Avita Medical, Inc. · NASDAQ:RCEL
Avita Medical — Q3 2025 Earnings Presentation
25 slides from Avita Medical's earnings presentation, Nov 10, 2025
Slide 1: Transforming Acute Wound Care
For personal use only Transforming Acute Wound Care Accelerating Recovery, Restoring Confidence Investor Update| November 2025
Slide 2: Forward-Looking Statements & Legal Disclaimers
Forward-Looking Statements & Legal Disclaimers 2024.Q4 v9 This presentation and the accompanying oral commentary may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These For personal use only statements are predictions and subject to si
Slide 3: Investment thesis: Accelerated recovery with therapeutic acute wound care
Investment thesis: Accelerated recovery with therapeutic acute wound care For personal use only RECELL®: The cell-based platform redefining healing Proven, scalable, proprietary innovation MedTech 36% Reduction in Hospital Stay Shorter stays, faster healing, more capacity for care High-value burn an
Slide 4: Our mission is to deliver transformative therapeutic acute wound solutions
Our mission is to deliver transformative therapeutic acute wound solutions For personal use only Our technologies are designed to optimize acute wound healing, resulting in less hospital time and faster patient Acute wounds recovery Unpredictable, event-driven injuries requiring immediate solutions
Slide 5: From stabilizing the wound to healing the skin: AVITA products work together
From stabilizing the wound to healing the skin: AVITA products work together as a single integrated platform* For personal use only PREPARE THE WOUND REBUILD THE FOUNDATION RESTORE THE SKIN PROTECT AND HEAL PermeaDerm® Cohealyx is a collagen- RECELL® facilitates the PermeaDerm covers stabilizes and
Slide 6: AVITA is the only company to treat every layer of an acute wound
AVITA is the only company to treat every layer of an acute wound Data underscore improved For personal use only healing outcomes Full-thickness wound PermeaDerm creates an optimal environment to promote wound healing, Dressing typically within 7-14 days1-4 Epidermis. RECELL takes up to 97.5% less do
Slide 7: As hospitals adopt AVITA's full suite, blended ASP per case increases
As hospitals adopt AVITA’s full suite, blended ASP per case increases – same wound, same patient, same doctor, same hospital For personal use only Full-Thickness Wound Deep Partial-Thickness Wound Partial-Thickness Partial-ThicknessWound Wound Up to US$21,000 ~ US$8,000 Up to US$8,000 ~ US$21,000 ~
Slide 8: MAC action on provider reimbursement addresses major headwind
MAC action on provider reimbursement addresses major headwind RECELL data and provider reimbursement are now aligned AVITA actions underway to accelerate to restore use and adoption awareness of published rates For personal use only Data Reimbursement • Active Communication with hospitals and clinic
Slide 9: Our next phase: Translating clinical strength into predictable, scalable growth
Our next phase: Translating clinical strength into predictable, scalable, execution-led growth For personal use only Focus Drivers Execution 3 acute wound areas Accelerate revenue growth in the US Deliver through Burn, trauma, surgical repair Rebuild RECELL order momentum in the U.S. execution-led g
Slide 10: Acute wound care imposes a substantial burden on patients and healthcare systems
Acute wound care imposes a substantial burden on patients and healthcare systems – a burden that AVITA products solve for Complications For personal use only Patients with wounds are at a higher risk for complications, including >40,000 infection, which can prolong healing time and lead to more seri
Slide 11: Focusing on ~200 key burn and trauma centers
Focusing on ~200 key burn and trauma centers - hospitals that we know well Long-Term For personal use only Broad burn, trauma and surgical repair >$3.5B U.S. total addressable market (TAM) Immediate and scalable AVITA Focus growth potential • ~200 top burn and trauma centers • Covering the highest-v
Slide 12: How this leverages AVITA's strengths
How this leverages AVITA’s strengths For personal use only RECELL access New product growth Field support • Active in 90% of 200 priority • Cohealyx VAC under review • High-frequency centers in one-third of centers engagement – in centers • Embedded in routine clinical • PermeaDerm adoption daily or
Slide 13: Robust evidence generation strengthens clinical and economic case
Robust evidence generation strengthens clinical and economic case Clinical studies For personal use only U.S. burn registry: 36% shorter hospital stay and ~$42K • Cohealyx-1: Evaluate ability to advance wound per-patient savings vs. traditional grafts1,2 bed preparation and readiness for closure •
Slide 14: Why our mission and technologies in acute wound healing matter
Why our mission and technologies in acute wound healing matter RECELL Achieved: Repigmentation With Deep-Partial Thickness Burns For personal use only 31-year-old female 11% TBSA, DPT, Face Allograft trialed and failed prior RECELL alone Treatment Day Day 9 1 Year 14
Slide 15: Financials
For personal use only Financials
Slide 16: Q3 revenue down year-over-year; operating expenses reduced 4%
Q3 revenue down year-over-year; operating expenses reduced 24% through disciplined cost management Key figures Q3 Q3 % Change vs For personal use only USD million 2024 2025 prior year Revenue 19.5 17.1 -13% Gross margin 1 83.7% 81.3% (240) bps RECELL-only gross margin was 83.6% for the quarter Opera
Slide 17: Net cash use improved to $6.2M in Q3 versus $10.1M in Q2
Net cash use improved to $6.2M in Q3 versus $10.1M in Q2 Cash, cash equivalents, and marketable securities For personal use only USD million Cash use 10.1m Cash use 6.2m 13.8 Equity Underscores improving raise1 25.8 23.3 cash efficiency 15.7 March 31, 2025 June 30, 2025 September 30, 2025 1) Raised
Slide 18: Sustained commercial growth with ~29% CAGR since 2019
Sustained commercial growth with ~29% CAGR since 2019 Annual Global Revenue ($ in millions)use only $120 29% CAGR‡ $100 Financial guidance Commercial Revenue $80 14%† Update on capital and For personal 27% growth plans, along with $60 46% 2026 guidance, in the first 35% quarter of 2026 $40 44% 50% $
Slide 19: In summary
For personal use only In summary
Slide 20: Positioned for scalable growth, execution, and key catalysts in 2026
Positioned for scalable growth, execution, and key catalysts in 2026 For personal use only Clinical strength Focused commercial execution • Real-world and published data confirm • Reimbursement clarity restoring utilization faster recovery, less donor skin use, and • Commercial team centered on ~200
Slide 21: Appendix
For personal use only Appendix
Slide 22: RECELL: Foundational platform driving disruption in therapeutic acute wound care
RECELL: Foundational platform driving disruption in therapeutic acute wound care RECELL PLATFORM INCLUDES: For personal use only • RECELL Ease of Use (EOU) • RECELL GO • RECELL GO mini UP T O ~1 0 % T OT A L B ODY SURFA C E UP T O ~ 2 . 5 % T OT A L B ODY SUR FA C E A REA A REA RECELL EOU • Launch:
Slide 23: Cohealyx: A collagen matrix driving faster closure and fewer complications
Cohealyx: A collagen matrix driving faster closure and fewer complications AVITA MEDICAL-BRANDED: For personal use only • Collagen-based dermal matrix designed to support cellular migration and revascularization, advancing readiness for closure • Timely wound closure is critical in managing risk of
Slide 24: PermeaDerm: Next-gen biosynthetic matrix protecting and healing wounds
PermeaDerm: Next-gen biosynthetic matrix protecting and healing wounds Applied as a versatile dressing across wound types and healing stages For personal use only 1 Outer Layer: Slitted 2D Silicone Epidermal Analogue • Protects wound from bacteria & trauma • Allows oxygen to reach the wound bed • Cu
Slide 25: For personal use only
For personal use only