AVITA Medical (ASX:AVH) Sees Pressure Mounting After Mixed FY25 Performance

Sonal Goyal

13 February 2026 04:41 PM AEDT

AVITA Medical (ASX:AVH) Sees Pressure Mounting After Mixed FY25 Performance

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Highlights

AVITA Medical Q4 FY25 revenue declined 4.3% year-on-year to USD 17.6 million.
FY25 revenue increased 11.4% year-on-year to USD 71.6 million.
FY25 net loss narrowed to USD 48.6 million from USD 61.8 million.
FY26 revenue guidance set between USD 80 and 85 million.
Company refinanced debt with a new USD 60 million facility.

AVITA Medical Inc (ASX:AVH) shares traded flat at AUD 1.09 during the afternoon session on 13 February 2026, closing in line with the previous session following the release of its Q4 FY25 and full-year FY25 results. Over the past one year, the stock has declined 60.51%, as investors remains cautious about the company’s mixed financial performance, including softer quarterly revenue and ongoing losses, while noting the reduction in its full-year net loss.

Q4 Revenue Softens While Margins Contract

For Q4 FY25, revenue came in at USD 17.6 million, compared with USD 18.4 million in Q4 FY24, marking a decline of approximately 4.3% year-on-year. Gross profit margin for the quarter stood at 81.2%, down from 87.6% in Q4 FY24.

Operating expenses in Q4 FY25 were USD 24.7 million, compared with USD 26.1 million in Q4 FY24, reflecting a reduction of around 5.4% year-on-year. Net loss for the quarter remained unchanged at USD 11.6 million compared with Q4 FY24.

The company indicated that revenue performance stabilised during Q4 FY25, with improved visibility across account utilisation.

Full-Year Revenue Growth and Lower Annual Loss

For the full year FY25, AVITA reported revenue of USD 71.6 million, up 11.4% from USD 64.3 million in FY24. Gross profit margin for FY25 was 82.1%, compared with 85.8% in FY24.

Operating expenses declined to USD 101.4 million in FY25 from USD 111.8 million in FY24, representing a decrease of approximately 9.3%. Net loss for FY25 narrowed to USD 48.6 million, compared with USD 61.8 million in FY24, reflecting a reduction of roughly 21.4% year-on-year.

The company exited FY25 with reimbursement clarity and reported early signs of utilisation normalising across core burn and trauma centres.

FY26 Outlook and Debt Refinancing Remains in Focus

AVITA provided FY26 net revenue guidance of USD 80 to 85 million, representing growth of 12% to 19% compared with FY25 revenue of USD 71.6 million.

The company also entered into a new debt facility with Perceptive Advisors LLC totalling USD 60 million, comprising USD 50 million at close and an optional USD 10 million tranche. The facility carries a five-year maturity, interest at SOFR plus 7.5%, and interest-only payments. Revenue covenants are based on trailing twelve months performance, with minimum cash requirements of USD 5 million.

AVITA stated the refinancing was intended to replace existing debt on revised terms and provide additional working capital.

FAQs

Why did AVITA Medical shares remain flat on 13 February 2026?

AVITA shares held at AUD 1.09 following the release of Q4 FY25 and full-year FY25 results, which reflected softer quarterly revenue alongside a reduced annual net loss.

How did AVITA perform in Q4 FY25 compared with Q4 FY24?

In Q4 FY25, revenue declined 4.3% year-on-year to USD 17.6 million, while gross margin fell to 81.2% from 87.6%. The quarterly net loss remained unchanged at USD 11.6 million.

What is AVITA’s revenue guidance for FY26?

The company expects FY26 net revenue between USD 80 million and USD 85 million, representing projected growth of 12% to 19% compared with FY25 revenue of USD 71.6 million.

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