AVITA Medical (ASX: AVH) expects USD 14.3-15.3mn revenue in 2QFY24

Wed 17 Jul 24, 04:31 AM | Team Kalkine

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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.

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