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Sep 30, 2024
AVITA Medical Q3 2024 Earnings Report
AVITA Medical's third quarter results for 2024 were reported, showing significant revenue growth and strategic advancements.
Key Takeaways
AVITA Medical reported a 44% increase in commercial revenue to $19.5 million for Q3 2024, driven by the adoption of RECELL GO. The company also entered a distribution agreement for Cohealyx and amended its credit agreement with OrbiMed. They anticipate FDA approval of RECELL GO mini by the end of the year and expect to launch Cohealyx in January 2025.
Commercial revenue reached $19.5 million, a 44% increase compared to Q3 2023.
Gross profit margin was 83.7%.
A multi-year development and distribution agreement was signed with Regenity Biosciences for Cohealyx.
The credit agreement with OrbiMed was amended, forgoing additional funding for covenant removal.
Revenue by Segment
Forward Guidance
AVITA Medical expects commercial revenue for Q4 2024 to be in the range of $22.3 to $24.3 million, representing a 58% to 72% increase year-over-year. Full-year 2024 commercial revenue is projected to be between $68.0 and $70.0 million, a 37% to 41% increase over 2023. The company confirms its guidance to achieve cash flow break-even and GAAP profitability by the end of Q3 2025.
Positive Outlook
- Commercial revenue for the fourth quarter 2024 is expected to be in the range of $22.3 to $24.3 million, reflecting growth of approximately 58% to 72% over the same period in 2023
- Commercial revenue for the full-year 2024 is expected to be within the previously provided revenue guidance of $68.0 to $70.0 million, reflecting growth of approximately 37% to 41% over the full-year 2023
- Confirming previously given guidance of achieving cashflow break-even and GAAP profitability no later than the end of Q3 2025
- Anticipate FDA approval of RECELL GO mini by December 31, 2024
- Anticipate 510(k) clearance of Cohealyx before year-end; expect to launch in January 2025
Historical Earnings Impact
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Avg. Return Before/After Earnings
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