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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
AVITA Medical
AVITA Medical
AVITA Medical Revenue by Segment
Revenue by Segment
Sales Revenue
CapyFin.comBARDA Income Revenue
CapyFin.com 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
Revenue & Expenses
Visualization of income flow from segment revenue to net income