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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
One Platform. Endless Possibilities. RECELL enables Vitiligo RECELL
delivers healthy skin cells regeneration of healthy skin Trauma Autologous skin cells are sprayed on patient Burns / Scalds Chronic Wounds Scar Revision Healthy skin processed using the RECELL System Infectious Disease Patch of healthy skin Cancer
Reconstruction removed from patient Genodermatoses Technology platform Regenerative Dermatology benefits a wide array of skin defects and wounds irrespective of etiology Free cells modulate and catalyze the healing process 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. 3
Value Creation Recent Key Accomplishments Projected Key Milestones
Quarter Ending December '21, Total Revenue Growth of Top Line Results and Vitiligo FDA Submission / +35% vs Same Quarter Prior Year H2 22 / Vitiligo Commercial launch H2 23 FDA Approval of New "Ease of Use"
RECELL Device Top Line Results and Soft Tissue FDA Submission / Soft Tissue Commercial Launch PMDA Approval of Burns in Japan Vitiligo Pivotal Trial: Enrollment Completed Outpatient Launch Soft Tissue Pivotal
Trial: Enrollment Completed Launch of New "Ease of Use" RECELL Device H1 22 Transitional Pass-Through Payment Application Approved by CMS for Reimbursement in Outpatients EB: Initial Proof of Concept for Delivery
of Genetically Modified Skin Cells in Suspension IND Enabling Studies (EB & Rejuvenation) Telomerase/Rejuvenation: Initial Proof of Concept on H2 22 Reimbursement & Launch of Burns in Japan Delivery of Reverse-Aged
Skin Cells Quarters referenced in calendar year. As of January 1, 2022 Avita Medical is reporting on a calendar year basis. 4
Development Pipeline and Growth Potential
Focused Pipeline with Strong Growth Potential INDICATION DISCOVERY
FEASIBILITY PIVOTAL APPROVAL Regenerative Therapeutics - Wounds & Dermatology (Current Platform) Acute Thermal Burns (U.S.) APPROVED APPROVED RECELL Japan Vitiligo (U.S.) ENROLLMENT COMPLETE T ENROLLMENT COMPLETE Soft Tissue
Reconstruction (U.S.) Early-Stage Research Programs Epidermolysis Bullosa Rejuvenation CONCEPT SUBMISSION APPROVAL Innovation DESIGN SUBMITTED APPROVED New Device: Improved Ease of Use APPROVED New Device: Fully Automated Focused Effort on Business
Development to Supplement Pipeline 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. 6
Market Opportunity of Pipeline Exceeds $22 Billion EXISTING PLATFORM NEW
PLATFORMS: CELL BASED GENE THERAPY ~$15.8B Opportunity ~$6.8B Opportunity $ 0.6B Burns Vitiligo $ 5.2B $ $ 0.8B 15B $ 1B Skin cells are Rejuvenation Epidermolysis genetically Soft Tissue Bullosa modified > $22 Billion in Combined TOTAL
ADDRESSABLE MARKET 7
Current Platform: Efficacy is Well Demonstrated PRODUCT IS WELL STUDIED
Patients Number of Publications & (in Published Studies) Presentations Highly De-risked ACUTE WOUNDS (Including Thermal 1,772 206 Pipeline with Burns) >15,000 Patients DEFECTS/ 453 57 VITILIGO Treated Globally CHRONIC 143 17 WOUNDS A Common
Goal: Full Skin Restoration (Re-epithelialization and Re-pigmentation) 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
Thermal Burns: U.S. Target Market Expanded to Include Small Burns and
Outpatient U.S. RECELL Commercial Patient Funnel and Addressable Market Sales Since Approval 8,000 ~486K Total Annual Burns in the U.S. PAT I EN T S 7,000 6,000 Severe Burns (as defined as burns > 5% Body >$600 Million TAM ~80K Surface Area
that may require grafting) 5,000 PAT I EN T S 4,000 Target: Severe Burns Treated at Burn Centers ~25K 3,000 (Both In and Outpatient) ~$260 Million SAM PAT I EN T S 2,000 1,000 Outpatient Pass Through Code Opens Doors to Small 0 Burns and Expands
Serviceable Market Opportunity Quarter Ended 9 ($ 000s)
New C-Code Provides Additional Payment in the Outpatient Setting The
Centers for C1832: Medicare and Medicaid Autograft suspension, including cell Services (CMS) created processing and application, and all a new technology system components Transitional Pass- This is a Medicare Through (TPT) Payment specific code,
which - C Code for billing we estimate covers RECELL devices when AVITA will ensure ~ 15% of patient used in procedures broad commercial lives Code provides additional payment performed in the hospital payer acceptance which offsets the cost of the
device outpatient and & coverage before for Medicare beneficiaries over a 2- ambulatory surgery pursuing a full 3 year period before converting to a center (ASC) settings as commercial launch permanent code of Jan 1 2022 The New Code is not
Indication (Burns) Specific and Lays the Foundation for Growth in Soft Tissue 10
New Ease of Use Device Now FDA Approved New Device Reduced Simplified
Improved number of steps Process Usability 94% of users of the RECELL System believe it will reduce their workload/allow them to perform other duties* Only 1 Set of Hands Required in the Sterile Field; Steps Reduced By 1/3rd * Market Research March
FDA Approval in Pediatric Full-Thickness & Larger Burns FEWER
PROCEDURES REQUIRED FOR DEFINITIVE CLOSURE VS 1 CONVENTIONAL AUTOGRAFT 5.9 3.6 NBR Control RECELL 1.6 2.4 NUMBER OF TREATMENTS NUMBER OF TREATMENTS Pediatric Patients Adults with >50% TBSA ~25% of all burns 56% fewer mean procedures with RECELL
60% fewer mean procedures with RECELL occur in children (N=284) p < 0.0001 (N=318) p < 0.0001 80% of RECELL Customers Stated that these New Label Enhancements Will Positively Impact Their Usage of RECELL* 1. Instructions for Use. RECELL
Autologous Cell Harvesting Device 2. NBR - National Burns Repository 12 * N = 41, "will significantly or somewhat impact RECELL usage"
Approval of Burns Received in Japan BACKGROUND PATIENT FUNNEL - BURNS
ADDRESSABLE MARKET AVITA Commercial Partner: Incidence of Burns Needing ~250,000 Medical Treatment in Japan COSMOTEC, an M3 Company PAT I EN T S Severe Burns (defined as hospital INDICATION: Burns ~6,000 admissions of burns that may PAT I EN T S
require grafting) Soft Tissue and Vitiligo to Follow Based on U.S. Pivotal Clinical Data Target: Severe Burns Treated ~1,400 LAUNCH: at Burn Centers PAT I EN T S Following Ministry of Health, Labour, and Welfare (MHLW) decision on reimbursement
pricing, anticipated June 2022 Reimbursement Anticipated in June 2022 with Commercial Launch Following Thereafter 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 13
Vitiligo: Hight Unmet Need, No FDA-Approved Products SIGNIFICANT UNMET
NEED OPPORTUNITY ESTIMATION T O T AL M AR KET Prevalence of Vitiligo Up to 2% of the 4.5M in the United States ( r ange 3 - 6. 5 m i l l i on) population affected T O T AL AD D R ESSABL E M AR KET TAM 1.3M $5.2 Billion No FDA-approved medical
treatments; extremely low patient and physician satisfaction with existing SERVICEABLE AVAILABLE MARKET products SAM Estimated number of eligible patients at target call points 188K $750 Million 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 Concentrated HCP base: Estimating <1,000 procedural dermatologists and plastic surgeons with interest in treating
vitiligo 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. 14 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.
Vitiligo Study Enrollment Complete Blinded, Randomized, Study
Evaluating RECELL for Repigmentation of Stable Vitiligo RECELL Vitiligo Study Patient from a Prior Study at 6 MONTHS 25 RECELL-treated area was 100% re-pigmented 20 15 RECELL treated ENROLLMENT COMPLETE 10 Negative Control 5 Komen L, Vrijman
C, Tjin EP, Krebbers G, de Rie MA, Luiten RM, van der Veen JW, Wolkerstorfer A. Autologous cell suspension 0 transplantation using a cell extraction device in segmental vitiligo and piebaldism patients: a randomized controlled pilot study. June '21
Sept '21 Dec '21 Jan '21 Journal of the American Academy of Dermatology. 2015 Jul;73(1):170-2. POTENTIAL RECELL BENEFITS Enrolled Durable: One-time For Stable Vitiligo: FDA Submission Expected in H2 '22 with Approval in H2 '23 treatment
Segmental & Non-Segmental In the United States, RECELL is not approved for treatment of vitiligo. 15 Number of Subjects
RECELL Case: Repigmentation of the Nipple-Areola Complex
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). Established Track Record in Vitiligo: 1,000 patients treated internationally & 12 peer reviewed publications showing positive outcomes 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. 16
Soft Tissue Repair Will Expand the Burns Business to Encompass All
Acute Wounds Female, pregnant 28-year-old who suffered from a de-gloving Injury OPPORTUNITY ESTIMATION T O T AL M AR KET Open wounds presented at the >4.5M Emergency pat i ent s Department POST DEBRIDEMENT OF INJURY T O T AL AD D R ESSABL E M AR
KET RECELL eligible TAM trauma >140K procedures $1 Billion pat i ent s SERVICEABLE AVAILABLE MARKET SAM RECELL eligible procedures at high >65K $450 Million volume sites pat i ent s 6 MONTH POST-RECELL TREATMENT Poster: Use of regenerative
suspension in the 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. treatment of a complex de-gloving injury. Ian M Smith, 17
Early Completion of Soft Tissue Reconstruction Trial Clinical trial
demonstrates use of less donor skin without compromising healing outcomes relative to conventional autografting Patient treated for necrotizing fasciitis RECELL Soft Tissue Study N=65 20 70 18 65 60 16 50 14 48 12 40 ENROLLMENT COMPLETE 10
TREATMENT DAY 30 32 8 6 20 19 4 10 COVID19 IMPACT 2 2 1 1 6 0 0 Mar '20 Jun '20 Sep '20 Dec '20 Mar '21 Jun '21 Sept '21 Jan '21 1 YEAR POST-RECELL TREATMENT FDA Submission Expected in H2 '22 with Approval in H2 '23 Photos courtesy of
Kevin Foster, Valleywise Health 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 Medical Center prohibited. 18 Number of
Sites Enrolling Number of Subjects
Soft Tissue Synergies with Current Commercial Burn Focus Expanded Acute
Wounds Sales Team Will Target a Total of 366 Centers Reimbursement in Place Able to leverage existing CPT & Outpatient C Code ~50% of Burn Centers are also Same Treatment Protocol to Burns Level 1 / Level 2 Consistent treatment protocol across
acute 136 Burn Trauma Centers injuries Centers +230 High Volume (Current Target) Trauma Centers (Future Expansion) Same Unmet Needs as Burns Reduction of donor site morbidity & donor site requirements are top unmet needs Large opportunity that
leverages existing burns infrastructure 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. 19
RECELL in Genetic Skin Defects and Rejuvenation CURRENT PLATFORM FUTURE
PLATFORM Treatment using RECELL for harvesting and direct reintroduction of the RECELL as a platform for treatment using the patient's patient's own healthy skin cells corrected skin cells Autologous skin cells Enhanced autologous skin
cells are are sprayed on patient reintroduced to patient Skin cells are genetically Healthy skin processed modified using the RECELL System Patch of healthy skin Patch of skin Skin processed removed from patient removed from using the RECELL System
patient Gene editing for debilitating Molecular reversal of aging for orphan skin disorder skin rejuvenation 20 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 Proof of Concept Program
Objective: FDA Interaction Optimize Spray-On Skin FOUR Cells with modified skin KEY cells and establish IND- readiness IND-enabling Studies STEPS First-in-human (IND) 21
Sizeable Market Opportunity Estimated in EB, Given Orphan Pricing
Potential OPPORTUNITY ESTIMATION POTENTIAL COMPETITIVE ADVANTAGES Suspension is potentially more cost effective to US Prevalence of generate, transport and apply vs cultured sheet 25-50,000 Epidermolysis Bullosa grafts peopl e US Prevalence of 1980
iPSC-based technology enables banking of cells 1 Dystrophic EB (DEB) pat i ent s for future treatments TOTAL ADDRESSABLE MARKET TAM Patients with RDEB 2 990 sub-type Ex vivo gene editing of skin cells has a safety $840 Million pat i ent s advantage
over in vivo gene therapeutics 4 ~$840M target US market opportunity, assuming $850,000 per patient / treatment 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
Skin Regeneration from Corrected Autologous Skin Cell Suspension
Successful reverse-differentiation (induced In Vivo Evaluation of Gene-corrected Skin Cells pluripotency) and gene correction of Recessive Dystrophic Epidermolysis Bullosa Immunocompromised (RDEB) Skin Cells mouse model Correction of RDEB