Avita Medical announces fourth quarter results

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Avita Medical (ASX:AVH), a medical device company developing innovative therapeutic solutions derived from the regenerative properties of a patient’s own skin, today reported results for the fourth quarter ended 30 June 2017.

“My first couple of months here at Avita have been a time of solid progress across all of our initiatives. We reported positive topline data from our pivotal clinical trial in May, and are currently placing the finishing touches on our FDA submission of a premarket approval application (PMA) for the use of ReCell in severe burns, as planned”, said CEO Dr Michael Perry. “With continued active support from the US Biomedical Advanced Research and Development Authority (BARDA), including an anticipated USD $7.5M procurement order for the purchase of ReCell® devices in the coming months, we are well-positioned to provide a clinically proven novel burn therapy to patients in the largest healthcare market in the world during 2018.”  

The company reported overall customer receipts during the fourth quarter of $350,000, an increase of 119 per cent compare to the corresponding period last year. 

Receipts from US-based BARDA totaled $1.84 million in the fourth quarter and reimbursements were in line with third quarter BARDA receipts of $1.87 million. Cumulative payments of $8.7 million have been received to date from BARDA under the full USD$61.9 million contract.

ReCell device usage for the fourth quarter increased 91 per cent over 2016 and is up 18 per cent year-on-year.

Total net cash used in operating activities during the fourth quarter was $2.5 million and in-line with company expectations. Total cash and cash equivalents held by Avita at the end of June 2017 were $3.79 million.