Loading...
•
Sep 30, 2023
AVITA Medical Q3 2023 Earnings Report
Reported third quarter financial results with 51% revenue growth over the same period the prior year.
Key Takeaways
AVITA Medical reported a 51% increase in commercial revenue, reaching $13.5 million, compared to the same period in 2022. The company's gross margin for the quarter was 84.5%. They secured a debt financing facility for up to $90.0 million and had $60.1 million in cash on hand as of September 30, 2023.
Commercial revenue increased by approximately 51% to $13.5 million compared to $9.0 million for the same period in 2022.
Gross margin was 84.5% for the quarter.
An international expansion plan was announced, with PolyMedics Innovations GmbH leading expansion into Germany, Austria, and Switzerland.
A debt financing facility for up to $90.0 million was secured, with $40.0 million borrowed at closing, and $60.1 million cash on hand.
AVITA Medical
AVITA Medical
Forward Guidance
Commercial revenue for the fourth quarter 2023 is expected to be in the range of $15.3 to $16.3 million, reflecting a lower bound of 64% and upper bound of 73% growth over the same period in the prior year. Commercial revenue for the full year 2023 is expected to be in the range of $51 to $53 million, reflecting a lower bound of 50% and upper bound of 56% growth over the same period in the prior year. Gross margin for the full year 2023 expected to be in the range of 83% to 85%.
Positive Outlook
- FDA real-time review of the PMA Supplement for RECELL GO™ to resume on March 1, 2024, day 91 of the 180-day review cycle, with FDA approval anticipated on May 30, 2024
- Reaffirming high growth potential of full-thickness skin defect indication, which presents a market 10 times the size of original burns market
- Plan to actively identify new international distributor partnerships, including Australia, Japan, and European Union, over the next 6 to 12 months
- Expect full enrollment of post-market study, TONE, by end of February 2024
- Initiating health care economics study to capture longitudinal healthcare costs of vitiligo patients