Vericel at 2025 Truist Securities MedTech Conference: Growth Strategies Unveiled

On Tuesday, 17 June 2025, Vericel Corp (NASDAQ:VCEL) took center stage at the 2025 Truist Securities MedTech Conference, offering a strategic overview of its growth initiatives. CEO Nick Colangelo and CFO Joe Mara outlined the company’s focus on expanding its MACI and Epicel product lines. While the company emphasized its robust financial performance and market potential, it also acknowledged challenges in sales variability and the need for continuous innovation.

Key Takeaways

• Vericel boasts a 20% compound annual revenue growth since launching MACI in 2017.
• The MACI Arthro product, recently approved for arthroscopic delivery, is expected to deepen market penetration.
• Financial performance remains strong, with significant cash reserves and a new manufacturing facility nearing completion.
• The company plans to increase its surgeon base and expand biopsy growth, aiming for higher market penetration.
• Vericel anticipates increased cash generation post-completion of its new facility.

Financial Results

• Revenue Growth: Vericel has achieved a 20% compound annual revenue growth since 2017, with a positive outlook supported by the MACI Arthro launch.
• Gross Margin: The company reported a gross margin of 73% last year, a notable increase from 2023, with expectations for further expansion.
• Cash Position: Vericel ended the first quarter with $160 million in cash, despite investing $100 million in a new facility.
• EBITDA: The firm has consistently maintained positive adjusted EBITDA and operating cash flow over the past five years.

Operational Updates

• MACI Arthro Launch: Recently FDA-approved for arthroscopic delivery, MACI Arthro is poised to enhance market reach.
• Surgeon Training: The number of trained surgeons increased from 150 at the end of last year to 400 by early May.
• Biopsy Growth: Trained surgeons have demonstrated a 30% increase in biopsy growth, indicating strong adoption.
• Reimbursement: MACI enjoys coverage from all major medical plans, with a 90-95% approval rate.

Future Outlook

• Market Penetration: Vericel aims to translate biopsy growth into implant and revenue growth through 2026.
• Epicel Product Line: A stronger start is anticipated for the second quarter following a recent dip in sales.
• Capital Allocation: The company is focusing on business development opportunities and disciplined capital use.
• Cash Generation: Completion of the new facility is expected to boost cash generation significantly.

Q&A Highlights

• MACI Arthro Adoption: Early indicators suggest that the product is expanding Vericel’s reach into untapped segments.
• Training Expansion: The company plans to train hundreds more surgeons this year through various methods.
• Financial Guidance: Vericel has revised its financial guidance upwards, reflecting strong performance.
• Market Opportunity: With a mid-single-digit penetration into the 60,000 patient total addressable market, significant growth potential remains.

Readers are encouraged to refer to the full transcript for a detailed account of the conference call.

Full transcript - 2025 Truist Securities MedTech Conference:

Rich, Interviewer: Great. Thanks thanks for joining joining us again. Our next fireside is with Vericel. We have Vericel CEO, Nick Colangelo, and Joe Mara, CFO. Thank you for attending.

Really appreciate it. And actually, I I would just want to say if anyone has questions in the audience, please raise your hand. I’ll try to keep an eye out and happy to to try to ask on your behalf. So why don’t we start start off, Nick, do you wanna do you wanna just give a higher level overview of the company, and then we can dive in.

Nick Colangelo, CEO, Vericel: Yep. Thanks, Rich, and very happy to be here. Thanks again for the invitation. And before I begin, I’ll just remind the listeners that this presentation and discussion will contain forward looking statements, and you should refer to our documents on file with the SEC for further information. So for those of you who are not as familiar with Vericel, we’re a leading provider of advanced therapies for the sports medicine and severe burn care market.

We have a highly innovative portfolio of advanced cell therapies and specialty biologics that are designed to restore or repair damaged tissue and restore function. So our lead product is MACI, which is an advanced cell therapy that uses a patient’s own cells to repair damaged cartilage and restore function. It’s a product that we launched in 2017 for the treatment of cartilage defects in the knee and it’s become the leading restorative biologic cartilage repair product on the market. And in the second half of last year, we actually received FDA approval for label expansion for the arthroscopic delivery of MACI for defects up to four square centimeters in the knee, which positions MACI as the only restorative biologic product that’s been approved by the FDA for arthroscopic delivery, which we think will drive deeper penetration into a very large addressable market. On the burn care side of the business, we’re really focused on the treatment of severe hospitalized burned patients.

And for these patients, the treatment pathway entails, first of all, removing the eschar or the burned tissue and then covering the wound or grafting the wound in order to promote healing. And we actually have products that address both aspects of that treatment pathway. NexoBrid is an orphan biologic product in The US that’s indicated for the removal of this burn tissue or eschar in adult and pediatric patients and is a product that we think will change the standard of care over time from surgical excision of eschar, which is the current standard of care. Once that eschar is removed again, that’s where Epicel comes into play. Epicel is the only FDA approved permanent skin replacement for adult and pediatric patients with large, full thickness burns.

So again, we think that having kind of the only FDA approved products in their class for these severe burn patients and treating both aspects of the treatment pathway really positions us with one of the premier portfolios in that space. And just a last comment on our portfolio. One of the unique parts of the company is that we have very strong competitive barriers to entry with this portfolio. Both Epicel and MACI are regulated by the FDA as combination device biologic products. And because of that, there’s really no established generic or five ten pathway for these kinds of products.

So and no near term like competitors on the horizon. So that really provides us with a rather large moat for MACI and Epicel. And then, of course, NexoBrid as a recently approved orphan biologic in addition to patent coverage, it also has or protection also has seven years of orphan market exclusivity and twelve years of biologic data exclusivity. So, you know, we think this is a really strong portfolio that really will support the company’s growth in the years ahead. And I would just say that, Rich, from a financial perspective, we really do have a strong track record of financial performance and growth, both on a revenue and from a revenue and profitability perspective.

So since we launched MACI in 2017, we’ve had 20% compound annual revenue growth, so for obviously eight ish years, which is pretty impressive in our industry. And from a gross margin perspective, because of the revenue growth and the leverage in our business, we’ve had a pretty meaningful expansion in our margins, ended last year with a 73% gross margin, which was up almost 400 basis points from 2023. And we’ve had a consistent track record of positive adjusted earnings or adjusted EBITDA and operating cash flow every quarter for essentially the last five years. And we think that supports, with continued revenue growth, our midterm targets, which we talked about earlier this year of getting to 70% plus or high 70% gross margins and high 30% adjusted EBITDA margins. And then lastly, we have a very strong balance sheet, ended the first quarter with about $160,000,000 in cash.

After having invested in a new $100,000,000 facility that was recently completed. And so, as we finish up those CapEx investments, obviously, we think we’re at a point where we’ll see inflecting cash generation as that operating cash flow makes its way onto the balance sheet. So that’s kind of a high level summary of our portfolio and our financial performance over the years.

Rich, Interviewer: That’s great. Thanks for that, Nick. Definitely want to spend a decent amount of time on Macie Arthro. But before we get into Macie Arthro, can you and you started to already, but can can you just outline the sustainable growth engines for Macie, separate from Macie Arthro, for a minute? And what outside of Arthro is going to drive growth, and what is that growth rate looking Yes.

Nick Colangelo, CEO, Vericel: So, you know, we kind of refer to the pre MACI Arthro era as the core MACI business, and, you know, I’d say there’s a couple of dimensions to why MACI has become the leading restorative cartilage repair product on the market. First of all, MACI replaced a very invasive earlier version of this technology using a patient’s own cells to regenerate cartilage. So unlike most tissues in the body, cartilage doesn’t have intrinsic healing properties, and so that’s why using a patient’s own cells and delivering those cells into the defect in the knee, which is like a pothole on the surface of the knee, is what allows that cartilage to regenerate and restore function for patients. So when MACI was approved at the end of twenty sixteen, you know, first of all, it became the only FDA approved product in its class. Very broad label and excellent clinical data in terms of demonstrating superiority versus microfracture, which is the FDA comparator.

So you have a very broad label, which means that more patients are eligible to be treated with MACI, and so that’s the first piece of it from a patient perspective. From a surgeon perspective, as I mentioned, this is a much less invasive, faster, simpler procedure and you often see in med tech that when you make a procedure less invasive or simpler, that it gets much broader adoption and that’s why we’ve seen strong surgeon growth for MACI generally. Because it’s less invasive, it involves shorter rehabilitation times, which is important from a patient perspective, and then it’s got a very strong reimbursement profile. So MACI is covered by every major medical plan in the country. Because it’s approved under a medical benefit, you have to have a prior approval before the treatment occurs and, you know, the approval rate is north of 90, closer to ninety five percent of the submissions are approved by insurance companies.

So that’s sort of the basis from a product attribute perspective that has driven Macy’s growth. From sort of just the growth drivers that we typically refer to, again, we’ve kind of listed out four of them typically that include growing the biopsying or surgeon base, which is number one, and that demonstrates sort of the breadth of penetration into your target surgeon market. Number two is how many biopsies per surgeon are you getting? And just for everybody’s benefit, MACI starts with a biopsy of a patient’s own cartilage, which is then, you know, delivered surgically once the product is manufactured. And so the number of biopsies that you’re receiving per surgeon just demonstrates the depth of penetration into each surgeon practice.

How those biopsies convert into implants or the conversion rate is a third driver. And then because this is a highly innovative biologic product, we have pretty strong pricing power and price is kind of the fourth growth driver that we talk about. And I would say over the past couple years, as MACI’s been growing, you know, 20 plus percent, that it’s really been the expansion of the surgeon base and pricing that’s driven that growth. So you have more surgeons taking more biopsies, which then convert into more implants, and that’s kind of what has fueled the core MACI growth even before we launched MACI Arthro. And it is pretty, you know, impressive from our perspective to say that eight years into launch, you know, MACI is still growing at at 20% as it did last year, even before the MACI Arthro launch really kicks in.

Rich, Interviewer: Two questions. One, the pricing. Can you just remind us what the what that price uplift has been and what’s factored into 25?

Nick Colangelo, CEO, Vericel: Yeah. You know, we typically take mid to high single digit price increases. Again, Macy’s a biologic product. Its WAC is prices listed in all the compendia, so people can look it up if they want to. And, you know, it’s been sort of in the higher single digit range the past couple of years, but again, we do a lot of market research with hospital administrators and payers and, you know, I think the art of pricing is to understand sort of what’s acceptable to the customers and and, you know, making sure you maximize that opportunity.

So we do a lot of research to make sure that, you know, we kind of stay within sort of expectations of those constituents, which we do, and which has allowed us to pretty consistently, you know, have some strong pricing power, you know, throughout Macy’s history.

Rich, Interviewer: Yep. I guess, is it maybe it’s a good pivot to Macy Arthro. You know, is Macy Arthro for now a go deeper strategy more than it is a go broader strategy?

Nick Colangelo, CEO, Vericel: Yeah. I think it’s probably a little of both. You know, from a surgeon perspective, it’s a go broader strategy. So we had, you know This

Rich, Interviewer: is like same store sales cut. Yeah. You’re you’re not necessarily bringing new to MACI surgeons into the mix at an accelerated pace at this stage? It’s more about training the existing MACI?

Nick Colangelo, CEO, Vericel: Yeah, I’d say that’s fair. I’d say the goal with MACI Arthro, you know, we had 5,000 surgeons before we launched MACI Arthro. We had about 2,500 of them, so it was growing nicely and we had gotten to about 50% -ish penetration with the MACI core product. And then there was a group of surgeons, call it one to 2,000 surgeons, that were really arthroscopic only or predominantly surgeons that have been added to our target list with the launch of MACI. So from that perspective, it’s kind of broadening out potentially the surgeon base and continuing because, you know, most of the cartilage repair procedures that are done are predominantly done through arthroscopic administration, and that’s true for the other things these surgeons do as well.

If you’re doing a meniscal repair, typically it’s arthroscopically done, an ACL repair is arthroscopic rotator cuffs, so what these sports medicine and orthopedic surgeons are doing typically is done arthroscopically. So not surprising that there are some that really focus on arthroscopic cartilage repair and those are the ones that we are adding. Within our existing MACI users, of course, because MACI the MACI arthro instruments are designed to treat smaller defects on the femoral condyle or the end of of the thigh bone. So MACI, the core MACI product, really has been a go to product for cartilage defects on the back of the kneecap, which are very common. There’s about ten thousand patients a year that have those kind of defects and it’s really a difficult place to try to treat.

You can’t do things like microfracture because there’s not a lot of blood supply in the in the knee cap. So that, plus larger defects, so greater than four square centimeters, which is a very large defect, is kind of the go to for MACI. So these instruments were designed, and there’s about, you know, ten thousand patients that have patella defects each year, ten thousand patients that have larger, greater than four square centimeter defects each year, out of our sixty thousand patient TAMs. So that tells you two thirds of the rest of the addressable market involves these smaller defects, less than four square centimeter on different parts of the knee, principally in the femoral condyle, which is what we designed those instruments for, two, three, or four square centimeter defects on the femoral condyle. So from that perspective, it’s a deeper strategy that even our existing MACI users, some of whom focused on patella cases and are broadening out their usage with MACI Arthro, or those who might have done larger defects on a femoral condyle who will now think about taking MACI biopsies for smaller defects, that’s where you get deeper penetration into the largest part of the market.

Rich, Interviewer: So is it right that you’re starting to get increased visibility as you move through the initial phases of the MACI Arthro launch into that that second bucket of growth, the the more Correct. Treated for surgery?

Nick Colangelo, CEO, Vericel: Yeah. We’ve talked about it on our last two earnings calls, you know, early days. So the product was approved sort of, you know, late in the fall last year, and we really didn’t launch in earnest until the first quarter this year. But even on our fourth quarter call, you know, there were a few dozen cases that were done in the fourth quarter. And of the surgeon segments that we think about, which were existing MACI users that were either patella focused or kind of more broadly focused, the open targets who had not used MACI yet or the, you know, one to 2,000 new surgeons that we added, we had actually had cases either done or scheduled from each of those buckets and, you know, getting a meaningful number of biopsies from those arthro only surgeons even sort of before we began the launch in earnest.

On our first quarter earnings call, we really gave a lot more detail about, first of all, the number of surgeons we’ve trained. So we ended last year with about 150 trained surgeons. By February, on our fourth quarter call, February, we were at about two fifty. You know, early May on our first quarter call, we were up to 400, so a really strong pace that was actually ahead of the initial MACI launch pace in terms of the number of trained surgeons. And then we talked about what their behavior is.

So, you know, for those who are not as familiar, the typical conversion timeline for cases that convert from a biopsy to an implant, the median time is about six months, so half a little before then and all the way out to, you know, eighteen months to two years is when these biopsies convert typically. So, you know, the first thing you’re going to see is changes in biopsying behavior, and then two to three quarters later, though obviously, our expectation is that you then see an inflection in those implants as well. So what we mentioned on our first quarter earnings call was that for those 400 trained surgeons, when you looked at their biopsies through April versus through April of last year, their biopsy growth rate was up 30%, which was significantly higher than the overall biopsy growth rate for all surgeons. And so, obviously, that’s a great leading indicator and not unlike what we saw in 2017 when we launched MACI. So the first thing we saw was a pretty, you know, meaningful uptick in biopsies.

I think in the third and fourth quarter of twenty seventeen, we were talking about forty plus percent biopsy growth versus the same quarter in the prior year. And again, that was a smaller base, really important advancement in the procedure. And then the next year, you saw really strong growth in implants and revenue, and that’s what we would expect to see. We’re seeing a nice uptick in trained surgeons in terms of their biopsy growth. So overall, again, we’d expect to see that start to manifest in implants and revenue in the back half of this year and particularly into 2026 and beyond.

And then when you take, you know, a deeper look at those surgeons, the surgeons that focused on patella defects were actually the highest growing group of those trained surgeons. And taking femoral condyle biopsies, which is, again, an expansion of what they typically had done, made up significant part of that. So, you know So

Rich, Interviewer: that that’s kind of what gives gives you at least directional indicating confidence that MACI Artho is potentially going to facilitate expansion into the white space, the two thirds, is you’re seeing the move

Nick Colangelo, CEO, Vericel: the

Rich, Interviewer: biopsies from patella to well, actually, where are you seeing it outside of the patella?

Nick Colangelo, CEO, Vericel: Yeah, so again, for patella focused surgeons before launch, they end up, you know, you’re seeing a lot of their biopsy growth coming from femoral condyle biopsies. So that’s one piece of it. The other thing we mentioned is that while these instruments were designed for femoral condyle defects, again, the end of the thigh bones, we’re actually seeing a significant number of of the procedures that are done involve the trochlea or the area behind the kneecap, which, you know, that’s a pretty difficult area to get to and with for other kinds of procedures, and so that was, you know, it’s a pretty big part of our addressable market, about 10,000 patients a year. So we think, you know, that could add, you know, another sort of opportunity for growth for the product as well. And that happens a lot when you, you know, you develop instruments and surgeons start using them in different ways.

I mean, they’ve done a few patella cases here and there, tibial plateau, and so they use them even in areas that are sort of outside what we expected or designed those instruments for. So that’s another encouraging opportunity for us as well.

Rich, Interviewer: And just going back to the the training, so, know, you’re at 400, I believe, exiting the 1Q. Yeah.

Nick Colangelo, CEO, Vericel: At the April. Yep.

Rich, Interviewer: Right. I think I guess the the question here is should we think of an accelerated pace of training as we move through the year? And is there any reason why you couldn’t be, you know, north of 800, approaching a thousand by the end of the year?

Nick Colangelo, CEO, Vericel: Yeah. You know, well, first of all, as I mentioned, we were kind of pacing ahead of the original MACI launch. And again, we had a smaller Cartocell, the prior product user base at that time, and much broader base now, so but even 400 in the first several months out of the 2,500 users, because principally these were MACI, you know, surgeons that were then being trained for arthroscopic use. There were some naive surgeons as well, but that’s kind of the low hanging fruit when you launch, you know, MACI Arthro. So, you know, getting to 400, we haven’t given a number, but it is not unreasonable to expect there will be hundreds more surgeons trained throughout the year, and they can train just like was the case for MACI, you know, you actually can train online.

So it’s not a very complicated procedure for surgeons who are used to doing arthroscopic cartilage repair and other procedures. So they can train online, they can train at, you know, the major conferences. We have labs, cadaver labs that are set up there. We have, obviously, regional trainings periodically, and then we actually have synthetic knee models that they can practice with the arthroscopic instruments. So there’s a number of ways that they can be trained.

Those models rolled out pretty recently, so that could become an opportunity for growth in training as well. But, again, without giving a particular number, we expect hundreds more trained by the end of the year. It will probably slow down a little bit in the fourth quarter because it’s such a high volume quarter for us generally, for MACI, for surgeons generally, before the end of the year. So you kind of do more of your trainings kind of through the third quarter, I’d say, but, again, we expect significantly more trained surgeons, which sort of supports the point I made earlier, which is, you know, if you think about the behavior that we’ve seen from the first 400 trained surgeons and if those trends continue, you’re gonna exit the year with obviously a pretty significant portion of our existing MACI users who are trained, if they’re taking more biopsies like these initial surgeons are, it really does set you up well for 2026 and beyond.

Rich, Interviewer: Maybe turning to Joe for a little bit to get you some action here. You guys raised your guidance after the first quarter. I guess, one of the things is what gives you that what gave you the visibility to do that, especially how lumpy Epicel is, and there was clearly some, won’t say deferral, but but push out and and more reliance on the back half. So can you just talk talk to the factors that gave you the confidence to kinda actually increase your guide coming off the, you know, one q with MACI and line ish and and Epicel a little short of your expectations?

Joe Mara, CFO, Vericel: Yeah. So, I mean, first off, you know, as as you know, I mean, Epicel is always gonna have that quarterly variability, and so we tend to look at that over longer periods of time where, you know, trends tend to normalize, but you will see that variability, and we kinda factored you know, certainly factored that thinking in. On the Macy’s side, there’s always a degree of seasonality, of course, particularly with the fourth quarter being such a large quarter. So, you know, we’re certainly gonna factor that in as we think about the year. You know, in terms of the guidance, you know, from the last call, right, we did increase our financial guidance a bit.

So both the gross margin as well as the adjusted EBITDA, you know, we took to the higher end of the range. You know, I think some context there that’s important is our initial guide for the year was kind of in early January in our prerelease around kind of the early year conferences, and, you know, those were preliminary numbers. Once we sort of finalized q four and and the full year, we actually had a really strong close to the year. So, you know, just given kind of where we ended up last year and as we kinda look on a full year basis, you know, we did tick those up a bit, but certainly factoring all all of that in the equation, I would say.

Rich, Interviewer: And and just, you know, what were the, you know, what were the items with respect to leading indicators for 2Q and beyond that, again, you know, gave you confidence to, you know, to put those parameters around Epicel, you you know, knowing knowing that, you know, one quarter in, it didn’t it didn’t show up in the numbers yet.

Joe Mara, CFO, Vericel: Yeah. I mean, I think on Epicel, as we’ve talked about, you know, if you look at if you step back on Epicel last year, you know, it’s obviously the first quarter was, you know, not we knew it be directionally lower. It wasn’t quite where we expected it to be, and and the last couple quarters have been lower. But if you step back and look at Epicel, you know, it grew 16% last year. You know, burn care actually had higher growth rate than the company.

So it was extremely variable, but it had some very strong quarters during the first three quarters of last year. And, you know, we did make a point on the on the last call to talk about a stronger start for the second quarter. So, you know, certainly, it’s you know, it is difficult to predict exactly what quarters look like, but we do think when we look at the past few quarters, some of those run rates have been strong. So we try to factor that all in as we think about not just the second quarter, but the full year as well.

Rich, Interviewer: Got it. And then maybe just thinking about the margin and free cash flow dynamics, you’re essentially done, I believe, with the headquarter manufacturing investment, right? Correct. So how quickly can free cash flow reaccelerate as a result of that and kind of how should we think about capital allocation?

Joe Mara, CFO, Vericel: Yeah. So, you know, if you kind of go back a couple years, I would say, you know, we made a point to talk about sort of an inflection from the profitability perspective, and I think we’ve you know, a good job in the last couple years. You can kinda see with the margin expansion, and and that’s played through. We expect that to continue. On the the cash generation piece, you know, as Nick talked about, you know, our new facility that we self funded, is was around a $100,000,000 in total.

We actually grew our cash balance, you know, as we went through that build over the last couple of years. So, you know, what we talked about is, you know, the first quarter had kind of the most substantive cap CapEx left. There’ll be a bit of a tail into the second quarter with the final equipment, but really once we get through the second quarter, you know, our cash generation should increase significantly. And really, from a CapEx perspective, you know, we’re we’re probably back into those, you know, single digit millions on an annual basis from a CapEx perspective being through the building. So, you know, our adjusted EBITDA tends to be a good pretty good proxy for operating cash flow.

It doesn’t always correlate exactly calendar wise, but it gives you a sense for, you know, the potential cash generation, you know, as we exit the year in the second half and, you know, into ’26 and beyond. And then lastly, from a capital allocation perspective, you know, obviously, building is behind us. You know, as when we talk about operating investments, that’s within our operating p and l. So, certainly, the other piece is is really business development, and, you know, we have a team dedicated to that. You know, we’re always actively looking at, you know, potential opportunities there.

But, you know, we we know we have a very strong financial financial profile, a very innovative portfolio. So, you know, I think we have been and and will continue to be extremely disciplined as we look at that BD, but we will certainly consider, you know, opportunities that make sense.

Rich, Interviewer: Maybe turning back to you, Nick. You know, one of the the questions I sometimes get from investors is, you know, it Macie Arthro launch, is it going faster or slower than expected? And then more specifically, you know, doesn’t Macie Artho need to facilitate expansion into doctor sets that were not doing Macie prior for this to really like, aren’t aren’t you surprised by that? Like, why why is that not a problem? Can you address that?

Nick Colangelo, CEO, Vericel: Yeah. Well, I would say, you know, when you take a big step back and say regardless of segments and surgeons that typically did, you know, procedures in certain parts of the knee or others, You know, if you think about our sixty thousand patient TAM, you know, there are areas like patella and larger defects where on an implant basis, we’re kind of in the double digit to mid teens penetration from an implant perspective based on conversion rates, probably more in the thirty to forty percent biopsy sort of penetration rate. But overall, you know, we’re sort of mid single digits penetration into that sixty thousand patient TAM. So whether it’s, you know, other surgeons that do high volumes of cartilage repair that weren’t MACI users prior or even with our existing surgeons. Again, if they focused on back patella defects and didn’t use MACI before for cartilage defects on the femoral condyles, that’s a big expansion because it’s the biggest part of the TAM, or if it was like my surgeon who did do femoral condyle defects but probably skewed toward larger ones and will now look at patients with two square centimeter defects and take a biopsy, either one of those, sort of, especially given our current penetration rate, provides a significant upside opportunity for the company.

So there’s multiple sort of dimensions to sort of the opportunity for MACI Arthro.

Rich, Interviewer: Great. Well, we’re right at time. Thank you, Nick and Joe. Really appreciate your time.

Joe Mara, CFO, Vericel: Thank you. Thank you. Appreciate it.

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