AVITA Medical reports significant jump in revenue

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Australian regenerative medicine company AVITA Medical (ASX:AVH) has reported total global revenue of $5.1 million for the three months to the end of December 2021.

The company said this 57 per cent increase compared to the corresponding period in 2019 was significantly built on $5 million in revenue from sales in the US of its RECELL product.

“I’m proud of our progress over the last quarter as we strive to broaden the applications of our platform to serve patients both within burns and beyond," said chief medical officer Dr Mike Perry.

"With our burn center account base now mostly built out, our sales team is poised and ready to drive utilization as the pandemic abates and we regain access to hospitals and patients.

“We have continued to make strong progress with our vitiligo pivotal trial, seeing very encouraging interest and enrollment trends, and we believe this could put us in a position to file for FDA approval in 2022.”

The company said operating expenses for the quarter reached $10.4. The was down from $13.4 million. It said the reduction was primarily due to lower stock-based compensation along with lower legal costs, partially offset by the ramping up of clinical trials

A net loss for the quarter of $5.6 million compared to $10.5 million for the final three months of 2019.

The company held cash of $59.8 million at the end of December 2020. It said it will not provide financial guidance at this time due to the uncertainty created by the COVID-19 pandemic.