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Mar 31, 2024
AVITA Medical Q1 2024 Earnings Report
AVITA Medical reported first quarter financial results with a commercial revenue increase and the launch of PermeaDerm.
Key Takeaways
AVITA Medical reported a 5.8% increase in commercial revenue to $11.1 million for the first quarter of 2024. The company launched PermeaDerm and is awaiting FDA review for RECELL GO. They are also expecting full year revenue to be at the lower end of their guidance.
Commercial revenue increased approximately 5.8% to $11.1 million compared to the same period in 2023.
Gross profit margin of 86.4%.
Launched PermeaDerm, a co-branded biosynthetic wound matrix, in the U.S. on March 23, 2024.
RECELL GO is currently undergoing a 180-day interactive review by the U.S. Food and Drug Administration under the Breakthrough Devices Program; the 180-day period will end on May 30, 2024.
Forward Guidance
Commercial revenue for the second quarter 2024 is expected to be in the range of $14.3 to $15.3 million. Commercial revenue for the full-year 2024 is expected to be in the lower end of their previously provided guidance range of $78.5 to $84.5 million, reflecting growth of approximately 57% at the lower end of the range over the full-year 2023. They expect to achieve previously given guidance of cashflow break even and GAAP profitability no later than the third quarter of 2025.
Positive Outlook
- Commercial revenue for the second quarter 2024 is expected to be in the range of $14.3 to $15.3 million
- Full-year 2024 commercial revenue is expected to be in the lower end of the previously provided guidance range of $78.5 to $84.5 million
- Full-year 2024 commercial revenue reflects growth of approximately 57% at the lower end of the range over the full-year 2023
- Expect to achieve previously given guidance of cashflow break even no later than the third quarter of 2025
- Expect to achieve previously given guidance of GAAP profitability no later than the third quarter of 2025
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