AVITA Medical, Inc. reported a total revenue of $19.3 million for the three months ended March 31, 2026, reflecting a 4% increase from $18.5 million in the same period last year. The growth was primarily driven by increased contributions from its Cohealyx product and the RECELL GO mini device, alongside a normalization in the utilization of RECELL following the resolution of reimbursement issues. The company recorded a net loss of $10.6 million, a 23% improvement compared to a net loss of $13.9 million in the prior year, with a basic and diluted loss per share of $0.35, down from $0.53.
In terms of operational efficiency, AVITA Medical reduced its total operating expenses by 11% to $24.5 million, down from $27.5 million in the previous year. This decrease was attributed to lower sales and marketing expenses, which fell by 13% to $12.8 million, as well as reductions in general and administrative and research and development costs. The gross profit margin for the quarter was 81.7%, slightly down from 84.7% in the prior year, primarily due to inventory adjustments and product mix.
The company has also made significant strategic moves, including entering into a five-year credit facility with Perceptive Advisors LLC, which provides up to $60 million in total borrowings. As of March 31, 2026, AVITA Medical had $8.3 million in cash and cash equivalents, down from $10.2 million at the end of the previous fiscal year. The company is currently evaluating additional funding strategies to support its operations, as it has incurred operating losses and negative cash flows since inception, leading to substantial doubt about its ability to continue as a going concern.
AVITA Medical's product portfolio includes the RECELL device, which is FDA-approved for treating thermal burn wounds and full-thickness skin defects. The company is focused on expanding its market penetration in U.S. burn centers and increasing the adoption of its products in trauma and surgical wound care. Additionally, the company has entered into a ten-year agreement with the Biomedical Advanced Research and Development Authority (BARDA) to maintain a supply of RECELL products for emergency response, with a total potential value of up to $25.5 million.
Looking ahead, AVITA Medical aims to drive commercial revenue growth and achieve long-term operating profitability while navigating challenges such as changes in reimbursement rates and broader economic conditions. The company is committed to advancing its clinical studies and expanding its international presence through distributor-led commercialization, contingent upon obtaining necessary regulatory approvals.
About AVITA Medical, Inc.
AVITA Medical develops and commercializes advanced acute wound care solutions centered on its patented RECELL technology, which creates autologous skin cell suspensions to accelerate healing of burns, full-thickness skin defects, and vitiligo. The company’s product portfolio includes RECELL devices and complementary wound care matrices like PermeaDerm and Cohealyx. Serving burn and trauma centers primarily in the U.S. and select international markets, AVITA leverages proprietary technology, regulatory approvals, and clinical evidence to improve patient outcomes and reduce treatment costs.
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