• Commercial revenue up 30% in Q4 2024 vs Q4 2023
• Gross profit margin of 87.6% in Q4 2024
• FDA approvals for Cohealyx and RECELL GO mini in Q4 2024

AVITA Medical, Inc. reported financial results for the fourth quarter and full year ended December 31, 2024. Commercial revenue in Q4 2024 was $18.4 million, an increase of 30% compared to the same period in 2023. Gross profit margin was 87.6% in Q4 2024. Key highlights include the FDA granting 510(k) clearance for Cohealyx, an AVITA Medical-branded collagen-based dermal matrix, and the FDA approval of RECELL GO mini on December 19 and 23, 2024, respectively. For the full year 2024, commercial revenue was $64.0 million, an increase of 29% compared to 2023. Gross profit margin for the full year was 85.8%. Total operating expenses for the year were $111.8 million, up from $86.4 million in 2023, primarily due to increased sales and marketing expenses. Net loss for the year was $61.8 million, or $2.39 per share, compared to $35.4 million, or $1.40 per share, in the prior year. The company ended the year with $35.9 million in cash, cash equivalents, and marketable securities.

Commercial revenue for the full-year 2025 is expected to be in the range of $100 to $106 million, reflecting growth of approximately 55% to 65% over the full-year 2024. The company expects to generate free cash flow in the second half of 2025 and reach GAAP profitability during Q4 2025.

AVITA Medical is focused on the rollout of RECELL GO mini into burn and trauma centers, developing clinical data for Cohealyx, and launching full commercialization efforts for Cohealyx by April 1, 2025. The company also expects to receive CE mark approval for RECELL GO in the European Union by mid-2025.