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Dec 31, 2025
AVITA Medical Q4 2025 Earnings Report
AVITA Medical reported a decrease in total revenue and an improved net cash use for the fourth quarter of 2025, while operating expenses decreased.
Key Takeaways
AVITA Medical experienced a slight decrease in total revenue to $17.6 million in Q4 2025, primarily due to reimbursement headwinds. However, the company demonstrated improved cash efficiency with net cash use decreasing to $5.1 million and a 5% reduction in operating expenses. The net loss remained consistent with the prior year at $11.6 million.
Total revenue for Q4 2025 was $17.6 million, a decrease from $18.4 million in Q4 2024, attributed to reimbursement headwinds.
Gross profit margin stood at 81.2%, influenced by product mix and inventory adjustments.
Net cash use improved for the second consecutive quarter, reaching approximately $5.1 million, down from $6.2 million in the previous quarter.
Operating expenses decreased by 5% to $24.7 million, reflecting a lower cost base.
Revenue by Segment
Forward Guidance
AVITA Medical expects full year 2026 revenue to be in the range of $80 million to $85 million, representing a growth of approximately 12% to 19% compared to 2025 revenue. The company has also refinanced its debt under a new credit facility, securing up to $60 million in committed capital.
Positive Outlook
- Full year 2026 revenue expected to grow by 12% to 19% compared to 2025.
- Refinancing of existing debt under a new credit facility with Perceptive Advisors LLC, securing up to $60 million of committed capital.
- Six of seven Medicare Administrative Contractors (MACs) have published payment rates for RECELL, removing a key constraint on utilization.
- Cohealyx I study fully enrolled and PermeaDerm I study surpassed 75% enrollment, with data expected in 2026.
- First surgeon-reported integrated use of RECELL®, PermeaDerm®, and Cohealyx™™ presented, highlighting practical application of the product portfolio.
Challenges Ahead
- Reimbursement headwinds impacted revenue performance throughout 2025.
- Product mix is expected to continue to impact the overall gross margin percentage, despite increasing gross profit.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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