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.
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
