AVITA Medical Reports First Quarter 2025 Financial Results

Core Insights - AVITA Medical has transitioned from a single-product company focused on burn treatment to a multi-product platform in the therapeutic acute wound care market, with a market opportunity expanding from $455 million to over $3.5 billion [3][6]. Financial Performance - For Q1 2025, AVITA Medical reported commercial revenue of $18.5 million, a 67% increase from $11.1 million in Q1 2024, driven by deeper customer penetration and new product launches [6][9]. - The gross profit margin for the quarter was 84.7%, down from 86.4% in the same period last year, primarily due to volume discounts and product mix [10]. - Total operating expenses increased to $27.5 million from $26.8 million in Q1 2024, with a notable rise in sales and marketing expenses [11]. Product Developments - The company launched RECELL GO mini in February 2025, targeting smaller wounds in U.S. trauma centers, and initiated the nationwide launch of Cohealyx on April 1, 2025 [6][9]. - AVITA Medical aims to drive adoption of RECELL GO and Cohealyx while continuing to develop clinical data for its products [7]. Future Guidance - The company expects full-year 2025 commercial revenue to be between $100 million and $106 million, reflecting a growth of approximately 55% to 65% compared to 2024 [7]. - AVITA Medical anticipates generating free cash flow in the second half of 2025 and achieving GAAP profitability in Q4 2025 [7]. Cash Position and Liabilities - As of March 31, 2025, AVITA Medical had approximately $25.8 million in cash and marketable securities, with a waiver secured for the first quarter trailing 12-month revenue covenant [14]. - Total liabilities stood at $74.1 million, with long-term debt at $41.5 million [23].