AVITA Medical Announces Preliminary Fiscal Second Quarter 2021 Results

VALENCIA, Calif. and MELBOURNE, Australia, Jan. 12, 2021 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH), a regenerative medicine company that is developing and commercializing a technology platform that enables point-of-care autologous skin restoration for multiple unmet needs, today announced preliminary unaudited estimates of its top line results for the three months ended December 31, 2020.

Preliminary Fiscal Second Quarter Estimates

• U.S based RECELL revenue is expected to be $5.0 million in the second quarter of 2021 ended December 31, 2020, compared to $5.0 million in the previous quarter. U.S based RECELL revenue increased $1.9 million or 62% over the same quarter in the prior year.
• Total global revenue is expected to be $5.1 million in the second quarter of 2021, compared to $5.1 million in the previous quarter. Total global revenue increased $1.8 million in the current quarter or 57% over the same quarter in the prior year.
• The Company had cash of approximately $59.8 million, a decrease of $6.0 million or 9% over the $65.8 million held at the end of the previous quarter.
  

Commercial Metrics:

• Enrolled 9 additional patients in the pivotal study assessing the use of the RECELL System to treat stable vitiligo.
• Added 7 new accounts in the second quarter 2021 for a total of 93 accounts.
• Estimated procedural volumes were 485 in the second quarter of 2021, compared to 496 in the previous quarter.
  

“I’m pleased with our team’s commercial execution during these challenging times,” said Dr. Mike Perry, AVITA Medical Chief Executive Officer. “We continue to make solid progress on our pipeline initiatives, and I look forward to updating you further during our quarterly earnings call.”

The Company is providing the above information in advance of its participation in the 39^th Annual J.P. Morgan Health Conference, which begins on Monday, January 11, 2021. The Company will post its conference presentation to the ASX Market Announcements Platform and will also make that presentation available on its website at www.avitamedical.com/investors.

Authorized for release by the Chief Executive Officer of AVITA Medical, Inc.

Financial Measures and other Items

The foregoing information and estimates are preliminary in nature and are subject to revisions as we prepare our Form 10-Q Quarterly Report for the second quarter ended December 31, 2020. Because we have not completed our normal quarterly closing and review procedures for the six months ended December 31, 2020, and subsequent events may occur that require material adjustments to these results, the final results and other disclosures for the period may differ materially from these estimates. These estimates should not be viewed as a substitute for the full disclosure of our Form 10-Q Quarterly Report. These estimated results should be read together with subsequent filings and announcements, including any subsequent press release announcing the Company’s earnings for the second quarter ended December 31, 2020.