Key Highlights
- Q4 2024 Revenue Update: AVITA Medical now expects Q4 commercial revenue to be approximately $18.4 million, representing a 30% year-on-year growth over Q4 2023.
- Full-Year 2024 Revenue: Full-year 2024 commercial revenue is projected to be $64.3 million, marking 29% growth compared to 2023.
- Revision in Q4 Guidance: The revised Q4 revenue is due to slower-than-expected purchasing from hospital accounts, particularly in December, as some adjusted their inventory levels.
- Q1 2025 Outlook: Purchasing activity is expected to normalize in Q1 2025, with deferred purchases from Q4 expected to carry over.
Key Developments in 2024
- New Product Launches:
- PermeaDerm®: AVITA launched its first new portfolio addition in 2024, a biosynthetic, transparent wound matrix.
- RECELL GO™: FDA approved the next-generation RECELL GO device in June, followed by RECELL GO mini approval in December, both designed for smaller wounds.
- Cohealyx™: In December, the FDA cleared Cohealyx, a new collagen-based dermal matrix, co-developed with Regenity Biosciences.
- Growth Strategy: The company remains committed to its long-term growth trajectory, with these product launches driving adoption and future expansion.
2025 Financial Guidance
- Revenue: For 2025, AVITA expects commercial revenue to range between $100 million and $106 million, reflecting growth of approximately 55% to 65% compared to 2024.
- Profitability Outlook: The company now expects to achieve cashflow break-even and GAAP profitability by Q4 2025, a slight delay from the previous Q3 2025 expectation.
CEO Comments
“We grew our revenue by approximately 29% in 2024, despite a lower-than-expected Q4. We remain confident in our growth as we continue to scale the business and focus on executing our strategy, which includes investing in new products and expanding our sales force,” said Jim Corbett, CEO of AVITA Medical.
About AVITA Medical
AVITA Medical is a regenerative medicine company leading innovation in wound care management and skin restoration. The company’s flagship product, the RECELL® System, uses a patient’s own skin to create Spray-On Skin™ Cells for the treatment of thermal burn wounds and full-thickness skin defects, as well as for vitiligo repigmentation. Additionally, AVITA holds exclusive rights in the U.S. to market PermeaDerm® and Cohealyx™, two new products that expand its portfolio.
