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™.
AVITA Medical
AVITA Medical
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