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AVITA Medical Reports First Quarter Financial Results and Affirms Full Year Guidance
VALENCIA, Calif. and MELBOURNE, Australia, May 11, 2023 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH) (the “Company”), a regenerative
About this update from Avita Medical, Inc.
[{"type":"text","content":"VALENCIA, Calif. and MELBOURNE, Australia, May 11, 2023 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH) (the “Company”), a regenerative medicine company leading the development and commercialization of first-in-class devices and autologous cellular therapies for skin restoration, today reported financial results for the first quarter March 31, 2023. Financial Highlights and Recent Updates Commercial revenue, which excludes BARDA revenue, of $10.5 million, a 40% increase compared to $7.4 million for the same period in 2022Total revenue, which includes BARDA revenue, of $10.6 million, a 40% increase compared to $7.5 million for the same period in 2022Gross profit margin was 84% compared to 76% in the same period in 2022Expanded field sales organization from 30 to 69, towards our goal of 70Automated disaggregation device, RECELL GO™, maintains the Food and Drug Administration (FDA) Breakthrough Device designationAppointed two independent members to the Board of Directors, Cary Vance and Robert McNamaraAs of March 31, 2023, $77.6 million in cash, cash equivalents, and marketable securities, with no debt “With a solid first quarter, we are on track to deliver a year of significant growth revenue,” said Jim Corbett, AVITA Medical Chief Executive Officer. “The onboarding and training of our expanded U.S. field sales organization is underway, and we believe we will be fully prepared for the commercial launch of the soft tissue repair indication following expected FDA approval in June. Further, we are on track to submit our PMA supplement to the FDA for RECELL GO by the end of the second quarter. We believe RECELL GO is a critical component of our platform and has the potential to significantly accelerate our growth trajectory.” Future Milestones Expect FDA approval for soft tissue repair indication in June 2023 followed by the commercial launch on July 1, 2023Anticipate FDA submission of RECELL GO by June 30, 2023Expect FDA approval for vitiligo indication in June 2023; pursuing site of service reimbursement for the use of RECELL in the physician office setting, which is expected by 2025 Financial Guidance Commercial revenue, which excludes BARDA revenue, for the second quarter 2023 is expected to be in the range of $10.7 to $11.7 millionCommercial revenue, which excludes BARDA revenue, for the full year 2023, remains u...