AVITA Medical (RCEL) Investor update summary

Financial performance and guidance

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

• Gross margins remain strong at 82%-83%, with ongoing efforts to improve margins despite product mix.

• Operating expenses are steady at $24.5 million, with net loss decreasing to $7.7 million in Q2.

• Cash usage dropped from $9.9 million in Q1 to $3.2 million in Q2, with 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.

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 market expansion

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

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

• 25 hospitals have used all three products, with ongoing efforts to drive portfolio adoption.

• Early clinical data for Cohealyx and PermeaDerm show faster healing and workflow advantages.