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Dec 31, 2023
AVITA Medical Q4 2023 Earnings Report
Reported financial results for the fourth quarter and full-year ended December 31, 2023.
Key Takeaways
AVITA Medical reported a 50% increase in commercial revenue to $14.1 million for the fourth quarter of 2023, with a gross profit margin of 87.3%. The company's net loss was $7.1 million, or a loss of $0.28 per share. Looking ahead, the company is focused on expanding its sales organization, launching new products, and expanding its facilities.
Commercial revenue increased approximately 50% to $14.1 million compared to the same period in 2022
Gross profit margin was 87.3%
Total operating expenses for the quarter were $24.7 million
Net loss was $7.1 million, or a loss of $0.28 per basic and diluted share
Forward Guidance
Commercial revenue for the first quarter 2024 is expected to be in the range of $14.8 to $15.6 million, reflecting growth of approximately 42% to approximately 50% over the same period in the prior year. Commercial revenue for the full-year 2024 is expected to be in the range of $78.5 to $84.5 million, reflecting growth of approximately 57% to approximately 69% over the full-year 2023. Expect to achieve cashflow break even and GAAP profitability no later than the third quarter of 2025
Positive Outlook
- Expansion of the field sales organization from 70 to 108 professionals in the first quarter of 2024 to maximize our ability to capitalize on the expanded label of full-thickness skin defects
- Integrating PermeaDerm® Biosynthetic Wound Matrix into our selling portfolio; plan to launch PermeaDerm in March 2024
- Expect U.S. Food and Drug Administration Food (FDA) approval for RECELL GO with plans to commence commercial launch on May 31, 2024
- Renovating and expanding our Ventura warehouse facility; expansion will increase capacity 10-fold, ensuring efficient operations for the next five years at this location; expect final phase to be completed during the third quarter of 2024
- Expect non-U.S. sales following the launch in January 2024 of RECELL within Germany, Austria, and Switzerland
Historical Earnings Impact
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