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Highlights

  • AVITA Medical is an ASX-listed regenerative medical company
  • In 1QFY24, revenue of AVH jumped 5.3% YoY to USD 11.1 million
  • Perry (Michael) has the highest stake in the company with the shareholding of ~0.93%

AVITA Medical, Inc. (ASX: AVH) is a regenerative medicine firm, dedicated to transforming wound care and skin restoration through cutting-edge devices. The company's portfolio features the RECELL® System, FDA-approved for treating thermal burns, full-thickness skin defects, and repigmenting stable depigmented vitiligo lesions. Additionally, AVITA holds exclusive rights to market, sell, and distribute PermeaDerm®, a biosynthetic wound matrix, across the United States.

In the first quarter of the financial year 2024 (1QFY24), the company recorded 5.3% YoY increase in its revenue to USD 11.1 million, 39.6% YoY fall in cash and cash equivalents to USD 16.9 million and increase in gross profit margin to 86.4% from 84.2% in 1QFY23. The period saw net loss of USD 18.7 million.

Top 3 shareholders of AVH

The top 3 shareholders of AVH have around 1.11% of the shareholding.  Perry (Michael) and Panaccio (Louis James) have maximum stakes in the company with a shareholding of ~0.93% and ~0.15%, respectively.

Recent business update

Through an ASX update dated 11 July 2024, the company notified that it would release its second quarter 2024 financial results on 8 August 2024, following the closure of the US financial markets.

Outlook

In 2QFY24, the company expects to achieve commercial revenue of USD 14.3-15.3 million and in FY24, commercial revenue is expected to be within the lower range of USD 78.5-84.5 million.

The company targets cashflow break even and GAAP profitability before the third quarter of 2025.

In 2024, the focus is on sales execution, advancement of RECELL and international and product portfolio expansion.

Share performance of AVH

AVH shares closed 5.86% higher at AUD 3.070 apiece on 17 July 2024. In the last one year, AVH’s share price has dropped by almost 48.23% and in the past one month, it has increased by 21.83%.

52-week high of AVH is AUD 6.27, recorded on 31 July 2023, and the 52-week low is AUD 2.34, recorded on 4 July 2024. 

AVH Daily Technical Chart, Source: REFINITIV

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 17 July 2024. The reference data in this report has been partly sourced from REFINITIV.