AVITA Medical reported a 29% increase in commercial revenue, reaching $15.1 million for the second quarter of 2024. The company also achieved FDA approval for RECELL GO and submitted a PMA supplement for RECELL GO mini. A new agreement with Regenity Biosciences was entered into to commercialize a collagen-based dermal matrix.
Commercial revenue reached $15.1 million, a 29% increase compared to the same period in 2023.
Gross profit margin was 86.2%.
RECELL GO™ premarket approval (PMA) supplement was approved by the FDA on May 29, 2024.
PMA supplement for RECELL GO mini™, designed to address smaller wounds, was submitted on June 28, 2024.
The company expects commercial revenue for the third quarter of 2024 to be in the range of $19.0 to $20.0 million, representing growth of approximately 40% to 48% over the same period in 2023. Full-year 2024 commercial revenue is expected to be in the range of $68.0 to $70.0 million, reflecting growth of approximately 37% to 41% over the full-year 2023. The company expects to achieve cashflow break even and GAAP profitability no later than the end of the third quarter of 2025.
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