AVITA Medical Q1 commercial revenue up 40% to $10.5M; reaffirms FY guidance; CCO resigns

AVITA Medical, Inc.

2023-Q1 EPS reported $0.37 revenue$10,550,000

Commercial revenue $10.5M (+40% YoY); total revenue $10.6M (+40%); gross margin 84% vs 76%.
Net loss improved to $9.2M ($0.37/share) from $9.5M ($0.38); adjusted EBITDA loss flat at $6.4M.
Cash $77.6M, no debt; reaffirms FY commercial revenue guidance of $49-51M; Q2 guidance $10.7-11.7M.
Expects FDA approval for soft tissue repair and vitiligo in June 2023; RECELL GO submission by June 30.
Erin Liberto resigned as CCO effective May 11; role discontinued. Promoted Bromley to SVP Global Sales, Garner to SVP Global Marketing.

item 2.02 item 5.02 item 9.01

Executive movements

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Departed

Erin Liberto

Chief Commercial Officer

RCEL · AVITA Medical, Inc.

Effective: 2023-05-11
Filed: May 12, 2023, 7:59 PM ET

Effective May 11, 2023, Ms. Erin Liberto, the Company’s Chief Commercial Officer, resigned from her position and accepted a role with a privately held, non-competitive business.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AVITA Medical, Inc. reported the fiscal quarter ended March 31, 2023 results: revenue $10.6 million, net income $9.2 million, EPS $0.37 per share. Guidance reaffirmed.

Period: the fiscal quarter ended March 31, 2023
Revenue: $10.6 million
Net income: $9.2 million
EPS: $0.37 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Total revenue, which includes BARDA revenue, increased by 40% to $10.6 million compared to $7.5 million in the same period in 2022. The gross profit margin was increased by 8% to 84% compared to 76% for the first quarter of 2022. Total operating expenses for the quarter increased by 22% to $19.4 million, compared to $16.0 million in the same period in 2022, primarily due to increased field expansion and continued development of the RECELL GO device for the planned submission in June 2023. Net loss decreased by 3% to $9.2 million, or $0.37 per share, compared to a net loss of $9.5 million, or $0.38 per share, in the same period in 2022.

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Executive change SEC 8-K Item 5.02 confidence 0.95

Erin Liberto resigned as Chief Commercial Officer at AVITA Medical, Inc..

Action: resigned
Role: Chief Commercial Officer

Exact text from the filing

Effective May 11, 2023, Ms. Erin Liberto, the Company’s Chief Commercial Officer, resigned from her position and accepted a role with a privately held, non-competitive business.

View on SEC.gov

12 earnings releases filed in the last 30 days. Browse all earnings releases →

AVITA Medical, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-143451

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