Business
AVITA Medical Updates Expected Fourth Quarter and Full Year 2024 Revenue, Provides 2025 Financial Guidance
VALENCIA, Calif., Jan. 07, 2025 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH), a commercial-stage regenerative medicine company focused on
About this update from Avita Medical, Inc.
[{"type":"text","content":"VALENCIA, Calif., Jan. 07, 2025 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH), a commercial-stage regenerative medicine company focused on first-in-class devices for wound care management and skin restoration, today announced an update to its fourth quarter and full-year 2024 commercial revenue guidance. For the quarter ended December 31, 2024, AVITA Medical now expects commercial revenue to be approximately $18.4 million, reflecting growth of around 30% over the same period in 2023. Previously provided fourth-quarter guidance was in the range of $22.3 million to $24.3 million. Based on these quarterly results, the company expects full-year 2024 commercial revenue to be approximately $64.3 million, reflecting growth of about 29% over the full year 2023. Previously provided full-year 2024 revenue guidance was in the range of $68.0 million to $70.0 million. The revision in fourth-quarter guidance is attributable to a combination of factors, with slower-than-expected purchasing activity being the primary driver. Several of the company’s hospital accounts adjusted their inventory levels at the end of their fiscal year, resulting in reduced purchasing during December. While this type of behavior is common at year-end, the extent was more pronounced than we had anticipated, contributing to less revenue in the quarter. We expect normal purchasing activity for these accounts to resume in the first quarter, with deferred purchases from the fourth quarter rolling over. At the same time, the company continues to scale its business, including the ongoing integration of an expanded sales force and the launch of new products that are expected to drive long-term growth. In 2024, AVITA Medical introduced the first new addition to its portfolio, PermeaDerm®, which is a biosynthetic, transparent wound matrix. In June, the company received FDA approval for its next-generation device, RECELL GO™, followed by FDA approval in December for RECELL GO mini, designed to treat smaller wounds. RECELL GO will continue to drive adoption in both new and existing accounts. Additionally, in December, the FDA cleared Cohealyx™, a new collagen-based dermal matrix branded by AVITA Medical and co-developed with Regenity Biosciences. These initiatives, particularly the launches of RECELL GO and Cohealyx, remain central to the company’s growth stra...