Q2 2024 AVITA Medical Inc Earnings Call Transcript
Key Points
- AVITA Medical Inc (ASX:AVH) reported commercial revenue of $15.1 million for Q2 2024, at the higher end of their guidance range.
- The company entered into an exclusive multi-year development and distribution agreement with Regenity Biosciences.
- AVITA Medical Inc (ASX:AVH) added 31 new accounts in Q2, all of which placed orders, and an additional six accounts received VAC approval.
- The launch of RECELL GO has been successful, with FDA approval received on May 29 and the first case completed just two days later.
- Gross profit margin improved to 86.2% in Q2 2024, up from 81.2% in the same period in 2023.
- Net loss for Q2 2024 was $15.4 million, compared to a net loss of $10.4 million in the same period in 2023.
- Total operating expenses increased to $28.7 million in Q2 2024, up from $21.2 million in Q2 2023.
- Cash, cash equivalents, and marketable securities decreased to $54.1 million as of June 30, 2024, from $89.1 million as of December 31, 2023.
- The company revised its annual revenue guidance down to a range of $68 million to $70 million, from the previous guidance of $78.5 million.
- The process of obtaining VAC approvals is taking between four to six months, which is longer than initially expected.
Good day and thank you for standing by. Welcome to the AVITA Medical Second Quarter Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Jessica Ekeberg, Director of Investor Relations.
Thank you, operator. Welcome to AVITA Medicalâs second 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
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