quarterly earnings of $0.38 per share, beating the Zacks Consensus Estimate of $0.30 per share. This compares to earnings of $0.26 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 26.67%. A quarter ago, it was expected that this company would post a loss of $0.05 per share when it actually produced a loss of $0.02, delivering a surprise of 60%.Over the last four quarters, the company has ...

VERICEL Q4 2024 RESULTS FEBRUARY 27, 2025 Safe Harbor 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 ...

Part I [Business](index=7&type=section&id=Item%201.%20Business) Vericel is a commercial-stage biopharmaceutical company focused on advanced therapies for sports medicine and severe burn care, marketing three FDA-approved products: MACI, Epicel, and NexoBrid [General Information and Strategy](index=7&type=section&id=1.1%20General%20Information%20and%20Strategy) Vericel's strategy focuses on increasing revenue from MACI, Epicel, and NexoBrid by expanding adoption and managing supply chain risks - Vericel's core business is providing advanced cell therapies and biologics for sports medicine (**MACI**) and severe burn care (**Epicel**, **NexoBrid**)[17](index=17&type=chunk) - The company's strategic objectives include increasing **MACI** revenue by expanding surgeon use and indications, growing **Epicel** and **NexoBrid** revenue by increasing adoption in burn centers, and generating positive operating income and cash flow[19](index=19&type=chunk) - The company is monitoring potential supply disruptions for **NexoBrid** due to its manufacturing partner, MediWound, being located in Israel amidst regional conflicts. However, Vericel currently maintains an ample supply in the U.S.[19](index=19&type=chunk) [Manufacturing](index=8&type=section&id=1.2%20Manufacturing) Vericel manufactures MACI and Epicel in-house, transitioning to a new Burlington facility, while NexoBrid is produced by a partner in Israel - **MACI** and **Epicel** are manufactured at the company's facility in Cambridge, MA. A new, larger facility in Burlington, MA is substantially complete and will eventually become the primary manufacturing site[21](index=21&type=chunk) - **NexoBrid** is manufactured by MediWound in Israel, with its active ingredient sourced from Taiwan[22](index=22&type=chunk) - Vericel has an exclusive supply agreement with Matricel GmbH for the collagen membranes used in **MACI**, extending until at least December 31, 2030[23](index=23&type=chunk) [Product Portfolio](index=8&type=section&id=1.3%20Product%20Portfolio) Vericel's portfolio includes **MACI** for cartilage repair, **Epicel** for severe burns, and **NexoBrid** for enzymatic eschar removal - In August 2024, the FDA approved **MACI Arthro™**, an arthroscopic delivery method for **MACI**, which is expected to be a significant growth opportunity. The target surgeon base was expanded from **5,000 to 7,000** in conjunction with this launch[35](index=35&type=chunk) - The company plans to initiate a clinical trial in 2025 to expand **MACI's** indication to treat cartilage defects in the ankle[35](index=35&type=chunk) - **Epicel** is the only FDA-approved cultured epidermal autograft for patients with large surface area burns (**≥30% TBSA**) and is not price-restricted as a Humanitarian Use Device (HUD)[36](index=36&type=chunk)[38](index=38&type=chunk) - **NexoBrid** is an orphan biologic for eschar removal in burn patients, expanding Vericel's addressable market to over **30,000** hospitalized burn patients annually, a significantly larger segment than **Epicel** alone[45](index=45&type=chunk) [Sales and Marketing](index=12&type=section&id=1.4%20Sales%20and%20Marketing) Vericel utilizes two specialized sales teams for **MACI** (orthopedic surgeons) and Burn Care (**Epicel**, **NexoBrid** for burn centers) - The company has two dedicated sales teams: one for **MACI** targeting **7,000** orthopedic surgeons, and a Burn Care team for **Epicel** and **NexoBrid** targeting **~140** burn centers[56](index=56&type=chunk)[57](index=57&type=chunk)[60](index=60&type=chunk) - **MACI** is distributed through specialty pharmacies (Orsini, AllCare) and directly to military facilities via a distributor (DMS). Vericel retains the credit and collection risk for sales through specialty pharmacies[59](index=59&type=chunk) - **Epicel** is sold directly to hospitals and burn centers, while **NexoBrid** is sold to specialty distributors who then resell to these facilities[60](index=60&type=chunk) [Government Regulation](index=13&type=section&id=1.5%20Government%20Regulation) Vericel's products are subject to extensive FDA regulation as biologics or HDEs, requiring compliance with cGMP, healthcare fraud laws, and reimbursement policies - **MACI** and **NexoBrid** are regulated as biologics under BLAs, while **Epicel** is regulated as a medical device under an HDE. All are subject to cGMP requirements[62](index=62&type=chunk) - As a biologic, **MACI** is entitled to **twelve years** of data exclusivity, ending on December 13, 2028[52](index=52&type=chunk) - **NexoBrid** has received orphan drug designation, which provides **seven years** of marketing exclusivity for its approved indication[99](index=99&type=chunk) - The company is subject to healthcare fraud and abuse laws, including the Anti-Kickback Statute and the False Claims Act, which regulate interactions with healthcare providers and marketing activities[101](index=101&type=chunk)[102](index=102&type=chunk) [Competition](index=23&type=section&id=1.6%20Competition) Vericel faces intense competition for **MACI** (microfracture, allografts), **Epicel** (RECELL System), and **NexoBrid** (surgical excision, Santyl) - **MACI's** main competitors are microfracture and osteochondral allografts. Other competitors include DeNovo NT (Zimmer Biomet), Agili-C (Smith & Nephew), and NOVOCART 3D (Octane Medical Group)[115](index=115&type=chunk)[116](index=116&type=chunk) - **Epicel's** primary competitor for severe burns is Avita Medical's **RECELL System**[116](index=116&type=chunk) - **NexoBrid** competes with the standard of care, surgical excision, and Santyl (Smith & Nephew), the only other FDA-approved enzymatic eschar removal product[116](index=116&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) Vericel faces significant risks in operations, manufacturing, regulation, and intellectual property, including supply chain dependencies and market acceptance [Risks Related to Our Operations](index=27&type=section&id=1A.1%20Risks%20Related%20to%20Our%20Operations) Operational risks include fluctuating financial results, challenges in managing growth, market acceptance of new therapies, and cybersecurity threats - Quarterly and annual results may fluctuate significantly due to seasonality, sales volatility, and changes in reimbursement[126](index=126&type=chunk)[128](index=128&type=chunk) - The company's ability to effectively manage growth and scale manufacturing operations, particularly with the transition to the new Burlington facility, is critical and presents a risk if delayed[131](index=131&type=chunk) - A cybersecurity incident could lead to loss of confidential data, remediation expenses, and reputational damage, with evolving AI tools increasing the sophistication of threats[147](index=147&type=chunk)[148](index=148&type=chunk) - The commercial success of **NexoBrid** is dependent on medical community acceptance, physician training, and MediWound's ability to supply the product[142](index=142&type=chunk)[144](index=144&type=chunk) [Risks Related to Manufacturing and Production](index=36&type=section&id=1A.2%20Risks%20Related%20to%20Manufacturing%20and%20Production) Manufacturing risks include reliance on single facilities and sole-source suppliers, with geopolitical instability posing threats to the **NexoBrid** supply chain - The company relies on a single facility in Cambridge, MA for all **MACI** and **Epicel** manufacturing, making it vulnerable to disruptions until the new Burlington facility is validated[177](index=177&type=chunk) - The supply of **NexoBrid** is dependent on MediWound's manufacturing in Israel and its raw material supplier in Taiwan, creating geopolitical risks from conflicts in the Middle East and tensions between China and Taiwan[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk) - Vericel depends on Matricel GmbH as the sole supplier of the collagen membrane for **MACI**, and any failure to supply would impair production[180](index=180&type=chunk) - The manufacturing of cell therapy products is inherently complex and costly, with risks related to biological raw material inconsistencies and significant manual processing[187](index=187&type=chunk) [Risks Related to Regulation](index=39&type=section&id=1A.3%20Risks%20Related%20to%20Regulation) Regulatory risks include maintaining FDA approvals, securing adequate reimbursement, complying with healthcare laws, and obtaining new approvals for expanded indications - Failure to maintain FDA approvals or comply with cGMP and other post-marketing requirements could result in loss of marketing approval and severely limit sales[191](index=191&type=chunk)[193](index=193&type=chunk) - Sales depend on adequate reimbursement from third-party payers, which is uncertain and may be negatively impacted by healthcare reform and cost-containment trends[194](index=194&type=chunk)[195](index=195&type=chunk) - Promoting products for off-label uses or violating anti-kickback laws could lead to significant civil or criminal penalties[228](index=228&type=chunk)[230](index=230&type=chunk) - Expanding **MACI's** indication to the ankle will require a new clinical trial and FDA approval, which is a costly and uncertain process[220](index=220&type=chunk)[221](index=221&type=chunk) [Risks Related to Intellectual Property](index=48&type=section&id=1A.4%20Risks%20Related%20to%20Intellectual%20Property) Intellectual property risks include lack of patent protection for **Epicel**, potential insufficiency of **MACI** patents, and reliance on licensed patents for **NexoBrid** - The company has no patent protection for **Epicel** and relies on trade secrets, which may not prevent competition if other cultured epidermal autografts are approved[251](index=251&type=chunk) - The commercial success of **NexoBrid** depends on the strength and validity of patents licensed from MediWound, which could be challenged or found unenforceable[252](index=252&type=chunk) - Some patents for **MACI** have expired, and existing patents may not be strong enough to prevent competitors from designing around them or developing similar products[254](index=254&type=chunk)[255](index=255&type=chunk) - Failure to fulfill obligations under license agreements, such as the one with MediWound for **NexoBrid**, could result in the loss of license rights crucial to the business[248](index=248&type=chunk) [Unresolved Staff Comments](index=57&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - None[302](index=302&type=chunk) [Cybersecurity](index=57&type=section&id=Item%201C.%20Cybersecurity) Vericel has established processes to manage cybersecurity risks, overseen by the Audit Committee and managed by the Executive Director, Corporate Information Systems - The Audit Committee of the Board oversees cybersecurity risk management, receiving reports from management at least semi-annually[308](index=308&type=chunk) - The company's risk management strategy includes using security tools, periodic reviews, employee training, and testing an incident response plan with external partners[303](index=303&type=chunk)[304](index=304&type=chunk)[305](index=305&type=chunk) - As of the report date, Vericel has not experienced any material cybersecurity incidents in the three most recently completed fiscal years[307](index=307&type=chunk) [Properties](index=59&type=section&id=Item%202.%20Properties) Vericel leases all its properties, including primary manufacturing and office facilities in Burlington and Cambridge, Massachusetts Leased Properties Summary (as of Jan 31, 2025) | Location | Primary Use | Approx. Sq. Footage | Lease Expiration | Renewal Option | | :--- | :--- | :--- | :--- | :--- | | Burlington, MA | Manufacturing, lab, office | 126,000 | June 2036 | One 10-year term | | Cambridge, MA | Manufacturing, lab, office | 57,000 | February 2032 | One 5-year term | | Ann Arbor, MI | Office space | 6,000 | April 2025 | None | [Legal Proceedings](index=59&type=section&id=Item%203.%20Legal%20Proceedings) The company states that it is not currently a party to any material legal proceedings - Vericel is not currently party to any material legal proceedings[314](index=314&type=chunk) [Mine Safety Disclosures](index=59&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[315](index=315&type=chunk) Part II [Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](index=60&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Shareholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Vericel's common stock trades on NASDAQ under VCEL, with no cash dividends paid or planned, and no stock repurchases in 2024 - The company's common stock trades on NASDAQ under the symbol **VCEL**[318](index=318&type=chunk) - Vericel has never paid cash dividends and does not plan to in the foreseeable future[320](index=320&type=chunk) Stock Performance Comparison (2019-2024) | | 12/31/19 | 12/31/20 | 12/31/21 | 12/31/22 | 12/31/23 | 12/31/24 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Vericel Corporation (VCEL) | $100 | $177 | $226 | $151 | $205 | $316 | | NASDAQ Composite Index (^IXIC) | $100 | $144 | $174 | $117 | $167 | $215 | | NASDAQ Biotechnology Index (^NBI) | $100 | $126 | $125 | $111 | $115 | $114 | - During Q4 2024, CEO Dominick Colangelo, CFO Joseph Mara, COO Michael Halpin, and Director Heidi Hagen all entered into Rule 10b5-1 trading arrangements for potential sales of common stock in 2025 and 2026[325](index=325&type=chunk) [Reserved](index=61&type=section&id=Item%206.%20Reserved) This item is not applicable [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=62&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Vericel's 2024 total revenue grew **20.1%** to **$237.2 million**, achieving **$10.4 million** net income and **$58.2 million** cash from operations [Results of Operations](index=64&type=section&id=7.1%20Results%20of%20Operations) In FY2024, total revenue increased **20.1%** to **$237.2 million**, driven by **MACI** and **Epicel** sales, leading to a positive operating income Consolidated Results of Operations (in thousands) | | 2024 | 2023 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $237,224 | $197,516 | $39,708 | 20.1% | | Gross profit | $172,107 | $135,576 | $36,531 | 26.9% | | Total operating expenses | $167,588 | $142,040 | $25,548 | 18.0% | | Income (loss) from operations | $4,519 | $(6,464) | $10,983 | 169.9% | | Net income (loss) | $10,362 | $(3,182) | $13,544 | 425.6% | Revenue by Product (in thousands) | Product | 2024 | 2023 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | MACI | $197,309 | $164,800 | $32,509 | 19.7% | | Epicel | $36,623 | $31,574 | $5,049 | 16.0% | | NexoBrid | $3,292 | $1,142 | $2,150 | 188.3% | | **Total revenue** | **$237,224** | **$197,516** | **$39,708** | **20.1%** | - The increase in R&D expenses was primarily due to costs for the **MACI** arthroscopic development program and higher headcount[351](index=351&type=chunk) - The increase in SG&A expenses was driven by higher headcount, stock compensation, costs for the new Burlington lease, and marketing programs supporting the **MACI** arthroscopic launch[352](index=352&type=chunk) [Liquidity and Capital Resources](index=67&type=section&id=7.2%20Liquidity%20and%20Capital%20Resources) Vericel reported **$85.0 million** in cash and **$81.6 million** in investments, generating **$58.2 million** cash from operations in 2024, sufficient for future funding Summary of Cash Flows (in thousands) | | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $58,163 | $35,311 | | Net cash used in investment activities | $(79,034) | $(3,130) | | Net cash provided by financing activities | $19,054 | $3,618 | - Cash from operations increased to **$58.2 million** in 2024, primarily due to net income of **$10.4 million** and non-cash stock compensation of **$36.5 million**[358](index=358&type=chunk) - Cash used in investing activities of **$79.0 million** was mainly for **$64.0 million** in property and equipment purchases, largely for the new Burlington facility[360](index=360&type=chunk) - The company has a **$150.0 million** five-year senior secured revolving credit agreement with no outstanding borrowings as of December 31, 2024[366](index=366&type=chunk) [Critical Accounting Policies and Estimates](index=69&type=section&id=7.3%20Critical%20Accounting%20Policies%20and%20Estimates) Critical accounting policies involve significant judgment in revenue recognition, lease accounting, stock-based compensation, and deferred tax asset valuation allowance - Revenue recognition for **MACI** requires significant estimates for contractual allowances. A **50 basis point** change in the uncollectible percentage estimate could impact annual revenue by about **$0.5 million**[377](index=377&type=chunk)[378](index=378&type=chunk) - Stock-based compensation expense is calculated using the Black-Scholes model, which relies on management's best estimates for key assumptions like volatility and expected term[384](index=384&type=chunk) - The company maintains a full valuation allowance against its net deferred tax assets due to its cumulative loss position, but this could be reversed in the future if profitability is sustained[385](index=385&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=70&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Vericel is exposed to interest rate risk on its investment portfolio, with a **100 basis point** change impacting fair value by **$0.8 million** - The company is exposed to interest rate risk on its marketable debt securities. A **1% (100 basis point)** unfavorable change in interest rates would decrease the portfolio's fair value by approximately **$0.8 million**[389](index=389&type=chunk) - As of Dec 31, 2024, there were no borrowings outstanding under the variable-rate Revolving Credit Agreement, mitigating immediate interest rate risk from debt[390](index=390&type=chunk) [Consolidated Financial Statements and Supplementary Data](index=72&type=section&id=Item%208.%20Consolidated%20Financial%20Statements%20and%20Supplementary%20Data) This section presents Vericel's audited consolidated financial statements and notes, with an unqualified audit opinion from PricewaterhouseCoopers LLP [Report of Independent Registered Public Accounting Firm](index=73&type=section&id=8.1%20Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) PricewaterhouseCoopers LLP issued an unqualified audit opinion on Vericel's financial statements and internal controls, identifying MACI sales estimates as a critical audit matter - The auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion on both the consolidated financial statements and the effectiveness of internal control over financial reporting[397](index=397&type=chunk) - The single Critical Audit Matter identified was the estimation of contractual allowances for **MACI** implant sales, due to the significant management judgment and auditor subjectivity required to evaluate the assumptions[404](index=404&type=chunk)[405](index=405&type=chunk) [Consolidated Financial Statements](index=75&type=section&id=8.2%20Consolidated%20Financial%20Statements) Vericel's 2024 financial statements show total assets of **$432.7 million**, liabilities of **$140.8 million**, and net income of **$10.4 million** Key Balance Sheet Data (in thousands) | | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $212,777 | $205,631 | | Total Assets | $432,722 | $353,657 | | Total Current Liabilities | $50,286 | $45,749 | | Total Liabilities | $140,755 | $127,705 | | Total Shareholders' Equity | $291,967 | $225,952 | Key Statement of Operations Data (in thousands) | | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Total Revenue | $237,224 | $197,516 | $164,365 | | Gross Profit | $172,107 | $135,576 | $109,788 | | Net Income (Loss) | $10,362 | $(3,182) | $(16,709) | | Diluted EPS | $0.20 | $(0.07) | $(0.35) | [Notes to Consolidated Financial Statements](index=81&type=section&id=8.3%20Notes%20to%20Consolidated%20Financial%20Statements) The notes detail revenue breakdown, lease obligations totaling **$146.0 million**, stock compensation, and **NexoBrid** license milestones Revenue by Product and Customer Type - 2024 (in thousands) | Category | Revenue | | :--- | :--- | | MACI - Specialty Pharmacy (Contracted Rate) | $141,806 | | MACI - Specialty Pharmacy (Third-Party Reimbursement) | $15,058 | | MACI - Direct Sales | $35,820 | | MACI - Biopsy Kits & Instruments | $2,096 | | MACI - Change in Estimates | $2,529 | | **Total MACI** | **$197,309** | | Epicel | $36,623 | | NexoBrid | $3,292 | | **Total Revenue** | **$237,224** | - As of Dec 31, 2024, the company has total future minimum lease payments of **$146.0 million** under non-cancellable leases[495](index=495&type=chunk)[496](index=496&type=chunk) - The **NexoBrid** license agreement includes up to **$125.0 million** in contingent sales milestone payments, with the first **$7.5 million** payment triggered if annual net sales exceed **$75.0 million**[532](index=532&type=chunk) - The company has a renewed supply agreement with Matricel for **MACI** membranes with minimum purchase commitments totaling approximately **€12.5 million** over the eight-year term[536](index=536&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=103&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[544](index=544&type=chunk) [Controls and Procedures](index=103&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2024 - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective[545](index=545&type=chunk) - Management concluded that internal control over financial reporting was effective as of December 31, 2024. This was audited and attested to by PricewaterhouseCoopers LLP[547](index=547&type=chunk)[548](index=548&type=chunk) [Other Information](index=103&type=section&id=Item%209B.%20Other%20Information) This item is not applicable - Not applicable[550](index=550&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=103&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable - Not applicable[551](index=551&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=104&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the 2025 Proxy Statement - Information is incorporated by reference from the upcoming 2025 Definitive Proxy Statement[554](index=554&type=chunk) [Executive Compensation](index=104&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the 2025 Definitive Proxy Statement - Information is incorporated by reference from the upcoming 2025 Definitive Proxy Statement[555](index=555&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](index=104&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Shareholder%20Matters) Information regarding security ownership is incorporated by reference from the 2025 Definitive Proxy Statement - Information is incorporated by reference from the upcoming 2025 Definitive Proxy Statement[556](index=556&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=104&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related transactions and director independence is incorporated by reference from the 2025 Proxy Statement - Information is incorporated by reference from the upcoming 2025 Definitive Proxy Statement[557](index=557&type=chunk) [Principal Accountant Fees and Services](index=104&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the 2025 Proxy Statement - Information is incorporated by reference from the upcoming 2025 Definitive Proxy Statement[558](index=558&type=chunk) Part IV [Exhibit and Financial Statement Schedules](index=105&type=section&id=Item%2015.%20Exhibit%20and%20Financial%20Statement%20Schedules) This section lists the documents and exhibits filed as part of the Annual Report on Form 10-K, including financial statements - This section references the Consolidated Financial Statements filed under Item 8 and provides an index of all exhibits filed with the report[561](index=561&type=chunk)[564](index=564&type=chunk) [Form 10-K Summary](index=105&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports that there is no Form 10-K summary - None[562](index=562&type=chunk)

Full-Year Total Revenue Growth of 20% to $237.2 Million, with MACI Revenue Growth of 20% and Burn Care Revenue Growth of 22% Full-Year Adjusted EBITDA Growth of 58% to $53.4 Million Record Fourth Quarter Gross Margin of 78%, Adjusted EBITDA Margin of 40%, and Net Income of $19.8 Million Mid-Term Profitability Targets Increased to Gross Margin in the High-70% Range and Adjusted EBITDA Margin in the High-30% Range Strong MACI Arthro Key Launch Indicators, with Approximately 250 MACI Arthro Surgeons Trained to ...

CAMBRIDGE, Mass., Feb. 13, 2025 (GLOBE NEWSWIRE) -- Vericel Corporation (NASDAQ:VCEL), a leader in advanced therapies for the sports medicine and severe burn care markets, today announced that the Company will report its fourth-quarter and full-year 2024 financial results on Thursday, February 27, 2025. Vericel’s management will host a conference call and webcast at 8:30 a.m. ET to discuss its financial results and business highlights. The live webcast can be accessed on the Investor Relations section of th ...

While "the trend is your friend" when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of success by making sure the sustainability of a trend isn't easy.The trend often reverses before exiting the trade, leading to a short-term capital loss for investors. So, for a profitable trade, one should confirm factors such as sound fundamentals, positive earnings estimate revisions, etc. that could keep the momentum in the stock aliv ...

Exhibit 99.2 'VERICEL Advanced Therapies for the Sports Medicine & Severe Burn Care 43RD ANNUAL J.P. MO HEALTHCARE CONFER These and other significant factors are dis in Vericel's Annual Report on Form 10- December 31, 2023, filed with the Se Commission (SEC) on February 29, 202 Report on Form 10-Q for the quarter ende filed with the SEC on November 7, 2024, a the SEC. These forward-looking statement the date hereof and Vericel does not a disclaims any obligation to update any of statements to reflect a chan ...

Full-Year 2024 Total Revenue Growth of 20% and Adjusted EBITDA Growth of Approximately 55% MACI Full-Year 2024 Revenue Growth of 20%, with Fourth Quarter Revenue of $68.2 to $68.7 Million Highest Quarterly MACI Implants, Surgeons, and Biopsies Since Launch and Strong Early MACI Arthro Launch Indicators Record Fourth Quarter Gross Margin of Approximately 77% and Adjusted EBITDA Margin of 39% 2025 Total Revenue Guidance of 20% to 23% Growth Mid-Term Profitability Targets Increased to Gross Margin in the High- ...