AVITA Medical (RCEL) Investor update summary

Financial performance and guidance

• Achieved Q2 2026 revenue of $21.7 million, a 13% increase over Q1 and 18% year-over-year growth.

• Gross margins remain strong at 81.9%-83%, with disciplined operating expenses and net loss decreasing by 22% year-over-year.

• Operating expenses are steady at $24.5 million, with cash usage dropping from $9.9 million in Q1 to $3.2 million in Q2 and a cash balance of $11.1 million at quarter end.

• Revenue guidance for 2026 raised to $86-$89 million, with cash flow breakeven targeted for Q4 2026.

• Liquidity and financial flexibility are sufficient to support execution through breakeven, with an additional $10 million available upon reaching $85 million in trailing 12-month revenue.

Operational and strategic updates

• Focused on stabilizing the business, improving efficiency, and understanding customer needs.

• Restructured sales team and reduced G&A costs in 2025 to support growth.

• Maintains discipline in OpEx and headcount while pursuing growth opportunities.

• Under-penetrated in both trauma and burn markets, with significant room for expansion.

Product and portfolio updates

• RECELL remains the key growth driver, with U.S. volume up 11% in Q2 2026 and RECELL GO mini contributing to incremental growth.

• Growth seen across all product lines and geographies, including the U.S., Japan, Australia, and Europe.

• 25 hospitals have used all three products, with ongoing efforts to drive portfolio adoption and increase revenue per patient.

• RECELL GO mini launched to address smaller wounds, performing as intended.

• Early clinical data for Cohealyx and PermeaDerm show faster healing, workflow advantages, and lower-cost alternatives, with clinical readouts expected in August 2026.