AVITA Medical Reports Fourth Quarter and Fiscal Year 2021 Financial Results

About this update from Avita Medical, Inc.

[{"type":"text","content":"VALENCIA, Calif., Aug. 26, 2021 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX:AVH) (Company), a regenerative medicine company that is developing and commercializing a technology platform that enables point-of-care autologous skin restoration for multiple unmet needs, today reported financial results for its fourth quarter of fiscal year 2021, ended June 30, 2021. Fourth Quarter of Fiscal Year 2021 Highlights Total net revenue increased 166% to $10.3 million compared to $3.9 million in the fourth quarter of 2020Total commercial revenue increased 45% to $6.7 million compared to the prior quarter ended March 31, 2021 and exceeded revised revenue guidance of $6.0-6.2 millionGross profit margin of 80% compared to 77% in the fourth quarter of 2020Net loss of $4.7 million, or $0.19 per share compared to a net loss of $12.9 million, or $0.60 per share in the fourth quarter of 2020As of June 30, 2021, the Company had $110.7 million in cash and cash equivalents, and no debtFDA approved expanded use of the RECELL® System in combination with meshed autografting for the treatment of all sizes of acute full-thickness thermal burn wounds for both pediatric and adult patients Full-Year of Fiscal 2021 Highlights Total net revenue increased 105% to $29.2 million compared to $14.3 million in the prior yearCommercial revenues increased 50% compared to the prior yearGross profit margin of 80% compared to 79% in the prior yearNet loss of $26.6 million, or $1.17 per share compared to a net loss of $42.0 million, or $2.07 per share, in the prior year “We are excited to report our substantial progress this quarter. As COVID-related restrictions decreased and people resumed everyday activities, the organization was well-positioned for the marked increase in burn-related accidents,” said Dr. Mike Perry, AVITA Medical Chief Executive Officer. “We realized a significant revenue increase primarily from the increase in burn cases but also from our further penetration in burn center accounts. We also realized an acceleration of enrollment into our soft tissue reconstruction trial, which is now over half enrolled at 36 of 65 subjects.” Fourth Quarter of Fiscal 2021 Financial ResultsTotal net revenue increased 166% to $10.3 million, compared to $3.9 million in the corresponding period in the prior year. RECELL® commercial revenues increased 72% to $...

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