Why Did AVITA Medical Choose Cary Vance as Interim CEO Now?

Leadership Shift at a Critical Juncture

AVITA Medical has announced a significant leadership change with Cary Vance, the company’s Board Chairman, stepping into the role of Interim CEO effective immediately. This move comes as Jim Corbett exits his positions as CEO and Board member. Vance’s appointment signals a strategic pivot, leveraging his extensive healthcare industry experience and intimate knowledge of AVITA’s operations to steer the company through its next phase.

Jan Stern Reed, a current Board member, has been appointed Lead Independent Director, reinforcing the Board’s governance structure during this transition. The Board has also initiated a search for a permanent CEO, considering both internal and external candidates, including Vance himself.

Financial Snapshot – Preliminary Q3 Revenue and Covenant Waiver

AVITA Medical expects preliminary revenue for the third quarter ending September 30, 2025, to be approximately $17 million. This figure, while preliminary, provides a glimpse into the company’s near-term performance amid ongoing market challenges. The company has secured a waiver from OrbiMed on its trailing 12-month net revenue covenant, a critical relief that allows continued operational flexibility. Discussions are underway to redefine future covenant terms, though outcomes remain uncertain.

The company plans to update investors with finalized third-quarter results and guidance during its earnings call scheduled for November 6, 2025. This update will be closely watched for insights into AVITA’s trajectory and financial health.

Strategic Focus and Executive Terms

Under Vance’s interim leadership, AVITA Medical aims to accelerate execution across its multi-product wound care platform, including the RECELL System, PermeaDerm, and Cohealyx products. Vance brings over three decades of experience leading healthcare companies through commercialization and operational improvements, a background the Board believes is well-suited to unlocking AVITA’s growth potential.

Vance’s interim CEO contract spans 12 months, with a base salary of $702,000 USD and a guaranteed bonus for 2025. Notably, he will not receive equity incentives during this term, underscoring a focus on immediate operational leadership rather than long-term equity-driven incentives.

Looking Ahead

AVITA Medical’s leadership change and preliminary financial update come at a pivotal moment. The company’s ability to navigate covenant negotiations, finalize its CEO appointment, and deliver on growth initiatives will be critical to restoring investor confidence and market momentum. The upcoming earnings call will be a key event for stakeholders seeking clarity on these fronts.