AVITA Medical Appoints Cary Vance As Interim CEO

(RTTNews) - AVITA Medical Inc. (RCEL, AVH.AX) announced that it has appointed 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.

Vance will continue to serve as Chairman of the Board, while Board member Jan Stern Reed has been appointed Lead Independent Director.

The company noted that it intends to engage an executive search firm to assist with selecting a permanent CEO. This process will include a mix of internal and external candidates, including Vance.

The company expects preliminary revenue for the third quarter ended September 30, 2025, to be about $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. While the outcome of those discussions is yet to be determined, the parties remain focused on maintaining a constructive agreement.

The company said it is assessing annual guidance and will provide an update on the Companys third quarter earnings call scheduled for November 6, 2025.