Avita Medical Ltd (RCEL)

[Fitz1030]

You have to read the details on the slides closely. Yes, there are ~2million in Japan with Vitiligo, but there's ~6million in the U.S. with Vitiligo (which makes sense since we are 3x the population of Japan). The TAM of 158,000 U.S. patients represents the number of people with Vitiligo that actually seek medical treatment each year. This means that just under 3% of those with Vitiligo actually look to get it treated, hence the U.S. TAM is 158,000 and Japan's would be roughly a third of that - 53,000. Still a big market opportunity, but it would be foolish to overlook the fact that ~97% of those with Vitiligo are not bothered enough by it to seek treatment.