AVITA Medical Inc · Q4 2021 earnings

Briefing

Reported financial results for the quarter ended December 31, 2021, and transition period from July 1, 2021, to December 31, 2021.

AVITA Medical reported a 35% increase in revenue for the fourth quarter of 2021, reaching $6.9 million compared to $5.1 million in the corresponding period of the prior year. The increase was driven by broader utilization among the customer base and deeper penetration within individual customer accounts. The company's net loss increased by 52% to $8.5 million due to higher operating expenses, partially offset by higher revenue.

• Revenue increased 35% to $6.9 million in Q4 2021, compared to $5.1 million in the corresponding period in the prior year.
• Gross profit margin was 88% compared with 84% in the corresponding period in the prior year.
• Total operating expenses increased 42% to $14.8 million, compared to $10.4 million in the corresponding period in the prior year.
• Net loss increased 52% or $2.9 million to $8.5 million, over the $5.6 million recognized in the corresponding period in the prior year.

Headline financials

Revenue & EPS history

Total 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.