AVITA Medical Inc (RCEL) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Aveda Medical Inc. first quarter 2026 earnings conference call. (Operator Instructions)

各位女士、先生，感謝您稍候，歡迎參加 Aveda Medical Inc. 2026 年第一季財報電話會議。（接線員指示）

Please be advised that today's conference is being recorded. I would like now to turn the conference over to Ben Atkins. Please go ahead.

請注意，今天的會議將被錄音。現在我想把會議交給 Ben Atkins。請開始。

Thank you, operator. Welcome to AVITA Medical's First Quarter 2026 Earnings Call. Joining me on today's call are Cary Vance, President and Chief Executive Officer; and David O'Toole, Chief Financial Officer. Today's earnings release and presentation are available on our website at www.avitamedical.com under the Investor Relations section.

謝謝，接線員。歡迎參加 AVITA Medical 2026 年第一季財報電話會議。今天與我一同出席的有總裁兼執行長 Cary Vance，以及財務長 David O'Toole。今天的財報新聞稿與簡報已公布於我們網站 www.avitamedical.com 的投資人關係專區。

Before we begin, I would like to remind you that this call includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are neither promises nor guarantees and involve known and unknown risks and uncertainties that could cause actual results to differ materially from any expectations expressed or implied by the forward-looking statements. Please review our most recent filings with the SEC for comprehensive descriptions of the risk factors. Any forward-looking statements provided during this call are based on management's expectations as of today.

在開始之前，我想提醒各位，本次電話會議包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述既非承諾亦非保證，且涉及已知與未知的風險與不確定性，可能導致實際結果與前瞻性陳述中明示或暗示的任何預期存在重大差異。請查閱我們最近向 SEC 提交的文件，以取得風險因素的完整說明。本次電話會議中所提供的任何前瞻性陳述，均以管理層截至今日的預期為基礎。

I will now turn the call over to Cary.

我現在把電話交給 Cary。

Good afternoon in the US, and good morning in Australia. Thank you for joining us. Before we turn to the quarter, I want to briefly acknowledge my appointment as President and Chief Executive Officer. Over the past six months, I've had the opportunity to serve in this role on an interim basis, working closely with our team, our customers and the Board. I appreciate the confidence the Board has placed in me following a thorough search process and I'm excited to lead AVITA into this next phase.

美國的各位下午好，澳洲的各位早安。感謝各位加入我們。在談到本季之前，我想先簡要提及我被任命為總裁兼執行長。在過去六個月中，我以代理身分擔任此職務，與我們的團隊、客戶以及董事會密切合作。我感謝董事會在完整的遴選程序後對我的信任，也很期待帶領 AVITA 進入下一個階段。

I'd also like to recognize our new Board Chair, Jan Stern Reed. Jan has been deeply engaged with the company, and I look forward to working closely with her and the Board as we continue to execute on our priorities.

我也想向我們的新任董事長 Jan Stern Reed 致意。Jan 一直深度參與公司事務，我期待與她及董事會密切合作，持續推進我們的優先事項。

Over the same period, I've spent time visiting the hospitals using our products, and speaking with surgeons. And what's clear to me is that this is not an abstract business. When you're in the operating room, you see firsthand the partnership we have with surgeons and the role our products play in helping patients recover and return to their lives. That is what drives our mission.

在同一期間，我也花時間走訪使用我們產品的醫院，並與外科醫師交流。我很清楚地感受到，這不是一門抽象的生意。當你身處手術室時，你會親眼看到我們與外科醫師之間的合作關係，以及我們的產品在協助病患復原並回到日常生活中所扮演的角色。這正是驅動我們使命的力量。

Turning to the first quarter. I'll start by briefly connecting the quarter to where we've been because the progression over the past couple of quarters is relevant to understanding what you're seeing in Q1. Over the past two quarters, we've been focused on two specific priorities; first, stabilizing the business. That meant working through the disruption to clinical reimbursement for RECELL, reengaging our core accounts and reestablishing a consistent procedure-based demand cadence. Second, improving how we operate.

接著談第一季。我會先簡要把本季與我們過去的狀況連結起來，因為過去幾季的進展有助於理解你在 Q1 看到的表現。在過去兩季，我們聚焦於兩項具體優先事項：第一，穩定業務。這意味著處理 RECELL 臨床給付報銷的干擾、重新與核心客戶帳戶建立連結，並重建以手術量為基礎、穩定一致的需求節奏。第二，改善我們的營運方式。

We simplified our focus around our highest value centers. Reenergized our sales organization and put in place a new credit agreement with terms that are better aligned to the business and our expected revenue trajectory. Q1 has been the quarter where we have begun to see those changes translate into more consistent performance. Let me begin with the headline results.

我們將重點簡化並聚焦於價值最高的中心；重新激活銷售組織；並簽訂新的信貸協議，其條款更符合業務狀況與我們預期的營收軌跡。Q1 是我們開始看到這些改變轉化為更一致表現的一季。讓我先從重點結果開始。

As you saw in the press release, and as reflected on this slide, revenue was approximately $19.3 million, up 4% year-over-year and approximately 10% sequentially. Building on the momentum we saw exiting Q4 and representing our highest quarterly revenue over the last year. David will walk through the full financials in more detail. But importantly, operating expenses declined year-over-year, reflecting the cost-saving actions we implemented in the second quarter of 2025, and we are reaffirming full year guidance of $80 million to $85 million.

如同你在新聞稿中所見，並如本投影片所示，營收約為 1,930 萬美元，年增 4%，且較前一季約成長 10%。這延續了我們在 Q4 結束時看到的動能，並創下過去一年最高的單季營收。David 將更詳細說明完整財務數據。但重要的是，營運費用較去年同期下降，反映我們在 2025 年第二季實施的節省成本措施；同時我們重申全年財測指引為 8,000 萬至 8,500 萬美元。

We also saw continued progress across the business and advancement across our product portfolio. I'll speak to these during my remarks.

我們也看到業務持續取得進展，並在產品組合方面有所推進。我將在接下來的說明中談到這些。

As we think about the quarter, there are 3 points I would highlight. First, the year-over-year comparison is still influenced by prior ordering patterns. The business a year ago included more bulk purchasing behavior that we no longer see today. Second, sequential quarter-over-quarter performance is a better indicator of underlying demand. Revenue increased approximately 10% from Q4 with product demand building momentum through the quarter and continuing into April.

在回顧本季時，我想強調三點。第一，年對年比較仍受到過去訂購模式的影響。一年前的業務包含較多的批量採購行為，而我們今天已不再看到這種情況。第二，與前一季相比的連續季表現更能反映基本需求。營收較 Q4 約增加 10%，產品需求在本季逐步累積動能，並延續至 4 月。

Third and most important is how the operating cadence is improving. We are seeing more frequent, smaller orders, better alignment between usage and purchasing and improved engagement across our core accounts. This reflects a shift away from past variability towards consistency and ultimately, predictability going forward.

第三點也是最重要的一點，是營運節奏正在改善。我們看到更頻繁、但單次量更小的訂單；使用量與採購之間的匹配度更高；以及核心客戶帳戶的互動更為提升。這反映出我們正從過去的波動性轉向一致性，並最終在未來提升可預測性。

Let me now go through some dynamics across our portfolio. Turning first to RECELL. At this point, all seven Medicare Administrative Contractors have published payment rates for clinician use. What we are seeing as a result is a gradual return to utilization patterns that reflect procedural demand rather than reimbursement uncertainty. That shows up in both reengagement within the most affected burn centers and sequential quarterly improvement in ordering and case activity.

接下來我將說明我們產品組合的一些動態。先談 RECELL。目前，所有七家 Medicare 行政承包商（Medicare Administrative Contractors）都已公布臨床使用的支付費率。我們因此看到使用模式逐步回到反映手術需求的狀態，而非受報銷不確定性影響。這體現在最受影響的燒傷中心重新投入使用，以及訂購與病例活動在連續季度上的改善。

We are also beginning to see expansion in use cases, particularly with RECELL GO mini and smaller burns and trauma settings. Internationally, recent regulatory clearances in Australia and New Zealand position us to expand RECELL GO in those markets.

我們也開始看到適應症/使用情境的擴展，特別是在 RECELL GO mini、較小面積燒傷以及創傷情境中。在國際市場方面，近期在澳洲與紐西蘭取得的法規核准，使我們得以在這些市場擴大 RECELL GO 的推廣。

In addition, during the quarter, we announced a new long-term agreement with BARDA to support US burn emergency preparedness. This builds on a long-standing partnership and reflects the role RECELL can play in a mass casualty response, where rapid treatment and scalability are critical.

此外，在本季期間，我們宣布與 BARDA 簽訂新的長期協議，以支持美國燒傷緊急應變準備。這是在長期合作夥伴關係基礎上的延伸，也反映 RECELL 在大規模傷亡事件應對中的角色——在此情境下，快速治療與可擴展性至關重要。

From a business perspective, this provides a modest level of recurring readiness revenue while also reinforcing the importance of RECELL within the broader health care system. More broadly, it underscores the clinical relevance and reliability of the platform in high-acuity settings and the confidence of a key government partner in our ability to deliver at scale.

從業務角度來看，這為我們帶來一定程度的經常性備援收入，同時也強化 RECELL 在更廣泛醫療體系中的重要性。更宏觀地說，這凸顯了該平台在高急重症環境中的臨床相關性與可靠性，以及一個關鍵政府合作夥伴對我們具備規模化交付能力的信心。

So stepping back, RECELL remains the foundation of the business and is again a driver of utilization as we build across our accounts.

因此，回過頭來看，RECELL 仍是業務的基石；隨著我們在各客戶帳戶中持續拓展，它也再次成為帶動使用量的驅動力。

Next, let me turn to Cohealyx. From a commercial standpoint, Q1 represents early stage adoption with encouraging signals. We saw, for example, an increasing number of ordering accounts as VAC approvals advance and early repeat usage by initial adopters. This is consistent with what we would expect at this stage of a product life cycle. An important development in the quarter was the interim clinical data from the Cohealyx-I study.

接著談 Cohealyx。從商業化角度來看，Q1 代表早期採用階段，且出現令人鼓舞的訊號。例如，隨著 VAC 核准流程推進，我們看到下單帳戶數增加，以及早期採用者出現初步的重複使用。這與我們對產品生命週期此階段的預期一致。本季一項重要進展是 Cohealyx-I 研究的期中臨床數據。

At a high level, the data shows a significant reduction in time to graft readiness, approximately 20 days versus benchmark with consistent outcomes across patients.

整體而言，數據顯示移植準備就緒（graft readiness）所需時間顯著縮短，約較基準縮短 20 天，且各病患的結果一致。

We also saw a median time to grafting of approximately 11 days. Early grafting achieved in some cases within the first week and high levels of investigator satisfaction. Importantly, this data set is now supporting ongoing VAC reviews, helping to reinforce the clinical value proposition as hospitals evaluate adoption.

我們也看到移植（grafting）的中位時間約為 11 天；部分案例在第一週內即可完成早期移植；且研究者滿意度很高。重要的是，這組數據目前正支援進行中的 VAC 審查，有助於在醫院評估採用時強化其臨床價值主張。

We also continue to hear positive feedback from clinicians already using Cohealyx, particularly around the consistency of outcomes, which is contributing to early repeat use. We expect the full data set later this year, which will be an important next step in supporting broader adoption.

我們也持續收到已在使用 Cohealyx 的臨床醫師正面回饋，特別是對結果一致性的肯定，這也促成早期的重複使用。我們預期今年稍晚取得完整數據集，這將是支持更廣泛採用的重要下一步。

And I would encourage you to listen to the key opinion leader webinar we hosted in April, available on our website. That session walks through the data in more detail. And importantly, illustrates how Cohealyx is being integrated into surgical workflows, including its use alongside RECELL in staged procedures.

此外，我也鼓勵各位收聽我們在 4 月舉辦的關鍵意見領袖（KOL）線上研討會，已上傳至我們網站。該場次更詳細地解讀數據；更重要的是，展示 Cohealyx 如何被整合進外科手術工作流程中，包括在分期手術中與 RECELL 併用的方式。

Finally, touching on PermeaDerm. From a commercial standpoint, performance is still developing. This quarter, we introduced new clinical positioning relative to cadaveric allograft, focused on its role as a more affordable biosynthetic alternative in wound coverage and healing. We expect data from the PermeaDerm-I study later this year, early signals, including histology indicate comparable biological performance to cadaveric allograft.

最後，談到 PermeaDerm。從商業角度來看，其表現仍在發展中。本季，我們相對於屍體同種異體移植物（cadaveric allograft）提出新的臨床定位，聚焦其作為更具可負擔性的生物合成替代方案，在傷口覆蓋與癒合中的角色。我們預期將於今年稍晚取得 PermeaDerm-I 研究數據；早期訊號（包括組織學）顯示，其生物學表現可與屍體同種異體移植物相當。

So similar to Cohealyx, the near-term role of PermeaDerm is to build clinical confidence, clear positioning within the treatment pathway and familiarity among surgeons. We had a strong presence at the American Burn Association Annual Meeting in April, which remains the most important clinical and commercial forum for our business.

因此，與 Cohealyx 類似，PermeaDerm 的短期角色是建立臨床信心、在治療路徑中釐清定位，並提升外科醫師的熟悉度。我們在 4 月的美國燒傷協會（American Burn Association, ABA）年會上有強勢曝光；該會議仍是我們業務最重要的臨床與商業論壇。

What stood out this year was the level of engagement across the portfolio. We saw broad scientific participation, meaningful clinical interaction across multiple forums and increasing discussion around how our products are used together in practice. Importantly, this was not just awareness, it was active clinical dialogue including education, case sharing and feedback from surgeons.

今年最突出的，是整個產品組合的參與度。我們看到廣泛的科學參與、在多個論壇中的有意義臨床互動，並且越來越多討論我們的產品在實務中如何搭配使用。重要的是，這不只是認知度提升，而是積極的臨床對話，包括教育、案例分享以及外科醫師的回饋。

So the takeaway from this year's ABA Conference, we are seeing growing clinical engagement and increasing integration into clinical discussions and workflows, supported by both data and real world experience.

因此，今年 ABA 會議的重點結論是：我們看到臨床參與度持續成長，並且在數據與真實世界經驗的支持下，愈來愈多地融入臨床討論與工作流程。

In summary, over the past two quarters, we've stabilized the business and improved how we operate. What we're now seeing is a return to more consistent utilization across our accounts with early signs of growth as that foundation takes hold. At the same time, the momentum we saw at ABA, together with the Cohealyx clinical data reinforces the clinical differentiation and value of our platform.

總結而言，在過去兩個季度，我們已穩定業務並改善營運方式。現在我們看到，隨著基礎逐步到位，各客戶帳戶的使用量回到更一致的水準，並出現早期成長跡象。同時，我們在 ABA 看到的動能，加上 Cohealyx 的臨床數據，進一步強化了我們平台的臨床差異化與價值。

As we look ahead to Q2, our focus is on continued sequential growth, driven by increasing utilization across our core burn and Tier 1 trauma accounts and demonstrating our progress is repeatable.

展望第二季（Q2），我們的重點是持續的季對季成長，動能來自核心燒傷與第一級（Tier 1）創傷客戶帳戶使用量提升，並證明我們的進展具有可重複性。

With that, let me hand to David to review the financials in more detail.

接下來，我把時間交給 David，更詳細地說明財務狀況。

Thank you, Cary, and good day to everyone. As Cary outlined, the first quarter reflects continued progress as we move from stabilization into a more execution-focused phase of the business. My prepared comments today will focus on how that progress is showing up in our financial results across revenue, gross margin, operating expenses and cash.

謝謝你，Cary，也向各位問好。如 Cary 所述，第一季反映了我們在從「穩定」走向更聚焦「執行」的業務階段時，持續取得進展。我今天的事先準備發言，將聚焦於這些進展如何反映在我們的財務結果上，包括營收、毛利率、營業費用與現金。

Turning first to revenue. Total revenue for the first quarter was approximately $19.3 million, representing 4% growth year-over-year and approximately 10% sequential growth from the fourth quarter of 2025. Growth in the quarter was driven by contributions from Cohealyx, RECELL GO mini and improving RECELL utilization as reimbursement dynamics continue to normalize.

先看營收。第一季總營收約 1,930 萬美元，年增 4%，並較 2025 年第四季約季增 10%。本季成長主要來自 Cohealyx、RECELL GO mini 的貢獻，以及隨著給付（reimbursement）動態持續正常化而改善的 RECELL 使用量。

Importantly, we are seeing ordering patterns increasingly aligned with underlying procedural demand. This is contributing to improved consistency in revenue with sales performance strengthening through the quarter and showing momentum as we exited March. With our Q1 results, we are reaffirming our full year 2026 net revenue guidance of $80 million to $85 million.

重要的是，我們看到訂購模式愈來愈與底層手術需求一致。這有助於提升營收的一致性；本季銷售表現逐月走強，並在 3 月底呈現動能。基於第一季結果，我們重申 2026 全年淨營收指引為 8,000 萬至 8,500 萬美元。

Turning to gross margin. Gross profit margin for the quarter was 81.7% compared to 84.7% in the prior year period. The change was primarily driven by certain required inventory reserves and product mix with Cohealyx and PermeaDerm contributing a greater proportion of revenue.

接著看毛利率。本季毛利率為 81.7%，相較去年同期為 84.7%。變動主要由於某些必要的存貨備抵（inventory reserves）以及產品組合變化所致，其中 Cohealyx 與 PermeaDerm 佔營收比重提高。

As we've discussed previously, while this shift in product mix impacts reported gross margin percentage, these products contribute incremental gross profit without a proportional increase in operating expenses.

如我們先前所討論，雖然這種產品組合的轉變會影響揭露的毛利率百分比，但這些產品能帶來增量毛利，且不會造成營業費用按比例增加。

As a result, they remain accretive to absolute gross dollars and supportive of operating leverage over time. Consistent with the framework we outlined with our broader portfolio coming out of 2025. RECELL gross margin remained strong at approximately 85% and we expect that to continue.

因此，這些產品仍能增加絕對毛利金額，並隨時間推進支持營運槓桿。這與我們在 2025 年結束時，針對更廣泛產品組合所提出的架構一致。RECELL 的毛利率仍維持強勁，約為 85%，我們預期將持續如此。

Turning to operating expenses. Total operating expenses were $24.5 million, down 11% year-over-year. This reflects continued execution against the cost optimization initiative, including transformation of the sales force implemented in 2025 and reinforces that we are operating with a lower and more disciplined cost base. Importantly, this structure is now stable and aligned with the current scale of the business. As revenue grows, we expect this to support improved operating leverage.

接著看營業費用。總營業費用為 2,450 萬美元，年減 11%。這反映我們持續落實成本優化計畫，包括 2025 年實施的銷售團隊轉型，也再次證明我們以更低且更具紀律的成本基礎在營運。重要的是，這個結構目前已穩定，並與公司現有規模相匹配。隨著營收成長，我們預期這將支持更佳的營運槓桿。

Net loss for the quarter was $10.6 million or $0.35 per basic and fully diluted share and an improvement compared to $13.9 million or $0.53 per basic and fully diluted share in the prior year period.

本季淨損為 1,060 萬美元，或每股基本及完全稀釋後虧損 0.35 美元；相較去年同期淨損 1,390 萬美元，或每股基本及完全稀釋後虧損 0.53 美元，已有改善。

Now turning to cash, which we recognize as a key focus. Net cash used for the quarter was approximately $9.9 million. As expected, cash use was higher in the first quarter driven by seasonal compensation and other onetime payments and was further elevated by the timing of revenue and collections. Cash receipts obviously lagged revenue and with a greater proportion of product sales occurring later in the first quarter, our cash receipts were negatively impacted, which increased our cash use.

接著談現金，我們也知道這是關鍵重點。本季淨現金使用約 990 萬美元。如預期，第一季現金使用較高，主要受季節性薪酬與其他一次性付款影響；同時也因營收與收款時點而進一步提高。現金收款顯然落後於營收，且由於第一季較大比例的產品銷售發生在季末，我們的現金收款受到負面影響，進而增加現金使用。

As we move into the second quarter, these timing dynamics have reversed. Seasonal and onetime items are completed and collections from strong late first quarter revenue and early second quarter sales activity are driving higher cash receipts, combined with ongoing cost discipline, this gives us strong confidence in a significant decrease in cash used in the second quarter. We ended the quarter with approximately $14.3 million in cash and marketable securities.

進入第二季後，這些時點因素已反轉。季節性與一次性項目已完成；加上第一季末強勁營收與第二季初銷售活動所帶動的收款，使現金收款提高。結合持續的成本紀律，讓我們對第二季現金使用將顯著下降充滿信心。我們在季末持有約 1,430 萬美元的現金與有價證券。

Regarding our debt facility, we remain in compliance with the trailing 12-month revenue and minimum cash covenants under our credit facility which are aligned with our current operating trajectory. Importantly, this facility put in place in January with Perceptive Advisors was structured to provide greater flexibility than our prior credit agreement, with covenant thresholds set meaningfully below our expected annual revenue levels and a reduced minimum cash requirement.

關於我們的債務融資安排，我們仍符合授信合約下「過去 12 個月（trailing 12-month）營收」與「最低現金」等財務約束條款（covenants），且這些條款與我們目前的營運軌跡一致。重要的是，這項由 Perceptive Advisors 於 1 月提供的融資安排，其設計較我們先前的授信協議更具彈性；其約束門檻設定顯著低於我們預期的年度營收水準，且最低現金要求也較低。

Given the level of headroom, we would not expect the revenue covenants under this agreement to be an area of focus going forward. For context, the second quarter trailing 12-month revenue covenant of $69 million implies a second quarter revenue requirement of only $15 million, which remains well below our recent quarterly revenue levels. The structure is interest-only and includes additional capacity subject to achieving a defined revenue milestone. Taken together, these terms were designed to support execution rather than constrain it, providing improved visibility and headroom as we scale the business. As a result we believe our current capital structure is well aligned with our operating plan that supports our ability to manage the business for continued growth, improved cost efficiency and ultimately, financial sustainability.

鑑於目前的緩衝空間（headroom）水準，我們預期未來該協議下的營收約束不會成為關注重點。作為參考，第二季「過去 12 個月」營收約束為 6,900 萬美元，意味著第二季營收只需達到 1,500 萬美元，仍遠低於我們近期的單季營收水準。該融資結構為僅付利息（interest-only），並在達成特定營收里程碑後提供額外額度。綜合而言，這些條款旨在支持執行而非限制執行，並在我們擴大業務規模時提供更佳的可視性與緩衝空間。因此，我們認為目前的資本結構與營運計畫高度一致，可支持我們持續成長、提升成本效率，並最終達成財務可持續性。

In summary, we are seeing sequential quarterly revenue growth with an improving demand consistency, a stable and disciplined operating cost structure and clear visibility to lower cash use as we move into the second quarter. These elements reflect continued execution against the framework we established in 2025 and reinforce our focus on delivering consistent and repeatable performance through the year.

總結來說，我們看到營收呈現季對季成長、需求一致性改善、營運成本結構穩定且具紀律，並且在進入第二季時，對降低現金使用有清楚可視性。這些要素反映我們持續依循 2025 年建立的架構執行，也再次強化我們在全年交付一致且可重複表現的聚焦方向。

With that, I'll hand it back to Cary.

接下來，我把時間交回給 Cary。

Thank you, David. So just to summarize the first quarter, we delivered a solid revenue performance in Q1, supported by improving RECELL utilization. We exited the quarter with increasingly consistent procedure-driven demand across our core accounts. We generated compelling Cohealyx clinical data reinforcing its differentiation over other dermal matrices. And we strengthened our leadership as we shift gears into this next phase of our AVITA journey.

謝謝你，David。簡要總結第一季：我們在 Q1 交出穩健的營收表現，並受惠於 RECELL 使用量改善。我們在季末看到核心客戶帳戶的手術驅動需求愈來愈一致。我們也取得具說服力的 Cohealyx 臨床數據，強化其相較其他真皮基質（dermal matrices）的差異化。同時，隨著我們在 AVITA 旅程進入下一階段，我們也強化了領導團隊。

As we look ahead to Q2, the focus is clear; build sequential growth and demonstrate recurring progress across our business.

展望 Q2，重點很明確：建立季對季成長，並在整體業務中展現可重複的進展。

With that, let's go to questions.

接下來進入問答。

(Operator Instructions)

（接線員指示）

Frank Takkinen, Lake Street Capital Markets.

Frank Takkinen，Lake Street Capital Markets。

All right. Thank you for taking the questions. Congrats on a solid Q1. I was hoping to start with a question more on composition. I don't know if you'll go as far as sharing the breakdown between resell and Cohelix. If you would, that would be great. If not, maybe a backup question would be just speaking to maybe which one was a stronger driver of growth. Was it a rebound in resell or kind of Cohelix coming up the curve pretty quickly? Thanks.

好的。謝謝讓我提問。恭喜第一季表現穩健。我想先從組成面問一題。我不確定你們是否願意進一步分享轉售（resell）與 Cohelix 之間的拆分。如果可以的話那就太好了；如果不方便，備用問題是想請你們談談哪一塊是較強的成長驅動力。是轉售的回升，還是 Cohelix 很快地沿著成長曲線上來？謝謝。

I mean, we're not going to break it out yet. But I mean, it was a combination of the two, Frank. We grew in RECELL and we grew in Cohealyx. Those are the two main drivers.

我的意思是，我們目前還不會把它拆出來。不過，Frank，確實是兩者的組合。我們在 RECELL 有成長，在 Cohealyx 也有成長。這兩個是主要的驅動因素。

Okay. That's helpful. In the prepared remarks, I think you made a comment of Q2 sequential growth continues to be expected. Can you maybe talk to that a little bit more? And then, obviously, the quarter was a little ahead of where Street expectations were and understand the appetite to put out expectations you can achieve.

好的，這很有幫助。在事先準備的發言中，我想你提到第二季預期仍會有連續（逐季）成長。你能不能再多談一點？另外，很明顯本季表現略優於市場預期，也理解你們希望給出可達成的預期。

But maybe talk through how you guys thought about maybe taking the guide up a little bit, just given how well it seems the recovery is going in Q1.

不過，能否談談你們如何思考是否要把指引稍微上調一些，畢竟看起來第一季復甦進展相當不錯。

Yes. I mean right now, we're sticking with the guidance. But I do think that this is a business that builds on itself. I think a lot of the work that we did even in the latter part of 2025 brought us the results in Q1. And I expect that work to continue.

是的。我們目前仍維持既有指引。但我確實認為這是一個會自我累積的業務。我想我們在 2025 年後段所做的許多工作，帶來了第一季的成果，而我預期這些工作會持續下去。

There was a lot of good work aside from bringing in orders and revenue. There were a lot of things built. There were hospitals that came out of VAC around Cohealyx. So there's a lot of progress behind the scenes, behind the revenue number.

除了帶進訂單與營收之外，還做了很多很好的工作，也建立了很多東西。有一些醫院在 Cohealyx 方面已經從 VAC（真空輔助閉合）轉出。因此在營收數字背後、幕後其實有很多進展。

And we expect to be able to retain that kind of progress that we had in Q1 into Q2 and capture three months of it as opposed to maybe a month or two of it when we got a new physician or new procedures on board in Q1. And so we expect that to build on itself kind of quarter-over-quarter. That's why we speak to it in that way. And so more to come in a few months.

我們預期能把第一季那種進展延續到第二季，並且能捕捉到完整三個月的效益，而不是像第一季那樣，當我們導入新醫師或新手術時，可能只捕捉到一到兩個月的效益。因此我們預期它會逐季累積、持續向上。這就是我們那樣表述的原因。幾個月後會有更多進展可分享。

Okay, helpful. Thank you.

好的，很有幫助。謝謝。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Good afternoon, Cary, David. Thank you for taking questions. Congrats on the progress. Just to put this behind us, Cary, on the MAC dynamics. I appreciate you sharing that the seven MACs are now publishing rates. I just want to confirm though, beyond the published rates, the seventh MAC that you were waiting on, everyone is now fully reimbursing for RECELL at this point, correct?

下午好，Cary、David。謝謝讓我提問。恭喜你們的進展。為了把這件事釐清，Cary，關於 MAC 的動態。我很感謝你分享目前七個 MAC 都已公布費率。我想確認的是，除了已公布的費率之外，你們先前在等的第七個 MAC——目前所有單位都已經對 RECELL 完全給付了，對嗎？

That's correct. Thank you, Ryan. So they've all published and there was one MAC that the rates were -- the rate was below the others that they've brought that rate up in line with everyone else.

沒錯。謝謝你，Ryan。所以它們都已公布；而且其中有一個 MAC 的費率——原本低於其他家——他們已把該費率上調到與其他家一致。

Okay. That's very helpful and really good to hear. As far as -- and this is just a part of this question, and I follow up on BARDA. But just you made some comments about utilization and really smaller burns seeing some adoption. And so I'm wondering if you could elaborate on what's driving that?

好的，這非常有幫助，也很高興聽到。接著——這只是這題的一部分，我後面會追問 BARDA——你提到使用量（utilization），以及較小面積燒傷也開始採用。我想請你多說明一下是什麼在驅動？

Are you explicitly targeting lower TBSA burns because they're more frequent? And it would suggest that doctors are becoming more comfortable certainly with the RECELL device, if that's the case. I'm wondering if you could kind of speak to that. And like I said, I just have one quick one on BARDA.

你們是否有明確鎖定較低 TBSA 的燒傷，因為它們更常見？如果是這樣，也代表醫師對 RECELL 裝置的使用更熟悉了。我想請你談談這點。就像我說的，我還有一個關於 BARDA 的簡短問題。

So I mean, obviously, we're pushing for them to use it on every wound and every size burn. The question is always with clinicians, is it worth it? So is it worth it economically? Is it worth it in terms of the time and the workflow. So I think it's a combination of things.

所以我的意思是，很明顯我們希望他們在每一個傷口、每一種大小的燒傷上都使用。臨床端的問題永遠是：值不值得？也就是經濟上值不值得？在時間與工作流程上值不值得？所以我認為這是多種因素的組合。

I think clinically, we're showing and convincing more that the impact on healing, on pigmentation is worth it for the patient. I think having an offering of RECELL GO mini for -- that's less expensive, that's really made for smaller wounds and then the economic impact of length of stay or the advantage to the patient and to the hospital and to really everyone involved for healing faster, I think it's just starting to resonate, and we're trying to basically cover all our bases in terms of objections or reasons why they may not use it. We're trying to address all of those through technology, through data, both economic and clinical.

我認為在臨床上，我們正在展示並說服更多人：對癒合、對色素沉著的影響，對病人而言是值得的。我認為我們推出 RECELL GO mini——價格較低、專為較小傷口設計——再加上住院天數（length of stay）的經濟影響，或更快癒合對病人、醫院以及所有相關方的好處，我覺得這些開始引起共鳴。我們基本上是在各方面補齊，針對他們可能不使用的反對點或原因，我們正透過技術、透過數據（經濟與臨床兩方面）來一一解決。

Okay. Last one, maybe more for David, but the BARDA contract, I think it's up to $25.5 million in revenue -- potential revenue. I think $3.5 million, if I'm not mistaken, is guaranteed. So David, how are you thinking about that coming through when it comes through? Any guidance would certainly be helpful there?

好的，最後一題，可能更適合問 David。BARDA 合約我記得最高可帶來 2,550 萬美元的營收——潛在營收。我想其中 350 萬美元（如果我沒記錯）是保證的。所以 David，你怎麼看它會在何時、以何種方式反映出來？如果能提供一些指引會很有幫助。

Appreciate it. Thanks for taking the questions.

謝謝你們讓我提問。

Sure, Ryan. Good to hear from you. And thanks for the question. What's guaranteed is around $3.9 million over 10 years. And that is basically amortized per month over those 10 years.

當然，Ryan。很高興聽到你的聲音，也謝謝你的問題。保證的金額大約是 10 年合計 390 萬美元左右。基本上會在這 10 年期間按月攤提。

So you can pretty much assume that it's going to be about $100,000 per quarter, $30,000 or so thousand per month. And it is billed on a monthly basis.

所以你大致可以假設每季大約 10 萬美元、每月大約 3 萬美元左右。並且是按月開立帳單。

So that cash comes in during that 10-year period. The rest of it is only if there's a mass casualty. And what we're required to do is to have safety stock. We're required to have stock on hand, but it basically equates to our safety stock anyway. So it's not an increase, and I've been asked this question before, and I'll just tell you, it's not an increase in cost to have that safety stock that fulfills our requirements for BARDA.

因此現金會在這 10 年期間進來。其餘部分只有在發生大規模傷亡事件（mass casualty）時才會有。而我們被要求做的是維持安全庫存。我們必須備有現貨，但基本上這相當於我們原本就需要的安全庫存。所以這不是增加；我以前也被問過這題，我直接說：為了滿足 BARDA 要求而維持那個安全庫存，並不會增加成本。

Appreciate it. Thank you.

了解，謝謝。

Thanks, Ryan.

謝謝你，Ryan。

Chris Kallos, MST Financial.

Chris Kallos，MST Financial。

Thank you, Ben. Thank you for taking my question. Hi, Cary. Hi, David. Just a quick question. Regarding the guidance, in terms of the multiple moving parts now with the product mix, what would be the drivers that you'd be looking forward to maybe for us to expect the company coming at the high end of guidance for the year. What -- in light of the Cohealyx data and the rest, what should we be aware of?

謝謝你，Ben。謝謝讓我提問。嗨，Cary。嗨，David。我只有一個簡短問題。關於指引，考量到現在產品組合有多個變動因素，你們會關注哪些驅動因素，讓我們可以期待公司今年有機會落在全年指引的高端？就 Cohealyx 數據以及其他因素而言，我們應該注意什麼？

I mean I think we have -- thank you, Chris. Good to hear from you. I think we've got one quarter under us, right? And so I think while I and the team have a good sense of confidence, me six months into the role, where we stand, what we know, how, what we're doing is impacting the market and the number, it's still just a quarter. And I think for us, it's a matter of seeing the progress throughout the course of the year.

我的意思是——謝謝你，Chris。很高興聽到你的聲音。我想我們目前才走過一個季度，對吧？所以即便我和團隊有相當的信心——我上任六個月——對於我們所處的位置、我們所知道的事情、以及我們正在做的事如何影響市場與數字，我們有不錯的掌握，但畢竟仍只是單一季度。對我們而言，重點是要在全年過程中持續看到進展。

That will give us a better level of kind of confidence and sight into where we would expect to finish the year. And my expectation is we're going to be as transparent as we can be about how we're progressing and what we expect and that we'll report out accordingly.

這會讓我們對於我們預期全年會落在哪裡，有更高程度的信心與能見度。我的期待是，我們會盡可能透明地說明我們的進展與我們的預期，並且會相應地對外報告。

Great. And just a follow-up question regarding the smaller purchases that are coming through at the moment, can you maybe relate that to -- has that been a result of a change in strategy in the sales team and/or headcount? Maybe a comment on that.

很好。再追問一個關於目前出現的較小採購訂單的問題，您能否把這與——這是否是銷售團隊策略改變和／或人力編制變動的結果聯繫起來？能否就此評論一下。

Sure. I think we want customers to order in a way that is convenient for them in terms of how much they stock, in terms of how often they use it. We're responding to them. I think we want to make sure we're not pushing any of our own agenda about wanting any larger orders or that doesn't really help us even things out.

當然。我認為我們希望客戶能以對他們方便的方式下單，無論是就他們的庫存量而言，還是就他們的使用頻率而言。我們是在回應他們的需求。我想我們也要確保，我們不會推動任何我們自己的議程，例如想要更大的訂單之類的——那其實也不一定能幫助我們把波動拉平。

What I like from the AVITA side of this is it becomes very consistent and very predictable. And I think as we go through weekly regular forecasting exercises, we're becoming very good at understanding how our customers buy and predicting how they will buy in the coming weeks and months of the quarter.

我從 AVITA 這一端喜歡的是，這會變得非常一致且非常可預測。我認為，隨著我們每週進行例行的預測演練，我們越來越擅長理解客戶如何採購，並預測他們在本季度接下來幾週與幾個月會如何採購。

And again, we would not do it that way if our customers didn't want it that way. So it's really a combination of giving them -- letting them order the way they want to order and use it and us having a mechanism and a process that helps us be very predictable.

再說一次，如果客戶不希望這樣，我們也不會這麼做。所以這其實是兩者的結合：讓他們以自己想要的方式下單與使用，同時我們也有一套機制與流程，讓我們能做到非常可預測。

Thank you for that. And just one last question for David. David, in terms of cost-outs have we reduced the costs as much as possible. Should we sort of expect the cost line to stay stable from here on?

謝謝。最後再問 David 一個問題。David，就成本削減而言，我們是否已把成本降到可能的最低？我們是否應該預期從現在起成本線會維持穩定？

Yes. I think you have to look at it that we've stabilized the cost structure. And I've talked about this previously. The one variable that I hope goes up is commissions because that's the one that will drive -- will be an indicator that we're having more revenue. But from a G&A and R&D and headcount perspective, our cost structure is where we want it to be.

是的。我認為你得這樣看：我們已經把成本結構穩定下來。我之前也談過。唯一我希望上升的變數是佣金，因為那將推動——也會是我們營收增加的指標。但從一般及行政（G&A）、研發（R&D）以及人力編制的角度來看，我們的成本結構已在我們希望的位置。

Great. That's all I had. Thanks very much.

很好。我就這些了。非常感謝。

Thanks, Chris.

謝謝你，Chris。

(Operator Instructions)

（接線員指示）

Josh Jennings, TD Cowen.

Josh Jennings，TD Cowen。

Hi, good afternoon. Thanks for taking the questions. Congratulations again, Cary, on getting the interim tag removed from your CEO title. I was hoping to just start off -- I mean, I know you had a couple of questions on MAC and you described the progress of seven MAC publishing. Can you help us just think about this physician confidence and/or centric burn center confidence in terms of getting reimbursed for RECELL where we are there? I mean you think we're 50% to 75% VAC. I know you're banking on continued progress sequential growth over the course of this year.

嗨，下午好。謝謝讓我提問。也再次恭喜你，Cary，你的 CEO 職稱已移除「代理」標籤。我想先從——我的意思是，我知道你之前有幾個關於 MAC 的問題，你也描述了七個 MAC 發布的進展。你能否幫我們思考一下，醫師信心和／或以中心為主的燒傷中心信心，在 RECELL 取得給付（reimbursed）方面目前處於什麼狀態？我的意思是，你認為我們已恢復到 50% 到 75% 的 VAC。我知道你也指望今年接下來能持續逐季改善、成長。

But maybe just help us think through where you are in that recovery on the physician and center confidence front that they'll get reimbursed.

但也許請你幫我們梳理一下，在醫師與中心對於「他們會拿到給付」這件事的信心恢復上，你目前處於什麼位置。

Yes. I'd say 75% probably a good number. And as we've talked over the last three, five months, I've kind of said that's the way it's going to be. There's the official MAC situation and then there's an education and communication that needs to take place to make sure that we're back to where we were over a year ago. I think that some of it is that.

是的。我會說 75% 可能是個不錯的數字。正如我們在過去三到五個月所談的，我一直說大概就會是這樣。這裡有官方的 MAC 狀況，另外也需要教育與溝通，確保我們回到一年多前的狀態。我認為其中一部分就是這個。

And then some of it is right now, we're in a kind of blocking and tackling mode health care system -- by health care system or hospital by hospital where they have their own internal communication about what's getting reimbursed and how to get reimbursed.

另外一部分是，目前我們正處於一種「打基本功」的模式——以醫療體系為單位、或以醫院為單位——因為他們各自都有內部溝通流程，關於哪些項目能獲得給付以及如何取得給付。

And so we're just trying to help with the education of all of that, something we probably would have been doing more of a year ago had this MAC issue not come up, right? So now after the fact that, that is kind of officially cleared up, now we kind of go hospital by hospital with our health care access team along with our commercial teams and make sure they understand how they get paid and how to work through the process.

因此我們只是嘗試協助完成這些教育工作。坦白說，如果不是因為這個 MAC 問題出現，我們可能在一年前就會做更多這類工作，對吧？所以在事後、也就是這件事在官方層面已經釐清之後，我們現在就由我們的醫療可近性（health care access）團隊配合商業團隊，一家醫院一家醫院地去確保他們了解如何收款、以及如何走完流程。

Thanks for that. And just coming out of ABA with the Cohealyx update, I was hoping -- and clearly, there's more buzz around that product. But I was hoping you could just maybe put a finer point on what you're seeing in terms of traction, still early days post ABA, but any surgeon feedback? And then also, if you could give us any just updates on the number of centers that are starting to use the entire portfolio, RECELL, Cohealyx and PermeaDerm and seeing some of the initial traction of the portfolio build-out.

謝謝。再問一個：從 ABA 會議後 Cohealyx 的更新來看，我原本希望——而且顯然，市場對那個產品的討論熱度更高了。但我想請你更具體說明一下你看到的牽引力（traction）：雖然 ABA 後仍是早期，但有沒有任何外科醫師回饋？另外，如果你也能更新一下，開始使用完整產品組合（RECELL、Cohealyx 與 PermeaDerm）的中心數量，以及你看到產品組合擴展（portfolio build-out）的初步牽引力。

Sure. I'll answer the second one first. So I think we're in the 20s in terms of centers that are using all three products. I think, again, if you haven't had a chance on our website, there was a great webinar we did during ABA where it was me and Katie -- Dr. Katie Bush as well as two of our physicians, and they spoke way better than we could about the day-to-day use, utilization and workflow of Cohealyx and PermeaDerm as well as the study and some of those results because that's -- both those things matter.

當然。我先回答第二個。我認為目前使用三項產品的中心大概在 20 多家。我想再次提醒，如果你們還沒看過我們網站，在 ABA 期間我們做了一場很棒的網路研討會，由我和 Katie——Katie Bush 醫師——以及兩位我們的醫師一起參與。他們對於 Cohealyx 與 PermeaDerm 的日常使用、利用率與工作流程，以及該研究與部分結果的解說，比我們更到位，因為——這兩者都很重要。

Obviously, data matters, but so does the day in, day out and just the credibility that they have. And I encourage you all to go back and listen to that if you haven't already.

顯然，數據很重要，但日復一日的實際操作也同樣重要，以及他們所具備的可信度。我鼓勵各位如果還沒聽過，回去聽一下。

But I think that there's a substantial amount of buzz that comes out of ABA and the study itself and the preliminary release. I think it helps us in our VAC committees with a little bit of acceleration. That's just a gut feel that feeding them better and more information as they're in the process is going to help get it out of there sooner.

但我認為，ABA 以及該研究本身與初步發布，確實帶來了相當程度的討論熱度。我覺得它也讓我們在 VAC 委員會的推進上稍微加速一些。這只是直覺：在他們審議過程中提供更好、更多資訊，會有助於更快通過。

We just want to compete. I think that Cohealyx competes very well with other dermal matrices. I think we have some advantages as well. And we just want to get out there and do that. But in order to do that, we -- this data will help quite a bit as well us just practically getting out of VAC and having more people use it and give us their input and be reference sites for others to understand the advantage of using Cohealyx.

我們只是想要競爭。我認為 Cohealyx 與其他真皮基質（dermal matrices）相比競爭力很強，我們也有一些優勢。我們就是想走出去做到這點。但要做到這點，我們——這些數據會很有幫助，同時也包括我們在實務上走出 VAC、讓更多人使用並給我們回饋，並成為其他人了解使用 Cohealyx 優勢的參考中心（reference sites）。

And so I think it's palpable, and it's exciting. And I'm looking forward to the months ahead as I would expect to see 12 to 15 VACs -- Cohealyx come out of 12 to 15 VACs every quarter. That's about what it was last quarter. That's another expectation, I have this quarter, and I expect that to continue. We still have about 55 to 60 of them in VAC.

所以我覺得那種氛圍是很明顯的，也令人興奮。我也期待接下來幾個月，因為我預期每一季會有 12 到 15 個 VAC——Cohealyx 會從 12 到 15 個 VAC 中出來。上季大概就是這個水準。這一季我也有同樣的預期，而且我預期會持續。我們目前仍大約有 55 到 60 個還在 VAC 裡。

Every time we get some of them out, some more go back in, which is great because at some point, we're going to be covered across all the burn centers and the Level 1 trauma centers, and we're going to be cleared to compete in every one of them.

每次我們讓其中一些通過，另外一些又會再送進去，這很好，因為在某個時間點，我們將會在所有燒傷中心與第一級創傷中心（Level 1 trauma centers）都獲得涵蓋，我們也將在每一家都獲准參與競爭。

Thank you. And I'm showing no further questions in the queue at this time. I will now turn the call back over to Cary for closing remarks.

謝謝。目前我看到隊列中沒有其他問題。我現在把電話交回給 Cary 作結語。

Thank you, operator, and thank you to everyone for your time and support today. We look forward to continued engagement and discussions with all of you in the coming days and weeks, and we look forward to another great quarter. Thanks, everyone.

謝謝你，接線員，也謝謝各位今天撥冗與支持。我們期待在接下來的幾天與幾週，持續與各位互動並進一步討論，也期待再迎來一個很棒的季度。謝謝大家。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating, and you may now disconnect.

感謝各位參與，您現在可以掛線。