AVITA® Medical Reports Third Quarter 2025 Financial Results
AVITA Medical (NASDAQ: RCEL) reported Q3 2025 results for the quarter ended September 30, 2025. Commercial revenue was $17.1M, down 13% year-over-year. Operating expenses fell 24% to $23.0M, and net loss improved to $13.2M, or $0.46 per share, from $16.2M a year earlier. Cash, cash equivalents, and marketable securities totaled $23.3M at quarter end after a $13.8M private placement.
Key developments: RECELL GO received CE Mark under the EU MDR enabling launches in Germany, Italy, and the U.K.; real-world data showed a 36% reduction in hospital length-of-stay and approximately $42,000 per-patient cost savings versus split-thickness grafts; full-year 2025 revenue guidance was lowered to $70–$74M. The company amended its credit agreement, adding $500,000 to loan principal and resetting a revenue covenant to $70M for Q4 2025.
AVITA Medical (NASDAQ: RCEL) ha riportato i risultati del terzo trimestre 2025 per il periodo terminato il 30 settembre 2025. Fatturato commerciale stato di 17,1 milioni di dollari, in calo del 13% anno su anno. Spese operative scese del 24% a 23,0 milioni di dollari, e la perdita netta migliorata a 13,2 milioni di dollari, o 0,46 dollari per azione, rispetto a 16,2 milioni di dollari l'anno precedente. Cassa, equivalenti di cassa e titoli negoziabili ammontavano a 23,3 milioni di dollari alla fine del trimestre dopo un placement privato da 13,8 milioni.
Principali sviluppi: RECELL GO ha ricevuto la marcatura CE secondo l'EU MDR che consente lanci in Germania, Italia e Regno Unito; dati del mondo reale hanno mostrato una riduzione del 36% nel tempo di degenza ospedaliera e un risparmio di costi per paziente di circa 42.000 dollari rispetto ai trapianti con lembi a spessore separato; la guidance delle entrate per l'intero 2025 è stata ridotta a 70–74 milioni di dollari. L'azienda ha modificato il proprio accordo di credito, aggiungendo 500.000 dollari al prestito e ripristinando una covenante di ricavi a 70 milioni di dollari per il quarto trimestre 2025.
AVITA Medical (NASDAQ: RCEL) reportó resultados del tercer trimestre de 2025 para el trimestre finalizado el 30 de septiembre de 2025. Los ingresos comerciales fueron de 17.1 millones de dólares, con una caída del 13% interanual. Los gastos operativos cayeron un 24% a 23.0 millones de dólares, y la pérdida neta se redujo a 13.2 millones de dólares, o 0.46 dólares por acción, frente a 16.2 millones de dólares hace un año. Efectivo, equivalentes de efectivo y valores cotizables totalizaron 23.3 millones de dólares al cierre del trimestre tras una colocación privada de 13.8 millones.
Desarrollos clave: RECELL GO obtuvo la marca CE bajo el EU MDR, permitiendo lanzamientos en Alemania, Italia y el Reino Unido; datos del mundo real mostraron una reducción del 36% en la estancia hospitalaria y un ahorro de costos por paciente de aproximadamente 42,000 dólares frente a injertos de espesor de división; la guía de ingresos para todo 2025 se redujo a 70–74 millones de dólares. La empresa enmendó su acuerdo de crédito, aumentando 500,000 dólares al principal del préstamo y restableciendo un convenio de ingresos de 70 millones de dólares para el cuarto trimestre de 2025.
AVITA Medical (NASDAQ: RCEL) 는 2025년 9월 30일 종료된 분기에 대한 2025년 3분기 실적을 발표했습니다. 상업 매출은 1,710만 달러로 전년 대비 13% 감소했습니다. 영업비용은 24% 감소하여 2,300만 달러였고 순손실은 1,320만 달러, 주당 0.46달러로 개선되었습니다(전년동기 1,620만 달러). 현금 및 현금성자산, 시장성 있는 증권은 분기말에 2,330만 달러로, 1,380만 달러의 비공개 배정 후의 수치입니다.
주요 개발사항: RECELL GO는 EU MDR에 따라 CE 마크를 받아 독일, 이탈리아, 영국에서 출시를 가능하게 했습니다; 실제 데이터로 병원 체류 기간이 36% 감소했고 분할 두께 이식편 대비 환자당 약 $42,000의 비용 절감이 확인되었습니다; 2025년 전체 매출 가이던스는 $70–$74M로 하향 조정되었습니다. 회사는 신용 계약을 수정해 대출 원금에 50만 달러를 추가하고 4분기 2025년 매출 커버리지를 7,000만 달러로 재설정했습니다.
AVITA Medical (NASDAQ: RCEL) a publié les résultats du T3 2025 pour le trimestre clos le 30 septembre 2025. Le chiffre d'affaires commercial s’est élevé à 17,1 millions de dollars, en baisse de 13 % sur un an. Les dépenses opérationnelles ont chuté de 24 % à 23,0 millions de dollars, et la perte nette s’est améliorée à 13,2 millions de dollars, soit 0,46 dollar par action, contre 16,2 millions un an plus tôt. La trésorerie, les équivalents de trésorerie et les valeurs mobilières cotées s’élevaient à 23,3 millions de dollars à la fin du trimestre, après une placement privé de 13,8 millions.
Évolutions clés : RECELL GO a reçu la marque CE au titre de l’UE MDR, permettant des lancements en Allemagne, en Italie et au Royaume-Uni ; les données réelles ont montré une réduction de 36 % de la durée de séjour à l’hôpital et une économie de coûts par patient d’environ 42 000 dollars par rapport aux greffes en épaisseur divisée ; les prévisions de chiffre d’affaires pour l’ensemble de 2025 ont été revues à la baisse à 70–74 millions de dollars. L’entreprise a modifié son accord de crédit, en ajoutant 500 000 dollars au principal du prêt et en réinitialisant une covenante de revenus à 70 millions de dollars pour le 4e trimestre 2025.
AVITA Medical (NASDAQ: RCEL) hat die Ergebnisse des dritten Quartals 2025 für das am 30. September 2025 endende Quartal gemeldet. Kommerzielle Einnahmen beliefen sich auf 17,1 Mio. USD, ein Rückgang von 13% gegenüber dem Vorjahr. Betriebsausgaben sanken um 24% auf 23,0 Mio. USD, und Nettoverschuldung verbesserte sich auf 13,2 Mio. USD bzw. 0,46 USD je Aktie, gegenüber 16,2 Mio. USD im Vorjahr. Bargeld, Zahlungsmitteläquivalente und marktfähige Wertpapiere beliefen sich zum Quartalsende auf 23,3 Mio. USD nach einer privaten Platzierung von 13,8 Mio. USD.
Schlüsselentwicklungen: RECELL GO erhielt die CE-Kennzeichnung nach der EU-MDR, was Markteinführungen in Deutschland, Italien und dem Vereinigten Königreich ermöglicht; Real-World-Daten zeigten eine Reduktion der Krankenhausaufenthaltsdauer um 36% und Einsparungen pro Patient von ca. 42.000 USD im Vergleich zu geteilten Gewebeträgern; die Jahresumsatzprognose für 2025 wurde auf 70–74 Mio. USD gesenkt. Das Unternehmen hat seine Kreditvereinbarung geändert, zusätzlich 500.000 USD zum Darlehen aufgenommen und eine Umsatz-Covenant für Q4 2025 auf 70 Mio. USD zurückgesetzt.
AVITA Medical (NASDAQ: RCEL) أبلغت عن نتائج الربع الثالث من عام 2025 للفترة المنتهية في 30 سبتمبر 2025. الإيرادات التشغيلية بلغت 17.1 مليون دولار، بانخفاض قدره 13% مقارنة بالعام الماضي. التكاليف التشغيلية انخفضت بنسبة 24% إلى 23.0 مليون دولار، و الخسارة الصافية تحسنت إلى 13.2 مليون دولار، أو 0.46 دولار للسهم، من 16.2 مليون دولار في العام السابق. النقد وما يعادله من النقد والأوراق المالية القابلة للتداول بلغت 23.3 مليون دولار في نهاية الربع بعد طرح خاص بقيمة 13.8 مليون دولار.
التطورات الرئيسية: RECELL GO حصل على علامة CE وفق EU MDR مما يمكّن الإطلاق في ألمانيا وإيطاليا والمملكة المتحدة؛ أظهرت بيانات العالم الواقعي انخفاضاً بمقدار 36% في مدة البقاء في المستشفى وتوفيراً في التكلفة للمريض بنحو $42,000 مقارنة بزراعة الرقع بسمك مقسوم؛ تم تخفيض توجيهات الإيرادات للسنة الكاملة 2025 إلى $70–$74M. عدلت الشركة اتفاقها الائتماني بإضافة 500,000 دولار إلى رأسمال القرض وإعادة تعيين شرط الإيرادات إلى 70 مليون دولار للربع الرابع من 2025.
- Operating expenses down 24% (−$7.2M) in Q3 2025
- Net loss improved to $13.2M in Q3 2025
- Cash balance of $23.3M as of Sept 30, 2025
- CE Mark granted for RECELL GO under EU MDR (Sept 2025)
- Real-world data: 36% reduction in hospital length-of-stay
- Commercial revenue down 13% to $17.1M in Q3 2025
- Full-year 2025 revenue guidance reduced to $70–$74M
- Gross margin declined 240 bps to 81.3% in Q3 2025
- Credit amendment added $500,000 to loan principal
Insights
Mixed quarter: revenue and guidance declined but cash efficiency and cost cuts improved; regulatory win expands European market.
Commercial revenue of
Key dependencies and risks include the stabilization of Medicare Category I CPT reimbursement (now published by all seven MACs), the pace of hospital adoption and VAC reviews for Cohealyx, and the impact of product mix on gross margin; the amendment to the OrbiMed credit agreement adds
Monitor: execution against the focused U.S. roll‑out at ~200 burn and trauma centers, actual quarterly revenue versus the amended covenant, cash balance and any capital funding update, and the planned release of 2026 guidance in early
VALENCIA, Calif., Nov. 06, 2025 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH), a leading therapeutic acute wound care company delivering transformative solutions (“AVITA Medical,” or the “Company”), today reported financial results for the third quarter ended September 30, 2025.
Financial Results
- Commercial revenue of
$17.1 million , representing a13% decrease compared to the same period in 2024. - Cash, cash equivalents, and marketable securities totaled
$23.3 million as of Sept. 30, 2025. - Operating expenses decreased by
24% , or$7.2 million , to$23.0 million , compared with$30.2 million in the corresponding period last year, as the Company continues to streamline operations and aligns spending with growth priorities. - Net use of cash improved to
$6.2 million in Q3, compared to$10.1 million in Q2, underscoring improving cash efficiency. - Net loss improved to
$13.2 million , or$0.46 per basic and diluted share, from$16.2 million , or$0.62 per share, in Q3 2024. - 2025 revenue outlook: AVITA Medical now expects full-year revenue of
$70 t o$74 million , compared with prior guidance of$76 t o$81 million .
Other Quarterly Milestones
- RECELL GO® received CE Mark approval under the EU Medical Device Regulation, enabling European launch beginning with Germany, Italy, and the United Kingdom.
- Clinical data and conference presentations continue to reinforce the Company’s leadership in acute wound care, with results from global analyses of over 8,000 patients validating RECELL’s ability to achieve wound closure with less donor skin, faster healing, and reduced patient burden.
Cary Vance, new Interim Chief Executive Officer of AVITA Medical, commented:
“My focus will be on execution – building the use of RECELL®, driving consistent and predictable utilization of our products across burn, trauma, and surgical settings, and completing a full and successful transition of our commercial organization. To support these actions, we are concentrating our efforts on approximately 200 key U.S. burn and trauma centers that represent the highest-value opportunities in acute wound care, an addressable market segment estimated at roughly
Third Quarter Business Update
Reimbursement Update:
The regional Medicare Administrative Contractors (MACs) finalized pricing under the new Category I CPT codes for use of RECELL, and as a result reimbursement clarity has now largely been restored. All seven MACs have published or confirmed payment rates. This resolution provides clinicians with renewed confidence of payment and removes a key barrier that has impacted procedure volumes. AVITA Medical continues to support providers through education and outreach to ensure accurate billing and coding. The reimbursement environment is now normalizing, with published rates supporting sustainable clinician reimbursement through the Category I CPT code.
Clinical and Regulatory Milestones:
In September, AVITA Medical received CE Mark approval for RECELL GO® under the European Union Medical Device Regulation, enabling commercialization across Europe, commencing with Germany, Italy, and the United Kingdom. The CE Mark expands AVITA Medical’s international presence and supports the Company’s mission to bring RECELL technology to more clinicians treating burn and traumatic wounds worldwide.
At the 2025 Southern Region Burn Conference, new data reinforced RECELL’s position as a standard of care in acute wound treatment. A global systematic review covering over 8,000 patients across 13 countries confirmed RECELL’s ability to achieve wound closure with less donor skin, faster healing, and reduced patient burden. Additionally, real-world U.S. registry data demonstrated a
Portfolio Execution:
AVITA Medical’s commercial strategy is to focus on approximately 200 U.S. burn and trauma centers representing the highest value and volume in acute wound care. This focused approach, centered on the Company’s integrated portfolio of RECELL, Cohealyx, and PermeaDerm®, targets an addressable market of roughly
David O'Toole, Chief Financial Officer of AVITA Medical, commented:
“We continue to execute on our disciplined cost-management strategy while aligning spending with growth priorities, achieving a
Third Quarter Financials Update
Commercial revenue was
Gross profit margin was
Total operating expenses were
Other expense, net was
Net loss was
AVITA Medical demonstrated continued financial discipline in the quarter. The Company began Q3 with
The Company now expects full-year 2025 revenue in the range of
On September 30, 2025, AVITA Medical received a waiver for the third-quarter revenue covenant under its credit agreement with OrbiMed at no fee. Subsequently, on November 5, 2025, the Company entered into a sixth amendment to its credit agreement, which amended the trailing twelve-month revenue covenant for the quarter ending December 31, 2025, to
Consistent with its disciplined growth strategy, AVITA Medical is exploring opportunities to enhance financial flexibility and support continued execution of revenue growth. The Company expects to provide an update on its capital and growth plans, along with 2026 guidance, in the first quarter of 2026. In the interim, AVITA Medical remains focused on disciplined cash management, sharpening execution, and accelerating commercial momentum across its core U.S. burn and trauma center opportunity.
Webcast and Conference Call Information
AVITA Medical will host a conference call on Thursday, November 6, 2025, at 1:30 p.m. Pacific Time (Friday, November 7, 2025, at 8:30 a.m. Australian Eastern Daylight Time) to discuss its third quarter 2025 financial results and recent business highlights. The live webcast will be available under the Events & Presentations section of the AVITA Medical website at https://ir.avitamedical.com/. To participate by telephone, please register in advance to receive dial-in details and a personal PIN at https://edge.media-server.com/mmc/p/fpry6ovp/. A replay of the webcast will be available shortly after the live event.
About AVITA Medical, Inc.
AVITA Medical is a leading therapeutic acute wound care company delivering transformative solutions. Our technologies are designed to optimize wound healing, effectively accelerating the time to patient recovery. At the forefront of our platform is the RECELL System, approved by the U.S. Food and Drug Administration for the treatment of thermal burn and trauma wounds. RECELL harnesses the healing properties of a patient’s own skin to create Spray-On Skin™ Cells, offering an innovative solution for improved clinical outcomes at the point-of-care. In the U.S., AVITA Medical also holds the rights to manufacture and exclusive rights to market, sell, and distribute PermeaDerm, a biosynthetic wound matrix, and the exclusive rights to market, sell, and distribute Cohealyx, an AVITA Medical-branded collagen-based dermal matrix.
In international markets, the RECELL System is approved to promote skin healing in a wide range of applications including thermal burn and trauma wounds, with regulatory clearances in Europe, and excluding RECELL GO, in Australia and Japan.
To learn more, visit www.avitamedical.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements generally may be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “intend,” “look forward,” “may,” “outlook,” “project,” “target,” “will,” “would,” and similar words or expressions, and the use of future dates. Forward-looking statements include, but are not limited to, statements relating to the timing and realization of regulatory approvals of our products; physician acceptance, endorsement, and use of our products (including the impact of government reimbursement payment rates on such use); failure to achieve the anticipated benefits from approval of our products; the effect of regulatory actions; product liability claims; risks associated with international operations and expansion; and other business effects, including the effects of industry, as well as other economic or political conditions outside of the Company’s control. These statements are made as of the date of this release, and the Company undertakes no obligation to publicly update or revise any of these statements, except as required by law. For additional information and other important factors that may cause actual results to differ materially from forward-looking statements, please see the “Risk Factors” section of the Company’s latest Annual Report on Form 10-K and other publicly available filings for a discussion of these and other risks and uncertainties.
Investor & Media Contact:
Ben Atkins
Phone +1-805 341 1571
investor@avitamedical.com
media@avitamedical.com
Authorized for release by the Chief Financial Officer of AVITA Medical, Inc.
AVITA MEDICAL, INC.
Consolidated Balance Sheets
(In thousands, except share and per share data)
| As of | ||||||||
| September 30, 2025 | December 31, 2024 | |||||||
| ASSETS | (Unaudited) | |||||||
| Cash and cash equivalents | $ | 15,422 | $ | 14,050 | ||||
| Marketable securities | 7,891 | 21,835 | ||||||
| Accounts receivable, net | 9,013 | 11,786 | ||||||
| Prepaids and other current assets | 1,801 | 2,060 | ||||||
| Inventory | 7,240 | 7,269 | ||||||
| Total current assets | 41,367 | 57,000 | ||||||
| Plant and equipment, net | 9,884 | 10,018 | ||||||
| Operating lease right-of-use assets | 3,128 | 3,571 | ||||||
| Corporate-owned life insurance (“COLI”) asset | 3,071 | 3,006 | ||||||
| Intangible assets, net | 5,204 | 5,570 | ||||||
| Other long-term assets | 1,074 | 546 | ||||||
| Total assets | $ | 63,728 | $ | 79,711 | ||||
| LIABILITIES, NON-QUALIFIED DEFERRED COMPENSATION PLAN SHARE AWARDS AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| Accounts payable and accrued liabilities | $ | 8,107 | $ | 6,294 | ||||
| Accrued wages and fringe benefits | 5,795 | 10,451 | ||||||
| Loan facility | 42,449 | - | ||||||
| Current non-qualified deferred compensation (“NQDC”) liability | 331 | 2,094 | ||||||
| Contingent liability | 3,000 | - | ||||||
| Other current liabilities | 2,149 | 1,319 | ||||||
| Total current liabilities | 61,831 | 20,158 | ||||||
| Loan facility - long-term | - | 42,245 | ||||||
| Non-qualified deferred compensation liability | 4,081 | 2,969 | ||||||
| Contract liabilities | 298 | 324 | ||||||
| Operating lease liabilities, long-term | 2,324 | 2,840 | ||||||
| Contingent liability, long-term | - | 3,000 | ||||||
| Warrant liabilities | 1,860 | 3,432 | ||||||
| Total liabilities | 70,394 | 74,968 | ||||||
| Non-qualified deferred compensation plan share awards | - | 244 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity (deficit): | ||||||||
| Common stock, | 3 | 3 | ||||||
| Preferred stock, | - | - | ||||||
| Company common stock held by the non-qualified deferred compensation plan | (1,281 | ) | (1,319 | ) | ||||
| Additional paid-in capital | 392,782 | 367,568 | ||||||
| Accumulated other comprehensive loss | (1,390 | ) | (1,939 | ) | ||||
| Accumulated deficit | (396,780 | ) | (359,814 | ) | ||||
| Total stockholders’ equity (deficit) | (6,666 | ) | 4,499 | |||||
| Total liabilities, non-qualified deferred compensation plan share awards and stockholders’ equity (deficit) | $ | 63,728 | $ | 79,711 | ||||
AVITA MEDICAL, INC.
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
| Three-Months Ended | Nine-Months Ended | |||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||||
| Sales revenue | $ | 16,897 | $ | 19,394 | $ | 53,448 | $ | 45,681 | ||||||||
| Lease revenue | 165 | 152 | 547 | 164 | ||||||||||||
| Total revenues | 17,062 | 19,546 | 53,995 | 45,845 | ||||||||||||
| Cost of sales | (3,187 | ) | (3,190 | ) | (9,490 | ) | (6,814 | ) | ||||||||
| Gross profit | 13,875 | 16,356 | 44,505 | 39,031 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Sales and marketing | (12,053 | ) | (15,144 | ) | (41,200 | ) | (44,086 | ) | ||||||||
| General and administrative | (7,227 | ) | (9,590 | ) | (20,283 | ) | (26,071 | ) | ||||||||
| Research and development | (3,748 | ) | (5,428 | ) | (15,148 | ) | (15,510 | ) | ||||||||
| Total operating expenses | (23,028 | ) | (30,162 | ) | (76,631 | ) | (85,667 | ) | ||||||||
| Operating loss | (9,153 | ) | (13,806 | ) | (32,126 | ) | (46,636 | ) | ||||||||
| Interest expense | (1,268 | ) | (1,359 | ) | (3,754 | ) | (4,063 | ) | ||||||||
| Other (expense) income, net | (2,751 | ) | (1,068 | ) | (1,058 | ) | 478 | |||||||||
| Loss before income taxes | (13,172 | ) | (16,233 | ) | (36,938 | ) | (50,221 | ) | ||||||||
| Income tax (expense) benefit | (15 | ) | 28 | (28 | ) | (35 | ) | |||||||||
| Net loss | $ | (13,187 | ) | $ | (16,205 | ) | $ | (36,966 | ) | $ | (50,256 | ) | ||||
| Net loss per common share: | ||||||||||||||||
| Basic and diluted | $ | (0.46 | ) | $ | (0.62 | ) | $ | (1.37 | ) | $ | (1.95 | ) | ||||
| Weighted-average common shares: | ||||||||||||||||
| Basic and diluted | 28,393,445 | 25,983,929 | 27,012,691 | 25,794,690 | ||||||||||||
FAQ
What were AVITA Medical (RCEL) Q3 2025 revenue and net loss?
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