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Mar 31, 2022
AVITA Medical Q1 2022 Earnings Report
AVITA Medical's financial results for Q1 2022 were reported, highlighted by an increase in commercial revenue and advancements in clinical trials.
Key Takeaways
AVITA Medical reported a strong first quarter in 2022, with a 61% increase in commercial revenue to $7.4 million. The company also saw FDA and PMDA approvals for its RECELL system and had $95 million in cash and cash equivalents.
Commercial revenue increased by 61% to $7.4 million compared to the corresponding period in the prior year.
Total revenue was $7.5 million, which includes BARDA revenue.
FDA approved the premarket approval application supplement for RECELL® Autologous Cell Harvesting Device.
Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) approved the application for commercialization of the RECELL system in burns.
AVITA Medical
AVITA Medical
Forward Guidance
AVITA Medical projects commercial revenues of approximately $30 million for calendar year 2022, excluding BARDA revenues, and BARDA revenues of approximately $0.3 million.