Revisiting Our RCEL Thesis Following June 2026 Management Meetings

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Revisiting Our RCEL Thesis Following June 2026 Management Meetings

Medical Supplies & Devices

Avita Medical

TD SECURITIES (USA) LLC COMPANY UPDATE

June 30, 2026

Price: $4.25 (06/29/2026) Revisiting Our RCEL Thesis Following June

Price Target: $12.00 (Prior $5.50) 2026 Management Meetings

BUY (1)

Joshua Jennings, M.D. THE TD COWEN INSIGHT

646 562 1333

We recently hosted RCEL's CEO and CFO for virtual management meetings and have revisited

joshua.jennings@tdsecurities.com

our investment thesis. Overall, we believe Avita is well positioned to accelerate organic

John Rusch, CFA revenue growth, sustain its strong GM profile, and progress to the EBITDA+ era. Additionally,

646 562 1324 we see adequate avenues for working capital needs as Avita continues to improve its growth

john.rusch@tdsecurities.com

trajectory. Reiterate Buy.

Colin Clark

646 562 1441 We recently hosted virtual management meetings with Avita's executive team to discuss

colin.clark@tdsecurities.com RCEL's background, recent performance, and its future growth trajectory. We found the

Key Data meetings to be educational, answering broader, overarching questions while also addressing

Symbol NASDAQ: RCEL finer details surrounding demand end-market penetration and cross-selling success within

Beta: 1.87 Avita's three-product portfolio. We complemented our virtual meetings with a follow-up

52-Week Range: $6.76-$3.27 management call to discuss 2Q trends, where we gained further clarity around international

expansion and long-term growth rates. Following the virtual meetings and subsequent call

Market Cap: $130.8MM

with management, we revisit our Avita investment thesis.

Net Debt (MM): $33.9

Cash/Share: $(1.06) The meetings confirmed our belief that (1) RECELL will continue to see physician adoption,

Dil.