Quarterly ResultMay 14, 2026, 04:18 PM
AVITA Medical Q1 Revenue $19.3M, Net Loss $10.6M; New CEO Appointed
AI Summary
AVITA Medical reported first-quarter 2026 financial results with total revenue of $19.3 million, a 4% year-over-year increase, and a reduced net loss of $10.6 million, or $0.35 per share. The company appointed Cary Vance as President and CEO and Jan Stern Reed as independent Chair of the Board. Key business updates include a 10-year BARDA agreement valued at up to $25.5 million, positive interim Cohealyx I data, and regulatory clearance for RECELL GO® in Australia and New Zealand. The company reaffirmed its full-year 2026 revenue guidance of $80 to $85 million.
Key Highlights
- Total revenue was $19.3 million, up 4% year-over-year and 10% sequentially.
- Net loss $10.6M ($0.35/share), improved from $13.9M ($0.53/share) in Q1 2025.
- Cary Vance appointed President and CEO; Jan Stern Reed appointed independent Chair.
- Operating expenses decreased 11% year-over-year to $24.5 million.
- Gross profit margin was 81.7%, with RECELL-only gross margin at 85.0%.
- Secured a 10-year BARDA agreement valued at up to $25.5 million.
- Reaffirmed full-year 2026 revenue guidance of $80 million to $85 million.
- Net cash use was $9.9 million; ended quarter with $14.3 million cash.