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GlobeNewswire·

AVITA Medical Reports Third Quarter Results

RCEL
  • AVITA Medical reported Q3 2026 total revenue of $26.1 million, a 53% year-over-year increase & a 20% sequential rise.
  • Full-year 2026 revenue guidance was raised to $92 million to $94 million, with an expectation to achieve cash flow breakeven in Q4 2026.
  • Gross margin reached 84.0%, representing a 270 basis point year-over-year increase driven by higher RECELL revenue & manufacturing efficiency.
  • Operating expenses were $24.6 million, remaining flat sequentially despite performance-based compensation increases.
  • Net cash use improved to approximately $0.6 million in Q3 2026, compared to $3.2 million in Q2 2026.
  • The company drew the remaining $10 million tranche from its credit facility with Perceptive Advisors LLC after achieving the required $85 million trailing twelve-month revenue milestone.
  • Cash, cash equivalents, & marketable securities totaled approximately $10.5 million as of September 30, 2026.
  • The "going concern" qualification was removed from the Form 10-Q based on improved operating performance & liquidity.
  • CMS finalized national physician payment values & simplified billing codes for RECELL procedures effective January 1, 2027.
  • PermeaDerm I met its primary endpoint, demonstrating comparable clinical outcomes to allograft while reducing product costs by 70% & preparation time by 95.7%.
  • RECELL generated $22.4 million in Q3 U.S. revenue, while Cohealyx revenue reached $2.1 million.
  • Net loss for the quarter narrowed to $6.2 million ($0.20 per share) from $13.2 million ($0.46 per share) in the prior-year period.
  • Total operating expenses increased 7% year-over-year to $24.6 million, driven by higher sales & marketing expenses.
  • The credit facility loan is now classified as a long-term liability on the balance sheet due to the alleviation of substantial doubt regarding the company's ability to continue as a going concern.
Company
AVITA Medical
Keywords
Australian Stock Exchange:AVH.AX, AVITA Medical, AVITA Medical, $RCEL, $AVH