NASDAQ$RCEL
AVITA Medical Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Reported a record commercial revenue of $15.1 million, FDA approved RECELL GO, and submitted PMA supplement for RECELL GO mini.
AVITA Medical reported a 29% increase in commercial revenue, reaching $15.1 million for the second quarter of 2024. The company also achieved FDA approval for RECELL GO and submitted a PMA supplement for RECELL GO mini. A new agreement with Regenity Biosciences was entered into to commercialize a collagen-based dermal matrix.
- Commercial revenue reached $15.1 million, a 29% increase compared to the same period in 2023.
- Gross profit margin was 86.2%.
- RECELL GO™ premarket approval (PMA) supplement was approved by the FDA on May 29, 2024.
- PMA supplement for RECELL GO mini™, designed to address smaller wounds, was submitted on June 28, 2024.
Headline financials
Revenue & EPS history
AVITA Medical · Revenue · Quarterly
$15.2M
Revenue by segment
AVITA Medical · $19.3M total across 2 segments · Q1 2026
- Sales Revenue$19.1M—99.0%
- Lease Revenue$187K—1.0%
Forward guidance
The company expects commercial revenue for the third quarter of 2024 to be in the range of $19.0 to $20.0 million, representing growth of approximately 40% to 48% over the same period in 2023. Full-year 2024 commercial revenue is expected to be in the range of $68.0 to $70.0 million, reflecting growth of approximately 37% to 41% over the full-year 2023. The company expects to achieve cashflow break even and GAAP profitability no later than the end of the third quarter of 2025.
Tailwinds
- Regenity is expected to receive 510(k) clearance for the dermal matrix in the fourth quarter of 2024, after which AVITA Medical will begin marketing, selling, and distributing.
- Multiple post-market clinical studies are planned to establish synergies between the new dermal matrix and RECELL.
- FDA approval of RECELL GO mini is anticipated by December 27, 2024.
- Post-market study (TONE) treating patients with stable vitiligo and a separate health care economics study are expected to be submitted for publication by year-end.
- Sequential third-quarter commercial revenue growth between 26% to 32% over the second quarter is anticipated.
Headwinds
- Full-year revenue guidance was adjusted downward, though it still reflects a growth rate of over 37% year-over-year.
- Net loss was $15.4 million, or a loss of $0.60 per basic and diluted share, compared to a net loss of 10.4 million, or a loss of $0.41 per basic and diluted share, in the same period in 2023.
- BARDA income decreased to zero, compared to $0.5 million in the corresponding period in the prior year due to the ending of reimbursable clinical trials.
- Total operating expenses for the quarter were $28.7 million, compared to $21.2 million in the same period in 2023.
- Interest expense increased approximately $1.3 million in comparison to the same period in the prior year due to the interest expense related to the long-term debt
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2024
+3.8%
Avg return
Earnings day
+4.7%
Avg return
5 days after
+1.8%
Avg return
30 days after
57%
17 / 30 earnings
Positive
+36.7%
Q4 2022
Best reaction
-25.1%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.4% | -0.5% | -10.1% | |
| Q4 2025 | +11.8% | +15.9% | +18.3% | |
| Q3 2025 | +10.6% | +11.2% | +2.9% | |
| Q2 2025 | -21.2% | +7.1% | -20.8% | |
| Q1 2025 | -25.1% | -28.3% | -34.5% | |
| Q4 2024 | +20.4% | +16.4% | -2.6% | |
| Q3 2024 | -2.0% | +3.9% | +7.3% | |
| Q2 2024 | +19.6% | +20.1% | +10.5% | |
| Q1 2024 | +5.6% | +0.1% | +7.1% | |
| Q4 2023 | -1.7% | +5.2% | -9.8% | |
| Q3 2023 | +9.2% | +29.9% | +32.0% | |
| Q2 2023 | +2.5% | -2.1% | -12.0% | |
| Q1 2023 | -24.5% | -24.2% | +6.8% | |
| Q4 2022 | +36.7% | +48.2% | +41.9% | |
| Q3 2022 | +28.9% | +39.0% | +22.1% | |
| Q2 2022 | -7.1% | -8.7% | -17.8% | |
| Q1 2022 | +9.4% | +10.1% | +8.6% | |
| Q4 2021 | +17.1% | +8.2% | -5.2% | |
| Q3 2021 | +3.5% | -10.7% | -4.6% | |
| Q3 2020 | +3.5% | -10.7% | -4.6% | |
| Q2 2021 | -4.1% | -5.3% | -15.0% | |
| Q1 2021 | -5.4% | -6.4% | -9.6% | |
| Q1 2020 | -5.4% | -6.4% | -9.6% | |
| Q2 2020 | +10.2% | +5.8% | -0.8% | |
| Q3 2019 | +10.2% | +9.5% | +6.2% | |
| Q4 2020 | +10.2% | +9.5% | +6.2% | |
| Q1 2019 | +10.2% | +9.5% | +6.2% | |
| Q4 2019 | -2.5% | -1.9% | +11.4% | |
| Q4 2018 | -2.5% | -1.9% | +11.4% | |
| Q2 2019 | -2.5% | -1.9% | +11.4% |
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