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AVITA Medical Reports Quarter Ending December 31, 2021, and Transition Period July 1, 2021, to December 31, 2021, Financial Results
VALENCIA, Calif. and MELBOURNE, Australia, Feb. 28, 2022 (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. 28, 2022 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX:AVH) (the “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 its financial results for the quarter ending December 31, 2021, and its transition period fiscal year (\"Transition Period\") from July 1, 2021, to December 31, 2021. As announced in December 2021, the Company determined to change the Company’s fiscal year from June 30 to December 31. As a result of this change, the Company is reporting a six-month Transition Period. Financial Highlights and Recent Updates: Revenue increased 37% to $14.0 million in the Transition Period ended December 31, 2021, compared to $10.2 million over the six-month corresponding period in the prior yearRevenue increased 35% to $6.9 million in the fourth quarter of 2021, compared to $5.1 million in the corresponding period in the prior yearCompleted enrollment in two clinical trials with the goal of submitting premarket approval (PMA) supplements in 2022 In December 2021, completed enrollment of pivotal clinical trial evaluating the safety and effectiveness of the RECELL® System for the repigmentation of stable vitiligo lesionsIn January 2022, completed enrollment of pivotal study of the RECELL System for soft tissue reconstruction (trauma) In January 2022, successfully established proof of concept with preclinical data in two key areas of cell-based gene therapy – skin rejuvenation and epidermolysis bullosaIn February 2022, received FDA approval of the premarket approval application (PMA) supplement for RECELL® Autologous Cell Harvesting Device, an enhanced RECELL system aimed at providing clinicians a more efficient user experience and simplified workflowIn February 2022, Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) approved our application for commercialization of the RECELL system with an initial burns indication in Japan to be commercialized in a marketing and distribution partnership with COSMOTEC (an M3 company)As of December 31, 2021, the Company had approximately $55.5 million in cash and cash equivalents and $49.3 million in short-term and long-term marketable securities, and no debt “We are pleased with the terr...