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Mar 31, 2023
AVITA Medical Q1 2023 Earnings Report
Reported financial results for the first quarter of 2023 and affirmed full year guidance.
Key Takeaways
AVITA Medical reported a 40% increase in total revenue to $10.6 million for the first quarter of 2023, with a gross profit margin of 84%. The company is on track for FDA submissions and approvals, and commercial revenue is expected to be in the range of $10.7 to $11.7 million for the second quarter of 2023.
Commercial revenue increased by 40% to $10.5 million compared to $7.4 million for the same period in 2022.
Total revenue increased by 40% to $10.6 million compared to $7.5 million for the same period in 2022.
Gross profit margin was 84% compared to 76% in the same period in 2022.
Expanded field sales organization from 30 to 69, working towards a goal of 70.
AVITA Medical
AVITA Medical
Forward Guidance
Commercial revenue, excluding BARDA revenue, for the second quarter 2023 is expected to be in the range of $10.7 to $11.7 million. Commercial revenue, excluding BARDA revenue, for the full year 2023, remains unchanged, and is expected to be in the range of $49 to $51 million.
Positive Outlook
- Expect FDA approval for soft tissue repair indication in June 2023 followed by the commercial launch on July 1, 2023
- Anticipate FDA submission of RECELL GO by June 30, 2023
- Expect FDA approval for vitiligo indication in June 2023
- Pursuing site of service reimbursement for the use of RECELL in the physician office setting, which is expected by 2025