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AVITA Therapeutics Provides Company Update and Preliminary Unaudited Results for the Fourth Quarter and Fiscal Year 2020
VALENCIA, Calif. & MELBOURNE, Australia--(BUSINESS WIRE)-- AVITA Therapeutics, Inc. (NASDAQ: RCEL, ASX:AVH), a regenerative medicine company that is
About this update from Avita Medical, Inc.
[{"type":"text","content":" VALENCIA, Calif. & MELBOURNE, Australia--(BUSINESS WIRE)--\nAVITA Therapeutics, Inc. (NASDAQ: RCEL, ASX:AVH), a regenerative medicine company that is developing and commercializing a technology platform that enables point-of-care autologous skin restoration for multiple unmet needs, announced today preliminary unaudited results for the fourth quarter and full year ended June 30, 2020, together with a company update.\n\n\nPreliminary Unaudited Results for Three Month Period Ended June 30, 2020\n\n\nWith effect from July 1, 2020, the Company is reporting financial results in United States dollars (US$), and prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP).\n\n\n\nU.S. RECELL® System Sales:\n\n\nUS$3.79M in the fourth quarter versus $3.78M in the third quarter, or an increase of 0.2%.\n\n\n\nTo compare with the Company’s previously reported results (as reported under International Financial Reporting Standards (IFRS)):\n\n\n\n\nU.S. RECELL System sales were US$3.88M (A$5.95M) in the fourth quarter versus US$3.86M (A$5.81M) in the third quarter, or an increase of 0.6% (2.4%).\n\n\n\n\n\n\n\n\n\nTotal global net revenue for the fourth quarter (unaudited):\n\n\nUS$3.88M in the fourth quarter, a decrease of US$0.06M or 1.6% over the US$3.94M recognized during the previous quarter.\n\n\n\nTo compare with the Company’s previously reported results (as reported under IFRS) fourth quarter net revenue was approximately A$6.08M, versus A$5.96M in the third quarter, or an increase of 2.0%.\n\n\n\n\n\n\n\nCash and Cash Equivalents:\n\n\nAt the end of the fourth quarter, the Company had cash of approximately US$73.84M, a decrease of US$5.92M or 7.4% over the US$79.76M held at the end of previous quarter (inclusive of more than US$1M expended during the quarter on redomiciliation and preparation for U.S. GAAP compliance).\n\n\nTo compare with the Company’s previously reported results (as reported under IFRS) cash at the end of the fourth quarter was A$107.02M, a decrease of A$22.92M from the A$129.94M reported in the previous quarter, driven by A$14.28M attributable to the effect of movement in the exchange rates on cash, and A$8.64M in operating expenses.\n\n\n\n\n\n\nCommercial metrics:\n\n\nEstimated procedural volumes decreased by approximately 4% from the prior quarter.\n\n\n\nNew accounts added – 8.\n\n...