Vericel (VCEL) Morgan Stanley 24th Annual Global Healthcare Conference summary

MACI growth drivers and expansion

• MACI is the only FDA-approved product in its class, supporting premium pricing and strong clinical outcomes.

• OUS expansion began with the UK, leveraging expedited approval and high surgeon advocacy; launch expected next year, with further European and Canadian markets targeted afterward.

• MACI Ankle trial targets a billion-dollar market, with regulatory approval anticipated around 2030.

• MACI Arthro, launched in early 2025, enables access to smaller defect markets and has driven increased growth rates.

• Growth is driven by increased surgeon adoption, more biopsies per surgeon, and price, with a 24% CAGR over a decade.

Commercial initiatives and sales force productivity

• Salesforce expansion at the start of 2026 increased coverage by 30%, with strong early biopsy and implant growth in new territories.

• Commercial excellence initiatives include better surgeon segmentation, standardized playbooks, and CRM implementation to boost rep productivity.

• Rep productivity typically peaks in years two and three post-expansion, setting up strong growth through 2028.

Competitive positioning and innovation

• MACI Arthro targets smaller femoral condyle defects, expanding the addressable market and refreshing the brand.

• Ongoing enhancements to the arthroscopic instrument set and data generation on improved patient outcomes support further adoption.

• Long-term data from Australia shows 100% patient satisfaction 13.5 years post-treatment.