AVITA Medical's Revenue Update for Q1 2024

AVITA Medical, Inc. (ASX: $AVH) has announced an update to its expected commercial revenue for the first quarter of 2024. The company expects the revenue to be in the range of US$11.0 million to US$11.3 million, which is below the previously provided guidance of US$14.8 million to US$15.6 million. The revision is attributed to a slower-than-expected conversion rate of new accounts for their expanded label of full-thickness skin defects.

Executive Commentary on Revenue Update

In light of the challenges encountered in the first quarter of 2024, we are intensifying our efforts to drive growth. While our account conversion rate impacted our quarterly revenue, we remain optimistic for the full year. With the recent launch of PermeaDerm in March and the upcoming launch of RECELL GO, along with our deeper understanding of the VAC processes and timelines, we believe that we will meet the lower end of our previously provided annual revenue guidance range of US$78.5 million to US$84.5 million. We remain committed to delivering value and making a positive impact on the lives of our patients.

Summary of AVITA Medical's Revenue Update

AVITA Medical, Inc. (ASX: $AVH) has updated its expected commercial revenue for the first quarter of 2024, anticipating it to be below the previously provided guidance range. The company attributes this to a slower-than-expected conversion rate of new accounts for their expanded label of full-thickness skin defects. Despite the challenges, AVITA Medical remains optimistic for the full year, aiming to meet the lower end of the previously provided annual revenue guidance range. With the recent launch of PermeaDerm and the upcoming launch of RECELL GO, the company is focused on intensifying efforts to drive growth and deliver value to its patients.