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What is Driving AVITA Medical’s (ASX:AVH) Share Price?

  • January 12, 2021 12:49 PM AEDT
  • Team Kalkine
What is Driving AVITA Medical’s (ASX:AVH) Share Price?

Summary

  • AVITA Medical highlighted its anticipated revenue and other commercial metrics for the second quarter of 2021.
  • US-based RECELL revenue increased by 62% and total global revenue by 57% over the same quarter in the prior year.
  • During the quarter, the Company enrolled nine additional patients in the pivotal study.
Gold MTF non-AMP

ASX-listed regenerative medicine company AVITA Medical Inc (ASX:AVH, NASDAQ: RCEL) announced preliminary unaudited estimates of its top-line findings for the quarter ended 31 December 2020. The Company highlighted its anticipated revenue and other commercial metrics.

Post the preliminary estimates announcement, AVH shares were trading at A$5.335, up by 9.999% (at AEDT 12:11 PM). AVITA’s market capitalisation stands at A$524.36 million.

Let us dive deep and discuss in detail-

AVITA’s total global revenue anticipated to be US$5.1 million

On 12 January 2021, AVITA disclosed that in the second quarter of 2021, the Company’s total global revenue increased by 57% and US-based RECELL revenue increased by 62% over the same quarter in the prior year. The Company disclosed:

  • Total global revenue is likely to be US$5.1 million in the second quarter of 2021.
  • Total global revenue increased by US$1.8 million in the second quarter or 57% over the same quarter in the previous year.
  • RECELL® revenue is expected to be US$5.0 million in the second quarter of 2021.
  • RECELL® revenue rose by US$1.9 million or 62% compared to the same quarter in the previous year.
  • AVITA had cash of ~US$59.8 million, a loss of 9% or US$6.0 million over the US$65.8 million cash at the end of the last quarter.

            

Source: AVH Presentation (12 January 2021)

 Commercial Details

  • The Company stated that it had enrolled nine additional patients in the pivotal study. The study is evaluating the RECELL System used for the treatment of stable vitiligo.
  • Moreover, AVITA has added seven new accounts during the second quarter of 2021 for 93 accounts.
  • Estimated procedural volumes were 485 in the second quarter of 2021, compared to 496 in the last quarter.

Dr Mike Perry CEO AVITA Medical commented:

The Company also updated its presentation, on 12 January 2021, highlighting its crucial accomplishments and upcoming milestones.

Key Accomplishments of AVITA in CY20

  • Achieved RECELL US revenue growth of 78% on YoY.
  • Since the FDA approval in September 2018, cumulative US product revenue surpassing US$28 million.
  • The first patient enrolled in three pivotal studies for Soft Tissue Repair, Vitiligo and Paediatric Scalds.
  • AVH completed two sponsored research deals with options to license intellectual property (IP) globally.

Outlook 2021

 

 


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