AVITA Medical reports second-quarter financial results

AVITA Medical, Inc. (ASX: $AVH) reported a record commercial revenue of $15.1 million for the second quarter ended June 30, 2024, reflecting a 29% increase compared to the same period in 2023. The company's gross profit margin stood at 86.2%, and it achieved FDA approval for RECELL GOTM premarket approval supplement and submitted a PMA supplement for RECELL GO miniTM. AVITA Medical also entered into an exclusive development and distribution agreement with Regenity Biosciences, further enhancing its wound care capabilities.

Executive commentary on second-quarter performance and future milestones

Jim Corbett, Chief Executive Officer of AVITA Medical, stated, 'Our second-quarter commercial revenue reached a record $15.1 million, reflecting the effectiveness of our enhanced focus on commercial execution. The FDA approval of RECELL GO and our recent submission of RECELL GO mini highlight our progress in expanding treatment capabilities for burn and full-thickness skin defects. Additionally, our agreement with Regenity further enhances our ability to address a full spectrum of clinical needs. We remain committed to establishing RECELL as the standard of care for wound therapy while continuing to transform AVITA Medical into a broad-based wound care company, ultimately improving accessibility and reaching more patients.'

Summary of AVITA Medical's second-quarter financial results and future outlook

AVITA Medical reported a record commercial revenue for the second quarter of 2024, driven by the effectiveness of its enhanced focus on commercial execution. The company achieved significant milestones, including FDA approvals for RECELL GOTM and the submission of a PMA supplement for RECELL GO miniTM, demonstrating its commitment to expanding treatment capabilities for burn and full-thickness skin defects. AVITA Medical also anticipates future milestones, such as the expected 510(k) clearance for the dermal matrix, initiation of post-market clinical studies, and FDA approval of RECELL GO mini by December 27, 2024. The company provided financial guidance, expecting third-quarter 2024 commercial revenue to grow by 40% to 48% over the same period in 2023 and full-year 2024 commercial revenue to reflect a growth of approximately 37% to 41% over the full-year 2023. AVITA Medical aims to achieve cashflow break even and GAAP profitability no later than the end of the third quarter of 2025, demonstrating its commitment to sustainable growth and financial stability.