UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 2.02. | Results of Operations and Financial Condition; Item 7.01 Reg Fd Disclosure. |
On May 12, 2022, AVITA Medical, Inc. (the “Company”), reported financial results for its first quarter 2022, and certain other business updates. A webcast of the event is available on the Company’s website under Investor Events and Presentations. In conjunction with the report, the Company released a press release attached hereto as Exhibit 99.1 and a slide deck attached hereto as Exhibit 99.2.
The information under Item 2.02, Item 7.01, Exhibit 99.1, and Exhibit 99.2 is preliminary, has not been audited, and is subject to change. The information disclosed is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933 except as expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit |
Description of Exhibit | |
| 99.1 | AVITA Medical Reports First Quarter 2022 Financial Results | |
| 99.2 | Company Update | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURE
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.
Date: May 17, 2022
| AVITA MEDICAL, INC. | ||
| By: | /s/ Donna Shiroma | |
| Name: | Donna Shiroma | |
| Title: | General Counsel | |
Exhibit 99.1
AVITA Medical Reports First Quarter 2022 Financial Results
May 12, 2022
VALENCIA, Calif. and MELBOURNE, Australia, May 12, 2022 (GLOBE NEWSWIRE) — AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH) (the “Company”), a regenerative medicine company that is developing and commercializing a technology platform that enables point-of-care autologous skin restoration for multiple unmet needs, today reported financial results for its first quarter ended March 31, 2022.
Financial Highlights and Recent Updates:
| • | Reported commercial revenue, which excludes BARDA revenue, of $7.4 million a 61% increase compared to $4.6 million in the corresponding period in the prior year |
| • | Reported total revenue, which includes BARDA revenue, of $7.5 million compared to $8.8 million in the corresponding period in the prior year, which included $4.1 million in BARDA revenue |
| • | In February 2022, FDA approved our premarket approval application (PMA) supplement for RECELL® Autologous Cell Harvesting Device, an enhanced RECELL system aimed at providing clinicians a more efficient user experience and simplified workflow |
| • | In February 2022, Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) approved our application for commercialization of the RECELL system in burns |
| • | As of March 31, 2022, the Company had $95.0 million in cash, cash equivalents, and marketable securities, with no debt |
“Our commercial team performed well this quarter driving further adoption and penetration within burn centers, and our clinical team continued to move the soft tissue reconstruction and vitiligo trials forward,” said Dr. Mike Perry, AVITA Medical Chief Executive Officer. “We are well positioned to drive revenue growth ahead and we look forward to topline data readouts from our soft tissue reconstruction and vitiligo clinical trials in the second half of this year.”
First Quarter of Year 2022 Financial Results
Our commercial revenue, which excludes BARDA revenue, was $7.4 million in the current year, an increase of $2.8 million or 61%, compared to $4.6 million the corresponding period in the prior year. Total revenue, which includes BARDA revenue, was $8.8 million in the corresponding period in the prior year which included $4.1 million in BARDA related revenue that resulted from our delivery of units to managed inventory for BARDA for emergency response preparedness. The increase in commercial revenue was largely driven by broader utilization among our customer base as well as deeper penetration within individual customer accounts.
Gross profit margin was 76% and is flat compared to the corresponding period in the prior year.
Total operating expenses increased by 21% to $16.0 million compared to $13.2 million in the corresponding period in the prior year. The increase in operating expenses is primarily attributable to higher share-based compensation, salary, and benefits. Higher share-based compensation expenses are associated with acceleration of expense for certain performance milestones being met in the current quarter. Higher salary and benefits are driven by the expansion of our workforce to support the overall operations, an increase in field resources to expand our market coverage and hiring of an executive at the end of March 2021.
Net loss increased by 58% or $3.5 million to $9.5 million, or $0.38 per share, compared to a net loss of $6.0 million, or $0.26 per share, in the corresponding period of the prior year.
Adjusted EBITDA* loss increased by 42%, or $1.9 million to $6.4 million, over the $4.5 million recognized in the corresponding period in the prior year. A table reconciling non-GAAP measures is included in this press release for reference.
Calendar Year 2022 Revenue Guidance
Commercial revenues in calendar year 2022 are projected to be approximately $30 million, excluding BARDA revenues, which represents a 20% increase year-over year. We project BARDA revenues of approximately $0.3 million in calendar year 2022, as compared to $7.9 million in calendar year 2021, since we completed delivery of RECELL units into the national stockpile in 2021.
| * | Adjusted EBITDA is a non-GAAP financial measure. See the appendix to this release for a discussion of Non-GAAP financial measures, including a reconciliation to the most closely correlated GAAP measure. |
Webcast and Conference Call Information
The Company will host a conference call to discuss the first quarter financial results after market close on Thursday May 12, 2022, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time (being 6.30 a.m. Australian Eastern Standard Time on Friday May 13, 2022). The conference call can be accessed live over the phone at (833) 614-1538 for U.S. callers or at (706) 634-6548 international callers, using conference ID:2592487. The live webinar can be accessed at https://ir.avitamedical.com.
Authorized for release by the Chief Financial Officer of AVITA Medical, Inc.
ABOUT AVITA Medical, Inc.
AVITA Medical, Inc. is a regenerative medicine company with a technology platform positioned to address unmet medical needs in burns, chronic wounds, and aesthetics indications. AVITA Medical Inc. 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 Medicals’ 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 approved for acute partial-thickness thermal burn wounds in patients 18 years of age and older or application in combination with meshed autografting for acute full-thickness thermal burn wounds in pediatric and adult patients. 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 8,000 patients globally, reinforce that the RECELL System 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 February 2022, the FDA reviewed and approved the PMA supplement for RECELL Autologous Cell Harvesting Device, an enhanced RECELL System aimed at providing clinicians a more efficient user experience and simplified workflow. The RECELL System is a device that enables healthcare professionals to produce a suspension of Spray-On Skin™ Cells using a small sample of the patient’s own skin for the treatment of acute thermal burns
In international markets, our products are marketed under the RECELL System brand to promote skin healing in a wide range of applications including burns, chronic wounds, and aesthetics. The RECELL System is TGA-registered in Australia and received CE-mark approval in Europe.
To learn more, visit www.avitamedical.com.
* Use of Non-GAAP Measure
AVITA Medical’s reported earnings are prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and represent earnings as reported to the Securities and Exchange Commission. AVITA Medical has provided in this release certain financial information that has not been prepared in accordance with GAAP. AVITA Medical’s management believes that the non-GAAP adjusted EBITDA described in the release, which includes adjustments for specific items that are generally not indicative of our core operations, provides additional information that is useful to investors in understanding AVITA Medical’s underlying performance, business and performance trends, and helps facilitate period-to-period comparisons and comparisons of its financial measures with other companies in AVITA Medical’s industry. However, the non-GAAP financial measures that AVITA Medical uses may differ from measures that other companies may use. Non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation or as substitutes for results prepared in accordance with GAAP.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press 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,” “project,” “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 clinical 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 goals. Forward-looking statements by their nature address 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 statement. 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 effect 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 including, but not limited to the ongoing COVID-19 pandemic which are outside of the company’s control. Investors should not place considerable reliance on the forward-looking statements contained in this press release. Investors are encouraged to read our publicly available filings for a discussion of these and other risks and uncertainties. The forward-looking statements 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
FOR FURTHER INFORMATION:
| U.S. Media Sam Brown, Inc. Christy Curran Phone +1 615 414 8668 christycurran@sambrown.com |
Investors ICR Westwicke Caroline Corner Phone +1 415 202 5678 caroline.corner@westwicke.com | |
| O.U.S Media Monsoon Communications Rudi Michelson Phone +61 (0)3 9620 3333 Mobile +61 (0)411 402 737 rudim@monsoon.com.au |
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AVITA MEDICAL, INC.
Consolidated Balance Sheets
(In thousands, except share and per share data)
(Unaudited)
| As of | ||||||||
| March 31, 2022 | December 31, 2021 | |||||||
| ASSETS |
||||||||
| Cash and cash equivalents |
$ | 23,535 | $ | 55,511 | ||||
| Marketable securities |
59,835 | 29,649 | ||||||
| Accounts receivable, net |
3,481 | 3,118 | ||||||
| BARDA receivables |
682 | 308 | ||||||
| Prepaids and other current assets |
1,146 | 1,213 | ||||||
| Restricted cash |
201 | 201 | ||||||
| Inventory |
1,803 | 2,132 | ||||||
|
|
|
|
|
|||||
| Total current assets |
90,683 | 92,132 | ||||||
| Marketable securities, long-term |
11,684 | 19,692 | ||||||
| Plant and equipment, net |
1,171 | 1,262 | ||||||
| Operating lease right-of-use assets |
1,375 | 1,544 | ||||||
| Intangible assets, net |
416 | 443 | ||||||
| Other long-term assets |
1,162 | 942 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 106,491 | $ | 116,015 | ||||
|
|
|
|
|
|||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
| Accounts payable and accrued liabilities |
2,397 | 2,708 | ||||||
| Accrued wages and fringe benefits |
2,914 | 5,363 | ||||||
| Other current liabilities |
1,186 | 1,075 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
6,497 | 9,146 | ||||||
| Contract liabilities |
882 | 952 | ||||||
| Operating lease liabilities, long-term |
726 | 918 | ||||||
| Other long-term liabilities |
571 | 375 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
8,676 | 11,391 | ||||||
|
|
|
|
|
|||||
| Contingencies (Note 12) |
||||||||
| Shareholders’ Equity: |
||||||||
| Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 24,955,581 and 24,925,743 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively |
3 | 3 | ||||||
| Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding at March 31, 2022 and December 31, 2021 |
— | — | ||||||
| Additional paid-in capital |
335,417 | 332,484 | ||||||
| Accumulated other comprehensive income |
7,781 | 8,060 | ||||||
| Accumulated deficit |
(245,386 | ) | (235,923 | ) | ||||
|
|
|
|
|
|||||
| Total shareholders’ equity |
97,815 | 104,624 | ||||||
|
|
|
|
|
|||||
| Total liabilities and shareholders’ equity |
$ | 106,491 | $ | 116,015 | ||||
|
|
|
|
|
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AVITA MEDICAL, INC.
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Revenues |
$ | 7,539 | $ | 8,765 | ||||
| Cost of sales |
(1,778 | ) | (2,146 | ) | ||||
|
|
|
|
|
|||||
| Gross profit |
5,761 | 6,619 | ||||||
|
|
|
|
|
|||||
| BARDA income |
734 | 570 | ||||||
| Operating expenses: |
||||||||
| Sales and marketing expenses * |
(4,828 | ) | (3,649 | ) | ||||
| General and administrative expenses * |
(7,534 | ) | (5,422 | ) | ||||
| Research and development expenses * |
(3,620 | ) | (4,109 | ) | ||||
|
|
|
|
|
|||||
| Total operating expenses |
(15,982 | ) | (13,180 | ) | ||||
|
|
|
|
|
|||||
| Operating loss |
(9,487 | ) | (5,991 | ) | ||||
| Interest expense |
— | (3 | ) | |||||
| Other income |
28 | 7 | ||||||
|
|
|
|
|
|||||
| Loss before income taxes |
(9,459 | ) | (5,987 | ) | ||||
| Income tax expense |
(4 | ) | (10 | ) | ||||
|
|
|
|
|
|||||
| Net loss |
$ | (9,463 | ) | $ | (5,997 | ) | ||
|
|
|
|
|
|||||
| Net loss per common share: |
||||||||
| Basic |
$ | (0.38 | ) | $ | (0.26 | ) | ||
| Diluted |
$ | (0.38 | ) | $ | (0.26 | ) | ||
| Weighted-average common shares: |
||||||||
| Basic |
24,937,999 | 22,734,335 | ||||||
| Diluted |
24,937,999 | 22,734,335 | ||||||
| * | Total operating expenses include impact of share-based compensation as follows: |
| Three-months ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Sales and marketing expenses |
$ | 329 | $ | 238 | ||||
| General and administrative expenses |
2,327 | 930 | ||||||
| Research and development expenses |
276 | 165 | ||||||
|
|
|
|
|
|||||
| Total |
$ | 2,932 | $ | 1,333 | ||||
|
|
|
|
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|||||
Reconciliation of reported Net Loss (GAAP) to Adjusted EBIDTA (NON-GAAP) Measure – Unaudited
| Three months ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Net Loss |
$ | (9,463 | ) | $ | (5,997 | ) | ||
| Depreciation expense |
129 | 137 | ||||||
| Patent Amortization |
34 | 30 | ||||||
| Share-based expense |
2,932 | 1,333 | ||||||
| Interest Expense |
— | 3 | ||||||
| Income Tax Expense |
4 | 10 | ||||||
|
|
|
|
|
|||||
| Adjusted EBITDA (Non-GAAP) |
$ | (6,364 | ) | $ | (4,484 | ) | ||
|
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|
|
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May 2022 Exhibit 99.2
Certain statements in this presentation and the accompanying oral commentary are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements regarding our future financial condition, technology platform, development strategy, prospective products, pipeline and milestones, regulatory objectives, expected payments from and outcomes of collaborations, and likelihood of success, are forward-looking statements. Such statements are predictions only and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, among others, the costs, timing and results of clinical trials and other development activities; the uncertainties inherent in the initiation and enrollment of clinical trials; the uncertainties associated with the COVID-19 pandemic; the unpredictability of the timing and results of regulatory submissions and reviews; market acceptance for approved products and innovative therapeutic treatments; competition; the possible impairment of, inability to obtain and costs of obtaining intellectual property rights; and possible safety or efficacy concerns, general business, financial and accounting risks and litigation. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. More information concerning AVITA Medical as well as the aforementioned risks and uncertainties is available in our public filings with the U.S. Securities and Exchange Commission, including our most recent Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, and our most recent Transition Report on Form 10-KT period from July 1, 2021 to December 31, 2021. We are providing this information as of its date and do not undertake any obligation to update or revise it, whether as a result of new information, future events or circumstances or otherwise, except as required by law. Additional information may be available in press releases or other public announcements and public filings made after the date of this presentation. AVITA Medical’s products are Rx only. Please reference the Instructions for Use for more information on indications, contraindications, warnings, precautions and adverse events. In the United States, RECELL® is approved for use in patients suffering acute thermal burns. Use of RECELL in other patient populations is either prohibited by United States law or may be made available pursuant to a relevant investigational device exemption granted by the FDA (and likewise limited by United States law to investigational use only). Legal Disclaimers
RECELL® System: FDA approved for the treatment of acute thermal burns Proprietary Spray-On SkinTM offers life changing benefits Point of care technology that is safe & effective Published health economic model demonstrating hospital cost savings Deep scientific and clinical pedigree 2 randomized controlled trials + and 1st PMA in burns in > 20yrs >15,000 patients, >330 publications and presentations Ongoing platform expansion: Multi-billion U.S. market opportunity Platform technology with numerous adjacent applications PMA label expansion underway with two (2) pivotal studies ongoing with enrollment completed Proof of concept established for cell-based gene therapy and aesthetics Transforming Lives with Skin Regeneration * In the US, RECELL is approved for acute thermal burns in patients > 18 years ((“ATB”) only (see www.avitamedical.com)). Use of RECELL in other indications is either (1) limited by United States law to investigational use; or (2) otherwise prohibited. Revolutionary treatment using a patient’s own skin for life-changing outcomes
One Platform. Endless Possibilities. In the U.S., RECELL is approved for acute thermal burns. Use of RECELL in other indications is either (1) limited by United States law to investigational use; or (2) otherwise prohibited. RECELL enables regeneration of healthy skin Patch of healthy skin removed from patient Healthy skin processed using the RECELL System Autologous skin cells are sprayed on patient RECELL delivers healthy skin cells Free cells modulate and catalyze the healing process Technology platform benefits a wide array of skin defects and wounds irrespective of etiology Vitiligo Burns / Scalds Scar Revision Infectious Disease Regenerative Dermatology Trauma Chronic Wounds Cancer Reconstruction Genodermatoses SKIN RESTORED
First Quarter 2022 Revenue Growth of +61% YoY FDA Approval of New “Ease of Use” RECELL Device Vitiligo Pivotal Trial: Enrollment Complete Soft Tissue Pivotal Trial: Enrollment Completed TPT Payment Created by CMS for Hospital Outpatient Setting PMDA Approval of Burns in Japan Initial Proof of Concept for EB and Rejuvenation (Delivery of Modified Skin Cells in Suspension) Value Creation Quarters referenced in calendar year. As of January 1, 2022 Avita Medical is reporting on a calendar year basis. Recent Key Accomplishments Projected Key Milestones Launch of New “Ease of Use” RECELL Device FDA Meeting Regarding IND Enabling Studies (EB & Rejuvenation) Reimbursement & Launch of Burns in Japan Top Line Results and Vitiligo FDA Submission / Vitiligo Commercial launch Top Line Results and Soft Tissue FDA Submission / Soft Tissue Commercial Launch H2 ’22 / H2 ’23 Q2 ’22 H2 ’22 H2 ’22 / H2 ’23 H2 ’22
Development Pipeline and Growth Potential
Innovation New Device: Improved Ease of Use New Device: Fully Automated INDICATION DISCOVERY FEASIBILITY PIVOTAL APPROVAL LAUNCH Regenerative Therapeutics – Wounds & Dermatology (Current Platform) Acute Thermal Burns (U.S.) RECELL® Japan Vitiligo (U.S.) Soft Tissue Reconstruction (U.S.) Early-Stage Research Programs Epidermolysis Bullosa Rejuvenation Focused Pipeline with Strong Growth Potential In the U.S., RECELL is approved for acute thermal burns. Use of RECELL in other indications is either (1) limited by United States law to investigational use; or (2) otherwise prohibited. CONCEPT DESIGN APPROVAL SUBMISSION Focused Effort on Business Development to Supplement Pipeline LAUNCH T ENROLLMENT COMPLETE ENROLLMENT COMPLETE ENROLLMENT COMPLETE
EXISTING PLATFORM NEW PLATFORMS: CELL BASED GENE THERAPY > $22 Billion in Combined TOTAL ADDRESSABLE MARKET Market Opportunity of Pipeline Exceeds $22 Billion Skin cells are genetically modified ~$6.8B Opportunity ~$15.8B Opportunity Burns Soft Tissue Vitiligo Epidermolysis Bullosa $ $ $ $ $
Current Platform: Efficacy is Well Demonstrated Highly De-risked Pipeline with >15,000 Patients Treated Globally In the U.S., RECELL is approved for acute thermal burns. Use of RECELL in other indications is either (1) limited by United States law to investigational use; or (2) otherwise prohibited. Patients (in Published Studies) Number of Publications & Presentations ACUTE WOUNDS (Including Thermal Burns) 1,839 255 DEFECTS/ VITILIGO 453 58 CHRONIC WOUNDS 143 19 A Common Goal: Full Skin Restoration (Re-epithelialization and Re-pigmentation) PRODUCT IS WELL STUDIED
Thermal Burns: U.S. Target Market Expanded to Include Small Burns and Outpatient Outpatient Pass Through Code Opens Doors to Small Burns and Expands Serviceable Market Opportunity Total Annual Burns in the U.S. Severe Burns (as defined as burns > 5% Body Surface Area that may require grafting) Target: Severe Burns Treated at Burn Centers (Both In and Outpatient) ~$260 Million SAM >$600 Million TAM Patient Funnel and Addressable Market ~25K ~80K ~486K PATIENTS PATIENTS PATIENTS ($ 000s) Quarter Ended U.S. RECELL Commercial Sales Since Approval
AVITA will ensure broad commercial payer acceptance & coverage before pursuing a full commercial launch This is a Medicare specific code, which we estimate covers ~ 15% of patient lives C1832: Autograft suspension, including cell processing and application, and all system components Code provides additional payment which offsets the cost of the device for Medicare beneficiaries over a 2-3 year period before converting to a permanent code New C-Code Provides Additional Payment in the Outpatient Setting The New Code is not Indication (Burns) Specific and Lays the Foundation for Growth in Soft Tissue The Centers for Medicare and Medicaid Services (CMS) created a new technology Transitional Pass-Through (TPT) Payment - C Code for billing RECELL devices when used in procedures performed in the hospital outpatient and ambulatory surgery center (ASC) settings as of Jan 1 2022
New Ease of Use Device Now FDA Approved * Market Research March 2020 HCPs Only 1 Set of Hands Required in the Sterile Field; Steps Reduced By 33% Reduced number of steps New Device Simplified Process Improved Usability 94% of surveyed users of the RECELL System believe it will reduce their workload/allow them to perform other duties*
FDA Approval in Pediatric Full-Thickness & Larger Burns ~25% of all burns occur in children Instructions for Use. RECELL® Autologous Cell Harvesting Device NBR – National Burns Repository * N = 41, “will significantly or somewhat impact RECELL usage” 80% of RECELL Customers Stated that these New Label Enhancements Will Positively Impact Their Usage of RECELL* NUMBER OF TREATMENTS 3.6 1.6 NUMBER OF TREATMENTS 5.9 2.4 NBR Control RECELL 56% fewer mean procedures with RECELL (N=284) p < 0.0001 Adults with >50% TBSA 60% fewer mean procedures with RECELL (N=318) p < 0.0001 FEWER PROCEDURES REQUIRED FOR DEFINITIVE CLOSURE VS CONVENTIONAL AUTOGRAFT1 Pediatric Patients
Furue M, Yamazaki S, Jimbow K, Tsuchida T, Amagai M, Tanaka T et al. Prevalence of dermatological disorders in Japan: a nationwide, cross-sectional, seasonal, multi-center, hospital-based study. J Dermatol. 2011 April; 38(4):310-20, Japan Health System Review, 2018. Additional estimates based on data from 2016 JSBI National Burns Repository, https://injuryprevention.bmj.com/content/26/Suppl_2/i36#F2 and Cosmotec estimates Approval of Burns Received in Japan Incidence of Burns Needing Medical Treatment in Japan Severe Burns (defined as hospital admissions of burns that may require grafting) Target: Severe Burns Treated at Burn Centers ~1,400 ~6,000 ~250,000 PATIENTS PATIENTS PATIENTS BACKGROUND Reimbursement and Commercial Launch Anticipated in Q4 2022 PATIENT FUNNEL - BURNS ADDRESSABLE MARKET INDICATION: Burns Soft Tissue and Vitiligo to Follow Based on U.S. Pivotal Clinical Data LAUNCH: Following Ministry of Health, Labour, and Welfare (MHLW) decision on reimbursement pricing, anticipated Q4 2022 AVITA Commercial Partner: COSMOTEC, an M3 Company
Vitiligo: High Unmet Need, No FDA-Approved Products Advances in Vitiligo: An Update on Medical and Surgical Treatments. A. Dillon, et al. J Clin Aesth Derm. 2017. Willingness-to-Pay and Quality of Life in Patients with Vitiligo. Radtke, et al. BJD. 2009. SIGNIFICANT UNMET NEED Up to 2% of the population affected Vitiligo impacts quality of life (QoL) – 25% of patients with vitiligo reported a DLQI >10, which indicates severe QoL reductions, compared with 34% in psoriasis patients No FDA-approved medical treatments; extremely low patient and physician satisfaction with existing products In the U.S., RECELL is approved for acute thermal burns. Use of RECELL in other indications is either (1) limited by United States law to investigational use; or (2) otherwise prohibited. OPPORTUNITY ESTIMATION Concentrated HCP base: Estimating <1,000 procedural dermatologists and plastic surgeons with interest in treating vitiligo SAM $750 Million TAM $5.2 Billion 4.5M (range 3-6.5 million) TOTAL MARKET 1.3M TOTAL ADDRESSABLE MARKET SERVICEABLE AVAILABLE MARKET 188K Estimated number of eligible patients at target call points Prevalence of Vitiligo in the United States
Blinded, Randomized, Study Evaluating RECELL for Repigmentation of Stable Vitiligo Vitiligo Study Enrollment Complete In the United States, RECELL is not approved for treatment of vitiligo. Patient from a Prior Study at 6 MONTHS RECELL-treated area was 100% re-pigmented RECELL treated Negative Control Komen L, Vrijman C, Tjin EP, Krebbers G, de Rie MA, Luiten RM, van der Veen JW, Wolkerstorfer A. Autologous cell suspension transplantation using a cell extraction device in segmental vitiligo and piebaldism patients: a randomized controlled pilot study. Journal of the American Academy of Dermatology. 2015 Jul;73(1):170-2. FDA Submission Expected in H2 ’22 with Approval in H2 ’23 Number of Subjects POTENTIAL RECELL BENEFITS For Stable Vitiligo: Segmental & Non-Segmental Durable: One-time treatment ENROLLMENT COMPLETE
RECELL Case: Repigmentation of the Nipple-Areola Complex Yu et al. Repigmentation of nipple-areola complex after RECELL® treatment on breast vitiligo. Journal of Cosmetic Dermatology, 2021 In the United States, RECELL is not approved for use with patients suffering vitiligo. Established Track Record in Vitiligo: 1,000 patients treated internationally & 12 peer-reviewed publications showing positive outcomes Before RECELL® 12 months After RECELL® 23 year old female with vitiligo. Donor skin was harvested from adjacent unaffected areas. Depigmented epidermis was removed using dermabrasion. The cellular suspension was then sprayed on both the recipient and donor areas (expansion ratio ranged from 1:20-1:40).
Soft Tissue Repair Will Expand the Burns Business to Encompass All Acute Wounds In the U.S., RECELL is approved for acute thermal burns. Use of RECELL in other indications is either (1) limited by United States law to investigational use; or (2) otherwise prohibited. In the United States, RECELL is not approved for use in pediatrics. Use of RECELL in this case was performed internationally where the indication is approved. >4.5M patients TOTAL MARKET >140K TOTAL ADDRESSABLE MARKET SERVICEABLE AVAILABLE MARKET >65K patients patients RECELL eligible procedures at high volume sites RECELL eligible trauma procedures OPPORTUNITY ESTIMATION SAM $450 Million TAM $1 Billion Open wounds presented at the Emergency Department Poster: Use of regenerative suspension in the treatment of a complex de-gloving injury. Ian M Smith, Female, pregnant 28-year-old who suffered from a de-gloving Injury POST DEBRIDEMENT OF INJURY 6 MONTH POST-RECELL TREATMENT
Early Completion of Soft Tissue Reconstruction Trial Clinical trial demonstrates use of less donor skin without compromising healing outcomes relative to conventional autografting In the U.S., RECELL is approved for acute thermal burns. Use of RECELL in other indications is either (1) limited by United States law to investigational use; or (2) otherwise prohibited. COVID19 IMPACT N=65 Patient treated for necrotizing fasciitis Photos courtesy of Kevin Foster, Valleywise Health Medical Center ENROLLMENT COMPLETE TREATMENT DAY 1 YEAR POST-RECELL TREATMENT FDA Submission Expected in H2 ’22 with Approval in H2 ’23
Soft Tissue Synergies with Current Commercial Burn Focus In the U.S., RECELL is approved for acute thermal burns. Use of RECELL in other indications is either (1) limited by United States law to investigational use; or (2) otherwise prohibited. In the United States, RECELL is not approved for use in pediatrics. Use of RECELL in this case was performed internationally where the indication is approved. ~50% of Burn Centers are also Level 1 / Level 2 Trauma Centers Expanded Acute Wounds Sales Team Will Target a Total of 366 Centers Reimbursement in Place Able to leverage existing CPT & Outpatient C Code 136 Burn Centers (Current Target) +230 High Volume Trauma Centers (Future Expansion) Same Treatment Protocol to Burns Consistent treatment protocol across acute injuries Same Unmet Needs as Burns Reduction of donor site morbidity & donor site requirements are top unmet needs Large opportunity that leverages existing burns infrastructure
RECELL in Genetic Skin Defects and Rejuvenation CURRENT PLATFORM FUTURE PLATFORM Treatment using RECELL for harvesting and direct reintroduction of the patient’s own healthy skin cells RECELL as a platform for treatment using the patient’s corrected skin cells Patch of healthy skin removed from patient Healthy skin processed using the RECELL System Autologous skin cells are sprayed on patient Skin processed using the RECELL System Patch of skin removed from patient Enhanced autologous skin cells are reintroduced to patient Gene editing for debilitating orphan skin disorder Molecular reversal of aging for skin rejuvenation Skin cells are genetically modified In the U.S., RECELL is approved for acute thermal burns. Use of RECELL in other indications is either (1) limited by United States law to investigational use; or (2) otherwise prohibited.
Cell and Gene Therapy Development Activity Program Objective: Optimize Spray-On Skin™ Cells with modified skin cells and establish IND-readiness Proof of Concept FDA Interaction IND-enabling Studies First-in-human (IND) Four key steps
1. Has et al, “Consensus reclassification of inherited epidermolysis bullosa and other disorders with skin fragility.” Br J of Dermatology. 2020. Range 1,100-2,500. 2. DEB prevalence estimated as 6/million. RDEB estimated to be approximately half of DEB prevalence = 3/million. Range: 1.35- 8/million. Fine et al, “Epidemiology of Inherited Epidermolysis Bullosa…” JAMA, 2016. 3.. Luxturna (gene therapy for a rare, inherited retinal disease that can lead to blindness) was priced at $850,000 for a population between 1000-2000 patients in US. Zolgensma for spinal muscular atrophy is priced at $2.1 million Sizeable Market Opportunity Estimated in EB, Given Orphan Pricing Potential ~$840M target US market opportunity, assuming $850,0004 per patient / treatment 25-50,000 people 1980 TOTAL ADDRESSABLE MARKET 990 patients patients Patients with RDEB sub-type2 US Prevalence of Dystrophic EB (DEB)1 OPPORTUNITY ESTIMATION TAM $840 Million US Prevalence of Epidermolysis Bullosa POTENTIAL COMPETITIVE ADVANTAGES Suspension is potentially more cost effective to generate, transport and apply vs cultured sheet grafts iPSC-based technology enables banking of cells for future treatments Ex vivo gene editing of skin cells has a safety advantage over in vivo gene therapeutics
100 µm Skin Regeneration from Corrected Autologous Skin Cell Suspension Immunocompromised mouse model Full-thickness injury created Recapitulated human dermis Application of corrected cells Correction of RDEB Single-Site Mutation In Vivo Evaluation of Gene-corrected Skin Cells New, healthy skin regenerated from iPSCs Successful reverse-differentiation (induced pluripotency) and gene correction of Recessive Dystrophic Epidermolysis Bullosa (RDEB) Skin Cells Image courtesy of Gates Center for Regenerative Medicine, University of Colorado
Exploring Cell-Based Gene Therapy for Epidermolysis Bullosa In the U.S., RECELL is approved for acute thermal burns. Use of RECELL in other indications is either (1) limited by United States law to investigational use; or (2) otherwise prohibited. THE CHALLENGE THE OPPORTUNITY DEBILITATING Skin fragility, disability, cancer HIGH UNMET NEED No FDA-approved treatment, only palliative measures COST BURDEN Care of $200K-$500K per year per patient CURATIVE: Technology for precise correction of genetic defect & banking for future use (vs ameliorating symptoms) EFFICIENT: Suspension-based approach eliminates growth & transport of fragile skin sheets CONVENIENT: Suspension-based product simplifies application onto patient wounds (vs surgical anchoring of epidermal sheets which can result in issues with “take rates”)
Reverse Aging of Skin Cells Derived using the RECELL Device 2 hrs 24 hrs Successful delivery of mRNA-hTERT & expression in Skin Cells Derived from RECELL Skin cells harvested from RECELL Device Telomerase Point-of-Care hTERT modification Immunocompromised mouse model Full-thickness injury created Recapitulated dermis containing human fibroblasts Application of modified human cells In Vivo Evaluation of mRNA-hTERT Modified Skin Cells On-going Characterization Data and image courtesy of Houston Methodist Research Institute, Houston, TX Reversal of fibroblast senescence Collagen & elastin markers Time to re-epithelialization 400 µm A Reverse-aged Human skin cells 400 µm A A Reverse-aged Human skin cells
Patented RNA technology for delivery of telomerase enzyme to aged cells Demonstrated reversal of aging and return of functionality in cells of progeria patients (human model of accelerated aging) Patented and proprietary Spray-On Skin™ Cells technology and device (RECELL) Expertise in skin regeneration, including in preclinical models Strong track record and expertise in clinical development and commercialization Exploring Novel RNA-Based Approach for Rejuvenation *1. 2020 Plastic Surgery Statistics Report, 2. 2020 Plastic Surgery Statistics Report (Defined as Facelifts, Ablative Laser, Dermabrasion, Non-Surgical Skin Tightening) In the U.S., RECELL is approved for acute thermal burns in patients > 18 years. Use of RECELL in other indications is either (1) limited by United States law to investigational use; or (2) otherwise prohibited. Sponsored research exploring use of telomerase for molecular reversal of skin cell aging Patient Funnel and Addressable Market ~1M ~8.3M PEOPLE/Yr PATIENTS/Yr $15 Billion TAM People Who Underwent Facial Aesthetic Procedures Aimed at Improving Skin Tightness, Texture & Evenness in Skin Tone 1 Target: People Who Undergo Aggressive Facial Lifting & Tightening Procedures2
Corporate
Financial Overview 1. RCEL as 2/25/2022 NASDAQ ticker symbol: RCEL ASX ticker symbol: AVH Analysts Matt O'Brien, Piper (U.S.) Josh Jennings, Cowen (U.S.) Ryan Zimmerman, BTIG (U.S.) Chris Kallos, MST (AUS) John Hester, Bell Potter (AUS) Shane Storey, Wilsons (AUS) Brooks O’Neil, Lake Street (U.S.) Lyanne Harrison, BofA Global Research (AUS) Shane Ponraj, MorningStar (AUS) (USD in $000s) 12 Months Ended June 30 Unaudited 12 Months Ended December 31 Unaudited 12 Months Ended March 31 2018 2019 2020 2021 2020 2021 2021 2022 Commercial Sales 929 5,474 14,263 21,483 17,918 25,091 4,622 7,446 BARDA Sales - - - 7,749 - 7,934 4,143 93 Total Revenue 929 5,474 14,263 29,232 17,918 33,025 8,765 7,539 Gross Profit 383 4,203 11,290 23,283 14,660 26,921 6,619 5,761 BARDA Income 7,734 5,921 3,926 2,055 2,534 1,590 570 734 Cash, Cash Equivalents & Marketable Securities 10,986 20,174 73,639 110,746 59,765 104,852 114,879 95,054
A Global Total of 19 Granted Patents & 23 Pending Applications AVITA Medical owns granted patents in USA, China, Japan, Australia, France, Germany, Italy, Spain, United Kingdom, Brazil and Hong Kong, as well as pending patent applications in USA, China, Canada, EPO, Brazil, and Hong Kong. ROBUST PROTECTION ACROSS PATENT FAMILIES EXPANDING PORTFOLIO TO SUPPORT CURRENT AND FUTURE INDICATIONS Next Generation RECELL devices to improve ease of use in burns and pipeline indications Potential to license patented technology for telomerase mRNA that has the potential to reverse aging of skin cells Potential to license technologies for suspension-based delivery of genetically modified cells, with applications to genetic skin disorders Commercial RECELL device, composition of matter, and associated methods of use Cell Suspension Preparation Technique and Use Method of preparing cell suspension with exogenous agent to promote wound healing Cell Suspension And Use Thereof Automated system for preparing cell suspension and method of production Systems and Methods for Tissue Processing and Preparation of Cell Suspension Therefrom Robust and Expanding Patent Estate: Expiration through 2040 All-in-one RECELL kit, system, and associated method of use Devices, Methods, and Kits for Preparing a Cell Suspension Methods and Systems for Identifying a Cell Suspension with Therapeutic Potential and Related Compositions Cell-free supernate form of RES, which has standalone regenerative activity Regenerative Bioactive Suspension Derived From Freshly Disaggregated Tissue Methods and systems for validating the use of a cell suspension for administration to a patient
AVITA Leadership Team Dr. Michael S. Perry CEO >30 years experience Affiliations: Michael Holder CFO >30 years experience Affiliations: Donna Shiroma General Counsel >20 years experience Affiliations: Andrew Quick CTO >25 years experience Affiliations: Kathy McGee COO >25 years experience Affiliations: Erin Liberto CCO >20 years experience Affiliations:
First Quarter 2022 Revenue Growth of +61% YoY FDA Approval of New “Ease of Use” RECELL Device Vitiligo Pivotal Trial: Enrollment Complete Soft Tissue Pivotal Trial: Enrollment Completed TPT Payment Created by CMS for Hospital Outpatient Settings PMDA Approval of Burns in Japan Initial Proof of Concept for EB and Rejuvenation (Delivery of Modified Skin Cells in Suspension) Value Creation Quarters referenced in calendar year. As of January 1, 2022 Avita Medical is reporting on a calendar year basis. Recent Key Accomplishments Projected Key Milestones Launch of New “Ease of Use” RECELL Device FDA Meeting Regarding IND Enabling Studies (EB & Rejuvenation) Reimbursement & Launch of Burns in Japan Top Line Results and Vitiligo FDA Submission / Vitiligo Commercial launch Top Line Results and Soft Tissue FDA Submission / Soft Tissue Commercial Launch H2 ’22 / H2 ’23 Q2 ’22 H2 ’22 H2 ’22 / H2 ’23 H2 ’22
There are numerous risk factors involved with the Company’s business. Some of these risks can be mitigated by the use of safeguards and appropriate systems and controls, but some are outside the control of the Company and cannot be mitigated. Accordingly, an investment in the Company carries no guarantee with respect to the payment of dividends, return of capital or price at which securities will trade. The following is a summary of the more material matters to be considered. However, this summary is not exhaustive. Potential investor should consult their professional advisors before deciding whether to invest. Technological Change: Technological change presents the Company with significant opportunities for growth. However, the risk remains that any competitor may introduce new technology enabling it to gain a significant competitive advantage over the Company. Reliance on key personnel: The Company's success depends to a significant extent upon its key management personnel, as well as other management and technical personnel including sub-contractors. The loss of the services of any such personnel could have an adverse effect on the Company. Competition: The Company competes with other companies in the United States as well as in Australia and internationally. Some of these companies have greater financial and other resources than the Company and, as a result, may be in a better position to compete for future business opportunities. There can be no assurance that the Company can compete effectively with these companies. Patent Protection: The patent protection that the Company may obtain varies from product to product and country to country and may not be sufficient, including to maintain product exclusivity. Patent rights are also limited in time and do not always provide effective protection for products and services: competitors may successfully avoid patents through design innovation, the Company may not hold sufficient evidence of infringement to bring suit, or the infringement claim may not result in a decision that the rights are valid, enforceable or infringed. Legislation or regulatory actions subsequent to the filing date of a patent application may affect what an applicant is entitled to claim in a pending application and may also affect whether a granted patent can be enforced in certain circumstances. Laws relating to biotechnology remain the subject of ongoing political controversy in some countries. The risk of changed laws affecting patent rights is generally considered greater for the biotechnology field than in other longer established fields. Change in government policy and legislation: Any material adverse changes in relevant government policies or legislation of Australia / United States may affect the viability and profitability of the Company, and consequent returns to investors. The activities of the Company are subject to various federal, state and local laws governing prospecting, development, production, taxes, labor standards and occupational health and safety, and other matters. Risk Factors and Disclosures
INDICATIONS FOR USE: The RECELL® Autologous Cell Harvesting Device is indicated for the treatment of acute thermal burn wounds. The RECELL device is used by an appropriately-licensed healthcare professional at the patient’s point of care to prepare autologous RES® Regenerative Epidermal Suspension for direct application to acute partial-thickness thermal burn wounds in patients 18 years of age and older or application in combination with meshed autografting for acute full-thickness thermal burn wounds in pediatric and adult patients. . CONTRAINDICATIONS: RECELL is contraindicated for: the treatment of wounds clinically diagnosed as infected or with necrotic tissue, the treatment of patients with a known hypersensitivity to trypsin or compound sodium lactate (Hartmann’s) solution, patients having a known hypersensitivity to anesthetics, adrenaline/epinephrine, povidone-iodine, or chlorhexidine solutions. WARNINGS: Autologous use only. Wound beds treated with a cytotoxic agent (e.g., silver sulfadiazine) should be rinsed prior to application of the cell suspension. RECELL is provided sterile and is intended for single-use. Do not use if packaging is damaged or expired. Choose a donor site with no evidence of cellulitis or infection and process skin immediately. A skin sample should require between 15 and 30 minutes contact with Enzyme. Contact in excess of 60 minutes is not recommended. RECELL Enzyme is animal derived and freedom from infectious agents cannot be guaranteed. PRECAUTIONS: RECELL is not intended for use without meshed autograft for treatment of full-thickness burn wounds. The safety and effectiveness of RECELL without meshed autograft have not been established for treatment of partial-thickness burn wounds: on the hands and articulating joints, >320 cm2, in patients with wounds totaling >20% total body surface area (TBSA). The safety and effectiveness of RECELL with autografting have not been established for treatment of full-thickness burn wounds: on the hands and articulated joints, and in patients younger than 28 days of age (neonates). SPECIAL PATIENT POPULATIONS: The safety and effectiveness of RECELL have not been established for treatment of acute thermal partial-thickness burn wounds in pediatric patients younger than 18 years of age. Important Safety Information
Revolutionary treatment using a patient’s own skin for life-changing outcomes In the U.S., RECELL is approved for acute thermal burns. Use of RECELL in other indications is either (1) limited by United States law to investigational use; or (2) otherwise prohibited.
1 HARVEST INCUBATE RINSE DISAGGREGATE FILTER APPLY RECELL Process For Autologous Cell Harvesting and Application 2 3 4 5 6
RECELL Spray-On SkinTM Treats 80cm2 of Skin from a 1cm2 Biopsy Cell Harvesting Device that delivers Spray-On Skin Cells within 30 minutes at the point of care AUTOLOGOUS RECELL DONOR SITE SPLIT-THICKNESS SKIN GRAFT DONOR SITE Fresh (non-cultured cells) with the “free edge healing cascade” ACTIVATED Treatment area = 80x donor area (credit card size skin sample can treat an entire adult back) DONOR SPARING Full range of skin cell types with re-pigmentation COMPLETE 2 randomized controlled trials supporting PMA 1st PMA burn product approval ~20 yrs 10K+ patients worldwide >150 peer reviewed articles SAFE & EFFECTIVE Demonstrating significant savings to the health care system PUBLISHED HEALTH ECONOMIC DATA
Published in JBCR and Presented at ABA Published in Burns and Presented at ABA Pivotal Trial #1 (101 Patients) RECELL (alone) versus SoC (STSG) in Second-Degree Burns Pivotal Trial #2 (31 Patients) RECELL (with widely expanded graft) versus STSG in Third-Degree Burns Significant Drop in Donor Skin Requirement 250 200 150 100 50 0 p<0.001 Control Mean Donor Area (cm2) 97.5% Reduction Decrease in donor site pain and scarring Significantly less donor site pain (p≤0.0025) Significantly better donor site appearance (p≤0.0025) Significantly reduced donor site scarring (p≤0.0025) Significantly greater incidence of donor-site healing at two weeks (p<0.001) Less Requirement for Donor Skin Robust outcomes despite less donor skin RECELL System achieved definitive closure comparable to Standard of Care with significantly less donor skin At eight weeks post treatment, 92% of the burn sites treated with the RECELL System achieved complete healing versus 85% for the sites treated with the standard of care 0.8 0.6 0.4 0.2 0.0 Control Donor requirement per cm2 treatment area 32% Reduction p<0.001 Dual multi-center, randomized, controlled premarket approval studies 1st Premarket Approval Treatment in Burns in 20 Years Comparable healing and long-term outcomes for burn sites with significantly less donor skin required
RECELL “Free Edge” Advantage Healing Process without RECELL Free edge limits signaling to wound boundary (i.e. outside → in) Healing Process with RECELL Spray-On Skin Cells signal from within the wound (i.e. inside → out)
Skin Injury Framework Wound Depth Superficial Wound Superficial Partial Thickness Wound Full Thickness Wound Deep Partial Thickness Wound 1st degree 2nd degree 2nd degree 3rd degree TARGET INJURY Wound Size 0-9.9%* 10-19.9% 20-29.9% 30-39.9% 40%+ Total Body Surface Area (TBSA) Affected Small / Partial Thickness ← Results / Experience ← Large / Full Thickness Adoption Trajectory For more information on RECELL’s indication for use, please go to www.recellsystem.com.
Transforming Care Can reduce costs and accelerate recovery by decreasing the number of painful procedures and length of stay in hospital 30% Reduction in Length of Stay (LOS)¹ 35% Fewer Procedures² 30% Cost Savings² Fewer procedures and faster healing times get patients home more quickly Reduced donor site size and greater meshing ratio enables permanent closure with fewer invasive autograft procedures Shorter and fewer procedures, decreased length of stay, and reduced resource use translates into burn center savings Park JH, Heggie KM, Edgar DW, Bulsara MK, Wood FM. Does the type of skin replacement surgery influence the rate of infection in acute burn injured patients? Burns 2013;39:1386-90. https://doi.org/10.1016/j.burns.2013.03.015 Kowal, S., Kruger, E., Bilir, P. et al. Adv Ther (2019). https://doi.org/10.1007/s12325-019-00961-2 Published Health Economic Model: Demonstrates Patient and Health Care System Benefits RECELL saves the hospital money in in-patient scenarios where the burn is 10% Total Body Surface Area (TBSA) or greater VALIDATED MODEL 21 abstracts on RECELL health economics since launch 17+ Burn Centers contributing to the RECELL abstracts and publications Two publications Customized Budget Impact calculator Leader of health economics in burns