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AVITA Medical Reports Fourth Quarter and Full Year 2022 Financial Results and Provides 2023 Financial Guidance
VALENCIA, Calif. and MELBOURNE, Australia, Feb. 23, 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, Feb. 23, 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 fourth quarter and full-year ended December 31, 2022. Full-Year 2022 and Recent Updates Commercial revenue, which excludes BARDA revenue, of $34.1 million, a 36% increase compared to $25.1 million for the same period in 2021Total revenue, which includes BARDA revenue, of $34.4 million, a 4% increase compared to $33.0 million for the same period in 2021Gross profit margin of 82%Food and Drug Administration (FDA) granted Breakthrough Device designations for the RECELL® System for both the soft tissue repair and vitiligo indicationsPremarket Approval (PMA) supplement application submitted to FDA for soft tissue repair indication in December 2022PMA application submitted to FDA for vitiligo indication in December 2022As of December 31, 2022, $86.3 million in cash, cash equivalents, and marketable securities, with no debt “We delivered strong fourth quarter and 2022 results, ending the year in a solid financial position,” said Jim Corbett, AVITA Medical Chief Executive Officer. “We continue to execute on our growth strategy, with all areas of our business exceeding my expectations. I would like to personally applaud our commercial sales field team for their increased sales volume and our regulatory team for their expeditious submissions to the FDA last quarter.” “Looking ahead, 2023 is our year of inflection,” continued Mr. Corbett. “We expect FDA approvals in June 2023 for our soft tissue repair and vitiligo indications, which we believe will be transformative for our company. Soft tissue repair utilizes the same inpatient reimbursement and outpatient codes as burns, thus inpatient and outpatient reimbursement will be effective immediately upon FDA approval, affording us the unique opportunity to prepare for a full commercial launch on July 1, 2023. In anticipation, we expect to more than double our existing field sales organization, which will cover both burn and soft tissue accounts. This strategic expansion sets us on a path of revenue growth for the next three to five years.” Future Milestones E...