On AVITA's progress. You can submit questions using the Q&A function, and we'll get to them after the presentation. I'll now hand over to Cary Vance to begin the presentation. Thank you, Rudi. Good morning, everyone. Welcome to this second quarter briefing. It's good to be with you again. I think it's important to note that the last few quarters that I've been in Australia, we've laid out the plan for the company. We've executed to that plan, and that continues today, so I look forward to the conversation. Next slide, please. Next, please. If you look there in Q4 of 2025, I took over in mid-October. We talked about assessing the business, understanding it, stabilizing it, having an understanding of our customers, why they buy, why they might not buy, the challenges that we have, any internal lack of efficiency and effectiveness structurally, organizationally, and so on. We did a number of things in Q4 to prepare us to achieve and be successful in 2026. As a result, Q1 had growth quarter-over-quarter at $19.3 million, and then this past quarter, second quarter, $21.7 million. We expect that to continue. We expect sequential growth quarter-over-quarter. As you can see on the right side of this slide, we're growing across product lines. We are growing both in the U.S. and internationally. A lot of good things happening that frankly, we expected to happen, and we expect to continue. As a result of not only what we've achieved in the first half of the year, but in the manner in which we achieved it, felt very comfortable raising guidance to $86 million-$89 million, and also expecting to achieve cash flow breakeven by the end of this year, and excited about that. Next slide. David. Good morning here in Australia. I'm going to go through a couple of these slides, and then I'll give it back to Cary to talk about some other interesting things that are going on in the business. As Cary indicated, we had $21.7 million in Q2 of 2026. That is a 13% increase over Q1, and it's the second sequential growth of revenue that we've had. Q4 of last year to Q1 of this year was, as you may remember, 9.7%. We followed it up with a 13% growth rate from Q1 to Q2. Year-over-year, last quarter, we grew by 18%, the $18.4 million in Q2 of 2025, which is again, a very healthy growth from where we were just a year ago. Gross margins are staying right where we like them to be. We'd like them to be maybe even a little bit higher, and we're doing everything we can to increase those margins, even in light of the fact that we're growing our other products, which we share ASP with. Just to remind everyone, the ASP for Cohealyx is shared 50/50 between our partners, Regenity, and then PermeaDerm, we share the ASP 60/40. I t does have an effect of decreasing our overall reported gross margin because the gross margin for RECELL is 86%. We're looking for ways to increase our margins, but we don't see it being anywhere lower than this 82%-83% gross margin rate. Very proud of the fact that we're keeping operating expenses in line. As you may remember, in Q2 of 2025, we did a restructuring of our sales team. We also took some G&A costs out. Right now, the run rate for operating expenses is around $24.5 million. We see that continuing. Another great metric is that our overall net loss is decreasing each quarter, and significantly from 2025. We are down to a $7.7 million loss, and that's almost a $3 million increase from where it was in Q1 of 2026. Cash use, as I indicated last quarter, would go down this quarter, and that's what happened. We used about $9.9 million of cash in Q1, and we are down to $3.2 million in Q2 of 2026. That is going to continue to decrease until we cross over and start generating cash in the fourth quarter. Just real quickly, cash balance was $11.1 million at the end of Q2. Next slide. Cary talked a little bit about the fact that we have increased our revenue guidance for the year. We've moved it up from $80 million-$85 million. Now it's at $86 million-$89 million. We do expect to have sequential growth in the third quarter, and then again, we expect sequential growth in the fourth quarter. We have a high degree of confidence that we can get to that 86%-89% range. I've talked a little bit about all of these already, the gross margin and the operating expense. I think we'll just go to the next slide. To recap, we've increased our revenue guidance from $80 million-$85 million to $86 million-$89 million now. We expect to get to cash flow breakeven in Q4 of this year. We have enough cash on the balance sheet to get through to that very large milestone of getting to cash flow breakeven in the Q4. We're well within the new debt covenants that we did with Perceptive Advisors. Just as a reminder, we did the Perceptive Advisors debt agreement. It took out OrbiMed's debt facility, and the reason we did that was to reset the revenue covenants in that debt facility. As an example, the revenue covenant for this year is $73 million. You can see that we're well above that with the revenue guidance that we have at $86 million-$89 million. We do have another $10 million that we can take from the Perceptive Advisors debt facility when we reach $85 million of trailing 12-month revenue. With the new revenue guidance, you can see that that's going to happen. It doesn't mean we're going to take it, but it does give us the flexibility. If we so choose, we will reach that $85 million before that option expires in March of 2027. I'll turn it back to Cary now. Thanks. Next slide. Before I get here, I think what David's talking about there is the kind of stability that we are looking for as leaders of the company, but that investors are looking for, too. I think permeated through all of that is a lack of distraction. If you look at taking care of our cash, keeping OPEX steady, keeping margins steady, stabilization of our people and retention, all of those things, solving the reimbursement issues from last year, I think we'll look back on 2025 as a one-off of several headwinds, as we indicated last year at the end, and also a number of ways that we stabilized the business, keep very focused, and we're all focused on growth. The only thing that's moving is the growth of our revenue and the adoption of our products. I put this photo of this patient on here, I think to remind us all that reimbursement and all of those key drivers of our business and our guidance are patients that are benefiting from our technology, and we're extremely humble and driven by that mission. I hope that anybody that invests in this company, aside from the kind of return you would expect from us, that you feel good about contributing to this kind of good work in the world, including in Australia, which we're making some headwinds commercially there as well. From a volume perspective, I think it's important for us to note that it's not just revenue that's growing in RECELL, but volume itself, volume of kits. It's also important that as we invested in RECELL GO, that was part of the strategy to expand utilization to other types of wounds, to smaller wounds. The way that you address expansion into those smaller wounds, number one, is education on economics, on clinical benefit, but also providing a technology that fits better to that type of wound treatment. RECELL GO mini does that at a lower price point, smaller kits for those smaller wounds, and that's how it's being used. It's being used as we thought it would. I think it's important for us to maintain our humility and continue to look for ways to improve the business. I also think it's gratifying to know that when you set a strategy, when you develop a product, and you set out to do something with it, that it acts the way that you thought it would because it gives you confidence that as you do things like that going forward, that you know how to do it well. That's a good example of launching an ancillary product to our flagship in RECELL GO mini and having it perform the way you intended. Obviously, last year and even beginning of this year, we talked all about reimbursement. If I were all of you, the way I would look at it is this. Two years ago, we got a CPT 1 code, and we thought this was going to be national across the country, and it was just going to be put in place by CMS. CMS found it too complicated and wanted us and physicians to go back and simplify things. While they were doing that, they delegated the publishing of the rates and the adjudication of claims to those Medicare administrative contractors, the seven MACs that we've been talking about forever. The company struggled with those MACs to try and get them to publish, which they did very slowly over the course of a year. That cost us some growth last year as a result of uncertainty in the market with physicians not feeling like they weren't sure if they were going to get paid, and if so, what they'd be paid. We finally got all of that figured out in Q1 of this year, and so we see that type of stabilization with the MACs. People are getting paid. Things are good. The even better news is that CMS just proposed, and will be finalized end of October, November, that starting January 1st, they will be handling the claims nationwide, that the set of codes are simplified. As it says here on the slide, they've bundled the steps in the process, harvesting, preparation, application into one. Everything is very clear, transparent, predictable, because obviously money and the reimbursement drives it, but the confusion, the lack of clarity is the thing that probably disrupted it even more than the economics of it. We're really excited. The physicians were involved in that process. The American Burn Association has told physicians, they've been talking about this whole concept. Over the course of the next 4 months, we'll reiterate with those hospitals that this is going into effect January 1st. They're expecting it, they're excited about it. I think patients will benefit from it, as will AVITA in the process. Little things, though, too, I think it's pretty much the same rates, just very consistent, helps us with the outpatient market. I think the fourth bullet on the left there, just a simple thing that makes sense, and that is if you have, by size, a small wound on the belly, let's say, of a four-year-old. That wound size is not particularly large, but as a percent of total body surface area on that four-year-old, it's quite large and quite impactful to that patient, especially as they grow, and the potential for scarring and a number of other things. They've shifted that from a straight-up size of the wound to a percentage of total body surface area, which makes complete sense. It drives the right behaviors with our clinicians for those young patients, and so we're extremely happy about that. Again, the reason why reimbursement matters the most is the consistency and transparency and predictability of it nationwide. The whole MAC thing goes away on January 1st, and we'll benefit from that permanence going forward. Next slide. Again, just a reminder that our portfolio has the ability to treat the same patient with the same physician, same hospital. Very efficient. We're already in those cases, so selling additional products in our portfolio is very easy. It's the same conversation about a particular patient, what they might need, and, "Oh, by the way, you may want to try another product from AVITA in the process." While that patient can benefit from other products in our portfolio besides RECELL, the company can also benefit from a revenue standpoint on a per-patient basis, per-wound basis. You can see that from this slide that if PermeaDerm Plus RECELL, all three products used on the right-hand side, there's a multiple of revenue on that same patient, that same incident. I mentioned last week in my remarks that 25 hospitals have now experienced using all three products. We are still early days in trying to, for them, developing synergies between the three products. Obviously, us getting through VAC, a number of hospitals right now, we are probably at that 35- 40 range in terms of those that have gotten through VAC. We still have about 50 in VAC. About 10- 15 of them per quarter are going through VAC. That gives us a license to compete and win business and grow that Cohealyx business as well. Next slide. What you see on the slide here is some clinical data and clinical studies. Some of this, the interim report for Cohealyx was released in April. We are going to have an interim report on PermeaDerm here this month. Of course, we have the RECELL data that came out with a 36% reduction of stay. What do all three of these have in common? Really two things to me. Number one is speed. Speed to healing, speed to wound bed readiness, efficiency, length of stay, speed, speed. That is great for the patient. The patient gets treated sooner. The patient gets out of the hospital sooner, back home to their family, to their life, healed in all sorts of ways. What is on this slide is money, because time is money. When patients are released earlier from the hospital, that is fewer days in acute care that a hospital has to care for that patient. If they are able to graft that patient and apply RECELL 20 days sooner, let us say, by using Cohealyx instead of the competition, that is 20 days of less pain, less dressing changes, less chance for infection, but also, again, sooner getting out of the hospital. PermeaDerm is really. There is a lot of efficiencies around handling it, preparing it, as opposed to allograft. What you will see from the data is that straight up, this saves them money with product that has better workflow and better transparency to monitor the wound bed. We are excited about what is going to come out in the next week or so. Next slide. Again, this is a summary slide. What I love about the company, and I think what has transpired over the last few quarters, is that the company is simple. It does not mean it is easy, but it is simple. We have three products, high margin, consistent OpEx and a really talented, passionate team that has everything they need to compete every day. Very under-penetrated. There is a lot of room to grow, not just in trauma, not just in small wounds, but even in large wounds and burn. New physicians, new wounds, different sizes and different types. There is a lot of room for our team to grow. We are very efficient. While we grow, we are not going to have to add a lot of people. We are not going to have to spend a lot more money. We are positioned to grow, and being very disciplined in our operating mechanisms and real excited about the future. Again, when I reported out on Q2, the reason why I was most excited about it is not because of something that was accomplished. It was because of something that is happening. This is a continually growing business. It grows on itself month after month, physician after physician, and that bodes well for the future. That bodes well for revenue guidance raising and for continued growth throughout the end of the year and into next year. We are real excited. Happy to take your questions if you have any at this time. Thank you, Cary. Thank you, Cary. We will now move on to the Q&A. If you have any questions, you can continue to submit them using the Q&A function. I will now hand over to Ben Atkins to run the Q&A. Thanks very much, Rudi. Thank you, Cary and David. Good morning, everybody. Welcome to the Q&A portion. I have a few questions which have been submitted to us in advance. As the presentation has been going on, I believe we have a few questions that have come in live. What I will do is I will start with a couple of the questions that came in advance, and then we will kind of intermix them as we go. Cary, first question to you. You have now delivered two consecutive quarters of sequential revenue growth. What gives you the confidence that the momentum you saw in Q2 can continue through the second half? Well, thank you. It's a little bit about what I was just talking about. I sit in a forecast call every week, and we talk by product, by account, to a good degree by region of the country, outside the country. We understand which physicians are using it, which ones are not, those that aren't using it, why they're not. We know, I think, who we can count on to continue to use it or at a greater level. I think understanding the business, understanding the levers, understanding the growth opportunities, the funnel, I think gives me the confidence to know that we're going to sustain what we have and build upon it. That's the reason why I can confidently say we're going to continue to grow in the quarters ahead. David, I'll put the next question to you. We've had a few questions actually regarding the sort of the cash flow breakeven. I think this will help you capture it in one. Cash use improved quite significantly in the quarter, and you're now targeting cash flow breakeven in Q4. What are the key things that need to go right between now and then to achieve that? Yeah. Thanks for the question, Ben. There are a lot of factors that go into reaching cash flow breakeven. The easy ones are that you need to have your revenue get to the levels that we just adjusted our guidance to. The way we get to cash flow breakeven first and foremost is to reach our revenue goals of anywhere from $86 million- $89 million. We hope to be at the top end of that range. That's the first one. The second is to maintain operating expenses in the level that we're already at. We don't see the need to increase our operating expenses in the third and fourth quarter. That is a major factor to get to that cash flow breakeven. Just a reminder on the operating expenses, which are at $24.5 million, there's a number of non-cash items in that $24.5 million, including stock-based compensation and depreciation and amortization and other smaller non-cash items. Then the third item that you need is to continue the gross margin percentage in that 82%-83% range. If there's mechanisms that we can use to increase that, we're looking at those, but we need to be in that 82%-83% range for gross margin. Then I guess I'll just say one last thing is that our accounts receivable team is very good at collecting cash, and collections of cash are very important, obviously, to get to that cash flow breakeven in the fourth quarter. Those would be the four items. Thank you, David. Somebody just made the observation in the chat that they are getting a bit of an echo in Australia. Obviously, I cannot hear what you are hearing there, but I apologize if anyone is having some difficulty. Just to let you know that we will be publishing the webcast on our website where it should have good sound. If there are any problems, you can always come back to this in the days ahead. Moving on to the next question. We have had a couple of questions before and actually just during the chat, looking at how we are thinking about the expansion from burn into some of the areas of trauma. I think they are sort of related here in this question. Cary, you mentioned that 25 hospitals have now had experience with all three products. How should investors think about the opportunity to grow revenue within your existing 200 hospital base as adoption of the broader portfolio develops? When will the company be looking to expand beyond that? Perhaps the second part to that question, which is related, is to sort of how we could be thinking about the move more into trauma as well as burn as well. It is a great question. It is a question I think about every day. I think if we just back up for a second and we say, what is important about this company is its ability to focus right now and execute where we are. We essentially have two new products that are still going through VAC. We also have RECELL GO, which is only a couple of years old that even though people love it is a new product that is out there. I think we need to be careful not to scattershot ourselves in the next couple of years. That being said, what we have is a very talented, highly trusted, relationship-driven commercial team that has relationships with physicians and with hospitals who understand the economics of the hospital, who can relate on an economic workflow and from a clinical standpoint with all of those stakeholders. On a day in, day out basis, they are centers and burn centers, and patients come in, and they are treated a number of different ways. That wound is treated. Right now, within that continuum of care from when they come in to when they leave, we are at some key inflection points in terms of protecting and evaluating the wound by using PermeaDerm as a temporizer, Cohealyx, that vascularizes and prepares the wound for grafting, and then obviously, RECELL that plays a key role in either spraying on or spray plus mesh graft. It is crucial for healing, crucial for the economics of the hospital that those three products play such a key role in the healing of the patient, the speed and workflow that that patient gets to healing and gets home, and the economics of the hospital, the money that they can make and the money they can save. That being said, if you look at ways that we can expand into trauma wounds, a lot of them are different than burn wounds, but they are all wounds. Sometimes they vary in terms of their complexity, sometimes in terms of their size. It is on us from a clinical standpoint, an education standpoint, a product standpoint, an economic standpoint, to find ways to address the needs of those particular trauma surgeons, those particular types of wounds. We are in the process of doing that. It is not a one-size-fits-all. You do not just come up with RECELL GO mini and say, "Here, use that in trauma." It takes salesmanship. It takes thought and strategy and directed focus and conversations and listening and understanding the needs of the customers, the pain points, and some of the resistance, frankly, that occurs in trying to do things differently. That is how we sell every day. We have a lot of work to do. We are extremely under-penetrated. We have a lot of room to grow. When I look at other types of products in the future, those other products would need to fit within certain guardrails. We are very, I think, happy with our level of margin, and we want to keep that margin. It is really important to us. That would be a key point. The call point from an efficiency standpoint. We do not want to be all over the place calling in different types of hospitals, different types of doctors at any point in the near future. It needs to fit the thesis and the mission of the company, which is to benefit our customers clinically, economically, and from a workflow perspective. It needs to tick those boxes to be melded into our portfolio. Again, all that being said, our people are very focused on execution, but I have the ability to pick my head up and say, "What else is out there?" We get approached and so on. In the quarters and years ahead, we are not closed off to putting other products into the portfolio, but we are going to be very careful about how and when and why we do that, frankly. Cary, we have had a couple more questions related to growth, firstly with the U.S. and the second one on international. Let me go to the U.S. first. A couple of questions that relate to the current penetration that we have in the burn market and what that could look like going forward. To sort of phrase it, what share do we believe we currently have of the U.S. burn market, and what do we think that could be potentially lifted to with RECELL? Yeah. Right now our evaluation of the burn market is we're at about 15%, and that's of the burn market. I think that the trauma is far less than that. You take the whole portfolio, we're probably at about 5%. If you just look at all of our products, just a ton of room to grow, even within burn, even within large wounds. It's not just, well, we've got all the large burns handled. It's just small wounds now. No, it's all of the above, which again, is a great opportunity and a great responsibility because not only is there a lot of business to go after and a lot of room to grow, but there are a lot of patients that are not getting, in my view, the best care which involves using RECELL. It's on us, and it's on our mission to get up every morning and convince people that this is a better way to go for them, for their hospital, and most importantly, for their patients. Again, I think, a lot of room to grow. Looking at international, could you perhaps give a little bit of color on what you're seeing revenue-wise in the international markets? As you think about the international markets, which are the key ones we have our eyes on for potential future growth? Yeah. Right now, we're in three different stories. If you look at Japan, we're fairly established there. It's a really strong healthcare market. We do a lot of business there. I think that there's room to grow there, but I think there's also opportunities for us to look at other indications and so on. But we do really well in Japan. I think Australia, while from a population standpoint it's smaller, I think we're very under-penetrated, particularly in the east, southeast of the country. We've made some progress there, just over the last few months since we got RECELL GO approval in Australia and New Zealand. We have a really good distribution team there that is making headway, and we have some champions forming in Melbourne and Brisbane and other areas of the east. We're really excited. We're seven months in in Europe, in the U.K., and in a handful of other countries with large, dense populations, with champions, with new distributors, understanding the economics of each of those countries, even explaining and educating physicians who think, well, RECELL's not reimbursed. Well, it is in some cases, and we've had to tell people that in places like Germany and so on. Obviously, those types of dense populations and healthcare systems have a great amount of potential. I'm going to tell this group when I know something's going to happen, in a particular place at a particular time, and I'm going to tell you that we don't know yet. What we're trying to do is build a platform for growth. That happens through champions, through understanding the economics, through educating people, having great distributors who can do a clinical sell, an economic sell, and days there. I guess more to come and as we get more information about inroads we're making into certain countries in Europe or in the U.K., we'll definitely share with this group. We had a question related to the products with Cohealyx and PermeaDerm, and specifically what future plans we have for any R&D with those two products. I think you touched a little bit on the Cohealyx one and the PermeaDerm one study there, Cary. Maybe it's worth just talking a little bit more about the data that we have coming up and the publications we plan and just put a bit of color on those two topics. Sure. I'll answer the second part first, which is these two studies. The interim data showed readiness to graft in Cohealyx, 20 days sooner than the competition. What's important for this group to understand is that, yes, we've been talking about vacuum-mediated and getting through the vacuum-mediated. At the other side of vacuum-mediated, there are other dermal matrices that we compete against, and it's important for us to have a clinical economic advantage and from a benefit standpoint. That interim data showed that readiness to graft at 20 days sooner, which is substantial not only for the patient, but again, for speed to healing, speed to getting people out of the hospital and back home. There'll be a six-month follow-up to that data that shows durability of the graft, how well it did, and all of that. If you take the comfort and reliability of the graft itself and then the speed at which it vascularizes and prepares the wound bed, it's a great combination. We'll submit that for publication at the end of the year. It'll publish next year, and we'll be able to have presentations at significant conferences as a result. That's Cohealyx. PermeaDerm, again, in the next week or so, you'll see the initial data, which just basically says, it's comparable to allograft or cadaver skin. Comparable, and they can trust it in that way. But aside from trusting it in that way, from a clinical standpoint, what you see is handle. Just a reminder to everybody that allograft or cadaver skin needs to be tracked. It needs to be frozen. It needs to be thawed, and then it needs to be applied, and then once it's applied, you can't see through it. Think about a product. Think about if you had a Band-Aid and you had a wound under it, and every time you want to see how it's doing, you have to lift up the Band-Aid. Well, it'd be great to be able to see through it so you could see how it's doing. That's what they want. That's what PermeaDerm is. It's transparent. As you're assessing the wound bed, you want something that's transparent. You want to be able to put it on the shelf and not have to put it in a freezer somewhere and then bring it over and thaw it and track it because it's human tissue. The handleability, and then just straight up the price. Somebody switches from allograft to PermeaDerm, they're going to save money every year just by switching. I think that'll be a part of the data that comes out initially and again, submitted towards the end of the year, published next year. In terms of R&D in those two areas, we coordinate very closely with Stedical and with Regenity Biosciences, potential next-gen enhancements. We think about it all the time. Again, we're selling what we've got. What we have is extremely beneficial from a clinical standpoint, but we're always looking for ways to improve it along with those companies, and we'll continue to do that just like we do with RECELL. Well, Cary and David, I think we've addressed the majority of questions which have been asked through, and I think to everybody, if there's anything that's specific, I did not address, please reach out to us directly and I'll do my best subsequently to do so. Cary, I think unless there are any further questions, I'll hand back to you for maybe any final thoughts, and we'll close it off after that. Yeah. I want to thank our team because this is really a company-wide effort, a lot of great people in every function doing all the hard work and really being focused and driven in terms of the mission. I want to thank investors because it's been rough. It's been a rough year and a half, and I think that what I tried to do is come into the role and be honest with myself and encourage everyone at the company to be honest with ourselves so that we could solve any issues. If there's 20 small issues, it all adds up, and I think we did that. We're still in the process of doing that on a regular basis. We want to know how we can get better. I think as a result, we are getting better. I think it's showing in the numbers, it's showing in the discipline. I think that'll continue to happen, and as it happens, we gain confidence, and as we gain confidence and are transparent with all of you, hopefully we gain some credibility that what we've accomplished and what we said we're going to do will continue going forward. If there's a time where we run into some bumps, we'll make sure that we're being transparent about that too, because I think that's important, because inevitably things happen. You need to have confidence that a leadership team is not only mitigating those things and looking out for those things and trying to prevent those things, but if and when they happen, that you'll address them head on and be straightforward about it, and you can count on that going forward. Thank you all for your support.