AVITA Medical Appoints Cary Vance as President & CEO; Q1 Revenue $19.3M
AVITA Medical announced the appointment of Cary Vance as President and CEO, with Jan Stern Reed named independent Chair of the Board. The company reported first-quarter 2026 financial results, with total revenue of $19.3 million, a 4% increase year-over-year, and a net loss of $10.6 million, an improvement from the prior year. Operating expenses decreased by 11% to $24.5 million due to cost optimization. Key business updates include a 10-year BARDA agreement valued up to $25.5 million, positive interim Cohealyx I data showing a ~20-day reduction in time to skin grafting readiness, and regulatory clearance for RECELL GO in Australia and New Zealand. The company reaffirmed its full-year 2026 revenue guidance of $80 to $85 million.
Key Highlights
- Cary Vance appointed President and CEO; Jan Stern Reed named independent Chair of the Board.
- Total revenue of $19.3 million, up 4% year-over-year and 10% sequentially.
- Net loss of $10.6 million ($0.35/share), improved from $13.9 million in Q1 2025.
- Operating expenses decreased 11% year-over-year to $24.5 million.
- Entered 10-year BARDA agreement valued at up to $25.5 million.
- Positive Cohealyx I data showed ~20-day reduction in time to skin grafting readiness.
- Received regulatory clearance for RECELL GO in Australia and New Zealand.
- Reaffirmed full-year 2026 revenue guidance of $80 to $85 million.