AVITA Medical, Inc. (NASDAQ: RCEL) announced that Cary Vance will serve as President and Chief Executive Officer, effective immediately, following his tenure as interim CEO since October 2025. The appointment comes as the company seeks to solidify leadership during a critical growth phase and to execute its 2026 profitability roadmap.
Vance brings 30 years of experience commercializing medical technologies, having led multiple companies in the healthcare sector. His background includes senior roles at GE Healthcare, Covidien, and Teleflex, and he has a proven track record of scaling product portfolios and driving market adoption. The Board’s decision reflects confidence that his expertise will accelerate the commercialization of AVITA’s multi‑product acute wound care platform, which includes RECELL, Cohealyx, and PermeaDerm.
AVITA’s 2026 guidance projects revenue of $80‑$85 million, a target that hinges on expanding adoption of its core products across burn and trauma accounts. The company has secured a $60 million credit facility with Perceptive Advisors in January 2026 to strengthen its balance sheet, though it remains in a negative equity position. Management has emphasized that the new financing, combined with a disciplined cost structure, positions the company to transition from stabilization to execution‑led growth in 2026.
"Following a thorough search process conducted in coordination with a top‑tier, international executive search firm, the Board unanimously concluded that Cary is the right leader to serve as CEO on a permanent basis," said Jan Stern Reed, Chair of the AVITA Medical Board of Directors. "Over the past six months, Cary has demonstrated decisive leadership at a critical time for the Company, stabilizing the business, sharpening our strategic focus, and rebuilding confidence and enthusiasm with employees, customers, and shareholders. His deep industry experience, operational discipline, and thorough understanding of the business position him well as he continues to lead the Company into an exciting growth period."
"It has been a privilege to serve as Interim Chief Executive Officer, and I'm honored and excited to continue in the role on a permanent basis. Over the past several months, I've spent time with clinicians at meetings such as Boswick and the American Burn Association, as well as in leading burn and trauma centers. The feedback has been consistent: our products are driving clinically validated improvements in patient outcomes and meaningfully improving recovery," added Vance. "We are building real momentum at AVITA. Our focus is on scaling adoption, supporting more clinicians in delivering better outcomes, and then translating that momentum into consistent performance. I look forward to continuing to work closely with our team, ..."
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