Business
AVITA Medical Reports Third Quarter 2022 Financial Results
VALENCIA, Calif. and MELBOURNE, Australia, Nov. 10, 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, Nov. 10, 2022 (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 third quarter ended September 30, 2022. Third Quarter Highlights and Recent Updates: Reported commercial revenue, which excludes BARDA revenue, of $9.0 million, a 30% increase compared to $6.9 million in the corresponding period in the prior yearReported total revenue, which includes BARDA revenue, of $9.1 million compared to $7.0 million in the corresponding period in the prior yearGross profit margin was 83%Topline results from its pivotal randomized controlled trial evaluating the safety and effectiveness of the RECELL® System for healing of soft tissue repair with reduced donor skin Co-primary endpoints were met for superiority relative to donor skin sparing and for non-inferiority relative to healing Topline results from its pivotal randomized controlled trial evaluating the safety and effectiveness of the RECELL® System for repigmentation for stable vitiligo Super-superiority was established for the primary endpoint The Company plans U.S. Food and Drug Administration (FDA) submissions for soft tissue repair and vitiligo indications in December 2022Breakthrough Device designation provided by the FDA for the RECELL System for soft tissue repair and vitiligoThe Japanese MHLW (Ministry of Health, Labor, and Welfare) granted the RECELL System marketing approval with pricing to end-customers equivalent to our U.S. pricing. Our partner in Japan, COSMOTEC, an M3 Company, will launch commercial RECELL in Japan in Q4 2022As of September 30, 2022, the Company had $88.2 million in cash, cash equivalents, and marketable securities, with no debt “Over the next 24 to 36 months, our growth is expected to be driven by the burns and soft tissue repair markets,” said Jim Corbett, AVITA Medical Chief Executive Officer. “Soft tissue repair will expand our hospital and treating physician call points by nearly three times. We are prepared to make the necessary investment in our commercial organization to support this expansion. This market opportunity expansion and the related revenue growth is the number one pr...