• Revenue increased 28% to $64.3 million
• Net loss increased 75% to $61.8 million
• Cash reserves of $14.1 million and $21.8 million in marketable securities

Avita Medical Inc. has released its annual report for the fiscal year ended December 31, 2024. The key highlights include a 28% increase in revenue to $64.3 million, driven by deeper penetration within customer accounts and new accounts for full-thickness skin defects. Gross profit margin improved by 130 basis points to 85.8%. However, total operating expenses increased 29% to $111.8 million, primarily due to higher salaries, benefits, stock-based compensation, commissions, and travel costs. This resulted in a 75% increase in net loss to $61.8 million. The company's cash position stood at $14.1 million in cash and cash equivalents, and $21.8 million in marketable securities, compared to $22.1 million of cash, cash equivalents, and $66.9 million in marketable securities at the end of 2023. Net cash used in operating activities was $48.9 million during the year, up from $38.0 million in the prior year. The company expects to utilize its cash reserves until U.S. sales of its products reach a level sufficient to fund ongoing operations. Avita Medical has no plans to commence dividend payments and has no significant external borrowing or off-balance sheet arrangements.

The company expects to utilize its cash reserves until U.S. sales of its products reach a level sufficient to fund ongoing operations.