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AVITA Medical, Inc. entered into a new five-year senior secured credit facility of up to $60 million with Perceptive Credit Holdings V, LP. The company drew an initial $50 million on closing and used it to fully repay and terminate its prior credit agreement with an affiliate of OrbiMed Advisors.
The loan bears interest at the SOFR rate (with a minimum of 4.00%) plus 7.50%, and includes prepayment premiums of 1% to 10%, an exit fee in certain circumstances, and customary events of default and covenants. AVITA must maintain minimum trailing twelve-month net revenue levels and at least $5 million of unrestricted cash.
As part of the financing, AVITA agreed to issue a 10-year warrant to purchase up to 500,000 shares of common stock, with an additional 150,000 shares becoming issuable if the additional loan commitment is drawn. The warrant’s exercise price is based on the 10-day volume-weighted average price and is subject to shareholder approval and Australian Securities Exchange requirements. AVITA also furnished a press release updating expected fourth quarter and full-year 2025 revenue and providing 2026 revenue guidance.
AVITA Medical, Inc. appointed experienced healthcare executive Joe Woody to its Board of Directors, effective January 1, 2026, to serve until the 2026 Annual Meeting of Stockholders. He will sit on each of the Board’s committees and has been determined to be an independent director under applicable standards. The company states that he has no appointment-related arrangements, family relationships with directors or executives, or material related-party transactions requiring disclosure.
Woody brings more than two decades of medical technology leadership, including serving as CEO of Avanos Medical and President and CEO of Acelity Holdings, as well as senior roles at Covidien and Smith & Nephew and long-term service on the AdvaMed board. Under an offer letter effective January 1, 2026, he will receive $92,500 in annual cash compensation for Board service and an initial equity grant valued at $210,000, with about 30% in stock options and 70% in restricted stock units, plus eligibility for annual equity grants, all subject to shareholder approval.
AVITA Medical (RCEL) filed its Q3 2025 10‑Q, reporting lower revenue and a going concern warning. Total revenue was $17.1 million for the quarter, down from $19.5 million a year ago. Net loss was $13.2 million versus $16.2 million in the prior year period. For the nine months, revenue reached $54.0 million and net loss was $37.0 million.
Cash, cash equivalents, and marketable securities were $23.3 million as of September 30, 2025. The company disclosed “substantial doubt” about its ability to continue as a going concern due to expected non‑compliance with a minimum cash covenant under its senior secured credit facility. The loan facility balance of $42.4 million was classified as current. AVITA obtained revenue covenant waivers for Q1–Q3 2025 and amended future thresholds.
To bolster liquidity, AVITA completed an August 12, 2025 private placement raising $14.8 million gross (3,440,377 common share equivalents via 17,201,886 CDIs). Shares outstanding were 30,493,111 as of November 3, 2025. Lease revenue from RECELL GO devices was $165,000 in Q3, with product sales the primary driver of revenue.
AVITA Medical (RCEL) amended its credit agreement with affiliates of OrbiMed Advisors, LLC. The Sixth Amendment sets a trailing 12‑month revenue covenant of $70.0 million for the quarter ending December 31, 2025, while keeping subsequent revenue covenants in place through the Maturity Date.
The lenders also waived a requirement that AVITA’s Form 10‑Q for the quarter ended September 30, 2025 contain no “going concern” or similar qualification. In exchange, AVITA agreed to add $500,000 to the principal balance of the Credit Agreement, with interest on this amount accruing as of November 1, 2025 and payable with the original $40,000,000 principal at maturity or earlier repayment.
Separately, AVITA announced it issued a press release covering third‑quarter results for the period ended September 30, 2025.
BlackRock, Inc. filed an amended Schedule 13G reporting beneficial ownership of 1,138,436 shares of AVITA Medical, Inc. (RCEL) common stock, representing 4.3% of the class. The event triggering the filing is dated 09/30/2025.
BlackRock reports sole voting power over 1,119,786 shares and sole dispositive power over 1,138,436 shares, with 0 shared voting or dispositive power. The filing notes that various persons may have rights to dividends or proceeds, but no single person exceeds five percent of outstanding shares. BlackRock certifies the securities were acquired and are held in the ordinary course of business and not to change or influence control.
AVITA Medical (RCEL) announced leadership changes. Effective October 16, 2025, James Corbett departed as Chief Executive Officer and director; the company stated his departure was not due to any disagreement regarding operations, policies, or practices. The Board appointed Chairman Cary Vance as Interim CEO, and named Jan Reed as Lead Independent Director.
Vance brings nearly 30 years of healthcare leadership experience, including CEO roles at PhotoniCare, Titan Medical, and others. As Interim CEO, he will receive an annual base salary of $702,000 and a guaranteed bonus of $140,000 for fiscal 2025. For fiscal 2026, he is eligible for a target bonus equal to 80% of base salary, with half guaranteed and half tied to performance metrics, subject to continued service through the one-year anniversary of the effective date. He will forgo Board compensation while serving as Interim CEO and will be reimbursed for commuting expenses per company policy.