AVITA Medical (RCEL) Morgan Stanley 24th Annual Global Healthcare Conference summary

Leadership and operational focus

• New CEO prioritized solving fixable issues and maximizing company potential, emphasizing focus and execution over the past 9-10 months.

• Streamlined operations by eliminating distractions, implementing effective compensation plans, and ensuring organizational alignment.

• Consistent internal and external messaging and placing the right people in key roles have driven recent growth.

Growth strategy and commercial execution

• Achieved strong sequential growth over the last three quarters, leading to raised 2026 guidance.

• Focused on deepening penetration within existing 200 accounts, with significant room for growth across three product lines.

• Sales team efficiency and effectiveness are enhanced by offering a portfolio approach, building trust and consultative relationships with customers.

Product adoption and market opportunity

• Barriers to adoption include the need for clinical, workflow, and economic arguments to change physician habits.

• RECELL demonstrates clinical benefits such as faster healing, better pigmentation, and a 36% reduction in length of stay.

• Expansion into trauma and surgical repair is underway, but burn remains the core focus due to high penetration potential.