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AVITA MEDICAL Second Quarter 2026 Financial and Business Update August 6 , 2026
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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 2AVITA Medical | August 6, 2026
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Commercial execution drives strong second quarter revenue and supports higher revenue forecast and path to cash flow breakeven in 2026 3 Q1 2026 $17.6 Q4 2025 $19.3$17.1$18.4 Q3 2025Q2 2025 Net revenue in USD millions $21.7 Q2 2026 US RECELL Cohealyx International $16.6 $18.5 $1.5 $1.7 $0.7 $0.9 ~11% ~26% ~16% Portfolio quarter-over-quarter in USD millions Q1 2026 Q2 2026 AVITA Medical | August 6, 2026 PermeaDerm $0.4 $0.6 ~40% Net Revenue expected to grow: $86M to $89M Updated full year 2026 guidance Expect to achieve cash flow breakeven in: Q4 2026
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Revenue growth continues to lead positive change in financials 4 Key figures Revenue Gross profit margin Operating expenses Net loss Q2 2025 $18.4 81.2% $26.1 ($9.9) in USD millions Q2 2026 $21.7 81.9% $24.6 ($7.7) Q1 2026 $19.3 81.7% $24.5 ($10.6) Change vs PY +18% +70 BPS +5.8% +22% Change vs Q1 +13% +20 BPS +27% AVITA Medical | August 6, 2026 Cash balance 15.711.1 14.3 Cash use 10.13.2 9.9+68% +68% n/a n/a n/a
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Clear trajectory to cash flow breakeven in 2026 $17.6 $19.3 $21.7 81.2% 81.7% $24.7 $24.5 $24.6 ~10% QoQ Gross marginRevenue Growth Operating Expense Q2Q1Q4 Q2Q1Q4 Q2Q1Q4 ~13% QoQ 81.9% AVITA Medical | August 6, 2026 5 2025 2025 2025 Full year forecast: $86-89 in USD millions in USD millions Revenue growth, high gross margin and expense/cash discipline lead us to cash flow breakeven in Q4 2026Key Takeaway Sequential growth towards updated forecast Disciplined OpEx while revenue scales Optimized cash conversion cycle Sustained high gross margins
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Balance sheet supports our 2026 outlook 6AVITA Medical | August 6, 2026 Balance sheet outlook Financial Flexibility $10 million Tranche B available upon reaching at least $85 million of trailing 12-month net revenue Covenant Confidence Minimum cash and trailing 12- month revenue covenant requirements remain well aligned with the Company's 2026 outlook Liquidity Liquidity supports execution through expected cash flow breakeven Net Revenue expected to grow: $86M to $89M Updated full year 2026 guidance Expect to achieve cash flow breakeven in: Q4 2026
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RECELL utilization continues to strengthen as physician adoption expands Q1 2026 2,341 Q4 2025 2,376 Total U.S. RECELL Volume by Quarter in units 2,621 Q2 2026 +1.5%+12.5% +10.3% >1921801-1920501-800301-500<300 7% 11% 34% 43% +3% RECELL GO mini cases by wound size (2026 YTD) ≤500 sq cm: 77% cases in cm2 7AVITA Medical | August 6, 2026 Includes RECELL, RECELL GO, RECELL GO Mini RECELL GO Mini ‘unit’ = Pack of three cartridges
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New 2027 SCSA CPT Code family streamlines RECELL procedure reporting Bundles harvest, preparation, and application into a single SCSA code family Standardizes reporting in 100 sq cm increments, more consistent with skin graft coding conventions Removes manual vs. automated preparation distinctions, reducing device-specific coding complexity Restores pediatric reporting based on percent body surface area for infants and children Supports a more transparent national physician valuation framework Transitioning from regional, contractor pricing to a nationally published approach Greater transparency Nationally published valuation reduces variability across regions and contractors More predictability Clearer, consistent valuation methodology supports planning for physicians and hospitals Improved consistency Simplified reporting and standardized increments help facilitate physician reimbursement Supports sustained adoption More stable payment expectations support continued use of RECELL 2027 SCSA CPT Code family improves coding clarity and supports proposed national physician valuation framework Why the valuation framework matters Key improvements in the new code structure 8AVITA Medical | August 6, 2026
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Entering the second half 2026 a stronger, predictable business 9 Record quarterly revenue High gross margin Raised 2026 revenue guidance Commercial Financial Outlook AVITA Medical | August 6, 2026 All three products grew sequentially Platform adoption is increasing Disciplined OpEx Improving use of cash Q4 cash flow breakeven expected Momentum into the second half 2026