Exhibit 99.1 Vericel Corporation 64 Sidney Street Cambridge, MA 02139 T 617 588-5555 F 617 588-5554 www.vcel.com Vericel Reports First Quarter 2024 Financial Results and Raises Full-Year 2024 Financial Guidance Total Revenue Increased 25% to $51.3 Million Record First Quarter MACI Revenue of $40.2 Million and Burn Care Revenue Growth of 63% Adjusted EBITDA Growth of 325% Full-Year 2024 Revenue Guidance Raised to $238-$242 Million Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., May 8, 2024 (GL ...

Financial Data and Key Metrics Changes - Total revenue for the full year increased by 20% to over $197 million, with fourth-quarter revenue reaching $65 million, a 23% increase year-over-year [28][68] - Adjusted EBITDA for the year grew by 40% to $34 million, with a fourth-quarter adjusted EBITDA margin of 34% [9][42] - Net income for the fourth quarter more than doubled to $13 million, compared to $5.9 million in the same quarter of 2022 [23][11] Business Line Data and Key Metrics Changes - MACI revenue for the full year was $164.8 million, growing 25% year-over-year, with fourth-quarter MACI revenue of $56.7 million, a 51% increase over the third quarter [40][10] - Total burn care revenue for the full year was $32.7 million, consisting of $31.6 million from Epicel and $1.1 million from NexoBrid, with fourth-quarter burn care revenue increasing by 31% [22][68] - Epicel's growth was 22% in the fourth quarter, while NexoBrid contributed to the overall burn care revenue for the quarter [22][10] Market Data and Key Metrics Changes - The company expects continued strong revenue growth of over 20% in 2024, driven by MACI and the initial revenue contribution from NexoBrid [20][72] - The anticipated launch of MACI Arthro is expected to expand the surgeon target base from 5,000 to approximately 7,000, enhancing market penetration [15][148] Company Strategy and Development Direction - The company is focused on expanding its commercial footprint and increasing its share of voice in the burn care market, particularly with Epicel and NexoBrid [1][9] - The launch of MACI Arthro is seen as a significant growth opportunity, targeting a larger segment of the cartilage repair market [16][148] - The company aims to build a strong foundation for NexoBrid's commercial success through onboarding burn centers and supporting initial patient treatments [64][115] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to sustain high revenue growth and profitability metrics, with expectations for further margin expansion [11][20] - The management highlighted strong surgeon interest in NexoBrid and positive clinical outcomes as key indicators for future growth [65][66] - The company anticipates continued strong revenue growth in 2025, driven by a full year of MACI Arthro and increased NexoBrid usage [48][72] Other Important Information - The company ended the year with approximately $153 million in cash and investments and no debt, reflecting a strong financial position [9][43] - Operating expenses for the year increased to $142 million, primarily due to increased headcounts and related employee expenses [70] Q&A Session Summary Question: Can you discuss the seasonality and pacing for MACI this year? - Management indicated that the framework for growth remains consistent with previous years, expecting high-teens growth for MACI [50][51] Question: How quickly can traction be gained in the new target surgeon population for MACI Arthro? - Management expressed optimism about pent-up demand from surgeons and the potential for significant market penetration once arthroscopic approval is obtained [99][100] Question: What are the expectations for NexoBrid's early adoption? - Management noted strong initial interest and positive clinical feedback, indicating a gradual normalization of ordering patterns as burn centers become familiar with the product [114][116] Question: How does the company plan to manage pricing dynamics for MACI in 2024? - Management confirmed plans for annual price increases and emphasized that pricing will remain consistent regardless of the method of administration [128][104] Question: What is the outlook for Epicel's growth in 2024? - Management expects low double-digit growth for Epicel, supported by a larger share of voice and strong biopsy trends [112][134]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION for the fiscal year ended December 31, 2023 Washington, D.C. 20549 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-35280 VERICEL CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2023 increased 18% to approximately $45.6 million, exceeding guidance for the quarter [8][23] - Gross profit for the quarter was $30.6 million, representing a gross margin of 67%, which increased compared to both the prior quarter and the prior year [25] - The company ended Q3 with nearly $150 million in cash and investments, and no debt [8][27] Business Line Data and Key Metrics Changes - MACI revenue for Q3 reached a record $37.6 million, reflecting a 21% increase year-over-year and five consecutive quarters of over 20% growth [10][24] - Burn care revenue totaled approximately $8 million in Q3, with Epicel performing solidly and initial stocking revenue for NexoBrid contributing [18][24] Market Data and Key Metrics Changes - The anticipated launch of arthroscopic MACI is expected to significantly expand the addressable market, targeting approximately 20,000 patients annually [13][14] - NexoBrid is now commercially available in the U.S., with launch activities underway and initial patient treatments expected soon [19][21] Company Strategy and Development Direction - The company is focused on expanding its burn care franchise and anticipates NexoBrid to contribute significantly to revenue growth in 2024 [21][32] - The introduction of arthroscopic MACI is expected to drive further growth, with a commercial launch planned for the first half of 2024 [12][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving higher total revenue growth in 2024, driven by continued strength in the core MACI business and the launch of new products [9][33] - The company expects to enhance profitability metrics and gross margins in 2024, supported by sustained revenue growth [10][81] Other Important Information - The company has raised its full-year revenue guidance for 2023 to between $192.5 million and $197.5 million, marking the third increase this year [28][29] - Non-GAAP adjusted EBITDA for Q3 was $5.4 million, reflecting a 64% increase year-over-year [27] Q&A Session Summary Question: Can you elaborate on the commercialization of NexoBrid and revenue expectations for Q4? - Management indicated that they are ahead of their commercial plan for NexoBrid and expect meaningful revenue contributions in Q4, with initial stocking revenue recognized in Q3 [36][39] Question: What are the expectations for supply continuity of NexoBrid amid geopolitical concerns? - Management confirmed that manufacturing operations are ongoing and supply issues are currently under control, with deliveries received in October [54] Question: Will the arthroscopic MACI contribute to revenue growth in 2024? - Management confirmed that the launch of arthroscopic MACI is expected to contribute to revenue growth, particularly in the second half of 2024 [56][70] Question: What is the expected mix between traditional and arthroscopic MACI revenue? - Management indicated that while the exact mix is still to be determined, a significant portion of the addressable market falls into the arthroscopic category [71] Question: How will the company support the rollout of the arthroscopic delivery option? - Management plans to add a small number of support representatives to assist with the rollout, without significantly impacting the margin profile [75]

Financial Performance - Total revenue for Q3 2023 was $45.6 million, an 18% increase compared to $38.6 million in Q3 2022[3, 6] - Year-to-date total revenue increased 19% to $132.5 million[4] - Adjusted EBITDA for Q3 2023 was $5.4 million, a 64% increase compared to $3.3 million in Q3 2022[3, 6] - Net loss per share (diluted) for Q3 2023 was ($0.08) compared to ($0.14) in Q3 2022[6] - The company had approximately $149 million in cash, restricted cash, and investments as of September 30, 2023[6] Product Performance - MACI third-quarter revenue increased 21% to $37.6 million[4, 5] - NexoBrid generated $0.6 million in revenue in Q3 2023[3, 5] - Epicel generated $7.4 million in revenue in Q3 2023[3, 5] Guidance - The company increased its full-year 2023 net revenue guidance to $192.5-$197.5 million[7, 8] - MACI revenue is projected to be $160-$164 million for the full year 2023[8] - Burn Care revenue is projected to be $32.5-$33.5 million for the full year 2023[8]

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company's financial statements show revenue growth, a narrowing net loss, and increased total assets [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $318.1 million, driven by investments in a new facility and increased lease liabilities Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $186,211 | $186,866 | | Property and equipment, net | $30,216 | $15,837 | | Right-of-use assets | $73,294 | $41,535 | | **Total assets** | **$318,125** | **$273,003** | | **Total current liabilities** | $35,946 | $37,463 | | Operating lease liabilities | $77,734 | $43,268 | | **Total liabilities** | **$113,745** | **$80,731** | | **Total shareholders' equity** | **$204,380** | **$192,272** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Revenue grew 18.2% in Q3 and 18.7% over nine months, leading to a significant reduction in net loss Statement of Operations Summary (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | 9 Months 2023 | 9 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $45,581 | $38,551 | $132,520 | $111,671 | | Gross profit | $30,608 | $25,233 | $87,069 | $71,539 | | Loss from operations | $(5,057) | $(6,788) | $(19,195) | $(23,143) | | **Net loss** | **$(3,660)** | **$(6,577)** | **$(16,175)** | **$(22,631)** | | Net loss per share (basic & diluted) | $(0.08) | $(0.14) | $(0.34) | $(0.48) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations increased significantly to $25.2 million, contributing to a $32.5 million rise in total cash Cash Flow Summary - Nine Months Ended Sep 30 (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $25,225 | $10,712 | | Net cash provided by (used in) investing activities | $4,958 | $(14,477) | | Net cash provided by financing activities | $2,311 | $440 | | **Net increase (decrease) in cash** | **$32,494** | **$(3,325)** | | Cash, cash equivalents, and restricted cash at end of period | $83,561 | $65,216 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail the U.S. launch of NexoBrid, a new facility lease, and a milestone payment to MediWound - The company commercially launched **NexoBrid in the U.S. on September 20, 2023**, for the removal of eschar in adults with deep partial-thickness and/or full-thickness thermal burns[25](index=25&type=chunk)[46](index=46&type=chunk) Revenue by Product - Nine Months Ended Sep 30 (in thousands) | Product | 2023 | 2022 | | :--- | :--- | :--- | | MACI | $108,114 | $85,617 | | Epicel | $23,808 | $25,387 | | NexoBrid | $598 | $667 | | **Total revenue** | **$132,520** | **$111,671** | - On June 1, 2023, the company gained control of a new 126,000 sq. ft. facility in Burlington, MA, recording a **right-of-use asset and lease liability of $35.5 million**[58](index=58&type=chunk)[62](index=62&type=chunk) - In February 2023, the company paid MediWound a **$7.5 million regulatory milestone** following the FDA's BLA approval of NexoBrid, which was capitalized as an intangible asset[84](index=84&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses revenue growth driven by MACI, the strategic launch of NexoBrid, and increased operating expenses [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Revenue growth was driven by MACI, while higher SG&A and R&D costs increased operating expenses Revenue by Product - Change vs. Prior Year | Product | Q3 2023 vs Q3 2022 | 9 Months 2023 vs 9 Months 2022 | | :--- | :--- | :--- | | MACI | +21.2% | +26.3% | | Epicel | +1.1% | -6.2% | | NexoBrid | +165.8% | -10.3% | | **Total Revenue** | **+18.2%** | **+18.7%** | - The increase in SG&A expenses was primarily due to **higher headcount and employee expenses**, increased travel and in-person events, and lease expense for the new Burlington facility[115](index=115&type=chunk)[116](index=116&type=chunk) - R&D expenses increased for the nine-month period due to increased costs for the **MACI arthroscopic development program** and lower reimbursement of expenses from MediWound compared to 2022[114](index=114&type=chunk) [Product Portfolio and Pipeline](index=23&type=section&id=Product%20Portfolio%20and%20Pipeline) The company is advancing its MACI pipeline and expanding its burn care market with the launch of NexoBrid - The company anticipates the commercial launch of the **MACI arthroscopic delivery program** during the first half of 2024[101](index=101&type=chunk) - The company is actively working on a clinical development plan for using **MACI to treat cartilage injuries in the ankle**, following pre-IND interactions with the FDA[102](index=102&type=chunk) - The FDA approval of NexoBrid expands the burn care franchise's **total addressable market**, allowing treatment of a significantly larger segment of hospitalized burn patients than with Epicel alone[106](index=106&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with sufficient cash and credit to fund operations and future commitments - The company believes its current cash, investments, and available borrowing capacity will be **sufficient to support operations for at least 12 months** from the report's issuance[128](index=128&type=chunk) - The company has a **$150 million five-year senior secured revolving credit agreement**, with no outstanding borrowings as of September 30, 2023[131](index=131&type=chunk) - Significant commitments include funding the remaining **$28.3 million for Burlington facility improvements** in early 2024 and a new supply agreement with Matricel requiring **€12.5 million in minimum purchases** over eight years[133](index=133&type=chunk)[134](index=134&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk exposures have not materially changed since the previous fiscal year-end - There have been **no material changes** to the company's market risk exposures since the end of the previous fiscal year[139](index=139&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in internal controls - The company's Certifying Officers concluded that disclosure controls and procedures were **effective as of September 30, 2023**[140](index=140&type=chunk) - **No material changes** were made to the company's internal control over financial reporting during the third quarter of 2023[142](index=142&type=chunk) [PART II — OTHER INFORMATION](index=30&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings - As of the filing date, the company is **not involved in any material legal proceedings**[143](index=143&type=chunk) [Item 1A. Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) New risks related to financial industry instability and geopolitical events have been identified - A new risk factor highlights that adverse developments affecting financial institutions could **impair the company's access to cash** and impact operations and liquidity[145](index=145&type=chunk)[146](index=146&type=chunk) - A new risk factor was added concerning **economic uncertainty and market disruption** impacted by geopolitical instability, including the wars in Ukraine and between Israel and Hamas, and record inflation[147](index=147&type=chunk)[148](index=148&type=chunk) [Item 5. Other Information](index=31&type=section&id=Item%205.%20Other%20Information) Several executives and directors adopted Rule 10b5-1 trading plans during the third quarter - Key executives and directors, including CEO Dominick Colangelo, COO Michael Halpin, and Chairman Robert Zerbe, entered into **Rule 10b5-1 trading plans** during the quarter[153](index=153&type=chunk)[156](index=156&type=chunk) [Item 6. Exhibits](index=33&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the quarterly report, including officer certifications and incentive plans

Vericel Corporation (NASDAQ:VCEL) Q2 2023 Earnings Conference Call August 2, 2023 8:30 AM ET Company Participants Eric Burns - VP, Finance and IR Nick Colangelo - President and CEO Joe Mara - CFO Conference Call Participants Ryan Zimmerman - BTIG Sam Brodovsky - Truist Securities Jeffrey Cohen - Ladenburg Swayampakula Ramakanth - HCW George Sellers - Stephens Incorporated Operator Ladies and gentlemen, thank you for standing by, welcome to Vericel's Second Quarter 2023 Conference Call. At this time, all par ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited financial statements for the period ended June 30, 2023, show increased total assets, significant revenue growth, and a reduced net loss, alongside positive operating cash flow [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2023, total assets increased to **$310.7 million**, driven by right-of-use assets, with a modest rise in shareholders' equity Balance Sheet Summary (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $182,871 | $186,866 | | **Total Assets** | $310,711 | $273,003 | | **Total Current Liabilities** | $35,611 | $37,463 | | **Total Liabilities** | $111,783 | $80,731 | | **Total Shareholders' Equity** | $198,928 | $192,272 | - Cash, cash equivalents, and short-term investments decreased from **$119.5 million** at year-end 2022 to **$97.8 million** as of June 30, 2023, while restricted cash increased to **$27.8 million**[9](index=9&type=chunk) [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2023 total revenue increased **24%** to **$45.9 million**, driving a **31%** increase in gross profit and narrowing the net loss to **$5.0 million** Q2 2023 vs Q2 2022 Performance (in thousands, except per share amounts) | Metric | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | **Total Revenue** | $45,922 | $37,046 | | **Gross Profit** | $29,941 | $22,854 | | **Loss from Operations** | ($5,961) | ($9,082) | | **Net Loss** | ($5,020) | ($8,963) | | **Net Loss per Share** | ($0.11) | ($0.19) | Six Months 2023 vs 2022 Performance (in thousands, except per share amounts) | Metric | Six Months 2023 | Six Months 2022 | | :--- | :--- | :--- | | **Total Revenue** | $86,939 | $73,120 | | **Gross Profit** | $56,461 | $46,306 | | **Loss from Operations** | ($14,138) | ($16,355) | | **Net Loss** | ($12,515) | ($16,054) | | **Net Loss per Share** | ($0.26) | ($0.34) | [Condensed Consolidated Statements of Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) Comprehensive loss for Q2 2023 improved to **$5.0 million**, driven by a smaller net loss and a shift from unrealized losses to gains on investments Comprehensive Loss Summary (in thousands) | Metric | Q2 2023 | Q2 2022 | Six Months 2023 | Six Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net Loss** | $(5,020) | $(8,963) | $(12,515) | $(16,054) | | **Unrealized Gain (Loss) on Investments** | $15 | $(242) | $357 | $(701) | | **Comprehensive Loss** | $(5,005) | $(9,205) | $(12,158) | $(16,755) | [Condensed Consolidated Statements of Shareholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) Shareholders' equity increased to **$198.9 million** by June 30, 2023, primarily from stock-based compensation and option exercises - Shareholders' equity increased by **$6.7 million** during the first six months of 2023, from **$192.3 million** to **$198.9 million**[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2023, the company generated **$18.1 million** in cash from operations, leading to a **$19.8 million** increase in cash and equivalents Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $18,056 | $6,611 | | **Net cash provided by (used in) investing activities** | $392 | $(13,666) | | **Net cash provided by financing activities** | $1,302 | $752 | | **Net increase (decrease) in cash** | $19,750 | $(6,303) | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail business operations, revenue recognition, a new manufacturing lease, and an undrawn **$150 million** credit facility - The company markets three products: MACI for knee cartilage repair, Epicel for severe burns, and the newly FDA-approved NexoBrid for eschar removal in thermal burns[21](index=21&type=chunk) - In January 2022, the company entered into a lease for a new 126,000 sq ft headquarters and manufacturing facility in Burlington, MA, recording a **$35.5 million** right-of-use asset and lease liability on June 1, 2023[55](index=55&type=chunk)[59](index=59&type=chunk) - Following FDA approval of NexoBrid, the company made a **$7.5 million** regulatory milestone payment to MediWound in February 2023, recorded as an intangible asset[81](index=81&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2023 revenue growth, NexoBrid launch delay, MACI pipeline advancements, and strong liquidity [Overview and Product Portfolio](index=23&type=section&id=Overview%20and%20Product%20Portfolio) Vericel, a biopharmaceutical company, offers MACI, Epicel, and NexoBrid, with the latter's commercial launch delayed to Q1 2024 - The commercial launch of NexoBrid is expected in the first quarter of 2024, delayed due to a deviation associated with a third-party testing lab used in MediWound's manufacturing process[88](index=88&type=chunk)[103](index=103&type=chunk) - The company is developing an arthroscopic delivery method for MACI and evaluating MACI for ankle cartilage damage, planning to propose a clinical development plan to the FDA[96](index=96&type=chunk)[97](index=97&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Q2 2023 total revenue increased **24%** to **$45.9 million**, driven by MACI sales, improving gross margin and narrowing net loss Revenue by Product (in thousands) | Product | Q2 2023 | Q2 2022 | Change % | Six Months 2023 | Six Months 2022 | Change % | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **MACI** | $36,336 | $28,613 | 27.0% | $70,526 | $54,607 | 29.2% | | **Epicel** | $9,586 | $8,213 | 16.7% | $16,413 | $18,071 | (9.2)% | | **NexoBrid** | $0 | $220 | (100.0)% | $0 | $442 | (100.0)% | | **Total** | $45,922 | $37,046 | 24.0% | $86,939 | $73,120 | 18.9% | - The increase in Selling, General and Administrative (SG&A) expenses was primarily due to higher marketing expenses, external costs, and lease expense associated with the new Burlington facility[109](index=109&type=chunk) - Research and development expenses increased, primarily due to costs for the MACI arthroscopic program and lower reimbursement from MediWound related to the NexoBrid BLA resubmission in 2022[108](index=108&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2023, the company maintained strong liquidity with **$70.8 million** in cash and equivalents, **$75.8 million** in investments, and an undrawn **$150 million** credit facility - The company has a **$150 million** five-year senior secured revolving credit agreement, which was undrawn as of June 30, 2023[124](index=124&type=chunk) - A **$200 million** at-the-market (ATM) share offering program is in place, but no shares have been sold under this agreement as of June 30, 2023[123](index=123&type=chunk) - The company has transferred approximately **$28.3 million** (50% of its required amount) into an escrow account for tenant improvement construction costs for the new Burlington facility[126](index=126&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk exposures have not materially changed since December 31, 2022 - There have been no material changes to the company's market risk exposures since the end of the fiscal year 2022[131](index=131&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2023[132](index=132&type=chunk) - No material changes were made to the company's internal control over financial reporting during the second quarter of 2023[134](index=134&type=chunk) [PART II — OTHER INFORMATION](index=29&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, other information, and exhibits for the reporting period [Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings - As of the filing date, Vericel is not involved in any material legal proceedings[135](index=135&type=chunk) [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors except for a new one concerning adverse developments in financial institutions - A new risk factor highlights potential adverse effects of instability in the financial services industry on the company's operations and liquidity, including access to cash deposits held in excess of FDIC insurance limits[137](index=137&type=chunk)[138](index=138&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the reporting period - Not applicable[140](index=140&type=chunk) [Other Information](index=30&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted or terminated Rule 10b5-1 trading plans during the second quarter of 2023 - No directors or executive officers adopted or terminated Rule 10b5-1 trading plans during the second quarter of 2023[143](index=143&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Quarterly Report on Form 10-Q, including certifications

Vericel Corporation (NASDAQ:VCEL) Q1 2023 Earnings Conference Call May 10, 2023 8:30 AM ET Company Participants Eric Burns - Vice President, Finance and Investor Relations Nick Colangelo - President and CEO Joe Mara - Chief Financial Officer Conference Call Participants Ryan Zimmerman - BTIG Sam Brodovsky - Truist Securities Jeffrey Cohen - Ladenburg Thalmann George Sellers - Stephens Sean Lee - H.C. Wainwright Operator Ladies and gentlemen, thank you for standing by. Welcome to Vericel’s First Quarter 2023 ...

▼VERICEL | --- | --- | --- | |-------------------------|-------|-------| | | | | | | | | | VERICEL Q1 2023 RESULTS | | | | MAY 10, 2023 | | | | --- | --- ...