Vericel is a specialty biopharmaceutical company focused on two areas: sports medicine and severe burn care. Its two core products are MACI and Epicel, both autologous cell therapies manufactured using a patient's own cells. MACI, which accounts for roughly 83% of revenue, is used to repair full-thickness cartilage defects in the knee. Treatment involves two steps: a surgeon takes a cartilage biopsy and sends it to Vericel, which manufactures a personalized implant by seeding the patient's chondrocyte cells onto a collagen membrane; the implant is then shipped back for surgical implantation. In 2024, the FDA approved MACI Arthro, an arthroscopic delivery method that makes the procedure less invasive. Epicel, the second product, is a permanent skin replacement for patients with severe burns covering 30%+ of total body surface area, and is the only FDA-approved cultured epidermal autograft for large burns in the U.S. A third, smaller product — NexoBrid, licensed from MediWound — is an enzymatic agent that removes dead burn tissue. Vericel sells MACI through a direct specialty sales force and sells its burn care products through a dedicated burn care sales team. MACI revenue follows a two-event model per patient — a biopsy kit sale followed by an implant sale roughly 4–6 months later — creating a visible pipeline of future revenue. Vericel manufactures MACI and Epicel in-house. Growth drivers include MACI Arthro adoption, sales force expansion, a Phase 3 trial for MACI in ankle cartilage repair, and a planned U.K. launch targeted for 2027.