AVITA Medical, Inc. Revises Revenue Guidance for the First Quarter Ended March 31, 2024 and Full Year Fiscal 2024
April 10, 2024 at 05:11 pm EDT
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AVITA Medical, Inc. revised revenue guidance for the first quarter ended March 31, 2024 and full year 2024. For the quarter ended March 31, 2024, the company expects commercial revenue to be in the range of USD 11.0 million to USD 11.3 million. This range is below the previously provided revenue guidance of USD 14.8 million to USD 15.6 million. The revision in guidance is attributable to a slower-than-expected conversion rate of new accounts for expanded label of full-thickness skin defects.
The company believes it will meet the lower end of previously provided annual revenue guidance range of USD 78.5 million to USD 84.5 million.
AVITA Medical, Inc. is a commercial-stage regenerative medicine company. The Company is a provider of regenerative medicine addressing unmet medical needs in burn injuries, full-thickness skin defects, and in skin repigmentation, such as vitiligo. Its RECELL platform a single use, stand-alone, battery operated, autologous cell harvesting device containing enzymatic and buffer solutions, sterile surgical instruments, and actuators. RECELL is used for the treatment of thermal burn wounds and full-thickness skin defects, and for repigmentation of stable depigmented vitiligo lesions. The platform technology of the RECELL System enables a thin split-thickness skin sample from the patient to be processed and prepared, producing an autologous cellular suspension called Spray-On Skin Cells. These Spray-On Skin Cells are prepared at the point of care in as little as 30 minutes, providing a new way to treat thermal burn wounds and full-thickness skin defects.