AVITA Medical Q3 2024 financial results

AVITA Medical (ASX:AVH), a leader in regenerative medicine, released its Q3 2024 financial results. The company recorded $19.5 million in commercial revenue, marking a 43.8% increase from the previous year. This growth is attributed to the RECELL GO product and improved market penetration.

AVITA Medical's strategic advancements and future outlook

AVITA Medical showcased robust financial performance in Q3 2024, with substantial revenue growth driven by its RECELL GO product and strategic partnerships. The company reported a decrease in gross profit margin due to new product engineering but plans to mitigate this with future FDA approvals and product launches. With anticipated FDA approvals for RECELL GO mini and Cohealyx by the end of the year, AVITA aims for significant advancements in 2025, including a clinical study for Cohealyx. Financial forecasts for Q4 2024 suggest continued growth, with full-year revenue expected to rise by 37% to 41%. AVITA remains committed to achieving profitability by late 2025, despite current net losses.

Executive insights on AVITA Medical's performance

Our Q3 results reflect the successful transition to RECELL GO and significant market demand. We continue to focus on strategic partnerships and innovation to drive growth and profitability.