Vericel : Presentation

Advanced Therapies for the Sports Medicine and Severe Burn Care Markets

CORPORATE PRESENTATION

JANUARY 2022

Safe Harbor

Vericel has provided in this presentation certain financial information that has not been prepared in accordance with GAAP. Vericel's management believes that the non-GAAP adjusted EBITDA described in the presentation, which includes adjustments for specific items that are generally not indicative of our core operations, provides additional information that is useful to investors in understanding Vericel's underlying performance, business and performance trends, and helps facilitate period-to-period comparisons and comparisons of its financial measures with other companies in Vericel's industry. However, the non-GAAP financial measures that Vericel uses may differ from measures that other companies may use. Non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation or as substitutes for results prepared in accordance with GAAP.

Additionally, 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 risks, assumptions, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Our actual results may differ materially from those expressed or implied by the forward-looking statements in this presentation. These statements are often, but are not always made through the use of words or phrases such as "anticipates," "intends," "estimates," "plans," "expects," "continues," "believe," "guidance," "outlook," "target," "future," "potential," "goals" and similar words or phrases, or future or conditional verbs such as "will," "would," "should," "could," "may," or similar expressions.

Among the factors that may result in differences are the inherent uncertainties associated with our expectations concerning our full-year revenue growth rate and total adjusted EBITDA for fiscal year 2021, as well as

the estimate of our cash and investments balance as of December 31, 2021. Vericel's revenue growth and adjusted EBITDA expectations for the full-year ended 2021, as well as its estimates concerning cash and investments are preliminary, unaudited and are subject to adjustment during our ongoing internal review. 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 regarding future revenue, growth in revenue, market penetration for MACI® and Epicel®, growth in profit, gross margins and operating margins, the ability to achieve or sustain profitability, contributions to adjusted EBITDA, the expected target surgeon audience, potential fluctuations in sales and volumes and our results of operations over the course of the year, timing and conduct of clinical trial and product development activities, timing of the resubmission to the Food & Drug Administration (FDA) of a Biologics License Application (BLA) for NexoBrid® seeking approval for the treatment of severe burns in the United States following MediWound's receipt of a complete response on June 28, 2021, timing or likelihood of approval by the FDA of the NexoBrid BLA resubmission, the estimate of the commercial growth potential of our products and product candidates, availability of funding from BARDA under its agreement with MediWound for use in connection with NexoBrid development activities, competitive developments, changes in third-party coverage and reimbursement, our ability to supply or meet customer demand for our products, and the wide-ranging impacts of the COVID-19 pandemic on our business or the economy generally.

With respect to COVID-19, the current spread of the COVID-19 "Delta" and "Omicron" variants has adversely affected the United States health system in a variety of ways and, in certain instances and geographies, has resulted in staffing shortages, physician and patient unavailability for treatment and the postponement or cessation of elective surgical procedures. We are currently unable to predict the full impact of the current COVID-19 surge on the performance of elective surgical procedures, the availability of physicians and/or their treatment prioritizations, the level of healthcare facility staffing,

or the willingness or ability of patients to seek treatment, or whether a future resurgence of COVID-19 infections will cause similar effects. Other disruptions or potential disruptions include restrictions on the ability of Company personnel to travel and access customers for training, promotion and case support, delays in product development efforts, and additional government-imposed quarantines and requirements to "shelter at home" or other incremental mitigation efforts or initiatives that may impact our ability to source supplies for our operations or our ability or capacity to manufacture, sell and support the use of our products. With respect to NexoBrid, the COVID-19 pandemic may impact the FDA's response times to future regulatory submissions, its ability to monitor our clinical trials, and/or conduct necessary reviews or inspections of manufacturing facilities involved in the production of NexoBrid, any or all of which may result in timelines being materially delayed, which could affect the development and ultimate commercialization of NexoBrid. The total impact of these disruptions could have a material impact on the Company's financial condition, cash flows and results of operations.

These and other significant factors are discussed in greater detail in Vericel's Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (SEC) on February 24, 2021, Vericel's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, filed with the SEC on November 9, 2021, and in other filings with the SEC. These forward-looking statements reflect our views as of the date hereof and Vericel does not assume and specifically disclaims any obligation to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this presentation, except as required by law.

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Portfolio of Innovative Cell Therapies and Specialty Biologics with Significant Barriers to Entry

Delivering Sustained High Revenue Growth with a Strong Profitability and Operating Cash Flow Profile

S P O R T S M E D I C I N E S E V E R E B U R N S

	The leading permanent skin
The leading restorative cartilage	replacement in the severe
burn care field
repair product in the sports
medicine market

North American commercial rights to the next generation eschar removal product

Focused on changing the standard of care for patients

with cartilage damage and severe burns

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Strong Track Record of Revenue and Profit Growth

Top-Tier Revenue Growth

Sports Med		Burn Care

~25%-26%1

$118M $124M

$91M

$64M

($9M)

Robust Profitability Profile

Adjusted EBITDA

~$30M1

$21M $19M

$5M

2017A

2018A

2019A

2020A

2021E

Multiple years of top-tier revenue growth

Diversified across two franchises

More than 12,000 patients treated with Vericel products

2017A 2018A 2019A 2020A 2021E

Converting strong revenue growth into cash flow generation

~$129 million in cash and investments as of 12/31/211

~1% Free Cash Flow yield

1 Full-year 2021 revenue growth, adjusted EBITDA (non-GAAP) and cash and investments balances are based on preliminary unaudited 2021 financial results and are subject to change.	4

Well-Positioned to Sustain High Revenue and Profit Growth Over the Long Term

Expect to Maintain High Revenue Growth Rate1

Expect Continued Long-Term Margin Expansion1

G R O S S

70%+

M A R G I N

A D J U S T E D

30%+

E B I T DA

2017A

2018A

2019A

2020A

2021E

2022E

2023E

2024E

Significantly underpenetrated markets (~$2B-3B)

Substantial operating leverage across business

Limited competition with strong barriers to entry

Increasing margins and operating cash flow

Strong reimbursement profile

Premium-value products with concentrated call points

1 Based on internal estimated long-term financial projections.	5