Preliminary Fourth Quarter and Full-Year 2023 Financial Highlights
- Commercial revenue for the fourth quarter 2023 is expected to be approximately
$14.1 million , an increase of approximately 50% compared to same period in 2022 - Commercial revenue for the full-year 2023 is expected to be approximately
$49.8 million , an increase of approximately 46% compared to full-year 2022 - Gross margin for the full-year 2023 is expected to be approximately 84.5%
- As of
December 31, 2023 , approximately$89.1 million in cash, cash equivalents, and marketable securities
“This was a transformative year for
2024 Financial Guidance
- Commercial revenue for the first quarter 2024 is expected to be in the range of
$14.8 to$15.6 million , reflecting growth at the lower bound of approximately 42% and upper bound of approximately 50% over the same period in the prior year - Commercial revenue for the full-year 2024 is expected to be in the range of
$78.5 to$84.5 million , reflecting growth at the lower bound of approximately 57% and upper bound of approximately 69% over the full-year 2023
Business Update
In
The Company completed enrollment of TONE with 109 patients at investigational sites across
About
In international markets, our products are approved under the RECELL System brand to promote skin healing in a wide range of applications including burns, full-thickness skin defects, and vitiligo. The RECELL System is TGA-registered in
To learn more, visit www.avitamedical.com.
Forward-Looking Statements
Statements in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements generally may be identified by the use of words such as “anticipate,” “expect,” “intend,” “could,” “may,” “will,” “believe,” “estimate,” “look forward,” “forecast,” “goal,” “target,” “project,” “continue,” “outlook,” “guidance,” “future,” and similar words or expressions, and the use of future dates. These statements are made as of the date of this release, and the Company undertakes no obligation to publicly update or revise any of these statements, except as required by law. For additional information and other important factors that may cause actual results to differ materially from forward-looking statements, please see the “Risk Factors” section of the Company’s latest Annual Report on Form 10-K and other publicly available filings for a discussion of these and other risks and uncertainties.
Authorized for release by the Chief Financial Officer of
Investor & Media Contact:Jessica Ekeberg Phone +1-661-904-9269 investor@avitamedical.com media@avitamedical.com
Source:
2024 GlobeNewswire, Inc., source