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AVITA Therapeutics Reports First Quarter 2021 Financial Results
VALENCIA, Calif., Nov. 10, 2020 (GLOBE NEWSWIRE) -- AVITA Therapeutics, Inc. (NASDAQ: RCEL, ASX:AVH), a regenerative medicine company that is developing and
About this update from Avita Medical, Inc.
[{"type":"text","content":"VALENCIA, Calif., Nov. 10, 2020 (GLOBE NEWSWIRE) -- AVITA 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, today reported financial results for its fiscal first quarter of 2021, ended September 30, 2020.\n First Quarter Highlights Reported U.S based RECELL® revenue of $5.0 million in the first quarter of 2021, a 59% increase over the same quarter prior yearTotal global revenue of $5.1 million in the first quarter of 2021, a 56% increase over the same quarter prior yearCommercial metrics:○ Procedural volumes were 496 in the first quarter of 2021, an increase of 27.2% over the prior quarter○ Added 9 new accounts in the first quarter 2021 for a total of 86 accountsEnrolled first patient in the pivotal study assessing the use of the RECELL® System to treat stable vitiligo “We saw a very encouraging recovery in procedure volumes and new account openings in our fiscal first quarter, and while we still expect to see some impacts due to the pandemic, we think our sales trajectory within burns is back on track,” said Dr. Mike Perry, AVITA Therapeutics Chief Executive Officer. “Looking ahead, we are driving forth our efforts to leverage the RECELL system in other markets and have been particularly encouraged by the patient and physician interest and enrollment levels we’ve experienced in our vitiligo trial.” First Quarter 2021 Financial ResultsRevenue was $5.1 million in the first quarter of 2021, compared to $3.3 million for the same quarter last year and $3.9 million for the prior quarter. Gross margin was 82% for the first quarter of 2021, compared with 81% in the same quarter last year. Operating expenses were $14.9 million for the first quarter of 2021, compared with $8.3 million in the same quarter last year. The increase was primarily driven by the additional costs of the Company’s status as a dual listed entity on NASDAQ and the ASX, along with commencement of pivotal clinical trials for the treatment of pediatric scald injuries, soft tissue reconstruction, vitiligo and other research and development activities to further promote the RECELL System. Net loss was $10.2 million for the first quarter of 2021 and net loss per share was $0.48 on a weighted-average basic ...