• Total revenue of approximately $19.3 million, up 4% year-over-year and 10% sequentially
• Appointment of Cary Vance as President and CEO, reflecting confidence in strategic direction
• Entered into a 10-year BARDA agreement valued at up to $25.5 million for burn emergency preparedness

AVITA Medical reported financial results for the first quarter ended March 31, 2026. Total revenue was approximately $19.3 million, up 4% year-over-year and 10% sequentially, driven by contributions from Cohealyx and improved RECELL utilization as reimbursement dynamics normalized. The company appointed Cary Vance as President and Chief Executive Officer following a comprehensive search process, reflecting confidence in the company's strategic direction and operational progress. AVITA also entered into a 10-year BARDA agreement valued at up to $25.5 million to support U.S. burn emergency preparedness, providing recurring readiness revenue. Gross profit margin was 81.7%, reflecting product mix and inventory adjustments, while operating expenses decreased 11% year-over-year to $24.5 million. Net cash use was $9.9 million in the quarter, with cash receipts lagging revenue, and net loss was $10.6 million. AVITA is reaffirming its full-year 2026 guidance, expecting revenue in the range of $80 to $85 million, representing growth of 12% to 19% compared to 2025.

Full year 2026 revenue expected in the range of $80 to $85 million, representing growth of approximately 12% to 19% compared to 2025 revenue.