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AVITA Medical Investor Briefing February 2026 Cary Vance, Interim CEO David O’Toole, CFO
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Forward-Looking Statements & Legal Disclaimers 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 statements are predictions and subject to significant risks and uncertainties that could cause actual results to differ mater ially from those expressed or implied. Forward -looking statements may be identified by words such as “anticipate,” “expect,” “intend,” “could,” “would,” “may,” “will,” “believe,” “ continue,” “estimate,” “look forward,” “forecast,” “goal,” “target,” “project,” “outlook,” “guidance,” “future,” and similar words or expressions, as well as by discussions of future e vents or results. Forward-looking statements include, but are not limited to, expectations regarding regulatory approvals; physician acceptance, endorsement, and use of our products; the realization of anticipated benefits from product approvals; the impact of regulatory actions; product liability risks; risks associated with international operations and expa nsion; and other external factors including economic, industry, and political conditions beyond the Company’s control. These statements are made as of the date of this presentation, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. For additional information and further discussion of these and other risks and uncertainties, please refer t o the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. AVITA Medical’s products are Rx only. Please reference the Instructions for Use for more information on indications, contrain dications, warnings, precautions and adverse events. In the United States, RECELL® is approved for use in the treatment of thermal burn wounds and full -thickness skin defects. Use of RECELL in other patient populations is either prohibited by United States law or may be made available pursuant to a relevant investigational device exemption granted by t he FDA (and likewise limited by United States law to investigational use only). 2024.Q4 v9 2
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Delivering on Q4 2025 priorities, positioned for growth in 2026 Drive disciplined execution 3 Refine our commercial focus Position AVITA for growth in 2026 o Business stabilized; execution phase underway o Year-end growth sustained with greater than 80% gross margin o Reimbursement clarity enabling RECELL recovery o Commercial model oriented to organic core-account growth o Multi-product platform expanding revenue per patient o Improved debt terms aligned to revenue outlook 2026 net revenue guidance US$80 to $85 million 12% to 19% vs 2025 AVITA Medical | February 2026
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MAC action on provider reimbursement addresses major headwind 4 Clinical Health economic Predictable payment Category 1 CPT Code Data Reimbursement • Active Communication with hospitals and clinicians to navigate reimbursement transitions • Field sales and reimbursement teams conducting follow-up with priority burn and trauma centers Status AVITA actions underway to accelerate awareness of published rates Clinician and facility stability Validated RECELL procedure Improved outcomes Shorter hospital length of stays Adoption MACs = Medicare Administrative Contractors Payment Rate posted January RECELL data and provider reimbursement are now aligned to restore use and adoption • Signs of renewed demand; utilization expected to normalize progressively through the coming quarters Payment rate posted October Payment rate posted July Payment rate posted October Payment Rates confirmed July Payment Rates posted January Payment Rate posted November AVITA Medical | February 2026
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Financial results reflecting full year revenue growth and cost discipline 5 Key figures USD million Q4 2024 Q4 2025 Revenue Gross profit margin* Operating expenses Net loss $18.4 $17.6 87.6% 81.2% $26.1 $24.7** ($11.6) ($11.6) *Decrease in gross margin caused by product mix. ASP sharing for Cohealyx and PermeaDerm® FY 2024 FY 2025 $64.3 $71.6 85.8% 82.1% $111.8 $101.4 ($61.8) ($48.6) FY 2026 (Estimate) $80 to $85 **DQ4 operating expenses impacted by non-recurring costs, the most significant one-time cost being severance of $1.2 million AVITA Medical | February 2026
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AVITA continued sales growth with above 80% gross margin **The fiscal year for AVITA Medical previously ended on June 30. Denotes annualized global revenue for the impacted years. 6 2020** 2021** 2022 2023 2024 2025 18 26 35 50 64 72USD mn 18 +46% +35% +46% +28% +11% 2020** 2021** 2022 2023 2024 2025 82.0% 85.8% 82.1%*82.0% Net Revenue USD million +32% Gross margin *Decrease in gross margin caused by product mix. ASP sharing for Cohealyx and PermeaDerm® 82.4% 84.5% AVITA Medical | February 2026
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Continued focus on cash use Cash, and marketable securities at quarter end USD million Q2 Q3 $15.7 $23.3 7 $13.8 $25.8 Q1 Cash use $10.1 Cash use $6.2 Equity raise* *Raised $13.8 million, net after expenses, through a private placement completed in August $18.2 Cash use $5.1 Q4 AVITA Medical | February 2026
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New debt facility with Perceptive Advisors LLC on better terms Key loan terms Covenants Amount: $60 million ($50 million at close); optional $10 million Maturity: 5 years from close Interest rate: SOFR + 7.5% Amortization: None, interest only Revenue covenant: • Trailing twelve months (“TTM”) measured quarterly • Q1 2026 TTM = $68.5 million* • Full year 2026 TTM = $73 million Cash covenant: • Minimum of $5 million at all times Rationale Refinance existing debt on better terms Additional working capital Optional drawdown until end of March 2027, subject to revenue milestone Strong health care lender in Perceptive Advisors LLC team 8 *Based on the AVITA Medical’s reported financial results for the three quarters ended December 31, 2025, the Company will be required to achieve $15.4 million in revenue in the first quarter 2026. AVITA Medical | February 2026
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Three differentiated products solving distinct problems in acute wound care Cohealyx is a collagen dermal matrix that enables vascularization and prepares wounds for closure. PermeaDerm® is a temporary, transparent biosynthetic wound matrix that stabilizes and protects the wound during the healing process. RECELL®, RECELL GO and RECELL GO mini convert a small sample of a patient’s skin into spray-on regenerative cells at the point of care. 9AVITA Medical | February 2026
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How Surgeons Are Using the Portfolio 10 Deep Partial-Thickness Wound Partial-Thickness Wound Stabilize and protect Clinical intent: Rapid stabilization and protection while the wound heals Full-Thickness Wound Deep Partial-Thickness Wound Stabilize, restore and protect Full-Thickness Wound Stabilize, rebuild, restore and protect Clinical intent: Accelerate epidermal healing and reduce donor skin requirements Clinical intent: Prepare the wound bed, enable closure, and optimize healing outcomes ~US$7,680 ~US$21,280 ~US$67,360 Example is based upon a 20% Total Body Surface Area (TBSA) = 3,840cm2 ASP: AVITA Medical | February 2026
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11 A large acute wound market served through a focused strategy at ~200 high-volume centers Broad burn, trauma and surgical repair >$3.5B U.S. total addressable market (TAM) Current penetration: ~5% AVITA Focus ~200 top burn and trauma centers The highest-volume accounts Active in ~90% of target sites $1.3B U.S. total addressable market Rebuild RECELL order momentum in the U.S. Expand consistent utilization of our products in burn and trauma centers Extend RECELL selectively through established distributors in the EU, UK, Japan, and Australia Accelerate revenue growth in the US Execution priorities focused on utilization, portfolio pull-through and select expansion Drive pace of hospital VAC reviews for Cohealyx Growing our footprint internationally Large addressable market with low current penetration and clear runway AVITA Medical | February 2026
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We continue to deliver real world clinical evidence to support growth Clinical catalysts in 2026 • Establish RECELL as standard of care adoption in burn • Accelerate use of Cohealyx and PermeaDerm • Grow burn center and tier 1 trauma center account penetration Acute wound growth drivers • 2 trial readouts • TGA Certification (AUS) (Select examples) Presentations 36% Reduction in Length of Stay RECELL GO vs Ease of Use Characterization Reduction in Graft Loss Case Series Cohealyx-I Trial Data (n=40) • Time to grafting vs. competitors Case Series PermeaDerm-I Trial Data (n=40) • Reduction in cost vs. allograft Full portfolio Case Series 2025 2026 Preclinical mechanism of action Partial thickness burns randomized control trial (n=67) Breadth of Evidence (Systematic Review) AVITA Medical | February 2026 12
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First use of full portfolio for full-thickness wound management Injury Donor Site Injury Case* presented by Dr. Neil Mashruwala, Carle Bromenn Medical Center 91 yr old female│ Morel-Lavallée Lesion of left lower leg 300 cm², 1 cm deep *Integrated Use of Advanced Wound Care Technologies to Achieve Complex Wound Closure in a Rural Setting: A Case Series 13AVITA Medical | February 2026
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First use of full portfolio for full-thickness wound management POD 22 Cohealyx treatmentInjury + excision 3:1 mSTSG + RECELL Donor Site 14AVITA Medical | February 2026
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Summary 15 Delivered a more stable revenue performance in Q4, with improved visibility across account utilization Exited 2025 with reimbursement clarity and early signs of RECELL utilization normalizing across core burn and trauma centers Advanced post- market clinical programs and presentations for RECELL, Cohealyx and PermeaDerm, with new clinical data in 2026 Entered 2026 with an improved commercial model and capital structure to support consistent execution AVITA Medical | February 2026