VCEL

Interested in MediWound Ltd.? Here are five stocks we like better. EscharEx development advanced: MediWound is enrolling its global Phase III VALUE trial, targeting completion and interim sample-size reassessment by the end of Q1 2027. An expanded U.S. market assessment estimates peak annual sales potential of $1.05 billion, including pressure ulcers. NexoBrid adoption and government programs grew: Vericel reported record quarterly NexoBrid revenue, hospital unit sales and ordering centers, with about 80 burn centers having ordered the product. MediWound expects revenue from its up-to-$197 million BARDA-related agreement to begin in the second half of 2026. Financial performance weakened amid higher investment: Q2 revenue fell to $3.1 million from $5.7 million, while R&D expense rose to $5.9 million and the operating loss widened to $9.5 million. The company ended June with about $36 million in cash and reaffirmed 2026 revenue guidance of $24 million to $26 million. MediWound (NASDAQ:MDWD) reported second-quarter 2026 revenue of $3.1 million, down from $5.7 million a year earlier, as the company continued investing in its Phase III EscharEx chronic-wound program and expanded development work around its NexoBrid burn treatment. Chief Executive Officer Ofer Gonen said the company’s top priority remains the global Phase III VALUE trial of EscharEx. The study is enrolling patients at sites in the United States, Europe and Israel, with a target of 216 patients across approximately 40 sites. MediWound expects both the trial’s pre-specified interim sample-size reassessment and enrollment completion by the end of the first quarter of 2027. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be Gonen said an updated U.S. market assessment conducted by an independent global consulting firm estimated annual peak sales potential for EscharEx at $1.05 billion after adding pressure ulcers to the analysis. MediWound had previously cited an approximately $800 million peak-sales opportunity before including pressure ulcers, according to comments from Executive Vice President of Strategy and Corporate Development Barry Wolfenson during the question-and-answer session. EscharEx is being developed as a non-surgical debridement therapy for chronic wounds. The company said an investigator-initiated, open-label pressure-ulcer study involving approximately 10 to 15 patients is expected to begin in the fourth quarter of 2026. The study will evaluate measures including debridement, granulation and wound closure. → Nebius’ Q2 Beat Shows the AI Bottleneck Is Capacity, Not Demand MediWound also plans to initiate a Phase II diabetic foot ulcer, or DFU, trial in the fourth quarter. Gonen said the company has received feedback from the FDA and European Medicines Agency and is aligned on the protocol. The randomized study is expected to enroll 50 patients and compare EscharEx with placebo, using time to complete debridement as its primary endpoint. Following the VALUE trial readout, MediWound plans to discuss with regulators what would be needed to pursue approvals for diabetic foot ulcers and pressure ulcers, Gonen said. → On Holding's Price Stumble May Be an Opening for a Company Built to Run Wolfenson addressed comments from Smith & Nephew regarding a potential second-generation SANTYL product. He said MediWound was aware of the remarks and noted that, based on publicly available information, the product under development by Certa Therapeutics, SN514, had not entered clinical development in chronic-wound patients. Wolfenson said EscharEx’s Phase III status in chronic wounds provides what the company believes is a substantial clinical lead. For NexoBrid, MediWound said U.S. commercial momentum continued to build through its commercial partner, Vericel. Gonen said Vericel reported NexoBrid’s strongest quarter since launch, including record quarterly revenue, hospital unit sales and ordering centers. Approximately 80 burn centers have ordered NexoBrid since its launch, he said. MediWound and Vericel entered a master service agreement following Vericel’s 10-year BARDA contract, which is valued at up to $197 million. The BARDA framework covers NexoBrid procurement, vendor-managed inventory, U.S.-based manufacturing readiness, next-generation formulation development and potential expansion into blast and trauma-related injuries, Gonen said. The first development program under the agreement, aimed at supporting potential NexoBrid use in blast and friction injuries, is underway. MediWound expects to begin recognizing revenue from the master service agreement during the second half of 2026. Gonen said Vericel expects approximately $6 million in BARDA procurement revenue in the second half, while declining to provide further details on the broader agreement because of confidentiality obligations and pending regulatory feedback. The company is also developing a room-temperature stable NexoBrid formulation for battlefield burn care with non-dilutive funding from the Department of War. The total program budget is $18.3 million. MediWound is completing modifications requested by the EMA after a pre-audit of its expanded NexoBrid manufacturing facility. Gonen said the requested changes were operational and were not related to product quality, safety or comparability. The company expects to finish the work in the fourth quarter of 2026, begin manufacturing at the facility in early 2027 and potentially receive regulatory approval for commercial supply in the second half of 2027. Management said the revised facility timing is not expected to materially affect 2026 guidance or anticipated NexoBrid revenue in 2027 and 2028. The company said current NexoBrid sales are constrained by manufacturing capacity rather than demand. Second-quarter revenue was $3.1 million, compared with $5.7 million in the prior-year quarter, primarily due to the timing of BARDA-funded development revenue. Gross profit was $0.3 million, with a 10.9% gross margin, compared with $1.3 million and a 23.5% margin a year earlier. The company cited a one-time facility scale-up impact. Research and development expense rose to $5.9 million from $3.5 million, reflecting increased investment in the EscharEx VALUE trial. Operating loss was $9.5 million, compared with $5.7 million a year earlier. Net loss was $7.4 million, or $0.57 per share, compared with net loss of $13.3 million, or $1.23 per share, in the prior-year period. The change reflected non-cash financial income. For the first half, MediWound reported revenue of $4.6 million, down from $9.7 million a year earlier, and an adjusted EBITDA loss of $15.3 million, compared with an $8.5 million loss in the prior-year period. As of June 30, the company had approximately $36 million in cash, cash equivalents and deposits, down from $54 million at year-end 2025. First-half cash burn totaled $20 million. MediWound reaffirmed its full-year 2026 revenue guidance of $24 million to $26 million. Gonen said revenue is expected to be weighted toward the second half, supported by product supply, development services under the Vericel agreement, other government-funded programs and ongoing NexoBrid commercial sales. MediWound Ltd. (NASDAQ: MDWD) is a biopharmaceutical company headquartered in Yavne, Israel, specializing in the development and commercialization of innovative enzymatic therapies for burn and wound management. Since its establishment, the company has focused on advancing proteolytic enzyme technology to address critical needs in debridement and tissue repair. MediWound operates research and development facilities in Israel and maintains commercial offices in the United States to support its global market presence. The company's lead product, NexoBrid®, is an enzyme-based debriding agent designed to selectively remove burn eschar without harming viable tissue. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "MediWound Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

EscharEx® Phase III VALUE Trial Advancing; Interim Assessment and Enrollment Completion Expected by End of First Quarter 2027 Master Services Agreement Signed with Vericel Under its BARDA Contract for NexoBrid® Second Quarter Revenue of $3.1 Million; Full-Year 2026 Revenue Guidance of $24–26 Million Reaffirmed Conference Call Today at 8:30 a.m. Eastern Time YAVNE, Israel, Aug. 13, 2026 (GLOBE NEWSWIRE) -- MediWound Ltd. (Nasdaq: MDWD), a global leader in next-generation enzymatic therapeutics for tissue repair, today announced financial results for the second quarter ended June 30, 2026, and provided a corporate update. “In the second quarter, we continued to make meaningful progress with our two key programs,” said Ofer Gonen, Chief Executive Officer of MediWound. “The EscharEx Phase III VALUE trial is advancing across the U.S., Europe, and Israel, with the interim sample size reassessment and completion of enrollment expected by the end of the first quarter of 2027. For NexoBrid, we strengthened the commercial opportunity through our new agreement with Vericel under its BARDA contract, which is expected to contribute to revenue in the second half of 2026.” Second Quarter 2026 Highlights, Recent Developments, and Upcoming Milestones EscharEx® Enrollment continues in the global Phase III VALUE trial in venous leg ulcers (VLUs), targeting 216 patients across approximately 40 sites in the U.S., Europe, and Israel. The pre-specified interim sample size reassessment and completion of enrollment are expected by the end of the first quarter of 2027. An updated U.S. market assessment by an independent global consulting firm estimates U.S. annual peak sales potential for EscharEx at $1.05 billion, following expansion of the assessment to include pressure ulcers (PUs). An investigator-initiated trial evaluating EscharEx in PUs is expected to begin in the fourth quarter of 2026. NexoBrid® Vericel reported NexoBrid’s strongest quarter since launch, with record quarterly revenue, hospital unit sales and ordering centers. Approximately 80 burn centers have ordered NexoBrid since launch, reflecting continued adoption and increasing utilization across the U.S. burn care market. Following Vericel’s 10-year contract with BARDA, valued at up to $197 million (the “BARDA Contract”), the Company and Vericel entered into a Master Services Agreement (the “MSA”) covering NexoBrid and next-generation product development activities. Under the MSA, the Company expects to begin recognizing revenue in the second half of 2026 by participating in a next generation development program that has been initiated to support the potential expansion of NexoBrid for use in blast- and friction-related injuries, leveraging real-world evidence. EMA-requested modifications are being implemented following the pre-audit of the expanded NexoBrid manufacturing facility, with completion expected in the fourth quarter of 2026. Commercial supply from the expanded facility remains subject to regulatory approval and is expected in the second half of 2027. 2026 Revenue Guidance The Company reaffirmed its full-year 2026 revenue guidance of $24–26 million, supported by expected second-half contributions from the MSA and other government-funded programs. Second Quarter 2026 Financial Highlights Revenue was $3.1 million, compared with $5.7 million in the second quarter of 2025, primarily reflecting the timing of BARDA-funded development revenue. Gross profit was $0.3 million, or 10.9% of revenue, compared with $1.3 million, or 23.5% of revenue, in the prior-year period. The decrease primarily reflected a one-time impact related to the facility scale-up. Research and development expenses were $5.9 million, compared with $3.5 million, primarily reflecting increased investment in the EscharEx Phase III VALUE trial. Selling, general and administrative expenses were $3.9 million, compared with $3.6 million. Operating loss was $9.5 million, compared with $5.7 million. Net loss was $7.4 million, or $0.57 per share, compared with $13.3 million, or $1.23 per share, primarily reflecting non-cash financial income. Adjusted EBITDA loss was $8.3 million, compared with $4.5 million. First Half 2026 Financial Highlights Revenue was $4.6 million, compared with $9.7 million in the first half of 2025, primarily reflecting the timing of BARDA-funded development revenue. Gross profit was $0.7 million, or 14.4% of revenue, compared with $2.1 million, or 21.5% of revenue. Research and development expenses were $11.1 million, compared with $6.4 million, primarily reflecting increased investment in the EscharEx Phase III VALUE trial. Selling, general and administrative expenses were $7.5 million, compared with $6.6 million, primarily reflecting higher professional services costs and exchange-rate effects. Operating loss was $17.4 million, compared with $10.9 million. Net loss was $10.3 million, or $0.80 per share, compared with $14.0 million, or $1.30 per share. The change primarily reflected non-cash warrant revaluation income of $7.7 million in 2026, compared with an expense of $2.4 million in 2025. Adjusted EBITDA loss was $15.3 million, compared with $8.5 million. Balance Sheet and Other Highlights As of June 30, 2026, cash, cash equivalents and deposits totaled $36 million, compared with $54 million at year-end 2025. Cash burn during the first half of 2026 totaled $20 million. Warrant and option exercises generated $0.8 million during the period and an additional $1.1 million after quarter-end. Conference Call and Webcast MediWound management will host a conference call for investors on Thursday, August 13, 2026, beginning at 8:30 a.m. Eastern Time to discuss these results and answer questions. Shareholders and other interested parties may join the conference call by dialing 1-844-676-8833 (in the U.S.), 1-809-212373 (Israel), or 1-412-634-6869 (outside the U.S. & Israel). The call will be available via webcast by clicking HERE or on the Events & Presentations page of the Company’s website. A replay of the call will be available on the Company’s website at www.mediwound.com. Non-IFRS Financial Measures To supplement consolidated financial statements prepared and presented in accordance with IFRS, the Company has provided a supplementary non-IFRS measure to consider in evaluating the Company’s performance. Management uses Adjusted EBITDA, which it defines as earnings before interest, taxes, depreciation and amortization, impairment, certain non-recurring expenses, restructuring and share-based compensation expenses. Although Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with IFRS, we believe the non-IFRS financial measures we present provide meaningful supplemental information regarding our operating results primarily because they exclude certain non-cash charges or items that we do not believe are reflective of our ongoing operating results when budgeting, planning and forecasting and determining compensation, and when assessing the performance of our business with our senior management. However, investors should not consider these measures in isolation or as substitutes for operating income, cash flows from operating activities or any other measure for determining the Company’s operating performance or liquidity that is calculated in accordance with IFRS. In addition, because Adjusted EBITDA is not calculated in accordance with IFRS, it may not necessarily be comparable to similarly titled measures employed by other companies. The non-IFRS measures included in this press release have been reconciled to the IFRS results in the tables below. About MediWound MediWound Ltd. (Nasdaq: MDWD) is a global biotechnology company pioneering enzymatic, non-surgical therapies for tissue repair. The company’s FDA-approved biologic, NexoBrid®, is indicated for the enzymatic removal of eschar in thermal burns and is marketed in the United States, the European Union, Japan, and additional international markets. MediWound’s late-stage pipeline product, EscharEx®, is an investigational therapy for the debridement of chronic wounds, with the potential to become, if approved, a new standard of care in wound management. For more information, visit www.mediwound.com and follow us on LinkedIn and X (formerly Twitter). Cautionary Note Regarding Forward-Looking Statements MediWound cautions you that all statements other than statements of historical fact included in this press release 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, all of which are difficult to predict and many of which are beyond our control. Actual results may differ materially from those expressed or implied by the forward-looking statements in this press release. 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. Specifically, this press release contains forward-looking statements concerning the anticipated progress, development, study design, expected data timing, objectives, anticipated timelines, expectations and commercial potential of our products and product candidates, including EscharEx® and NexoBrid®. Among the factors that may cause results to be materially different from those stated herein are the inherent uncertainties associated with the uncertain, lengthy and expensive nature of the product development process; the timing and conduct of our studies of our products and product candidates, including the timing, progress and results of current and future clinical studies, and our research and development programs; the approval of regulatory submission by the FDA, the European Medicines Agency or by any other regulatory authority, our ability to obtain marketing approval of our products and product candidates in the U.S. or other markets; our contracts with governmental agencies; the clinical utility, potential advantages and timing or likelihood of regulatory filings and approvals of our products and product candidates; our expectations regarding future growth, including our ability to develop new products; market acceptance of our products and product candidates; our ability to maintain adequate protection of our intellectual property; competition risks; geopolitical risks, including armed conflict, the need for additional financing; the impact of government laws and regulations and the impact of the current global macroeconomic climate on our ability to source supplies for our operations or our ability or capacity to manufacture, sell and support the use of our products and product candidates in the future. These and other significant factors are discussed in greater detail in MediWound’s annual report on Form 20-F for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2026 and Quarterly Reports on Form 6-K and other filings with the SEC from time-to-time. These forward-looking statements reflect MediWound’s current views as of the date hereof and MediWound does not undertake, and specifically disclaims, any obligation to update any of these forward-looking statements to reflect a change in their respective views or events or circumstances that occur after the date of this release except as required by law.

Interested in Vericel Corporation? Here are five stocks we like better. Record Q2 performance: Vericel’s revenue rose 22% year over year to $77.5 million, while GAAP net income reached $2.2 million and free cash flow totaled $14.3 million. Growth across franchises: MACI revenue increased 23% to a record $65.5 million, while Burn Care revenue climbed 22% to approximately $12 million, led by Epicel and record NexoBrid sales. Higher outlook and shareholder returns: Vericel raised its 2026 revenue guidance to $330 million–$340 million and authorized its first $200 million share-repurchase program, while maintaining gross-margin and adjusted-EBITDA margin targets. 5 medical stocks growing earnings by triple digits Vericel (NASDAQ:VCEL) reported record second-quarter revenue and raised its full-year outlook, citing continued growth in its MACI cartilage repair franchise and Burn Care business, along with improved profitability and cash generation. Total revenue rose 22% from a year earlier to $77.5 million, exceeding the company’s quarterly guidance. Chief Executive Officer Nick Colangelo said the result reflected “substantial growth” in both MACI and Burn Care. Vericel reported GAAP net income of $2.2 million, operating cash flow of $16.2 million and free cash flow of $14.3 million during the quarter. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now The company ended the quarter with approximately $227 million in cash and investments. Colangelo said Vericel’s cash position and financial performance support continued investment in growth initiatives as well as capital returns to shareholders. MACI revenue increased 23% year over year to a record $65.5 million in the second quarter. The company said the franchise has now recorded growth of 20% or more for five consecutive quarters. → 3 Value ETFs to Consider as Growth Stocks Lag Behind Colangelo attributed the growth to a larger MACI sales force, commercial-excellence initiatives, deeper penetration within existing surgeon practices and expanded use of the MACI Arthro procedure. The company reported double-digit growth in both biopsies and implants, as well as record second-quarter levels for biopsies, implants and participating surgeons. Chief Financial Officer Joe Mara said MACI’s performance reflected strong biopsy growth that contributed to the treatment pipeline, double-digit implant growth and pricing. Colangelo said the company expects MACI to remain a growth story driven by both volume and pricing. → 5 AI Stocks Are Pulling Back—Which Growth Catalysts Still Look Strongest? MACI Arthro is designed for smaller femoral condyle defects, generally in the two-to-four square centimeter range, though Vericel has also seen use in the trochlea and some patella cases, according to Colangelo. The company is focusing on moving trained surgeons into performing MACI Arthro procedures, as surgeons who have completed cases have shown higher activity and conversion rates, he said. Vericel continues to train surgeons on MACI Arthro and expects additional clinical data to support adoption. Colangelo said an initial U.S. publication has been accepted and is expected to address shorter-term outcomes, including faster return to full weight bearing, range of motion and postoperative pain. The company is also developing next-generation instruments, with a potential introduction around 2028 after design, validation and approval work. Burn Care revenue rose 22% to approximately $12 million, one of the franchise’s highest quarterly revenue totals to date. Epicel generated $10.4 million in quarterly revenue, while first-half Epicel revenue exceeded $21 million, representing the product’s second-highest six-month revenue total since launch. NexoBrid revenue exceeded $1.5 million, its highest quarterly level since launch and an increase of more than 30% from both the prior-year period and the preceding quarter. Colangelo said NexoBrid recorded its highest levels of revenue, ordering centers and hospital unit sales to date. The company said it has reached about 80 cumulative NexoBrid ordering centers since launch and is seeing more consistent orders. Vericel also expects to begin procurement activity tied to its BARDA award early in the third quarter. Third-quarter Burn Care guidance includes approximately $3 million of BARDA procurement revenue. Vericel increased its 2026 total revenue guidance to $330 million to $340 million, representing growth of about 19% to 23%. The company raised its MACI revenue outlook to $284 million to $290 million, from prior guidance of $282 million to $288 million. Burn Care revenue guidance increased to $46 million to $50 million, from $44 million to $48 million previously. Total third-quarter revenue is expected to be approximately $76.5 million to $78.5 million. Third-quarter MACI revenue is expected to be about $65.5 million at the midpoint, implying high-teens growth year over year. Third-quarter Burn Care revenue is expected to be approximately $12 million at the midpoint. Full-year gross margin guidance remains approximately 75%. Full-year adjusted EBITDA margin guidance remains approximately 27%. Second-quarter gross margin was 73%, while adjusted EBITDA margin was 19%, both above the company’s guidance. Mara said 2026 includes investments in the sales force, the MACI ankle study, international expansion and the company’s new facility. He said Vericel expects more meaningful year-over-year adjusted EBITDA margin expansion beginning in 2027. Vericel submitted a marketing authorization application for MACI in the United Kingdom during the second quarter. If approved, the company expects a potential U.K. launch in 2027. Colangelo described the U.K. as a concentrated market with roughly a dozen centers of excellence treating cartilage injuries and said MACI retains brand recognition and surgeon support in the region. The company expects to seek a single technology assessment through the U.K.’s National Institute for Health and Care Excellence, or NICE. Colangelo said prior NICE review of autologous chondrocyte implantation technologies resulted in pricing that was below U.S. levels but acceptable to the company. Mara said the expected commercial investment for the U.K. launch would not be substantial and should fit well with Vericel’s margin profile. Vericel also began enrolling patients in its MACI ankle MASCOT study during the second quarter. Separately, the board authorized a $200 million share repurchase program, the company’s first such authorization. Colangelo said the program does not change Vericel’s capital-allocation priorities, which include funding internal growth initiatives and evaluating business-development opportunities. He said the company intends to use the authorization to opportunistically return capital to shareholders while maintaining investment in its operating plan and potential acquisitions. Vericel Corporation is a biotechnology company specializing in the development, manufacturing and commercialization of cell-based therapies for patients with severe diseases and conditions. The company's expertise lies in regenerative medicine, where it harnesses the power of autologous cell processing to create products designed to restore function and promote healing in damaged tissues. Vericel currently markets two FDA-approved therapies. MACI® (autologous cultured chondrocytes on porcine collagen membrane) is indicated for the repair of symptomatic cartilage defects of the knee in adult patients. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Vericel Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Vericel Corporation (VCEL) came out with quarterly earnings of $0.04 per share, beating the Zacks Consensus Estimate of a loss of $0.04 per share. This compares to a loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +200.00%. A quarter ago, it was expected that this company would post a loss of $0.15 per share when it actually produced a loss of $0.12, delivering a surprise of +20%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Vericel, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $77.46 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 7.58%. This compares to year-ago revenues of $63.24 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Vericel shares have added about 29.5% since the beginning of the year versus the S&P 500's gain of 6.9%. While Vericel has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Vericel was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.12 on $83.5 million in revenues for the coming quarter and $0.49 on $330.9 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the top 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Kyntra Bio (KYNB), another stock in the same industry, has yet to report results for the quarter ended June 2026. This biotech drug developer is expected to post quarterly loss of $3.18 per share in its upcoming report, which represents a year-over-year change of +5.9%. The consensus EPS estimate for the quarter has been revised 1.6% higher over the last 30 days to the current level. Kyntra Bio's revenues are expected to be $1.99 million, up 47.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Vericel Corporation (VCEL) : Free Stock Analysis Report Kyntra Bio Inc (KYNB) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Total Revenue Increased 22% to $77.5 Million, with MACI Revenue Growth of 23% Net Income of $2.2 Million and Free Cash Flow of $14.3 Million Full-Year 2026 Revenue Guidance Raised to $330 to $340 Million Board of Directors Authorizes $200 Million Share Repurchase Program Conference Call Today at 8:30am Eastern Time BURLINGTON, Mass., July 30, 2026 (GLOBE NEWSWIRE) -- Vericel Corporation (NASDAQ:VCEL), a leader in advanced therapies for the sports medicine and severe burn care markets, today reported financial results and business highlights for the second quarter ended June 30, 2026. Second Quarter 2026 Financial Highlights Total net revenue growth of 22% to $77.5 million MACI® net revenue growth of 23% to $65.5 million Burn Care net revenue growth of 22% to $12.0 million Gross margin of 73% Net income of $2.2 million, or $0.04 per diluted share Non-GAAP adjusted EBITDA margin of 19% Operating cash flow of $16.2 million Free cash flow of $14.3 million Approximately $227 million in cash and investments, and no debt First Half 2026 Financial Highlights Total net revenue growth of 26% to $145.9 million MACI net revenue growth of 22% to $121.9 million Burn Care net revenue growth of 49% to $24.0 million Adjusted EBITDA growth of 47% to $24.4 million Operating cash flow of $32.6 million Free cash flow of $29.4 million Business Highlights and Updates Record second quarter total revenue and MACI revenue MACI revenue growth of 20% or more for the fifth consecutive quarter, with a four-quarter trailing revenue growth rate of 23% Record NexoBrid® quarterly revenue, with 36% growth versus the prior quarter and 33% growth versus the prior year Epicel® second quarter revenue growth of 21% Double-digit MACI biopsy and implant growth, with record second quarter MACI biopsies, implants and biopsy and implanting surgeons and the second highest number of MACI biopsies and biopsy surgeons in any quarter since launch MACI marketing authorization application submitted to U.K. MHRA Board of Directors authorized $200 million share repurchase program “The Company delivered excellent financial and business results in the second quarter as we continue to generate top-tier revenue and profit growth as well as significant free cash flow,” said Nick Colangelo, President and CEO of Vericel. “Given the strong performance across both of our commercial franchises in the first half of the year, the Company is well-positioned for sustained high revenue, profit, and cash flow growth in 2026 and beyond. Our financial outperformance and strong balance sheet allow the Company to continue to invest in our long-term growth initiatives and to opportunistically return capital to shareholders through the launch of the Company’s first share repurchase program, which reflects our confidence in the sustained growth trajectory for the Company in the years ahead.” 2026 Financial Guidance Total revenue of $330 to $340 million, compared to previous guidance of $326 to $336 million MACI revenue of $284 to $290 million, compared to previous guidance of $282 to $288 million Burn Care revenue of $46 to $50 million, compared to previous guidance of $44 to $48 million Reaffirmed full-year profitability guidance of gross margin of approximately 75% and adjusted EBITDA margin of approximately 27% Second Quarter 2026 ResultsTotal net revenue for the quarter ended June 30, 2026 increased 22% to $77.5 million, compared to $63.2 million in the second quarter of 2025. Total net product revenue for the quarter included $65.5 million of MACI (autologous cultured chondrocytes on porcine collagen membrane) net revenue, $10.4 million of Epicel (cultured epidermal autografts) net revenue, and $1.5 million of NexoBrid (anacaulase-bcdb) net revenue, compared to $53.5 million of MACI net revenue, $8.6 million of Epicel net revenue, and $1.2 million of NexoBrid net revenue, respectively, in the second quarter of 2025. Gross profit for the quarter ended June 30, 2026 was $56.4 million, or 73% of net revenue, compared to $46.6 million, or 74% of net revenue, for the second quarter of 2025. Total operating expenses for the quarter ended June 30, 2026 were $56.0 million, compared to $48.6 million for the same period in 2025. The increase in operating expenses was primarily due to increased headcount and related employee expenses, including the MACI sales force expansion, and an increase in marketing programs. Net income for the quarter ended June 30, 2026 was $2.2 million, or $0.04 per diluted share, compared to a net loss of $0.6 million, or $0.01 per diluted share, for the second quarter of 2025. Non-GAAP adjusted EBITDA for the quarter ended June 30, 2026 was $14.9 million, or 19% of net revenue, compared to $13.4 million, or 21% of net revenue, for the second quarter of 2025. A table reconciling non-GAAP measures is included in this press release for reference. Conference Call Information Today’s conference call will be available live at 8:30 a.m. Eastern Time. The live webcast can be accessed on the Investor Relations section of the Vericel website at http://investors.vcel.com/events-presentations. Presentation slides for the conference call will be available on the webcast and on the Vericel website. A replay of the webcast will be available until July 30, 2027. To participate by telephone, dial 800-330-6730 or +1-312-471-1351 if connecting from outside the U.S. When connected, please use passcode: 567253. About Vericel CorporationVericel is a leading provider of advanced therapies for the sports medicine and severe burn care markets. The Company combines innovations in biology with medical technologies, resulting in a highly differentiated portfolio of innovative cell therapies and specialty biologics that repair injuries and restore lives. Vericel markets three products in the United States. MACI (autologous cultured chondrocytes on porcine collagen membrane) is an autologous cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults. Epicel (cultured epidermal autografts) is a permanent skin replacement for the treatment of patients with deep dermal or full thickness burns greater than or equal to 30% of total body surface area. Vericel also holds an exclusive license for North American rights to NexoBrid (anacaulase-bcdb), a biological orphan product containing proteolytic enzymes, which is indicated for eschar removal in adults and pediatric patients with deep partial-thickness and/or full-thickness thermal burns. For more information, please visit www.vcel.com. Epicel®, MACI® and MACI Arthro® are registered trademarks of Vericel Corporation. NexoBrid® is a registered trademark of MediWound Ltd. and is used under license to Vericel Corporation. © 2026 Vericel Corporation. All rights reserved. GAAP v. Non-GAAP MeasuresVericel’s reported earnings are prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and represent earnings as reported to the Securities and Exchange Commission (SEC). Vericel has provided in this release certain financial information that has not been prepared in accordance with GAAP. Vericel’s management believes that the non-GAAP adjusted EBITDA, which includes adjustments for specific items that are generally not indicative of our core operations, and free cash flow described in this release, provide 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. Forward-Looking StatementsVericel cautions you that all statements other than statements of historical fact included in this press release 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 press release. 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 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, MACI Arthro, Epicel, and NexoBrid in the U.S. and in applicable markets outside the U.S., growth in profit, gross margins and operating margins, the ability to continue to scale our manufacturing operations to meet the demand for our cell therapy products, the ability to sustain profitability, 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 and likelihood of the FDA’s potential approval of the use of MACI to treat cartilage defects in the ankle, the timing and likelihood of obtaining market approval for MACI in the United Kingdom, the estimate of the commercial growth potential of our products and product candidates, competitive developments, changes in third-party coverage and reimbursement, including recent and future healthcare and drug pricing reform measures and private payor initiatives, surgeon adoption of MACI Arthro, physician and burn center adoption of NexoBrid, labor strikes, supply chain disruptions or other events or factors that might affect our ability to manufacture MACI or Epicel or affect MediWound’s ability to manufacture and supply sufficient quantities of NexoBrid to meet customer demand, including but not limited to conflicts in the Middle East region involving Israel or those related to disruptions of land or sea transportation routes or distribution or shipping channels, uncertainties associated with the potential benefits of the Company’s agreement with BARDA for the procurement and development of NexoBrid and the availability of funding from BARDA under that agreement, negative impacts on the global economy and capital markets resulting from the conflicts in Ukraine and Iran, as well as other hostilities in the Middle East, changes in trade policies and regulations, including the potential for increases or changes in duties, current and potentially new tariffs or quotas, lingering effects of adverse developments affecting financial institutions, companies in the financial services industry or the financial services industry generally, changes in governmental monetary and fiscal policies, including, but not limited to, Federal Reserve policies in connection with continued inflationary pressures, the impact from future regulatory, judicial and legislative changes affecting our industry or the broader market, including those included in the One Big Beautiful Bill Act, and a U.S. government shutdown. 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, 2025, filed with the SEC on February 26, 2026, Vericel’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on July 30, 2026, 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 release except as required by law. Investor Contact: Eric [email protected]+1 (734) 418-4411

Interested in MediWound Ltd.? Here are five stocks we like better. MediWound posted a wider Q1 loss and lower revenue, with first-quarter sales of $1.5 million versus $4 million a year ago and a net loss of $3 million. Despite the weaker quarter, the company reaffirmed 2026 revenue guidance of $24 million to $26 million. The EscharEx Phase III VALUE study is now running about one quarter behind schedule, with management citing operational issues and slower recruitment in older venous leg ulcer patients rather than safety or efficacy concerns. The company still expects enrollment completion and an interim sample-size reassessment by the end of Q1 2027. NexoBrid continues to gain commercial and strategic traction, highlighted by Vericel’s new 10-year BARDA contract worth up to $197 million. MediWound also said it is progressing manufacturing expansion and expects government-related procurement and development revenue to ramp in the second half of 2026. MediWound (NASDAQ:MDWD) reported a wider first-quarter loss and lower revenue compared with the prior-year period, while management reaffirmed its 2026 revenue outlook and said it continued to advance its EscharEx and NexoBrid programs. On the company’s earnings call, Chief Executive Officer Ofer Gonen said MediWound “continued to execute against our key strategic priorities,” including moving EscharEx toward commercialization and expanding the global role of NexoBrid. He said the timeline for the EscharEx Phase III VALUE study has shifted by one quarter, but added that “the underlying momentum behind the program continues to strengthen.” → Voya Financial Grows Earnings Across All 3 Business Segments Gonen said enrollment is continuing in the global Phase III VALUE study of EscharEx in venous leg ulcers, with more than 30 sites active across the United States, Europe and Israel. He said recruitment has progressed more slowly than originally expected because of operational issues rather than safety, efficacy or protocol concerns. The first factor, Gonen said, involved regulatory adjustments at certain European sites related to ancillary products. Those adjustments have been completed, and the company expects to reach its target of about 40 active sites “within weeks.” The second factor involved travel and visit requirements for an older and medically complex venous leg ulcer patient population. → SpaceX Gets the Attention, But These 4 Stocks Could Get the Returns To address those issues, MediWound implemented patient support measures, including hotel reimbursements, transportation services and facilitated access to enhanced care. Gonen said the protocol requires daily wound assessments to determine the exact day complete debridement is achieved, because EscharEx works quickly. While that adds operational complexity, he said it may also reflect a potential clinical and commercial advantage in real-world practice. The company said it expects the interim sample size reassessment and enrollment completion by the end of the first quarter of 2027. → Quantum Stocks Just Got a Lifeline—Who Benefits Most? During the question-and-answer session, Gonen said the company is focused on enrolling the “right patients,” excluding patients whose wounds may be too easy for placebo to heal or too difficult for EscharEx to affect. He said more than 1,000 patients have been screened, adding that “there isn’t a lack of patients.” MediWound also highlighted expanded industry engagement around EscharEx. Gonen said Medline joined the company’s chronic wound collaboration network during the quarter. The network also includes Coloplast Kerecis, ConvaTec, Essity, Mölnlycke, Solventum, B. Braun and MiMedx. As part of the collaboration, Medline will provide its skin protectant Marathon for MediWound’s upcoming Phase II diabetic foot ulcer study. Gonen said the product is intended to protect tissue surrounding the wound while EscharEx performs debridement activity in the wound bed. Barry Wolfenson, EVP of Strategy and Corporate Development, said the collaborations help standardize key products used in clinical studies, which may reduce variability. He said Medline’s Marathon product will be used in the diabetic foot ulcer study to protect peri-wound tissue, and that Medline will review study data related to the condition of surrounding tissue after the trial. Gonen said MediWound is also preparing additional EscharEx studies, including a pharmacokinetic study and a human factors study expected to begin in the second half of 2026. He said the company is advancing a head-to-head study against collagenase, or SANTYL, and other nonsurgical standard-of-care modalities. The company also plans a Phase II study in diabetic foot ulcers and an investigator-initiated trial in pressure ulcers in the second half of 2026. Gonen said MediWound continued to see growing commercial adoption and strategic interest in NexoBrid. He noted that Vericel reported continued growth in ordering centers and total orders across the U.S. burn care market. Vericel was also awarded a 10-year BARDA contract valued at up to $197 million to support NexoBrid procurement, vendor-managed inventory services, potential blast trauma indication development, and next-generation manufacturing and formulation capabilities. Gonen said MediWound expects BARDA-related procurement and development to begin during the second half of 2026. Gonen said the new BARDA agreement builds on approximately $138 million already received from BARDA and the Department of Defense over the past decade, reinforcing NexoBrid’s role in mass-casualty burn response and national preparedness. Asked about how the BARDA contract would flow between Vericel and MediWound, Gonen said the contract includes five components and that MediWound shares in procurement with Vericel and has “a big share” in bringing certain development components to market. He said MediWound could not yet disclose the specific portion attributable to the company. MediWound is also working to bring an expanded NexoBrid manufacturing facility online. Gonen said the company completed an on-site pre-audit by the European Medicines Agency and is implementing operational modifications identified during that process. He said the company expects to complete those activities during the second half of 2026. Gonen said the feedback was operational and did not relate to product quality, safety or comparability concerns. He said U.S. inspectors are expected to visit in early 2027, but the company first needs to finalize the EMA-related process because products shipped from Israel to the United States require local agency approval. Chief Financial Officer Hani Luxenburg said first-quarter revenue was $1.5 million, down from $4 million in the first quarter of 2025. The decline was primarily attributed to the timing of BARDA-related revenue and postponed shipments related to regional conflict. Luxenburg said those postponed shipments have already been completed. Gross profit was $0.3 million, with gross margin of 21.9%, compared with $0.7 million and 18.7% a year earlier. Research and development expenses rose to $5.2 million from $2.9 million, mainly reflecting continued investment in the EscharEx VALUE Phase III study. Selling, general and administrative expenses were $3.6 million, compared with $3.1 million in the prior-year period. Operating loss was $8 million, compared with $5.2 million a year earlier. Net loss was $3 million, or $0.23 per share, compared with a net loss of $0.7 million, or $0.07 per share. Adjusted EBITDA loss was $7 million, compared with a loss of $4 million. As of March 31, MediWound had $45 million in cash equivalents and deposits, down from $54 million at year-end 2025. Luxenburg said operating cash use in the quarter was $9.6 million, including the impact of foreign exchange movements between the U.S. dollar and the Israeli shekel. The balance sheet also benefited from $1.2 million received under the European Innovation Council Accelerator Grant program and $0.7 million from the exercise of Series A warrants after quarter-end. MediWound reaffirmed its full-year 2026 revenue guidance of $24 million to $26 million. Gonen said the guidance is supported by expected government-related procurement and development revenue in the second half of the year. Luxenburg said revenue is expected to be weighted toward the second half of 2026, driven primarily by government-related development services and procurement activities. MediWound Ltd. (NASDAQ: MDWD) is a biopharmaceutical company headquartered in Yavne, Israel, specializing in the development and commercialization of innovative enzymatic therapies for burn and wound management. Since its establishment, the company has focused on advancing proteolytic enzyme technology to address critical needs in debridement and tissue repair. MediWound operates research and development facilities in Israel and maintains commercial offices in the United States to support its global market presence. The company's lead product, NexoBrid®, is an enzyme-based debriding agent designed to selectively remove burn eschar without harming viable tissue. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "MediWound Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

A week ago, Vericel Corporation (NASDAQ:VCEL) came out with a strong set of first-quarter numbers that could potentially lead to a re-rate of the stock. Results overall were solid, with revenues arriving 7.6% better than analyst forecasts at US$68m. Higher revenues also resulted in substantially lower statutory losses which, at US$0.12 per share, were 7.6% smaller than the analysts expected. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. We've gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. Taking into account the latest results, the consensus forecast from Vericel's eight analysts is for revenues of US$328.7m in 2026. This reflects a meaningful 13% improvement in revenue compared to the last 12 months. Per-share earnings are expected to surge 24% to US$0.52. In the lead-up to this report, the analysts had been modelling revenues of US$323.8m and earnings per share (EPS) of US$0.43 in 2026. Although the revenue estimates have not really changed, we can see there's been a sizeable expansion in earnings per share expectations, suggesting that the analysts have become more bullish after the latest result. View our latest analysis for Vericel There's been no major changes to the consensus price target of US$55.43, suggesting that the improved earnings per share outlook is not enough to have a long-term positive impact on the stock's valuation. The consensus price target is just an average of individual analyst targets, so - it could be handy to see how wide the range of underlying estimates is. The most optimistic Vericel analyst has a price target of US$64.00 per share, while the most pessimistic values it at US$42.00. Analysts definitely have varying views on the business, but the spread of estimates is not wide enough in our view to suggest that extreme outcomes could await Vericel shareholders. Another way we can view these estimates is in the context of the bigger picture, such as how the forecasts stack up against past performance, and whether forecasts are more or less bullish relative to other companies in the industry. The period to the end of 2026 brings more of the same, according to the analysts, with revenue forecast to display 17% growth on an annualised basis. That is in line with its 15% annual growth over the past five years. Compare this with the broader industry (in aggregate), which analyst estimates suggest will see revenues grow 22% annually. So although Vericel is expected to maintain its revenue growth rate, it's forecast to grow slower than the wider industry. The most important thing here is that the analysts upgraded their earnings per share estimates, suggesting that there has been a clear increase in optimism towards Vericel following these results. On the plus side, there were no major changes to revenue estimates; although forecasts imply they will perform worse than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates. With that in mind, we wouldn't be too quick to come to a conclusion on Vericel. Long-term earnings power is much more important than next year's profits. At Simply Wall St, we have a full range of analyst estimates for Vericel going out to 2028, and you can see them free on our platform here.. Another thing to consider is whether management and directors have been buying or selling stock recently. We provide an overview of all open market stock trades for the last twelve months on our platform, here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Image source: The Motley Fool. Thursday, May 7, 2026 at 8:30 a.m. ET President and Chief Executive Officer — Dominick C. Colangelo Senior Vice President and Chief Financial Officer — Joseph Mara Need a quote from a Motley Fool analyst? Email [email protected] Dominick C. Colangelo: Thank you, Eric, and good morning, everyone. The company had a great first quarter as we delivered outstanding financial and commercial results across the business and achieved a number of key business objectives that position the company to continue to generate strong revenue, profit and cash flow growth in 2026. The company generated record first quarter total revenue of more than $68 million, which increased 30% over last year and significantly exceeded our guidance for the quarter, driven by substantial growth for both MACI and the Burn Care business. This strong revenue performance drove significant margin expansion and profit growth as gross margin increased over 300 basis points, adjusted EBITDA margin increased nearly 800 basis points and adjusted EBITDA tripled to nearly $10 million. We also generated more than $15 million of free cash flow, ending the first quarter with over $210 million in cash and investments as we continue to strengthen the company's top-tier financial profile. Based on our first quarter outperformance, the significant momentum across the business that has continued with a strong start to the second quarter and the NexoBrid BARDA procurement revenue expected in the second half of the year, we're raising our total revenue guidance range by $10 million for the full year. MACI had another great quarter as double-digit volume growth drove record first quarter revenue of more than $56 million, representing 22% growth versus the prior year. Notably, MACI's trailing 4-quarter revenue growth rate increased to 23% compared to 19% in the prior four quarters, as we continue to execute on our strategic initiatives to deliver sustained high revenue growth for MACI. To that end, we're capitalizing on our larger MACI sales force, which meaningfully increases overall reach across our MACI target surgeons and provides an opportunity to continue to drive growth in new MACI surgeons as well as deeper penetration within our current MACI surgeon practices. This was the first quarter with the expanded MACI sales force in their new territories, and they're off to a great start as we generated record first quarter biopsies, implants and biopsy and implanting surgeons as well as the second highest number of biopsies and biopsy surgeons in any quarter since launch. Importantly, as the quarter progressed, implant growth accelerated for both new and legacy territories, driving strong double-digit implant growth in the quarter. Growth in biopsies per surgeon also accelerated in the quarter, demonstrating deeper penetration within MACI surgeon practices and driving another quarter of double-digit biopsy growth, which was particularly strong in our new territories. Finally, with more concentrated call points in the smaller territories, biopsy pull-through to implants increased during the quarter, demonstrating the potential for the larger sales force to increase the biopsy conversion rate over time. Overall, we're very pleased with the progress to date of the expanded MACI sales force as well as the impact of our commercial excellence initiatives, which have enhanced our commercial analytics and standardized best practices across the larger sales team. We believe that these initiatives will continue to elevate execution across the MACI commercial organization and drive deeper penetration within our surgeon user base. We're also focused on leveraging MACI Arthro to drive continued growth in the treatment of smaller cartilage defects and to expand overall MACI utilization. Leading indicators remain strong in the small condyle segment with higher first quarter and trailing biopsy growth rates than the overall biopsy growth rate and higher biopsy conversion rates to date for surgeons that have completed a MACI Arthro case. We're also making significant progress in our efforts to generate new clinical data, demonstrating the potential for improved patient outcomes with the less invasive MACI Arthro procedure. Early data from ongoing investigator case series suggests a significant reduction in postsurgical pain, improved range of motion and a meaningful acceleration in the time line to achieving full weight bearing following MACI Arthro treatment. These initial data results, which were recently accepted for publication, suggest positive patient outcomes that could also lead to shorter overall rehab and recovery time lines. We're also continuing to work with additional surgeons as they complete MACI Arthro cases to collect prospective outcomes data in our MACI clinical outcomes registry. Finally, we achieved an important milestone for the company with the FDA approval for MACI commercial manufacturing at our new facility, which began in the second quarter. This important achievement not only increases our manufacturing capacity to support the long-term growth of MACI in the U.S., but also enables the potential commercialization of MACI outside the United States. To that end, we remain on track to submit a MACI marketing application in the U.K. later this year, and if approved, to potentially launch MACI in the U.K. in 2027 as we seek to expand the long-term growth and value creation opportunities for the company. Burn Care first quarter revenue increased over 90% to $12 million, which was above our guidance range for the quarter and represented one of the highest Burn Care revenue quarters to date. We also announced a BARDA award valued at up to $197 million for the procurement and advanced development of NexoBrid. The base period contract of $35 million includes approximately $10 million over the next 12 months for the initial procurement of NexoBrid, funding for vendor-managed inventory-related services and initial development activities for a potential indication for the treatment of blast trauma injuries. The contract also includes optional awards for additional procurement and advanced development of NexoBrid over the 10-year period. We're very pleased to work with BARDA to support U.S. national preparedness for potential mass casualty events and to drive further development of NexoBrid. More broadly, we believe that the BARDA award underscores the clinical importance of this innovative product and can help enhance the overall utilization of NexoBrid in the U.S. market. I'll now turn the call over to Joe to discuss our first quarter results and our 2026 guidance in more detail. Joseph Mara: Thanks, Nick, and good morning, everyone. As Nick referenced, from a financial perspective, the company had its strongest first quarter to date across all key financial measures, including top line revenue, bottom line profitability and cash generation metrics. Total revenue increased 30% to $68.4 million, which was significantly above our guidance range for the quarter, driven by strength in both commercial franchises. MACI's momentum continued as strong double-digit volume growth drove record first quarter revenue of $56.4 million, representing 22% growth versus the prior year, which was significantly higher than recent first quarter growth rates for MACI and marks the fourth consecutive quarter with MACI growth of 20% or more. Burn Care first quarter revenue was $12 million, which was well above recent run rates and our guidance range for the quarter. Epicel revenue of $10.9 million was particularly strong, while NexoBrid revenue of $1.1 million increased nearly 60% versus the fourth quarter. With these strong first quarter results, the company is generating significant top line growth across the business. MACI's trailing four-quarter growth rate increased to 23% and the trailing four-quarter growth rates for both the company and Burn Care are also above 20%. The company also delivered meaningful margin expansion in the first quarter. Gross margin increased over 300 basis points to 72% and adjusted EBITDA margin increased nearly 800 basis points to 14%, with adjusted EBITDA growing 195% versus the prior year to $9.6 million. Finally, the company generated operating cash flow of $16.4 million and free cash flow of $15.1 million, representing the third consecutive quarter with free cash flow of $12 million or more as the company's expected inflection in cash generation continues following the completion of our new manufacturing facility. We ended the quarter with approximately $211 million in cash and investments, an increase of nearly $50 million compared to the end of the first quarter last year. Turning to our financial guidance. Based on our very strong first quarter results across the business as well as expected NexoBrid procurement revenue in the second half of the year under the recent BARDA award, we are increasing our full year total revenue guidance range by $10 million. We now expect total revenue of $326 million to $336 million for the year, which represents total revenue growth for the company of approximately 20% at the midpoint of our guidance range. After a very strong first quarter, we are raising full year MACI revenue guidance to $282 million to $288 million compared to the prior guidance of $280 million to $286 million. MACI is off to another strong start in the second quarter, and we expect approximately $62.5 million to $63.5 million of MACI revenue for the quarter. Our guidance implies similar growth rates for remaining quarters of the year, which is consistent with our framework to start the year, recognizing that there is an opportunity for outperformance based on the momentum in our key performance indicators, our expanded sales force and the commercial initiatives that we have put in place. We are also increasing our Burn Care revenue guidance based on the strong first quarter performance as well as the incremental NexoBrid BARDA procurement revenue expected this year. We now expect full year Burn Care revenue of approximately $44 million to $48 million compared to our prior guidance of $36 million to $40 million. And for the second quarter, we expect approximately $9 million to $10 million of total Burn Care revenue. In terms of NexoBrid BARDA procurement revenue, at this point, we expect approximately $5 million to $6 million of revenue in the second half of the year with procurement expected to begin in the third quarter. Moving down the P&L. For the full year, we continue to expect gross margin of approximately 75% and adjusted EBITDA margin of approximately 27%, which accounts for additional costs related to our new Burlington manufacturing facility, the incremental investments related to our MACI sales force expansion, increased MACI ankle clinical trial expense and incremental life cycle management investments. For the second quarter, we expect gross margin of approximately 72% and adjusted EBITDA margin of approximately 18%. Overall, 2026 is set up to be another positive year for the company with strong revenue growth as well as continued margin expansion, profit growth and cash generation. As we look ahead, we believe that the durable growth of our portfolio positions the company to sustain strong top line growth and supports our midterm revenue and profitability targets. This concludes our prepared remarks. We will now open the call to your questions. Operator: [Operator Instructions] We will go first to Richard Newitter with Truist Securities. Richard Newitter: I'm juggling calls this morning, so I may have missed it. But just on the guidance outlook, can you -- you increased it looks like by the 1Q outperformance. I would just love to hear kind of what your assumption set is, especially for MACI trends and MACI Arthro moving through the year and most particularly in the 2Q? Joseph Mara: Good morning Rich, this is Joe. I'll take that question. So thanks for the question. So in terms of the guidance update and the increase, I would say, on a full year basis, you're right, there's kind of two key drivers. So one, the outperformance in the first quarter at a company level, whether you look at guidance or consensus, it's kind of in that $4 million to $5 million range. We've included that in our full year guidance update to let that flow through. And then the second piece is the remainder of that increase is really the incremental NexoBrid BARDA revenue, which we expect to begin in H2 and call it, we said about $5 million to $6 million. So, if you kind of put that together, just quickly on the assumptions to the second part of your question, starting with Burn Care, obviously, a very strong first quarter across the board for Burn Care. It's actually our highest quarter since 2024 and a particularly strong Epicel quarter. So, I feel like we're really executing well on the Burn Care side. So, to your question, we've assumed, call it, about $2 million of outperformance from Q1 in our full year outlook on Burn Care and then that remainder, call it, about $6 million on the BARDA side. So up 8% on a full year basis on the Burn Care side. So if you kind of think about the guidance going forward, obviously, there's some moving pieces, but we're sticking with our framework that's worked quite well on the Burn Care side over the last few quarters and our run rate framework, which has been, call it, $9 million to $10 million on a quarterly basis, and then we're adding in the second half quarter. So, to be clear on kind of just how to think about that and how to model it, it's really, call it, $9 million in the second quarter and it steps up to $12 million in both Q3 and Q4 with that incremental, call it, $3 million of BARDA revenue flowing through. So, that gets you to call it, $45 million on a full year basis on Burn Care. So again, we're not changing our assumptions in the back half of the year in terms of the core business. We're sticking with that run rate. But obviously, great performance in the first quarter and the incremental BARDA revenue has been included. On the MACI side, so a very strong first quarter, as we talked about, our first quarter with our expanded sales force, we feel like the team executed extremely well there, a much higher Q1 growth rate than we've seen in recent years. And importantly, we pointed to another quarter of both double-digit biopsy and implant growth in the first quarter. I also say we've gotten off to a strong start in Q2 and April as well. So, I feel very good about kind of the MACI execution, particularly with that larger sales force. So, from a full year perspective, again, call it about a $2 million beat in the first quarter on MACI. We've included that on a full year basis. You kind of add that updated $285 million on MACI. You're right around $330 million or so at the midpoint, which also is the midpoint of our guidance is also 20% company growth. So that's important and good to see. In terms of the MACI assumptions for the remainder of the year, I think importantly, we're not changing any assumptions or our approach for whether it's the second quarter or the back half of the year in Q3 and Q4. So, we're keeping the same framework and approach we used in Q1. I'd say we're going to remain very prudent on the guidance. We've done that on the Burn Care side with the run rate framework. We're going to continue to do that with MACI going forward. So, the assumptions for MACI in total are essentially keeping that high teens growth for both Q2 as well as the back half. And I think importantly, that also implies kind of similar year-over-year dollar revenue growth assumptions, which, again, we feel like is a balanced starting point and consistent to how we started the year. So, it implies about $63 million in the second quarter. That's about 18% growth at the midpoint of our guide, and it's pretty similar for the remaining two quarters. And so again, I would just say from a second half outlook perspective, we definitely do not want to assume an acceleration in growth in the second half in MACI. So, this is consistent to what we talked about last quarter. So, we think this positions us really well. And to that point, whether it's kind of the sales force contribution, continue to ramp up in Arthro, I would just say broadly, if we maintain the recent trends we're seeing. If we continue to execute well, we think this sets us up for potential outperformance both in the second quarter, but also on a full year basis. So, for MACI in particular, the pieces are in place with a very strong pool of biopsies. We had a particularly strong Q4 that we think will play out during the year from a biopsy growth perspective. Leading indicators remain strong. And again, we have the larger sales force, which we think can be impactful. So, we're going to remain prudent on both franchises, but certainly, the goal internally is to outperform that. But again, we're not going to change the approach on the guidance, and we'd rather just stay prudent there. Richard Newitter: Really helpful. And then maybe just a follow-up. On the competitive landscape, you have a competitor that will likely be stepping into some better reimbursement situations in the first quarter of next year. Just wanted to get a feel for how you see the market kind of segmenting? How you're kind of thinking and preparing for this? What you're hearing, if anything, from your customer base on expectations for that product? And how it may or may not impact you guys? Dominick C. Colangelo: Yes. Rich, this is Nick. And so, I'll take that question. And obviously, you're referring to Agili-C, which is a product we've talked about for years now as we've talked about potential sort of new market entrants. And the position that we've kind of taken is one that's kind of aligned with our surgeon and KOL feedback that Agili-C is really a product that's geared towards use in older patients with osteoarthritis and really as a bridge to a partial or full knee replacement where those patients have no other options. And the product has been -- it was approved four years ago. So, it's been around and really obviously hasn't had an impact on MACI to date nor should it. As you know, these are two different patient populations, older osteoarthritic patients that are potentially more appropriate for Agili-C and then the young active patients where MACI is typically used. And there's -- when you think about sort of the typical MACI patient, less than, if you look at publications, a very small low single-digit percentage of patients that are treated with MACI have any sort of bone involvement, even though it's included in the label. And there's no way if you have a clean cartilage injury that a surgeon is going to sort of core out over a centimeter of bone to use a product like Agili-C. So, we actually don't think there's a lot of overlap. There hasn't been to date nor should there be for these patients. And as you think about sort of the -- if you take a double hook count, a couple of dimensions. Number one, as you know, the patella treatment or treatment of patella defects for MACI is our largest and fastest-growing part of the business historically. And Agili-C is contraindicated for use in patella defects. And so, absolutely no impact on the biggest part of our business. It's not indicated for arthroscopic -- administration. So, we actually haven't seen much, if any, impact at all from Agili-C nor do we expect to see it. And we do pulse surveys pretty frequently and out of our -- the surgeons that we talk to haven't used it and don't really plan to use it in the future. So. Operator: We'll go next to Michael Kratky with Leerink Partners. Michael Kratky: Congrats on a very nice quarter. So, you provided some encouraging commentary on accelerating implant growth. So would love to get a sense of some of the progress you're seeing specifically for MACI Arthro. Where -- and what portion of your implants today are coming from MACI Arthro and whether you've been able to get some traction among those new accounts that you identified that typically were ortho only? Dominick C. Colangelo: Hey Mike, it's Nick. So yes, on MACI Arthro, obviously we're very pleased with our progress to date. As we talked about on our last call, really strong foundation established in 2025, where we trained upwards of 1,000 surgeons on MACI Arthro and we're at critical mass where those trained surgeons are responsible for over half of our implants already. So really great critical mass there, a great job by the team, both the medical and sales teams in training surgeons. Obviously, we talked about the fact that contributed to growth last year and in the first year on the market, as the smaller femoral condyle defects that MACI Arthro are intended to be used for. The growth rate there was at par with patella which was great compared to lower single-digit penetration and lower growth in prior years. As we said on the call, the leading indicators for MACI Arthro remain strong. We had higher first-quarter and trailing biopsy growth rates than the overall biopsy growth rate and we continue to see that MACI Arthro implanters had higher biopsy conversion rates. So it's clearly been one of the factors in a multifactorial dynamic that has elevated MACI's overall performance. The fundamentals, as Joe mentioned, coming into this year were very strong, with biopsy acceleration in the fourth quarter. We have a larger sales force that's off to a great start. We have MACI Arthro in there as well, which has generated a ton of interest. And then the commercial excellence initiatives are clearly taking hold as well. So we're pretty excited about the MACI Arthro start to date, and we expect it's going to continue to contribute to growth as we move forward. Michael Kratky: Super helpful. And maybe just one follow-up. I would love to hear a little bit more about the progression of the BARDA award. Obviously, some nice contribution expected already in the back half of this year. But how and when could we see that remaining -- $197 million start to materialize over time? Dominick C. Colangelo: Yes. We're really excited about working with BARDA to help with U.S. national preparedness for mass casualty burn events. We had talked about this potential award. Obviously, it was delayed a little bit with the government shutdown, but it's a very meaningful overall contract. As you mentioned, nearly $200 million and a $35 million initial award. And just to be clear, about 2/3 of the value of that award whether it's the base contract or the overall flows in one form or another to Vericel, either through procurement and VMI service revenue or other cost offsets for some of the work that would go on. So the base contract is the $35 million. Obviously, that includes the initial procurement and then VMI establishment and related services and work around a potential blast indication. And those are already funded. And as Joe mentioned on the procurement side, we expect that revenue over a 12-month period begin in the third quarter, $5 million to $6 million this year, the remainder early in 2027 on the procurement revenue. So that's $10 million of the first $35 million. The other will involve obviously doing the work around the proof of concept for the blast trauma indication, and that will start later this year and flow through. So we'll probably give a little more guidance potentially on that as we go through the year. In terms of the optional awards, there is a number of components there as well, including additional ramp-up for procurement, which is a -- pretty meaningful clin or option. That will depend -- if you think about when BARDA had the initial stockpile, it was something like 16,500 units when they worked with MediWound on that. Our initial procurement is about call it roughly 3,000 units, with a ramp-up of another 5,000. So I think BARDA is pretty interested in increasing the stockpile because we run it through a VMI structure that will require commercial progression and so on. So that will play out. It's intended to start after the first year of procurement. And then obviously, if the proof of concept on the blast trauma indication works out, that could trigger the second and further development for that indication. And then MediWound has also been working on room-temperature formulation, and that work will continue and to the extent that moves forward over the course of the next year, that could trigger further work on that room-temperature formulation and additional procurement of that product in -- starting in 2027 and beyond. Operator: We'll go next to Josh Jennings with TD Cowen. Joshua Jennings: I was hoping to just have you share your view just on the environment. There have been some concerns around ortho procedure volumes just trending down, pressures from access, hurdles like the ACA subsidy expiration. Clearly, you're not seeing that in Q1 with the MACI franchise. The guidance suggests that you're not -- expecting to see much but have you baked in any just over high level ortho procedure volume pressures into the guide? It seems like there is some conservatism in terms of the setup for the rest of the year in terms of how you've positioned guidance for MACI post-Q1. But would love to just hear what you're hearing and any more insights into your outlook. Dominick C. Colangelo: Yes, hey, Josh, it's Nick. I'll start and Joe can kind of talk about our guidance perspective. So, we made a point on our Q4 earnings call because there was some commentary out there about slowing procedures in December and so on. And we actually had a stellar December, and we didn't see any impact there. And obviously, as we talked about, we had strong double-digit biopsy and implant growth in the first quarter. So I would say we haven't seen anything, nor have we baked any sort of procedural slowdown into the guidance. And Joe, you can cover that a little bit more… Joseph Mara: Yes. I mean, I'd just echo what Nick said, we certainly haven't baked into any expectations on kind of the negative side there. Again, I'd probably go back to where Nick started, which is I think we referenced we feel like we have a great pool of biopsies. We continue to generate double-digit growth there. And just to talk again about Q4, I mean, we really saw an acceleration, a pretty significant acceleration in biopsy growth in the fourth quarter and had a particularly strong December. And obviously, that's our highest quarter in terms of activity. So that's really encouraging as we kind of make the turn into 2026 or having made the turn. And so what's important there, as you know, Josh, is there's a longer cycle here when we think about conversion. And from a conversion perspective, I mean, those typically convert over the subsequent quarters. So some of that is probably early in Q1, but most of that is, frankly, whether it's Q2 or the back half of the year. So we feel like we're in a very good position. Of course, we're going to be mindful of the environment, but we haven't seen any signals that any of that slowdown is impacting any part of our business. Joshua Jennings: Excellent. That's great to hear. And I also wanted to just touch on the international MACI expansion opportunity. I know you guys are set up for potential launches in 2027. But can you just help us think about the buzz that's been generated by MACI, MACI Arthro? Is there pent-up demand in specific countries? Maybe just anything, again, a little temperature check question in terms of what you guys are hearing from international ortho sports medicine specialists and the anticipation for getting access to MACI and MACI Arthro for their patients? Appreciate it. Dominick C. Colangelo: Yes. Josh, it's Nick again. Certainly, the international cartilage repair sort of community is very concentrated. And MACI, as you know, was on the market in Europe when we first bought this business. And so there is a significant sort of interest in having MACI come back. We talked about it with the U.K. being our first beachhead for a lot of reasons, potential expedited approval process, very high surgeon awareness and advocacy over there. We had a positive nice opinion for MACI back in the late teens. So really set up well and concentrated sort of cartilage repair surgical centers, centers of excellence in the U.K. So it's a perfect beachhead for us, as I mentioned. And yes, there's a ton of interest and excitement about potentially having MACI back because there's very limited options in Europe right now for restorative cartilage repair procedures. Operator: We'll go next to Caitlin Roberts with Canaccord Genuity. Caitlin Roberts: Congrats on the great quarter. Maybe just starting with the sales force. It seems like they were beginning to really contribute this quarter. Maybe just provide some metrics around that and the time you're seeing it take these reps to reach breakeven or close to breakeven. Dominick C. Colangelo: Yes. Caitlin, it's Nick. Obviously, as we kind of referenced on our prepared remarks, I mean, we're really pleased with the initial expansion and the contribution that the new territories are making to our overall business. And I would just remind the listeners that the fact that we expanded our sales reps in Q4 and then obviously, we realigned the territories and everyone went into their new territories in Q1 with absolutely zero disruption in Q4 as the new reps were working together. And then obviously, a super strong performance in Q1. As Joe mentioned, a higher growth rate than we've typically seen in the first quarter over the past several years. I mean, I think that says it all in terms of the flawless execution from the commercial leadership team and great execution from the reps themselves. So as we referenced on the call, as the quarter progressed, we saw implant growth accelerate for both new and legacy territories, which led to that strong double-digit implant growth. And that continued into April for both legacy and new territories. So off to a strong start, as Joe alluded to as well. The growth in biopsies per surgeon also accelerated in the first quarter, which is always our metric that we refer to for deeper penetration within MACI surgeon practices, and that led to another quarter of double-digit biopsy growth. And that was particularly strong in the new territories. So that continued. We had strong biopsy growth in the fourth quarter, accelerated again in Q1 in terms of biopsies per surgeon. So really great metrics there. And then obviously, they're getting up to speed very quickly. We talked about the fact that the pull-through to implants was very strong across the board. They're smaller, more concentrated territories now. So you're seeing great pull-through. So again, I -- we don't look at it in terms of sort of how quickly do they get to breakeven. They're probably -- certainly a good portion of them who are already beyond breakeven as they moved into these new territories. Because again, it's not like they moved into white spaces. They were existing territories, existing biopsies. They did a great job on pulling those biopsies into implants in their territories and then obviously, building a pipeline for the rest of the year with their strong biopsy growth. So honestly, I don't think it could have gone any better. Caitlin Roberts: That's great. And then maybe just talk through the Epicel dynamics in the quarter and what really drove the strength? Dominick C. Colangelo: Yes. So obviously, as Joe mentioned, one of the highest Burn Care quarters we've had ever and strongest since 2024. And we talked about it last year that we were taking a different approach to how we were evaluating and working through each of the biopsies we receive. And I'd say probably the biggest contributor to Epicel's performance was some growth on biopsies, which is great, but really converting those biopsies into grafts. And again, that's just a sales force execution with clinical support on the patient treatment parameters as well. So really just different level of execution, not only for Epicel, but across the entire commercial organization. Operator: We'll go next to Mason Carrico with Stephens Inc. Mason Carrico: On the potential near-term publication of data showing less post-op pain, faster range of motion -- earlier weight bearing. I guess, how material could that publication be in terms of catalyzing broader adoption or higher utilization of MACI Arthro? Are there docs out there that are saying they'd like to see this peer-reviewed data on better patient outcomes for adopting or ramping use? Just trying to get a sense of what that can mean. Dominick C. Colangelo: Yes. Hey, thanks, Mason. It's Nick. So obviously, we've been talking about the fact that because MACI Arthro was approved through human factors study, that you didn't really have that kind of clinical data at launch, but that we were very focused on building it both through individual KOLs who do a lot of MACI Arthro cases and have these case series, which is the first set of data that demonstrates those early positive outcomes, which could lead to the longer-term patient outcomes and the benefits there as well as through our MACI clinical outcomes registry where that can lead to a series of publications over time. So there's no doubt that clinical data is important. I don't think we hear a lot of we need to see those outcomes. I think it's just intuitive to the surgeons that a less invasive surgery, you have these better early outcomes, but we definitely want to have the clinical data to support that. I would use our experience with patella as an analog back in the teens. In 2017, when MACI was launched, there were no patella patients in the study. And over time, there were publications about the effectiveness in the patella of MACI treatment that led to even broader coverage by insurance companies. We referenced back in the early 2020s, UnitedHealthcare adding patella cases to its medical policy. And so there's no doubt over time that kind of clinical data will just support continued utilization and uptake of MACI Arthro. So yes, we're really focused on that. We think it will have a very positive impact. Mason Carrico: That's helpful. And then on the dynamic of arthro-trained surgeons showing higher biopsy and implant growth than untrained surgeons, has that gap widened or narrowed or stayed the same as the trained base of surgeons has grown? Dominick C. Colangelo: Yes. I mean, obviously, I would say broadly and at the higher level, those trends that we saw in trained surgeons remain. Now we're kind of getting into a point now where we have this relatively large critical mass of MACI users who are now trained and you're lapping the quarterly things. So the gap is a little narrower, but the trends remain the same that they definitely increase their biopsy and growth rates. Operator: We'll go next to Jeffrey Cohen with Ladenburg Thalmann. Jeffrey Cohen: Just one from our perspective. Could you drill in a little bit further on the Burn franchise? I want to know a little more about Epicel, maybe per case, number of cases and NexoBrid and talk a little bit about the franchise as well as the commercial organization and some cross-selling and awareness on NexoBrid. Dominick C. Colangelo: Yes, I'll start, Jeff, and Joe can jump in. I'd say on Epicel, it's as I mentioned. I mean, obviously, it was a very, very strong quarter, driven mostly by biopsy growth, but more importantly, of the biopsies we received, a higher treatment rate for those patients, which is great. As you know, in some quarters in the past couple of years, there were issues around patient health and those biopsies didn't really convert into the grafts. I think that was my point around commercial execution. I think the team, both the medical and commercial teams are doing a great job in focusing on how you take those biopsies and treat patients and realize that patient benefit of Epicel. So that's the dynamic with Epicel. We're encouraged. It's been a series now of good, strong quarters for Epicel. On NexoBrid, we remain excited about the opportunity. Obviously, the BARDA contract reinforces the clinical utility of the product. And as we've talked about, it takes time to change standard of care, especially when you're going from a surgical to a nonsurgical approach. So this obviously bolsters the revenue and utilization potentially for NexoBrid as we move forward. So we expect that over time, we're going to see that continued uptick in NexoBrid utilization, a very positive broadening of the number of ordering centers for NexoBrid to start the year, which, again, we think will translate into higher utilization as we move through the year. And obviously, we have reps now that, to your cross-selling point, promote both Epicel and NexoBrid. And yes, we've talked repeatedly about the fact that ideally, we have utilization of both products in every burn center. But certainly, having NexoBrid has allowed us to regain traction with some of the dormant burn centers over time. So I think a good string of quarters now for burn care, and we certainly expect that to continue. Joseph Mara: Yes. I mean, I would say not a lot to add. This is Joe. I mean just to echo a couple of Nick's points, I think the commercial excellence initiatives we're talking about, just to be clear on those, we obviously talk about that a lot from a MACI perspective. But certainly, there's a number of things we're doing on the burn care side to replicate the same commercial excellence, better analytics, et cetera, as we think about execution. So I think certainly on the burn care side, that's important to point out. And then as Nick talked about on the NexoBrid side or just in burns in general, you can see quarter-to-quarter there could always be changes in terms of the number of burns and we look at that data. But we are definitely encouraged on NexoBrid. We are starting to see a broadening of centers, and we've seen actually a growth in the number of orders. So our strategy to drive higher uptake there is how can we not only get our regular ordering centers continue to stay high and strong, but try to move the rest of the business from starting to use NexoBrid more towards the middle and making them more regular orders. So we're actually seeing some good signals there on the NexoBrid side. So I think similar to MACI, I think on the burn care side, if you take a step back, the execution has been quite strong, in particular over the last few quarters, and obviously, we had a great Q1. Operator: We'll go next to Ryan Zimmerman with BTIG. Unknown Analyst: This is Izzy on for Ryan. Just to start, Nick, you touched on this to a earlier question, but I was hoping you could speak a little bit more about the segmentation that you're seeing in the market for cartilage lesions between MACI and other two-step procedures in terms of the lesion type, anatomical segmentation, grade levels, et cetera. Dominick C. Colangelo: Yes. I mean I don't think anything has changed. As I mentioned, we've talked about the competitive landscape for MACI for several years. It's been -- obviously very static certainly over the past four years plus and pretty much essentially since we launched the product. So MACI stands alone as the clear market leader in cartilage repair. There are no other MACI-like products. So that hasn't changed at all. We've talked about on -- I mean, there's very complicated decision -- treatment algorithms that are publicly available for how surgeons think about different patient types based on size, location of the defect, age, ability to do rehab, things like that, and that hasn't changed at all over the years to any significant degree. We talked about there's Agili-C for older osteoarthritis patients and then some other more microfracture augmentation kinds of products. And there's been a bunch of both of those kinds of things. Synthetic implants have come and gone over the years. You have a bunch of microfracture augmentation products that are out there for smaller defects. So I'd say relatively status quo. And MACI, again, just remains the clear market leader, and that has expanded over time. Unknown Analyst: Appreciate that. This is maybe a longer-term dynamic, but could we ever see a master cell line for a one-step MACI in the future? Dominick C. Colangelo: Yes. We have looked at -- obviously, MACI is an autologous cell therapy product. There have been those in years gone by that have thought about allogeneic approaches. We, in fact, have developed an allogeneic cell line. And so is it possible? Perhaps, there's a lot of technical issues that would be required there. And there's nothing that's, to my knowledge, I think there was one potential early-stage clinical study more than a decade ago that was abandoned. So there's really nobody anywhere near clinical development right now for that. And I guess it's a misnomer to a certain extent to say that a product like that would be a one-step procedure. There's not a lot of one-step off-the-shelf procedures in cartilage repair. There's often -- probably most often a diagnostic arthroscopy to determine the extent of a cartilage injury or as part of other arthroscopic investigational procedures, cartilage defect is noted and then a treatment plan is put in place. So it's, again, a bit of a misnomer to talk about one-step procedures and especially where prior authorizations will be needed to -- or just patient -- patients being informed and consenting to a certain treatment will be required. So anyway, hope that helps. Operator: Our next question comes from the line of Swayampakula Ramakanth with H.C. Wainwright. Swayampakula Ramakanth: This is RK from H.C. Wainwright. I have a couple of them since most of my questions have been answered. On the biopsies and implants, in terms of the biopsy and implanting surgeon counts, is there -- what percentage of them were repeat versus first-time users? And also with the increased biopsy, I mean with record biopsies, how much of that is coming from the new sales force? What incremental gain did you get from the new sales force? Joseph Mara: Yes. Good morning RK, this is Joe. I'll start. I'd probably say we can certainly talk about the metrics, but perhaps at a slightly higher level. I would say we've obviously seen very strong biopsy growth over the last few quarters, really the last several years since COVID, we've seen that consistent double-digit growth in biopsies. So we think that positions us well. I think we're highlighting the biopsies per surgeon because we feel like that's an important metric to make sure we're driving gaps. And we think that those are surgeons that we think have a significant -- probably a more significant opportunity when we see that metric tick up to sort of pull through those biopsies into implants. So it's an important metric. Obviously, that's coming from -- you're going to see a mix of existing and new surgeons, but that will be weighted more toward existing surgeons just based on the metrics. So that's important for us. I will say -- one note on that is with the strong biopsy growth, we've obviously seen similar implant growth over the last few years and a few quarters tracking, they generally track together. And you would expect that with a stable conversion rate that we've talked about. As Nick referenced in his prepared remarks, we're seeing some good signals from an Arthro implanter perspective in terms of some of the conversion metrics there. And obviously, very early days with the new sales force, but encouraged with the pull-through we've seen there. So I'd say our conversion rate has consistently been stable, but we are seeing some positive signs there. And so for example, if that ticked up a bit, that would be upside for us. We're not going to bake that into our guidance or long-range outlook. But that's been a metric we have been highly focused on for the last few years. And so that's something we'll continue to focus on. And then remind me of the second part of your question? Swayampakula Ramakanth: No, I was just wondering how much of the gains came from the new folks on the sales force? Joseph Mara: Yes. I mean I'd probably just point to what we talked about, which is we definitely saw significant strength in the metric I'd say across the board. And as Nick talked about the execution to bring on our new sales force, how they were integrated into Q4, which was strong, how they performed so far in Q1. So I would say we've been pretty pleased right out of the gates, and these are very experienced reps that have relationships they're bringing into -- our business. So I think it's certainly a mix, I would say, of our existing reps and our legacy reps, I should say, our new reps, but we've been encouraged with what we've seen so far from our new sales force. Swayampakula Ramakanth: Okay. One last question, if I may. This is on the Arthro product. What do you think is the Arthro penetration within the small condyle defect TAM? And also, what is your estimate of the addressable Arthro eligible patient population right now? Dominick C. Colangelo: Yes. So we think, obviously, there's been a meaningful contribution for MACI Arthro in that segment because that's what the instruments are designed to do. So we're very pleased there. As we talked about, when you take it up a level, these instruments -- the biggest part of our business is in patella. It's a fast-growing part of the business. The current instruments aren't really designed for those, although some surgeons are using that. That is a life cycle iteration that we're considering doing for patella. But right now, that's typically done open. The larger defects are done open procedures, but within appropriate size 2 to 4 square centimeter defects on the femoral condyle, as you know without concomitant kinds of other procedures that need to be done, we're pretty pleased with the penetration we're seeing in that subsegment of the smaller femoral condyle defects. So it's the biggest part of our TAM. That's why we're focused on growing it. And again, just like patella, we think over years that we're going to see some pretty significant impact in that particular segment. Operator: This concludes today's portion of the Q&A. I would like to turn the call over to Nick Colangelo for any closing or additional remarks. Dominick C. Colangelo: Okay. Well, I'll just close by thanking everyone for joining us this morning. Obviously, the company had an outstanding first quarter, and we feel like we're really well positioned to continue to deliver what is a very unique combination of sustained high revenue growth, profitability and cash generation in 2026 and the years ahead. So we look forward to providing further updates on our next call. And thanks again, and have a great day. Operator: This concludes today's call. Thank you for your participation. You may now disconnect. Before you buy stock in Vericel, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Vericel wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $475,926!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,296,608!* Now, it’s worth noting Stock Advisor’s total average return is 981% — a market-crushing outperformance compared to 205% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 8, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Vericel (VCEL) Q1 2026 Earnings Transcript was originally published by The Motley Fool

Interested in Vericel Corporation? Here are five stocks we like better. Vericel posted record first-quarter results, with revenue up 30% year over year to $68.4 million, driven by MACI and Burn Care strength. Adjusted EBITDA, gross margin, and free cash flow all improved sharply, reflecting stronger profitability and cash generation. The company raised its full-year 2026 outlook after the quarter beat expectations and on anticipated BARDA-related NexoBrid revenue. Vericel now expects total revenue of $326 million to $336 million, while also lifting its Burn Care guidance and maintaining strong margin targets. MACI growth and expansion initiatives remain key drivers, including the expanded sales force, growing adoption of MACI Arthro, and FDA approval for commercial manufacturing at a new facility. Vericel also said it plans to submit a MACI marketing application in the U.K. later this year, supporting longer-term international growth. 5 medical stocks growing earnings by triple digits Vericel (NASDAQ:VCEL) reported record first-quarter revenue and raised its full-year 2026 outlook, citing strong growth across its MACI cartilage repair franchise and Burn Care business, as well as expected NexoBrid procurement revenue from a new federal contract. President and Chief Executive Officer Nick Colangelo said the company delivered “outstanding financial and commercial results across the business” in the quarter and achieved several objectives that management believes position Vericel for continued revenue, profit and cash-flow growth in 2026. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% Total revenue rose 30% year over year to $68.4 million, which management said was significantly above its guidance range. MACI revenue increased 22% to a record first-quarter level of $56.4 million, while Burn Care revenue rose more than 90% to $12 million. Chief Financial Officer Joe Mara said Vericel posted its “strongest first quarter to date across all key financial measures,” including revenue, profitability and cash generation. Gross margin expanded more than 300 basis points to 72%, while adjusted EBITDA increased 195% to $9.6 million. Adjusted EBITDA margin rose nearly 800 basis points to 14%. → Light Speed Returns: Corning Cashes In on NVIDIA Growth The company also generated $16.4 million in operating cash flow and $15.1 million in free cash flow. Vericel ended the quarter with approximately $211 million in cash and investments, up nearly $50 million from the end of the prior-year first quarter. Management highlighted MACI’s performance as a key driver of the quarter. Colangelo said double-digit volume growth drove the franchise’s record first-quarter revenue and noted that MACI’s trailing four-quarter revenue growth rate increased to 23%, compared with 19% in the prior four quarters. → Years in the Making, AMD’s Upside Movement Has Just Begun The first quarter was also the first full period in which Vericel’s expanded MACI sales force operated in newly aligned territories. Colangelo said the larger sales organization helped the company generate record first-quarter biopsies, implants, biopsy surgeons and implanting surgeons. He also said the quarter included the second-highest number of biopsies and biopsy surgeons in any quarter since MACI’s launch. Colangelo said implant growth accelerated during the quarter in both new and legacy territories, and biopsy growth was especially strong in new territories. He added that biopsy pull-through to implants improved during the quarter, which management said could support higher conversion rates over time. In response to an analyst question, Colangelo said the sales force expansion had caused “absolutely zero disruption” during the transition and that he did not think the rollout “could have gone any better.” Mara said the company has been encouraged by the early performance of new sales representatives, while noting that growth reflected contributions from both new and legacy territories. Vericel also discussed continued adoption of MACI Arthro, the company’s arthroscopic delivery approach for MACI. Colangelo said Vericel trained approximately 1,000 surgeons on MACI Arthro in 2025 and that trained surgeons already account for more than half of MACI implants. Management said leading indicators in the small condyle segment remain strong, with higher first-quarter and trailing biopsy growth rates than the overall biopsy growth rate. Colangelo also said surgeons who have completed MACI Arthro cases have shown higher biopsy conversion rates to date. Colangelo said early data from ongoing investigator case series suggest reduced post-surgical pain, improved range of motion and faster achievement of full weight-bearing after MACI Arthro treatment. He said the initial data were recently accepted for publication and could support shorter rehabilitation and recovery timelines. Asked whether peer-reviewed data could catalyze further adoption, Colangelo said clinical data are important and compared the opportunity to Vericel’s experience with patella use for MACI. He said publications over time helped support broader coverage and utilization in that segment. Burn Care revenue of $12 million exceeded Vericel’s guidance range and represented one of the company’s highest Burn Care revenue quarters to date. Mara said Epicel revenue was particularly strong at $10.9 million, while NexoBrid revenue was $1.1 million, up nearly 60% from the fourth quarter. Colangelo attributed Epicel’s strength to biopsy growth and improved conversion of biopsies into grafts. He said the medical and commercial teams are focused on increasing the treatment rate for patients whose biopsies are received. Vericel also discussed a Biomedical Advanced Research and Development Authority, or BARDA, award valued at up to $197 million for procurement and advanced development of NexoBrid. The base contract is valued at $35 million and includes approximately $10 million over the next 12 months for initial procurement, vendor-managed inventory services and initial development work for a potential blast trauma injury indication. Colangelo said about two-thirds of the value of the BARDA award would flow to Vericel in one form or another, including procurement, inventory-related service revenue or cost offsets. Mara said Vericel expects $5 million to $6 million of NexoBrid BARDA procurement revenue in the second half of 2026, beginning in the third quarter. Vericel raised its full-year 2026 total revenue guidance by $10 million and now expects revenue of $326 million to $336 million. At the midpoint, that represents approximately 20% growth. The company increased its MACI revenue guidance to $282 million to $288 million, up from $280 million to $286 million. For the second quarter, Vericel expects MACI revenue of approximately $62.5 million to $63.5 million. Vericel also raised its Burn Care revenue outlook to approximately $44 million to $48 million, compared with prior guidance of $36 million to $40 million. Second-quarter Burn Care revenue is expected to be approximately $9 million to $10 million. Mara said the guidance increase reflects first-quarter outperformance and expected NexoBrid BARDA revenue, while noting that the company is maintaining a prudent approach for the remainder of the year. He said the MACI outlook assumes high-teens growth for the second quarter and the back half of the year and does not assume an acceleration in the second half. For the full year, Vericel continues to expect gross margin of approximately 75% and adjusted EBITDA margin of approximately 27%. The company expects second-quarter gross margin of approximately 72% and adjusted EBITDA margin of approximately 18%. Colangelo said Vericel achieved FDA approval for MACI commercial manufacturing at its new facility, with manufacturing beginning in the second quarter. He said the approval increases manufacturing capacity for MACI in the U.S. and supports potential commercialization outside the United States. Vericel remains on track to submit a MACI marketing application in the U.K. later this year, with a potential launch in 2027 if approved. Colangelo said the U.K. is an attractive initial market because of surgeon awareness, prior experience with MACI and a positive NICE opinion issued in the late 2010s. During the Q&A, management said it has not seen signs of broader orthopedic procedure pressure affecting MACI. Colangelo said Vericel had a strong December and saw double-digit biopsy and implant growth in the first quarter. Mara said the company has not built any expected procedural slowdown into its guidance. Colangelo closed the call by saying Vericel is positioned to deliver a “unique combination of sustained high revenue growth, profitability, and cash generation” in 2026 and beyond. Vericel Corporation is a biotechnology company specializing in the development, manufacturing and commercialization of cell-based therapies for patients with severe diseases and conditions. The company's expertise lies in regenerative medicine, where it harnesses the power of autologous cell processing to create products designed to restore function and promote healing in damaged tissues. Vericel currently markets two FDA-approved therapies. MACI® (autologous cultured chondrocytes on porcine collagen membrane) is indicated for the repair of symptomatic cartilage defects of the knee in adult patients. The article "Vericel Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Total Revenue Increased 30% to $68.4 Million, with MACI Revenue Growth of 22% and Burn Care Revenue Growth of 91% Gross Margin of 72% and Adjusted EBITDA Growth of 195% Free Cash Flow of $15.1 Million Full-Year 2026 Revenue Guidance Raised by $10 Million to $326 to $336 Million Conference Call Today at 8:30am Eastern Time CAMBRIDGE, Mass., May 07, 2026 (GLOBE NEWSWIRE) -- Vericel Corporation (NASDAQ:VCEL), a leader in advanced therapies for the sports medicine and severe burn care markets, today reported financial results and business highlights for the first quarter ended March 31, 2026. First Quarter 2026 Financial Highlights Total net revenue growth of 30% to $68.4 million MACI® net revenue growth of 22% to $56.4 million Burn Care net revenue growth of 91% to $12.0 million Gross margin of 72% Net loss of $6.3 million, or $0.12 per diluted share Non-GAAP adjusted EBITDA increased 195% to $9.6 million, or 14% of revenue Operating cash flow of $16.4 million Free cash flow of $15.1 million Approximately $211 million in cash and investments, and no debt Business Highlights and Updates Record first quarter total revenue, MACI revenue and Burn Care revenue MACI revenue growth of 20% or more for the fourth consecutive quarter, with a four-quarter trailing revenue growth rate of 23% Epicel® first quarter revenue growth of 119% Double-digit MACI biopsy and implant growth, with record first quarter MACI biopsies, implants and biopsy and implanting surgeons, and the second highest number of MACI biopsies and biopsy surgeons in any quarter since launch Announced BARDA award valued at up to $197 million for procurement and advanced development of NexoBrid® Received FDA approval for MACI commercial manufacturing at the Company’s new state-of-the-art advanced therapy manufacturing facility Remain on track to submit MACI marketing authorization application to U.K. MHRA in 2026 “The Company delivered outstanding financial and business results in the first quarter, as we generated strong revenue and profit growth and achieved several key business objectives,” said Nick Colangelo, President and CEO of Vericel. “With a record first quarter performance across both of our commercial franchises, we believe that the Company is well-positioned for another year of high revenue and profit growth, an inflection in cash generation, and continued progress on our long-term growth initiatives.” 2026 Financial Guidance Total revenue of $326 to $336 million, compared to previous guidance of $316 to $326 million MACI revenue of $282 to $288 million, compared to previous guidance of $280 to $286 million Burn Care revenue of $44 to $48 million, compared to previous guidance of $36 to $40 million Reaffirmed full-year profitability guidance of gross margin of approximately 75% and adjusted EBITDA margin of approximately 27% First Quarter 2026 Results Total net revenue for the quarter ended March 31, 2026 increased 30% to $68.4 million, compared to $52.6 million in the first quarter of 2025. Total net product revenue for the quarter included $56.4 million of MACI (autologous cultured chondrocytes on porcine collagen membrane) net revenue, $10.9 million of Epicel (cultured epidermal autografts) net revenue, and $1.1 million of NexoBrid (anacaulase-bcdb) net revenue, compared to $46.3 million of MACI net revenue, $5.0 million of Epicel net revenue, and $1.3 million of NexoBrid net revenue, respectively, in the first quarter of 2025. Gross profit for the quarter ended March 31, 2026 was $49.3 million, or 72% of net revenue, compared to $36.3 million, or 69% of net revenue, for the first quarter of 2025. Total operating expenses for the quarter ended March 31, 2026 were $57.3 million, compared to $49.1 million for the same period in 2025. The increase in operating expenses was primarily due to increased headcount and related employee expenses, including the MACI sales force expansion, and additional costs related to the Company’s new Burlington facility. Net loss for the quarter ended March 31, 2026 was $6.3 million, or $0.12 per diluted share, compared to $11.2 million, or $0.23 per diluted share, for the first quarter of 2025. Non-GAAP adjusted EBITDA for the quarter ended March 31, 2026 was $9.6 million, or 14% of net revenue, compared to $3.2 million, or 6% of net revenue, for the first quarter of 2025. A table reconciling non-GAAP measures is included in this press release for reference. Conference Call Information Today’s conference call will be available live at 8:30 a.m. Eastern Time. The live webcast can be accessed on the Investor Relations section of the Vericel website at http://investors.vcel.com/events-presentations. Presentation slides for the conference call will be available on the webcast and on the Vericel website. A replay of the webcast will be available until May 6, 2027. To participate by telephone, dial 800-330-6730 or +1-312-471-1351 if connecting from outside the U.S. When connected, please use passcode: 244506. About Vericel Corporation Vericel is a leading provider of advanced therapies for the sports medicine and severe burn care markets. The Company combines innovations in biology with medical technologies, resulting in a highly differentiated portfolio of innovative cell therapies and specialty biologics that repair injuries and restore lives. Vericel markets three products in the United States. MACI (autologous cultured chondrocytes on porcine collagen membrane) is an autologous cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults. Epicel (cultured epidermal autografts) is a permanent skin replacement for the treatment of patients with deep dermal or full thickness burns greater than or equal to 30% of total body surface area. Vericel also holds an exclusive license for North American rights to NexoBrid (anacaulase-bcdb), a biological orphan product containing proteolytic enzymes, which is indicated for eschar removal in adults and pediatric patients with deep partial-thickness and/or full-thickness thermal burns. For more information, please visit www.vcel.com. Epicel®, MACI® and MACI Arthro® are registered trademarks of Vericel Corporation. NexoBrid® is a registered trademark of MediWound Ltd. and is used under license to Vericel Corporation. © 2026 Vericel Corporation. All rights reserved. GAAP v. Non-GAAP Measures Vericel’s reported earnings are prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and represent earnings as reported to the Securities and Exchange Commission (SEC). Vericel has provided in this release certain financial information that has not been prepared in accordance with GAAP. Vericel’s management believes that the non-GAAP adjusted EBITDA, which includes adjustments for specific items that are generally not indicative of our core operations, and free cash flow described in this release, provide 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. Forward-Looking Statements Vericel cautions you that all statements other than statements of historical fact included in this press release 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 press release. 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 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, MACI Arthro, Epicel, and NexoBrid, growth in profit, gross margins and operating margins, the ability to continue to scale our manufacturing operations to meet the demand for our cell therapy products, the ability to 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 and likelihood of the FDA’s potential approval of the use of MACI to treat cartilage defects in the ankle, the timing and likelihood of obtaining market approval for MACI in the United Kingdom, the estimate of the commercial growth potential of our products and product candidates, competitive developments, changes in third-party coverage and reimbursement, including recent and future healthcare reform measures and private payor initiatives, surgeon adoption of MACI Arthro, physician and burn center adoption of NexoBrid, labor strikes, supply chain disruptions or other events or factors that might affect our ability to manufacture MACI or Epicel or affect MediWound’s ability to manufacture and supply sufficient quantities of NexoBrid to meet customer demand, including but not limited to conflicts in the Middle East region involving Israel or those related to disruptions of land or sea transportation routes or distribution or shipping channels, uncertainties associated with the potential benefits of the Company’s agreement with BARDA for the procurement and development of NexoBrid and the availability of funding from BARDA under that agreement, negative impacts on the global economy and capital markets resulting from the conflicts in Ukraine and Iran and a potential regime change in Iran, as well as other hostilities in the Middle East, changes in trade policies and regulations, including the potential for increases or changes in duties, and current and potentially new tariffs or quotas, lingering effects of adverse developments affecting financial institutions, companies in the financial services industry or the financial services industry generally, changes in governmental monetary and fiscal policies, including, but not limited to, Federal Reserve policies in connection with continued inflationary pressures, the impact from future regulatory, judicial and legislative changes affecting our industry or the broader market, including those included in the One Big Beautiful Bill Act, and a U.S. government shutdown. 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, 2025, filed with the SEC on February 26, 2026, Vericel’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 7, 2026, 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 release except as required by law. Investor Contact: Eric Burns [email protected] +1 (734) 418-4411 VERICEL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts - unaudited) VERICEL CORPORATION RECONCILIATION OF REPORTED NET LOSS (GAAP) TO ADJUSTED EBITDA (NON-GAAP MEASURE) (in thousands - unaudited) VERICEL CORPORATION RECONCILIATION OF FREE CASH FLOW (NON-GAAP MEASURE) (in thousands - unaudited) VERICEL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands - unaudited)