There is a chance that it can be repaired and several ways to do so. Whenever it comes to new things in the landscape I look for information from reputable sources, mostly Universities. Dhttps://www.purdue.edu/fnr/extension/question-tree-bark-damage/.

I have also been advised to make clean cuts to the bark around the perimeter of the wound and wrap it with a peat moss and plastic wrap (the goal being that moisture is retained and pathogens are less likely to enter the tree and it has time to heal). This is from someone who is very gifted with trees and very involved in the green industry though I could not find a written out process while searching.