Q3 2024 AVITA Medical Inc Earnings Call Transcript
Key Points
- AVITA Medical Inc (AVHHL) achieved a 29% increase in commercial revenue, reaching $19.5 million in Q3 2024.
- The company successfully transitioned approximately 75% of its revenue base to the RECELL GO platform within four months of FDA approval.
- RECELL GO is expected to double AVITA Medical Inc (AVHHL)'s market share in the burn market over time.
- The introduction of Cohealyx, a collagen-based dermal matrix, is anticipated to enhance market penetration and competitive position.
- AVITA Medical Inc (AVHHL) is on track to reach cash flow breakeven and GAAP profitability by Q3 2025 without significant organizational growth.
- The company fell short of its initial expectations for new account conversions, achieving 23 instead of the anticipated 40 to 50.
- Operating expenses increased significantly to $30.2 million from $21.1 million in the same period in 2023.
- The CE mark approval process for RECELL GO in Europe and Australia is taking longer than anticipated, now expected by Q1 2025.
- Net loss for the third quarter was $16.2 million, compared to a net loss of $8.7 million in the same period in 2023.
- Cash, cash equivalents, and marketable securities decreased to $44.4 million as of September 30, 2024, from $89.1 million as of December 31, 2023.
Good day, and thank you for standing by. Welcome to the AVITA Medical, Inc. third-quarter 2024 earnings conference call. (Operator Instructions)
Please be advised that today's conference call is being recorded. I would now like to hand the conference over to your first speaker today, Jessica Ekeberg. Please go ahead.
Thank you, operator. Welcome to AVITA Medical's third-quarter 2024 earnings call. Joining me on today's call are Jim Corbett, Chief Executive Officer; and David O'Toole, Chief Financial Officer. Today's earnings release and presentation are available on our website, www.avitamedical.com under the Investor Relations section. Before we begin, I'd like to remind you that this call includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are neither promises nor guarantees, and involve known and unknown risks and uncertainties
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