24 Nov

Avita Medical Changes to Calendar Year Financial Reporting

AVITA Medical Inc, 28159 Avenue Stanford, Valencia, CA 91355 Page 1 Avita Medical Changes to Calendar Year Financial Reporting MELBOURNE, Australia, November 24 , 2021 — AVITA Medical , Inc. (NASDAQ: RCEL, ASX: AVH), a regenerative medicine company that is developing and commercializing a technology platform that enables point - of - care autologous skin restoration for multiple unmet needs will be chang ing from a fiscal year ( a year beginning on July 1 and ending June 30 ) to a calendar year beginning on January 1 and ending December 31. The change in f iscal year results in an abbreviated fiscal year for the Company from July 1, 2021 to December 31, 2021. The Company’s first full calendar year resulting from the change will be the year ended December 31, 2022. The Company’s fiscal quarters will remain ca lendar quarters. For more information about the RECELL System , please visit www.RECELLSystem.com. # # # ABOUT AVITA MEDICAL, INC. AVITA Medical is a regenerative medicine company with a technology platform positioned to address unmet medical needs in burns, chronic wounds, and aesthetics indications. AVITA Medical’s patented and proprietary collection and application technology provides innovative treatment solutions derived from the regenerative properties of a patient’s own skin. The medical devices work by preparing a RES® REGENERATIVE EPIDERMAL SUSPENSION, an autologous suspension comprised of the patient’s skin cells necessary to regenerate natural healthy epidermis. This autologous suspension is then sprayed onto the areas of the patient requiring treatment. AVITA Medical’s first U.S. product, the RECELL® System, was approved by the U.S. Food and Drug Administration (FDA) in September 2018. The RECELL System is indicated for use in the treatment of acute thermal burns. The RECELL System is used to prepare Spray - On Skin™ Cells using a small amount of a patient’s own skin, providing a new way to treat severe burns, while significantly reducing the amount of donor skin required. The RECELL System is designed to be used at the point of care alone or in combination with autografts depending on the depth of the burn injury. Compelling data from randomized, controlled clinical trials conducted at major U.S. burn centers and real - world use in more than 10,000 patients globally reinforce that the RECELL Syst em is a significant advancement over the current standard of care for burn patients and offers benefits in clinical outcomes and cost savings. Healthcare professionals should read the INSTRUCTIONS FOR USE - RECELL® Autologous Cell Harvesting Device (https: //recellsystem.com/) for a full description of indications for use and important safety information including contraindications, warnings, and precautions. In international markets, our products are marketed under the RECELL System brand to promote skin h ealing in a wide range of applications including burns, chronic wounds, and aesthetics. The RECELL AVITA Medical Inc, 28159 Avenue Stanford, Valencia, CA 91355 Page 2 System is TGA - registered in Australia and received CE - mark approval in Europe. To learn more, visit www.avitamedi cal.com . CAUTIONARY NOTE REGARDING FORWARD - LOOKING STATEMENTS This pres s release includes forward - looking statements. These forward - looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “intend,” “could,” “may,” “will,” “believe,” “estimate,” “look forward,” “forecast,” “goal,” “target,” “pr oject,” “continue,” “outlook,” “guidance,” “future,” other words of similar meaning and the use of future dates. Forward - looking statements in this press release include, but are not limited to, statements concerning, among other things, our ongoing clinic al trials and product development activities, regulatory approval of our products, the potential for future growth in our business, and our ability to achieve our key strategic, operational and financial goal. Forward - looking statements by their nature add ress matters that are, to different degrees, uncertain. Each forward - looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statem ent. Applicable risks and uncertainties include, among others, the timing of regulatory approvals of our products; physician acceptance, endorsement, and use of our products; failure to achieve the anticipated benefits from approval of our products; the ef fect of regulatory actions; product liability claims; risks associated with international operations and expansion; and other business effects, including the effects of industry, economic or political conditions outside of the company’s control. Investors should not place considerable reliance on the forward - looking statements contained in this press releas e . Investors are encouraged to read our publicly available filings for a discussion of these and other risks and uncertainties. The forward - looking state ments in this press release speak only as of the date of this release, and we undertake no obligation to update or revise any of these statements. This press release was authorized by the review committee of AVITA Medical, Inc. FOR FURTHER INFORMATION: U.S. Media Sam Brown, Inc. Christy Curran Phone +1 - 615 - 414 - 8668 christycurran@sambrown.com O.U.S. Media Rudi Michelson Phone +61 (0)3 9620 3333 Mobile +61 (0)411 402 737 rudim@monsoon.com.au Investors Westwicke Partners Caroline Corner Phone +1 - 415 - 202 - 5678 caroline.corner@westwicke.com PR 2 0212311 # # #
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