AVITA Medical, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which specializes in regenerative medicine focusing on wound management and skin restoration, experienced a notable increase in total revenues, which rose to $19,546,000, a 43.2% increase from $13,645,000 in the same period of 2023. This growth was primarily driven by sales of the RECELL® technology and related products, with commercial revenue for the quarter reaching $19,482,000, up from $13,547,000 year-over-year.
Despite the revenue growth, AVITA reported a net loss of $16,205,000 for the three months ended September 30, 2024, compared to a net loss of $8,712,000 in the prior year. The increase in net loss was attributed to a substantial rise in total operating expenses, which climbed to $30,162,000, up from $21,050,000 in the same quarter of 2023. The increase in expenses was driven by higher sales and marketing costs, which surged by 43.8% to $15,100,000, and general and administrative expenses, which rose by 56.6% to $9,600,000.
For the nine months ended September 30, 2024, total revenues increased by 27.5% to $45,845,000, compared to $35,948,000 in the same period of 2023. However, the net loss for this period also widened to $50,256,000 from $28,316,000 in the previous year. The company’s accumulated deficit increased to $348,225,000 as of September 30, 2024.
On the balance sheet, total assets decreased to $81,051,000 from $111,640,000 at the end of 2023, while total liabilities rose to $68,600,000 from $61,891,000. Total stockholders’ equity fell sharply to $12,227,000 from $49,056,000, reflecting the ongoing losses.
AVITA Medical has also made strategic moves, including entering into exclusive multi-year agreements for the distribution and development of its products, such as Cohealyx™ and PermeaDerm®. The company is focused on expanding its market presence, particularly with the RECELL GO device, which has shown promise in improving operational efficiency in clinical settings.
The company’s cash and cash equivalents stood at $18,639,000 as of September 30, 2024, down from $22,118,000 at the end of 2023. AVITA continues to navigate its financial landscape while pursuing growth opportunities in the regenerative medicine sector.
About AVITA Medical, Inc.
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