Loading...
•
Jun 30, 2023
AVITA Medical Q2 2023 Earnings Report
Achieved significant revenue growth and key FDA approvals.
Key Takeaways
AVITA Medical reported a strong second quarter with a 42% increase in commercial revenue to $11.7 million. The company received two FDA approvals and submitted a PMA supplement for RECELL GO™.
Commercial revenue increased by 42% to $11.7 million compared to the same period in 2022.
Received FDA approval for RECELL to treat full-thickness skin defects.
Initiated commercial launch of full-thickness skin defects with expanded U.S. commercial organization.
Submitted PMA supplement for automated cell disaggregation device, RECELL GO™.
Forward Guidance
The company anticipates FDA approval of RECELL GO by December 27, 2023, expects commercial revenue for the third quarter 2023 to be in the range of $13 to $14 million, and raises commercial revenue for the full year 2023 to an expected range of $51 to $53 million. Gross margin for the full year 2023 is expected to be in the range of 83% to 85%.
Positive Outlook
- Anticipate FDA approval of RECELL GO by December 27, 2023
- Conducting post-market study with vitiligo patients
- Pursuing site of service reimbursement for the use of RECELL in the physician office setting, which is expected in 2025
- Commercial revenue for the third quarter 2023 is expected to be in the range of $13 to $14 million
- Raising commercial revenue for the full year 2023 from $49 to $51 million to an expected range of $51 to $53 million
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...