Avita Medical's Total Revenue Climbs 44% in Q3; Net Loss Widens

MT Newswires Live11-11

Avita Medical (ASX:AVH) reported a net loss of $16.2 million, or $0.62 per share, for the third quarter, compared with a net loss of $8.7 million, or $0.34 per share, a year ago, according to a Nov. 8 filing with the Australian bourse.

Total revenue for the three months ended Sept. 30 was $19.5 million, an increase of 44% from $13.6 million in the year-ago period on the strength of Avita's cell harvesting device, Recell GO.

The regenerative medicine company expects commercial revenue for the fourth quarter to rise 58% to 72% year on year to a range of $22.3 million to $24.3 million.

Fiscal 2024 revenue is expected to be within the previous guidance of $68 million to $70 million, reflecting an annual increase of 37% to 41%. The company also reaffirmed guidance of achieving cashflow break-even and GAAP profitability no later than the end of the third quarter of fiscal 2025, the filing stated.

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