AVITA Medical Sees Q2 Commercial Revenue $14.3M-$15.3M; FY24 Commercial Revenue Expected To Be In The Lower End Of Previous Guidance Of $78.5M-$84.5M

Author: Benzinga Newsdesk | May 13, 2024 04:03pm

Financial Guidance

• Commercial revenue for the second quarter 2024 is expected to be in the range of $14.3 to $15.3 million
• Commercial revenue for the full-year 2024 is expected to be in the lower end of our previously provided guidance range of $78.5 to $84.5 million, reflecting growth of approximately 57% at the lower end of the range over the full-year 2023
• Expect to achieve previously given guidance of cashflow break even and GAAP profitability no later than the third quarter of 2025

"We acknowledge the significant cash utilization this quarter, however we remain confident in our financial stability and our ability to reach cashflow break even as guided," said David O'Toole, Chief Financial Officer of AVITA Medical. "It's important to note that the cash use was driven by several non-recurring items, including expenses incurred related to our distribution agreement with Stedical, totaling approximately $4.0 million for inventory purchases and other costs. Of this amount, approximately $3.1 million represents inventory that we will recover through future product sales, with gross sales in the range of $6 million."

Posted In: RCEL