- Avita Medical (AVH) reported a 126-per-cent revenue increase and steady growth in procedural volumes in its review of the March quarter
- Revenue clocked in at $8.8 million for the period ending March 31 as procedural volumes reached 492 compared to 408 in the same period last year
- Gross margins were down 76 per cent for the quarter, while operating expenses were also trimmed from $19.7 million in the prior corresponding period to $13.2 million
- Despite an uplift across some performance metrics, the ASX-lister returned a net loss of $6 million, albeit an improvement on the $15 million loss incurred in the prior corresponding period
- Avita Medical shares are up 2.72 per cent following the announcement, trading at $5.29
Avita Medical (AVH) reported a 126-per-cent revenue increase and steady growth in procedural volumes in its review of the March quarter.
The regenerative medical company’s revenue clocked in at $8.8 million for the period ending March 31, representing a significant increase on the prior corresponding period’s total of $3.8 million.
as procedural volumes reached 492 compared to 408 in the same period last year.
AVH’s gross margin was 76 per cent for the third quarter of 2021, compared with 84 per cent in the same quarter last year, while operating expenses were brought down to $13.2 million compared to $19.7 million in the prior corresponding period.
Avita attributed the decrease in expenses is to lower stock-based compensation along with lower sales and marketing expenses, which were partially offset by higher costs in research and development.
Despite an uplift across some performance metrics, the ASX-lister returned a net loss of $6 million, albeit an improvement on the $15 million loss incurred in the prior corresponding period.
The company reported a cash balance of $114.9 million as of March 31, which included $64 million net proceeds from its capital issuance closed in the third quarter of 2021.
Avita Medical shares are up 2.72 per cent following the announcement, trading at $5.29 at 3:04 pm AEST.