The inventors of “spray-on skin”, Avita Medical (ASX: AVH) have today released their financial results for the fiscal fourth quarter with the Company reporting strong revenue.
The Company was founded to develop and commercialise the RECELL “spray-on skin” product, invented in Perth by Professor Fiona Wood. Professor Wood is a world renowned surgeon and researcher in the area of burns treatment. She is currently working with Australian pharmaceutical company Pharmaxis (ASX: PXS), leading their clinical trial targeting scar free recovery with their topical compound.
Avita’s RECELL technology aims to reduce the need for painful skin grafts in burn and trauma victims by providing an alternative treatment with better patient outcomes. It is now indicated for use in the treatment of acute thermal burns since being approved by the Food and Drug Administration (FDA) in September 2018.
The Company has realised total revenue in excess of the guidance range which was $8.2-8.6 million and is now raising this to $9.5-9.7 million. This figure consists of $6.0-$6.2 million of RECELL commercial revenue and $3.5 million of RECELL revenue associated with the US Department of Health and Human Services’ Biomedical Advanced Research and Development Authority (BARDA).
The increases in revenue guidance are reflective of a 55%-60% increase on revenue over the prior year period and 30%-34% increase over the third quarter of 2021.
Chief Executive Officer, Dr. Mike Perry said: “ As people begin to return to normal activities after the confines of the COVID-19 pandemic, we have seen an increase in burn accidents requiring treatment with the RECELL system in burn centres across the country.”
The Company expects to release full fourth quarter financials and operating results in late August.