Q1 2024 AVITA Medical Inc Earnings Call Transcript
Key Points
- AVITA Medical Inc (AVHHL) has expanded its product portfolio with the launch of PermeaDerm in the US on March 23, aiming to address a broader range of clinical needs in wound care.
- The company is nearing FDA approval for RECELL GO, expected by May 30, 2024, which could significantly enhance operational efficiency and adoption rates.
- AVITA Medical Inc (AVHHL) has successfully passed major MDR conformity assessment audits, advancing towards obtaining a CE Mark for RECELL GO in the European Union.
- The company is actively pursuing international expansion, with plans to execute distributor agreements in major EU countries and Australia within the year.
- AVITA Medical Inc (AVHHL) has a robust gross profit margin of 86.4% for the quarter, indicating strong profitability in its core operations.
- AVITA Medical Inc (AVHHL) reported disappointing first-quarter commercial revenue of $11.1 million, falling short of expectations and marking the first time without sequential quarterly growth since the CEO's tenure began.
- The company experienced a slower-than-expected conversion rate of new accounts for its expanded level of full thickness skin defects, adding only 73 new accounts instead of the expected 135 by the end of the first quarter.
- A data breach at a major US clearing house disrupted the data feed to AVITA Medical Inc (AVHHL)'s claims data provider, impacting the company's ability to analyze burn wound admissions and device utilization.
- The company's net loss for the first quarter was $18.7 million, significantly higher than the previous year's loss of $9.2 million.
- AVITA Medical Inc (AVHHL) experienced a significant use of cash during the quarter, with cash, cash equivalents, and marketable securities decreasing from $89.1 million as of December 31, 2023, to $68.1 million as of March 31, 2024.
Good day, and thank you for standing by, and welcome to the AVITA Medical, Inc., first-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jessica Ekeberg, Director of Investor Relations. Please go ahead.
Thank you, operator. Welcome to AVITA Medical's first-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
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