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AVITA Medical Reports Third Quarter 2021 Financial Results
VALENCIA, Calif. and MELBOURNE, Australia, May 13, 2021 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX:AVH) (Company), a regenerative medicine
About this update from Avita Medical, Inc.
[{"type":"text","content":"VALENCIA, Calif. and MELBOURNE, Australia, May 13, 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 third quarter of fiscal year 2021, ended March 31, 2021. Third Quarter Highlights Reported RECELL® revenue of $8.8 million in the third quarter of 2021, a 126% increase over the same quarter in the prior year.Commercial metrics: Procedural volumes were 492 in the third quarter of 2021, compared with 408 in the same period last year, and 487 in the prior quarter ended December 31, 2020;Added 6 new burn center accounts in the third quarter 2021 for a total of 99 accounts, or a penetration rate of 73% of the 136 total U.S. burn centers;Of the approximate 300 total U.S. burn surgeons: 244 U.S. burn surgeons have been trained and certified with RECELL® through the third quarter of 2021, for a penetration rate of 81%; and147 burn surgeons used RECELL® in the third quarter of 2021, for a penetration rate of nearly 50%. “We made steady progress over the last quarter as we continued to drive RECELL® usage in our established hospital burn center base with an increasing focus on smaller burns, and we continued to expand our physician training and outreach programs. As pandemic headwinds abate, we plan to leverage our highly experienced burns sales force and strong relationships built to date with the burn practitioner community to increase hospital access and to penetrate deeper into our existing accounts, resulting in additional procedures and engaging more burn practitioners,” said Dr. Mike Perry, AVITA Medical Chief Executive Officer. “Our three pivotal clinical trials in vitiligo, trauma, and pediatric burns are continuing on schedule and we expect to see expanded indications for RECELL® coming online, allowing us to serve an ever-growing population of patients.” Third Quarter 2021 Financial ResultsRevenue in the third quarter ended March 31, 2021 was $8.8 million, compared to $3.9 million in the corresponding period ended March 31, 2020, and compared to $5.1 million in the prior quarter ended December 31, 2020. In the third quarter ended March 2021, RECELL® commercial revenues were $4.6 million,...