Comparing Labeling and Clinical Data for MACI and Agili-C

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Comparing Labeling and Clinical Data for MACI and Agili-C

May 12, 2026 Vericel Corporation

(VCEL, Neutral)MEDICAL Ryan Zimmerman

Comparing Labeling and Clinical Data for MACI and Agili-C (212) 527-3586 rzimmerman@btig.com

Iseult McMahon WHAT YOU SHOULD KNOW: We've historically thought of Smith & Nephew's (SNN, (332) 400-5103 imcmahon@btig.com

Not Rated) Agili-C as a more narrowly defined cartilage repair option relegated to Company Data

osteochondral lesions (i.e. those cartilage lesions that include some bone, generally

<5% of lesions). This specific patient population is significantly smaller than the patient Closing Price $33.46

population that has chondral (cartilage-only) lesions. Based on this, we didn't view Price Target -

Agili-C as a direct threat to MACI even as SNN attempted to position the product as a Market Cap (M) $1,698.86TECHNOLOGY

broad cartilage repair option. Our view has evolved over the past few months though. Enterprise Value (M) $1,896.61

Between anecdotal feedback from physicians who are using Agili-C and a slower ramp Shares Out (M) 50.77

in MACI Arthro, we think SNN may be winning some cases that may otherwise could Avg Daily Vol-3 Months (M) 0.63

have gone to MACI in the past. SNN is still ramping up Agili-C (sales are small from what

RevisionsEQUITY we know) and Agili-C's CPT code kicks-in January 1, 2027, but we wanted to compare

clinical data and labeling amongst the two products as VCEL investors may have to Previous Current

prepare themselves for increased competition in the years ahead. Rating Neutral Neutral

■ Overview of MACI: On-label, MACI is indicated for repair of single or multiple Price Target - -

symptomatic, full-thickness cartilage defects of the knee (± bone involvement) FY26E REV 331.74 331.74