Ann: AVITA Medical Q4 2023 Investor Presentation, page-46

It looks that way to me too.

I also wonder if there's additional selling pressure from the All Ords and Russell index funds rebalancing due to the reduction in the market caps of AVH (next rebalance in June) and RCEL (next rebalance in a week)?

RCEL might stay in the Russell Indexes but I'm not really across the ins and outs (pardon the pun):

AVITA Medical Rejoins the Russell 3000 Index
June 26, 2023
The annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of April 28, 2023, ranking them by total market capitalization, including both the Russell 3000 and Russell Microcap® Indexes. Membership in the U.S. all-cap Russell 3000 Index, which remains in place for one year, means automatic inclusion in the small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.

https://companiesmarketcap.com/usa/largest-companies-in-the-usa-by-market-cap/?page=28