AVITA Medical(RCEL) - 2025 Q3 - Quarterly Results

Financial Performance - Commercial revenue for Q3 2025 was $17.1 million, a 13% decrease from $19.5 million in Q3 2024[6] - Total revenues for the three months ended September 30, 2025, were $17,062,000, a decrease of 12.7% compared to $19,546,000 for the same period in 2024[30] - Net loss improved to $13.2 million, or $0.46 per share, from a net loss of $16.2 million, or $0.62 per share, in Q3 2024[15] - Operating loss for the three months ended September 30, 2025, was $9,153,000, an improvement from a loss of $13,806,000 in the same quarter of 2024[30] - Net loss for the nine months ended September 30, 2025, was $36,966,000, compared to a net loss of $50,256,000 for the same period in 2024, indicating a reduction in losses[30] Expenses and Liabilities - Operating expenses decreased by 24%, or $7.2 million, to $23.0 million compared to $30.2 million in the same period last year[13] - Research and development expenses for the nine months ended September 30, 2025, were $15,148,000, slightly down from $15,510,000 in the previous year[30] - Total liabilities increased to $70,394,000 as of September 30, 2025, compared to $74,968,000 at the end of 2024[28] Cash and Assets - Cash, cash equivalents, and marketable securities totaled $23.3 million as of September 30, 2025, reflecting a net use of cash of $6.2 million[16] - Cash and cash equivalents increased to $15,422,000 as of September 30, 2025, up from $14,050,000 at the end of 2024[28] - Total current assets decreased to $41,367,000 as of September 30, 2025, from $57,000,000 at December 31, 2024[28] - The company’s additional paid-in capital increased to $392,782,000 as of September 30, 2025, from $367,568,000 at December 31, 2024[28] Market and Product Development - RECELL GO® received CE Mark approval, enabling commercialization in Europe, starting with Germany, Italy, and the United Kingdom[7] - A global review of over 8,000 patients confirmed RECELL's ability to achieve wound closure with less donor skin and faster healing[8] - The company is focusing on approximately 200 U.S. burn and trauma centers, targeting an addressable market of roughly $1.3 billion[9] Future Outlook - The company expects full-year 2025 revenue in the range of $70 million to $74 million, down from prior guidance of $76 million to $81 million[17] - AVITA Medical is exploring opportunities to enhance financial flexibility and plans to provide an update on capital and growth plans in Q1 2026[19] Profitability - The gross profit margin was 81.3%, down from 83.7% in the prior year, primarily due to product mix and inventory-related adjustments[12] - Gross profit for the nine months ended September 30, 2025, was $44,505,000, representing an increase of 14.2% from $39,031,000 in the prior year[30]