- AVITA Medical (AVH) raked in $7 million in revenue during the first quarter, representing a 39 per cent increase year-on-year
- The healthcare stock released its quarterly results on Tuesday, revealing its gross profit margin increased from 82 per cent to 85 per cent
- Operating expenses also decreased 18 per cent during July to September, from $14.9 million in Q1 FY21 to $12 million in Q1 FY22
- AVH isn’t expecting an increase in revenue over Q2, forecasting another $7 million will be brought in over the December period
- Company shares are down 8.43 per cent at $4.67 per share
AVITA Medical (AVH) raked in $7 million in revenue during the first quarter of FY22, representing a 39 per cent increase year-on-year.
The regenerative medicine company released its latest quarterly results on Tuesday, revealing its gross profit margin increased from 82 per cent at the end of September last year to 85 per cent at the end of this quarter.
The healthcare stock’s operating expenses also decreased 18 per cent from July to September, from $14.9 million in Q1 FY21 to $12 million in Q1 FY22.
AVH is operating at a net loss, however, the business said it had reduced its loss from $10.2 million to $5.9 million over a one-year period.
AVITA CEO Mike Perry said it has been a busy quarter in terms of activities.
“I am pleased with the progress we made in the overall business this quarter, despite the hospital staffing shortages that impeded RECELL usage in burn procedures,” Dr Perry said.
AVITA’s RECELL system is used in the treatment of burns, and Dr Perry explained a trial using the technology continues.
“We saw continued acceleration of enrollment into our soft tissue reconstruction trial, which is now close to completion with 58 of 65 subjects,” he said.
“We look forward to expanding into this $450 million serviceable addressable market upon approval, beginning with our existing burn center accounts and leveraging our new TPT code in the outpatient setting.”
Looking ahead, AVH isn’t expecting additional revenue growth in the short term —forecasting $7 million in revenue over the second quarter of FY22.
Following the quarterly results release, AVITA Medical shares have dropped 8.43 per cent at $4.67 per share at 11:59 am AEDT.