AVITA amends credit deal: $70M revenue covenant, adds $500K

AVITA Medical (RCEL) amended its credit agreement with affiliates of OrbiMed Advisors, LLC.

Rhea-AI Filing Summary

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.

Insights

Credit & Covenants Analyst

Neutral: covenant reset to $70M and going‑concern waiver for Q3, $500K principal added.

The amendment sets a trailing 12‑month revenue covenant of $70.0 million for the quarter ending December 31, 2025 and leaves later revenue covenants in effect through the Maturity Date. The lenders also waived a condition requiring no “going concern” qualification in the Q3 2025 Form 10‑Q.

In consideration, AVITA increased the loan principal by $500,000, with interest accruing from November 1, 2025, alongside the original $40,000,000 principal, due at maturity or earlier repayment. This indicates lender cooperation while modestly increasing debt.

Actual impact depends on AVITA meeting the $70.0 million trailing revenue covenant at year‑end 2025. Subsequent filings may provide detail on revenue trajectory relative to this threshold.

8-K Event Classification

Item 1.01 — Entry into a Material Definitive Agreement

1 item

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

FAQ

What did AVITA Medical (RCEL) change in its credit agreement?

It executed a Sixth Amendment that sets a trailing 12‑month revenue covenant of $70.0 million for the quarter ending December 31, 2025, and keeps later covenants in effect.

Did the lenders provide any waiver to AVITA Medical (RCEL)?

Yes. They waived a requirement that the Q3 2025 Form 10‑Q contain no “going concern” or similar qualification.

What consideration did AVITA agree to for the amendment and waiver?

AVITA added $500,000 to the principal balance, with interest accruing as of November 1, 2025 and payable with the original $40,000,000 principal.

Who are the lenders in AVITA Medical’s agreement?

Affiliates of OrbiMed Advisors, LLC are the lenders.

When are the amended amounts due?

Interest on the added $500,000 accrues from November 1, 2025, and the amount is payable with the original $40,000,000 at maturity or upon earlier repayment.

Did AVITA announce quarterly results in connection with this filing?

Yes. AVITA issued a press release announcing financial results for the quarter ended September 30, 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/06/2025 - 04:12 PM Learn about SEC filing dates

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 05, 2025

AVITA Medical, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-39059	85-1021707
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
28159 Avenue Stanford Suite 220
Valencia, California				91355
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 661 367-9170

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		RCEL		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On November 5, 2025, affiliates of OrbiMed Advisors, LLC (the “Lenders”) and AVITA Medical, Inc. (the “Company”) agreed to a sixth amendment (the “Sixth Amendment”) to the credit agreement, dated October 18, 2023, as previously amended (the “Credit Agreement”).

The Sixth Amendment modifies the trailing 12-month revenue covenant to $70.0 million for the quarter ending December 31, 2025. The revenue covenants for all subsequent quarters through the Maturity Date (as defined in the Credit Agreement) remain in effect. The Sixth Amendment also waived a requirement that the Company’s Quarterly Report on Form 10-Q not contain any qualification or statement which is of a “going concern” or similar nature for the quarter ending September 30, 2025.

In consideration for the amended covenant and waiver in the Sixth Amendment, the Company agreed to add $500,000 to the principal balance of the Credit Agreement, with interest paid on this amount as of November 1, 2025 and during the term of the Credit Agreement and payable along with the original $40,000,000 principal balance, either on the Maturity Date or when and if earlier repaid.

The foregoing description of the Sixth Amendment is qualified in its entirety by the full text of the Sixth Amendment, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.

Item 2.02 Results of Operations and Financial Condition.

On November 6, 2025, the Company issued a press release announcing its financial results for the third quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description of Exhibit
10.1		Waiver and Sixth Amendment to the Credit Agreement between the Lender and the Company, dated November 5, 2025
99.1		Press release, dated November 6, 2025, issued by AVITA Medical, Inc.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			AVITA Medical, Inc.
Date:	November 6, 2025	By:	/s/ David O’Toole
			David O’Toole Chief Financial Officer