AVITA Medical Announces CEO Transition
Key points
- Board Chairman Cary Vance appointed Interim CEO
- Board member Jan Stern Reed appointed Lead Independent Director
- Preliminary Q3 2025 revenue expected to be around $17 million
Full summary
AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH) announced that the Board of Directors has named Chairman of the Board Cary Vance as Interim Chief Executive Officer, effective immediately. In conjunction with this appointment, Jim Corbett is leaving his positions as CEO and member of the Board. Mr. Vance will continue to serve as Chairman of the Board, while Board member Jan Stern Reed has been appointed Lead Independent Director. The Board intends to engage an executive search firm to assist with selecting a permanent CEO, which will include a mix of internal and external candidates, including Mr. Vance. Mr. Vance has served on AVITA Medical's Board since 2023 and has over 30 years of experience in the healthcare industry, previously serving as the President and CEO of several innovative companies. The company expects preliminary revenue for the third quarter ended September 30, 2025, to be approximately $17 million. In connection with the Company's credit agreement with OrbiMed, the Company has secured a waiver for the third quarter 2025 trailing 12-month net revenue covenant, and is in discussions with OrbiMed to redefine future covenants.
Guidance
The company expects preliminary revenue for the third quarter ended September 30, 2025, to be approximately $17 million.
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