Business
AVITA Medical Reports Fourth Quarter and Full Year 2024 Financial Results
VALENCIA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH), a leading therapeutic acute wound care company delivering
About this update from Avita Medical, Inc.
[{"type":"text","content":"VALENCIA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH), a leading therapeutic acute wound care company delivering transformative solutions, today reported financial results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter 2024 Financial Highlights and Recent Business Updates Commercial revenue of $18.4 million, an increase of approximately 30% compared to the same period in 2023Gross profit margin of 87.6%On December 19, 2024, the FDA granted 510(k) clearance for Cohealyx™, an AVITA Medical-branded collagen-based dermal matrixOn December 23, 2024, the FDA approved RECELL GO® miniOn February 13, 2025, amended the credit agreement with OrbiMed, adjusting the trailing 12-month revenue covenants for upcoming quarters starting from March 31, 2025, through March 31, 2026; the $115 million revenue covenant for all subsequent quarters through the date of debt maturity remains in effect Full-Year 2024 Financial Highlights Commercial revenue of $64.0 million, an increase of approximately 29% compared to the same period in 2023Gross profit margin of 85.8% \"With the December approvals of RECELL GO mini and Cohealyx, we have established our position in therapeutic acute wound care,\" said Jim Corbett, Chief Executive Officer of AVITA Medical. \"Our expanded portfolio now offers clinicians a suite of advanced technologies optimized for wound healing, effectively accelerating the time to patient recovery. This transformation positions us for long-term growth.\" Future Milestones Rollout RECELL GO mini into burn and trauma centers that currently treat smaller wounds during the first quarter of 2025Develop clinical data for Cohealyx in early 2025 to build on preclinical porcine model success and support its full commercial launch. The post-market clinical study, Cohealyx I, will assess performance in real-world settings, focusing on clinical efficacy and cost savings in the treatment of full-thickness wounds and burnsLaunch full commercialization efforts for Cohealyx by April 1, 2025Expect the notified body in the European Union to grant the CE mark for RECELL GO by mid-2025; fully prepared to meet supply demands upon approval Financial Guidance Commercial revenue for the full-year 2025 is expected to be in the range of $100 to $106 million, reflecting growth of approximately...