AVITA Medical, Inc.

Listed Company

RCELCIK 0001762303NasdaqNon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$71.61M

Net Income

$-48.59M

Total Assets

$56.39M

Equity

$-16.65M

Shares Out

30.63M

Op. Cash Flow

$-31.20M

Business

AVITA Medical, Inc. is a therapeutic acute wound care company delivering regenerative skin restoration technologies and products designed to accelerate healing and recovery. Its main products include the RECELL technology platform (RECELL, RECELL GO, RECELL GO mini, RECELL EOU), Spray‑On Skin Cells autologous suspensions, and complementary wound matrices PermeaDerm and Cohealyx. The company operates across clinical and commercial functions including research and development, regulatory, manufacturing, clinical training, sales and post‑market studies focused on burns, full‑thickness skin defects and vitiligo. AVITA markets and distributes products primarily in the U.S. and through third‑party distributors across Australia, the EU, Japan, the UK and other international markets, selling directly to burn and trauma centers, hospitals and ambulatory surgical centers.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-06-30
Sales revenue	71	64	50	—	—
Lease revenue	731,000	358,000	—	—	—
Total revenues	72	64	50	34	29
Cost of sales	−13	−9	−8	−6	−6
Gross profit	59	55	42	28	23
Sales and marketing	−53	−58	−37	−22	−15
General and administrative	−27	−33	−28	−23	−22
Research and development	−21	−20	−21	−14	−15
Total operating expenses	−101	−112	−86	−59	−52
Operating loss	−43	−57	−43	−28	−27
Interest expense	−5	−5	−1	−16,000	−22,000
Other (expense) income, net	−1	163,000	8	892,000	—
Loss before income taxes	−49	−62	−35	−27	−27
Income tax expense	−11,000	−54,000	−66,000	−36,000	−38,000
Net loss	−49	−62	−35	−27	−27
Basic (per share)	−1.74	−2.39	−1.4	−1.07	−1.17
Diluted (per share)	−1.74	−2.39	−1.4	−1.07	−1.17
Basic (shares)	28	26	25	25	23
Diluted (shares)	28	26	25	25	23

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	10	14	22	18	56
Marketable securities	8	22	67	61	30
Accounts receivable, net	9	12	8	4	3
Prepaids and other current assets	1	2	2	2	1
Inventory	7	7	6	2	2
Total current assets	35	57	104	87	92
Plant and equipment, net	9	10	2	1	1
Operating lease right-of-use assets	3	4	2	851,000	2
"Corporate-owned life insurance (""COLI"") asset"	3	3	2	1	304,000
Intangible assets, net	6	6	487,000	465,000	443,000
Other long-term assets	612,000	546,000	355,000	122,000	638,000
Total assets	56	80	112	98	116
Accounts payable and accrued liabilities	9	6	4	3	3
Accrued wages and fringe benefits	8	10	8	7	5
Loan facility	43	0	—	—	—
"Current non-qualified deferred compensation (""NQDC"") liability"	276,000	2	168,000	78,000	—
Other current liabilities	3	1	1	990,000	1
Total current liabilities	63	20	13	11	9
Loan facility - long-term	0	42	40	—	—
Non-qualified deferred compensation liability	4	3	4	1	262,000
Contract liabilities	290,000	324,000	357,000	698,000	952,000
Operating lease liabilities, long term	2	3	2	306,000	918,000
Contingent liability, long-term	3	3	—	—	—
Warrant liabilities	1	3	—	—	—
Total liabilities	73	75	62	13	11
Non-qualified deferred compensation plan share awards	0	244,000	693,000	557,000	—
Commitments and contingencies (Note 11)	—	—	—	—	—
Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 30,571,662 and 26,354,042, shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	3,000	3,000	3,000	3,000	3,000
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding at December 31, 2025 and December 31, 2024	0	0	0	0	—
Company common stock held by the non-qualified deferred compensation plan	−1	−1	−1	−127,000	—
Additional paid-in capital	394	368	350	340	332
Accumulated other comprehensive loss	−1	−2	−2	8	8
Accumulated deficit	−408	−360	−298	−263	−236
Total stockholders' equity (deficit)	−17	4	49	85	105
Total liabilities, non-qualified deferred compensation plan share awards and stockholders' equity (deficit)	56	80	112	98	116

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-06-30
Fair value of common stock issued related to loan amendment	2	—	—	—	—
Change in fair value of long-term debt	1	2	2	—	—
Change in fair value of warrant liability	−2	274,000	733,000	—	—
Depreciation and amortization	2	1	632,000	568,000	715,000
Stock-based compensation	10	13	8	7	6
Non-cash lease expense	890,000	843,000	748,000	692,000	591,000
Loss on fixed asset disposal	595,000	107,000	83,000	3,000	130,000
Loss on patent disposal	11,000	16,000	4,000	—	—
Remeasurement and foreign currency transaction loss	17,000	21,000	37,000	−85,000	228,000
Excess and obsolete inventory related charges	810,000	487,000	221,000	375,000	226,000
Provision for credit losses	−10,000	23,000	24,000	—	—
Amortization of premium of marketable securities	−308,000	−2	−1	−281,000	—
Non-cash changes in the fair value of NQDC plan	−1	402,000	856,000	38,000	—
Trade and other receivables	4	−4	−4	−395,000	−1
Prepaids and other current assets	766,000	−371,000	−451,000	−366,000	−342,000
Inventory	−468,000	−2	−4	−371,000	−745,000
Operating lease liability	−905,000	−906,000	−713,000	−720,000	−594,000
"Corporate-owned life insurance (""COLI"") asset"	406,000	−271,000	−1	−1	—
Other long-term assets	−65,000	−191,000	−233,000	178,000	−889,000
Accounts payable and accrued expenses	3	340,000	809,000	282,000	−1
Accrued wages and fringe benefits	−3	2	1	1	493,000
Current non-qualified deferred compensation liability	−2	2	−2	—	—
Other current liabilities	−81,000	122,000	266,000	−92,000	155,000
Non-qualified deferred compensation plan liability	2	−1	2	994,000	—
Contract liabilities	−33,000	−33,000	−341,000	−254,000	640,000
Net cash used in operating activities	−31	−49	−38	−19	−26
Purchase of marketable securities	−13	−25	−79	−74	—
Maturities of marketable securities	28	71	79	56	—
Purchase of plant and equipment	−1	−9	−1	−452,000	−894,000
Capitalized software development costs	−635,000	0	—	—	—
Patent filing fees	−99,000	−162,000	−66,000	−73,000	−280,000
Net cash provided by investing activities	12	37	2	−19	−1
Proceeds from private placement of common stock	15	—	—	—	69
Proceeds from exercise of stock options	407,000	2	957,000	900,000	63,000
"Employee stock purchase plan (""ESPP"") purchases"	795,000	1	655,000	—	—
Net cash provided by financing activities	15	4	40	900,000	64
Net decrease in cash and cash equivalents	−4	−8	4	−38	37
Income taxes paid during the period	15,000	41,000	44,000	17,000	—
Interest paid during the period	5	5	1	15,000	3,000
Intangible asset purchase not yet paid	—	5	—	—	—
Capital expenditures not yet paid	17,000	115,000	6,000	33,000	20,000
Right-of-use-asset obtained in exchange for lease liabilities	235,000	2	2	—	—

Filings

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