AVITA Medical makes wound care products for burns, trauma, and surgical wounds. The company's core product, RECELL, is an autologous cell harvesting device that lets surgeons take a small skin sample from a patient, process it at the point of care in about 30 minutes, and spray the resulting cell suspension onto a wound. This approach reduces the donor skin required compared to traditional skin grafting by up to 97.5% in clinical trials, and real-world data shows it reduces hospital length of stay by 36% for burn patients. RECELL is FDA-approved for thermal burns and full-thickness skin defects in adults and children. AVITA's two complementary products — Cohealyx, a collagen-based dermal matrix that prepares the wound bed for grafting, and PermeaDerm, a biosynthetic wound dressing — are designed to attach to RECELL cases and increase revenue per patient episode. Used together on a 10–20% total body surface area wound, all three products can generate $28,500–$57,000 per patient vs. $6,500–$13,000 for RECELL alone. AVITA sells primarily through a direct U.S. sales force of ~82 reps targeting roughly 200 burn and trauma centers, which account for ~90% of revenue. Revenue is driven by a single-use kit model: AVITA places a reusable processing device at hospitals at no charge and earns revenue on single-use preparation kits sold per procedure. Growth is primarily driven by increasing utilization within existing accounts rather than adding new ones, with management estimating only ~5% penetration in its core target accounts.