AVITA Medical Inc · Q2 2022 earnings

Briefing

Reported financial results for the second quarter ended June 30, 2022.

AVITA Medical reported a 23% increase in commercial revenue, reaching $8.2 million, while total revenue was $8.3 million. The gross profit margin improved by 3% to 83%.

• Commercial revenue increased by 23% to $8.2 million compared to the corresponding period in the prior year.
• Total revenue, including BARDA revenue, was $8.3 million compared to $10.3 million in the corresponding period in the prior year, which included $3.6 million in BARDA revenue.
• Gross profit margin improved by 3% to 83% compared to the corresponding period in the prior year.
• As of June 30, 2022, the Company had $91.1 million in cash, cash equivalents, and marketable securities, with no debt.

Headline financials

Revenue & EPS history

Commercial revenues in calendar year 2022 are projected to be approximately $30 million, excluding BARDA revenues, which represents a 20% increase year-over year. We project BARDA revenues of approximately $0.3 million in calendar year 2022, as compared to $7.9 million in calendar year 2021, since we completed delivery of RECELL units into the national stockpile in 2021.