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Highlights:
- AVITA recorded a 30% surge in commercial revenue excluding BARDA revenue.
- The net loss during the quarter decreased to AU$5.6 million from AU$5.9 million (previous year).
- At 10:49 AM AEDT, AVITA’s shares were spotted trading 4.27% higher at AU$1.96 per share.
The regenerative medical company AVITA Medical Inc. (ASX:AVH) on Friday (11 November 2022) reported a 30% increase in commercial revenue during the third quarter ending on 30 September 2022. In addition to this, the company has upgraded its revenue guidance for the full year 2022.
Meanwhile, AVITA’s shares were spotted trading 4.27% higher, at AU$1.96 per share, at 10:49 AM AEDT. AVITA’s shares have outperformed its benchmark index, ASX 200 Health Care (INDEXASX:XHJ), which was up 2.46% to 42,048.80 points around the same time.
Key highlights of quarterly performance
- Commercial revenue for the quarter, excluding BARDA revenue, was AU$9 million, a rise of 30% over a year.
- Total revenue, excluding BARDA revenue, was AU$9.1 million. The previous year, it was AU$7million.
- The company reported a gross profit margin of 83% in three months.
- Total operating expenses surged by 16% to AU$14.2 million.
- The net loss fell from AU$5.9 million in the corresponding period of the previous year to AU$5.6 million in this quarter.
- The adjusted EBITDA loss grew by 2%.
- The company recorded AU$88.2 million of cash and cash equivalents and marketable securities as of 30 September 2022.
Management commentary
Jim Corbett, the medical chief executive officer at AVITA, commented:
What is the updated guidance of AVITA?
The company expects to report commercial revenue (excluding BARDA revenues) of AU$33.0–34.0 million for financial year 2022. Previously, the company expected to report commercial revenue of AU$30 million.
The company has retained the BARDA revenue guidance of around AU$0.3 million in the calendar year 2022.
Recent updates
- According to its ASX filing, in December 2022, AVITA plans US Food and Drug Administration (FDA) submissions for soft tissue repair and vitiligo.
- The FDA has provided breakthrough device designation for the RECELL System for soft tissue repair and vitiligo.
- COSMOTEC, AVITA’s partner in Japan, will launch commercial RECELL in the fourth quarter of 2022.
