Business
AVITA Medical Reports First Quarter Financial Results
VALENCIA, Calif., May 13, 2024 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH), a commercial-stage regenerative medicine company focused on
About this update from Avita Medical, Inc.
[{"type":"text","content":"VALENCIA, Calif., May 13, 2024 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH), a commercial-stage regenerative medicine company focused on first-in-class devices for wound care management and skin restoration, today reported financial results for the first quarter ended March 31, 2024. Financial Results and Recent Business Updates Commercial revenue increased approximately 5.8% to $11.1 million compared to the same period in 2023Gross profit margin of 86.4%Launched PermeaDerm, a co-branded biosynthetic wound matrix, in the U.S. on March 23, 2024 “We believe we have taken the necessary measures to invigorate our burns business and improve our commercial sales process to return to sustained growth,\" said Jim Corbett, AVITA Medical Chief Executive Officer. “We remain dedicated to establishing RECELL as the standard of care for burn and full-thickness skin defects. Simultaneously, we are actively transforming AVITA Medical into a broad wound care business by expanding our portfolio to address the full spectrum of clinical needs. We are confident that our strategic initiatives to transform our business will enhance accessibility and reach more patients.\" Future Milestones RECELL GO, a device which provides consistent disaggregation of skin to produce RECELL Spray-On Skin Cells, is currently undergoing a 180-day interactive review by the U.S. Food and Drug Administration under the Breakthrough Devices Program; the 180-day period will end on May 30, 2024Plan to submit a PMA supplement for RECELL GO mini, which is designed to address smaller wounds. This submission will fall under the Breakthrough Device designation, which has been granted to RECELL for burns, RECELL for full-thickness skin defects, RECELL for repigmentation of stable depigmented vitiligo lesions, and RECELL GOExpect to submit both our post-market study (TONE) treating patients with stable vitiligo, and separate health economics study for publication by year-end Financial Guidance Commercial revenue for the second quarter 2024 is expected to be in the range of $14.3 to $15.3 millionCommercial revenue for the full-year 2024 is expected to be in the lower end of our previously provided guidance range of $78.5 to $84.5 million, reflecting growth of approximately 57% at the lower end of the range over the full-year 2023Expect to achieve previously given ...