AVITA Medical reports strong revenue growth for first quarter

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Regenerative medical company AVITA Medical (ASX:AVH) has reported a 40 per cent increase in revenue for the first quarter of 2023.

Revenue, excluding revenue from BARDA, was $10.5 million compared. Gross profit margin was 84 per cent compared to 76 per cent in the same period in 2022.

The company also expanded its field sales organisation from 30 to 69.

“With a solid first quarter, we are on track to deliver a year of significant growth revenue,” said Jim Corbett, AVITA Medical CEO.

“The onboarding and training of our expanded US field sales organisation is underway, and we believe we will be fully prepared for the commercial launch of the soft tissue repair indication following expected FDA approval in June. Further, we are on track to submit our PMA supplement to the FDA for RECELL GO by the end of the second quarter. We believe RECELL GO is a critical component of our platform and has the potential to significantly accelerate our growth trajectory.”

The company said it anticipate the FDA submission of RECELL GO by 30 June 30. It expects commercial revenue, which excludes BARDA revenue, for the second quarter of 2023 to be in the range of $10.7 to $11.7 million.