Financial Report Form 8-K dated 13 February 2025
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| Stock | Avita Medical Inc (AVH.ASX) |
|---|---|
| Release Time | 14 Feb 2025, 8:23 a.m. |
| Price Sensitive | Yes |
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AVITA Medical Reports Q4 and Full Year 2024 Results
Key Points
- Secures $73M revenue covenant for Q1 2025, rising to $115M by Q2 2026
- Issues 145,180 warrants to lenders at $0.01 exercise price
- Registers warrants and underlying shares on existing S-3 filing
Full Summary
AVITA Medical, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024. As part of the announcement, the company disclosed that it had entered into a fourth amendment to its existing credit agreement with affiliates of OrbiMed Advisors, LLC. The key changes include adjustments to the trailing 12-month revenue covenant, which will be $73 million for Q1 2025, rising to $92 million for Q4 2025 and $115 million for Q2 2026 and all subsequent quarters. As a condition of the amendment, AVITA will issue 145,180 warrants to the lenders, exercisable at $0.01 per share, with a 10-year term. The warrants and underlying shares will be registered under AVITA's existing S-3 registration statement.
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