AVITA Medical, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 10, 2022 at 04:34 pm
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AVITA Medical, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported sales was USD 9.09 million compared to USD 7.02 million a year ago. Net loss was USD 5.59 million compared to USD 5.95 million a year ago. Basic earnings per share from continuing operations was USD 0.22 compared to USD 0.24 a year ago. Diluted earnings per share from continuing operations was USD 0.22 compared to USD 0.24 a year ago.
For the nine months, sales was USD 24.97 million compared to USD 26.09 million a year ago. Net loss was USD 21.31 million compared to USD 16.66 million a year ago. Basic earnings per share from continuing operations was USD 0.85 compared to USD 0.69 a year ago. Diluted earnings per share from continuing operations was USD 0.85 compared to USD 0.69 a year ago.
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.