AVITA Medical names board chairman as interim CEO

AVITA Medical Inc. (NASDAQ: RCEL, ASX: AVH) announced that its board of directors has appointed Chairman Cary Vance as interim chief executive officer, effective immediately. Jim Corbett has left his positions as CEO and board member.

Vance will continue serving as board chairman while board member Jan Stern Reed has been appointed lead independent director. The board plans to engage an executive search firm to select a permanent CEO, considering both internal and external candidates including Vance.

Vance has served on AVITA Medical's board since 2023 and brings over 30 years of healthcare industry experience. He previously served as president and CEO of companies including PhotoniCare Inc., Titan Medical Inc., and Hansen Medical, and held leadership roles at Teleflex, Covidien and GE HealthCare.

The Valencia, California-based wound care company reported preliminary third quarter revenue of approximately $17 million for the period ended September 30, 2025. The company secured a waiver for its third quarter 2025 trailing 12-month net revenue covenant under its credit agreement with OrbiMed and is discussing redefinition of future covenants.

AVITA Medical plans to assess annual guidance and provide updates during its third quarter earnings call scheduled for November 6, 2025. The company develops wound care technologies including the RECELL System, which is FDA-approved for treating thermal burn and trauma wounds.

The information is based on a company press release statement.

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