Avita Medical, Inc.

Good day and thank you for standing by. Welcome to the Aveda Medical Inc. Fourth Quarter and Full Year 2025 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please revise that today's conference is pre-recorded. on our conference. Over to your first speaker today, Ben Atkins, please go ahead.

Thank you, Operator. Welcome to Avita Medical's fourth quarter and full year 2025 earnings call. Joining me on today's call are Carrie Vance, Interim Chief Executive Officer, and David O'Toole, Chief Financial Officer. Today's earnings release and presentation are available on our website at www.avitamedical.com under the investor relations section. Before we begin, I would like to remind you that this call includes forward-looking statements within the meaning of the private securities litigation reform act of 1995. These statements are neither promises nor guarantees and involve known and unknown risks and uncertainties that could cause actual results to differ materially from any expectations expressed or implied by the forward-looking statements. Please review our most recent filings with the SEC for comprehensive descriptions of the risk factors. Any forward-looking statements provided during this call are based on management's expectations as of today. I will now send the call over to Kerry.

Good afternoon in the US and good morning in Australia. Thank you for joining us today. Before we get into the numbers, I want to start by coming back to how we closed the last call. In Q3, I ended with three priorities, driving disciplined execution, refining our commercial focus, and positioning Aveda for growth in 2026. The fourth quarter was about delivering on those commitments. You can see that summarized on the slide in front of you. We exited the year with a more disciplined operating model, improved visibility into cash use, and a clearer understanding of how our customers adopt and use our products. We refined our commercial focus around utilization in our core burn and trauma centers. And importantly, we removed sources of friction, reimbursement uncertainty, and restrictive balance sheet constraints that had weighed on execution throughout 2025. These are not headline outcomes on their own, but together they matter. They make the business more understandable, more forecastable, and more repeatable. As we walk through the quarter today, you'll hear how those execution priorities show up in the numbers, in our operating cadence, and in how we positioned heading into 2026. Turning briefly to the results, we've reported fourth quarter revenue of $17.6 million and a full year revenue of approximately $71.6 million. This represented about 11% growth over 2024 and was in line with our updated revenue guidance. From my perspective, the fourth quarter was less about acceleration and more about control. The numbers reflect the business that is operating more predictably and with greater discipline. David will walk through the details in a moment. A major focus throughout 2025 was resolving reimbursement uncertainty of resale. As of today, six of the seven Medicare administrative contractors have published payment rates for resale procedures. This removes the key constraint that weighed on utilization throughout the year and has begun to restore confidence for clinicians. As we said last quarter, predictable reimbursement, not only for our products, but also for the clinicians who use them, is what allows our strong clinical and real-world health economic data to translate into routine standard use of resale. With that clarity in place, we are now seeing early signs of utilization beginning to normalize as accounts reengage. Ultimately, growth in this business is driven less by adding new hospital accounts and more by increasing adoption, utilization, and repeated use of our products, Resell, Cohelix, and Permioderm by clinicians. Roughly 90% of our revenue today comes from about 200 burn and trauma centers. We've aligned sales incentives, forecasting assumptions, and field activity around earlier adoption and repeat use within these core accounts. We've also continued to shift away from bulk ordering toward more organic monthly usage patterns. Utilization matters because it creates predictability for clinicians, for hospitals, and for our business. As we look ahead, utilization will become an increasingly important way we evaluate execution internally. Today, the focus is on establishing the right operating cadence and doing the fundamentals well. so progress can cascade and compound over time. That consistency is supported by the breadth of our platform. Our strategy is built around a single integrated platform, Resell, Cohelix, and Permiaderm, used repeatedly by the same clinicians across multiple patient episodes. Resell remains the foundation of our business, supported by extensive clinical evidence demonstrating faster healing, improved outcomes, and shorter hospital stays. The COHELIX-1 post-market study is now fully enrolled, and the PERMEADERM-1 study is nearing full enrollment. These studies are designed to generate practical, real-world clinical and economic evidence that reflects how surgeons use these products in wound care, with data expected later in 2026. At the 2026 Boswick Burn and Wound Symposium last month, Investigators presented early findings and case experiences from these studies. Also notable, two cases presented from the podium reported all three of our technologies, resell, cohelix, and Permiaderm, used together on individual patients. This reinforces that our strategy to evolve from a resell-only story to a multi-product acute wound care platform is translating into real-world clinical practice and higher revenue per patient opportunities. Outside the U.S., we are taking a disciplined distributor-led approach as we build our footprint in select markets where there is clear clinical need and the right regulatory and operational foundations in place. Since receiving CE mark approval for ResellGo last October, we've supported initial clinical use in a small number of European markets. focused on establishing familiarity and operational readiness. In the aftermath of the tragic nightclub fire in Kronmontana, Switzerland, our teams and distribution partners were able to respond quickly to requests from surgeons because those foundational elements were already in place. Our role in situations like this is to remain responsive and reliable in support of patient care under extraordinarily difficult circumstances. We will continue to partner closely with the burn community to help ensure access to resale where and when it is needed. As David will walk you through, our commitment to execution discipline is reflected in our financials, particularly in our cost structure, cash use, and balance sheet. In January, we refinanced our debt through a new credit facility with Perceptive Advisors LLC. This was less about adding capital, and more about removing the distraction of restrictive covenants so the organization can stay focused on the execution. Turning to 2026, we expect full year revenue of $80 to $85 million, representing growth of approximately 12 to 19% over 2025. This outlook reflects normalization of resale utilization, expanded portfolio use within core accounts, contributions from cohelics and permioderm in a more predictable operating environment. This is execution-led growth driven by consistent delivery, quarter by quarter, and not one-time events or aggressive assumptions. With that, I'll turn the call over to David to walk through the financials in more detail.