Avita Medical Inc Stock Price, News & Analysis

AVITA Medical, Inc. (NASDAQ: RCEL) announced it will report its Q4 and full year 2022 financial results on February 23, 2023, post U.S. market close. The company will hold a conference call at 1:30 PM PT to discuss the results and provide 2023 revenue guidance. AVITA specializes in regenerative medicine, particularly with its RECELL® System for skin restoration, which received FDA approval for treating acute thermal burns. The company emphasizes its innovative approach to healing severe burns by using a patient's own skin to create Spray-On Skin™ cells, enhancing clinical outcomes and reducing costs.

AVITA Medical (NASDAQ: RCEL) announced significant changes to its management structure to enhance strategic growth under newly appointed CEO James Corbett. Effective January 19, 2023, product development, operations, and regulatory affairs will report directly to the CEO, streamlining operations for sustained growth. Chief Operating Officer Kathy McGee is leaving, and the company will not fill the position. Additionally, Chief Financial Officer Michael Holder has departed, with Senior VP of Finance Sean Ekins assuming the interim CFO role as the company searches for a new CFO. Financial results for Q4 2022 will be reported on February 23, 2023, along with first quarter and full year 2023 revenue guidance.

AVITA Medical, Inc. (NASDAQ: RCEL) has submitted a Premarket Approval (PMA) application to the FDA for its RECELL® System, aiming to include stable vitiligo treatment. The pivotal trial demonstrated significant repigmentation success, achieving its primary endpoint. If approved, the RECELL's indication expansion is expected to tap into a large market, with the potential launch in January 2025. The RECELL System, already FDA-approved for acute burns, received Breakthrough Device designation, ensuring prioritized review from the FDA.

AVITA Medical, a leader in regenerative medicine, held its 2022 Annual Meeting of Stockholders virtually on December 12, 2022. All five director nominees were elected, including Louis Panaccio and CEO James Corbett. Stockholders ratified Grant Thornton LLP as independent auditors for 2022 and approved several grants of stock units and options for executive compensation. Notably, Corbett received options valued at $1 million. However, a proposal to amend the quorum requirement for stockholder meetings was not approved. Full voting results are available on the Company's website.

AVITA Medical, Inc. (NASDAQ: RCEL) announced the submission of a Premarket Approval (PMA) supplement to the FDA for its RECELL® System, aiming to expand its indication to soft tissue repair. CEO Jim Corbett highlighted this submission as a major milestone, potentially tripling the market opportunity and starting growth as early as July 2023. The pivotal trial for soft tissue repair met its endpoints, showing RECELL's effectiveness in donor sparing and healing outcomes. The FDA has granted Breakthrough Device designation, ensuring prioritized review of the application.

AVITA Medical, Inc. (NASDAQ: RCEL) invites investors to its webinar on November 23, 2022, at 4:00 PM PST, showcasing its successful September quarter with a 30% rise in commercial revenue year-over-year. The session, led by CEO Jim Corbett and CFO Michael Holder, will discuss key developments, future goals, and include a Q&A. AVITA specializes in regenerative medicine through the RECELL® System, enhancing skin restoration for burns and other conditions. Participants can register via the provided Zoom link, with a replay available on their website post-event.

AVITA Medical (NASDAQ: RCEL) reported robust financial results for Q3 2022, with commercial revenue reaching $9.0 million, a 30% increase from the prior year. Total revenue, including BARDA funding, was $9.1 million, up from $7.0 million. The company achieved a gross profit margin of 83% and met co-primary endpoints in pivotal trials for its RECELL® System, paving the way for FDA submissions in December. AVITA also secured marketing approval in Japan, with plans to expand its commercial footprint. For 2022, full year commercial revenue guidance has been raised to $33.0-34.0 million.

AVITA Medical (NASDAQ: RCEL) announced successful outcomes in its clinical trial for the RECELL® System used in soft tissue repair. The study achieved its co-primary endpoints, demonstrating statistically significant donor skin sparing and non-inferiority in healing compared to standard care. These results position RECELL as a potential new standard for soft tissue repair. The company expects to submit its Premarket Approval (PMA) application to the FDA in December 2022, following a re-analysis of healing data that confirmed non-inferiority.

AVITA Medical, a leader in regenerative medicine, has announced that the FDA granted the RECELL System Breakthrough Device designations for soft tissue repair and vitiligo indications. This designation aims to expedite development and review processes for devices addressing serious medical conditions. The RECELL System, approved for acute thermal burns, utilizes a patient's own skin for treatment, significantly improving clinical outcomes and reducing donor skin requirements. AVITA anticipates this recognition will enhance patient access to their innovative therapies.