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RCEL

AVITA Medical, Inc.

RCEL

AVITA Medical, Inc. • NASDAQ
$3.70 ▼ -5.37% (-0.21)
Market Cap $99.14 M
52w High $14.16
52w Low $3.35
Dividend Yield 0%
P/E -2.04
Volume 158.91K
Outstanding Shares 26.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $18.418M ▼ $26.097M ▼ $-9.92M ▲ -53.86% ▲ $-0.38 ▲ $-8.112M ▲
Q1-2025 $18.514M ▲ $27.508M ▲ $-13.859M ▼ -74.857% ▼ $-0.53 ▼ $-12.097M ▼
Q4-2024 $18.406M ▼ $26.083M ▼ $-11.589M ▲ -62.963% ▲ $-0.44 ▲ $-9.863M ▲
Q3-2024 $19.546M ▲ $30.162M ▲ $-16.205M ▼ -82.907% ▲ $-0.62 ▼ $-14.564M ▼
Q2-2024 $15.195M $28.708M $-15.393M -101.303% $-0.6 $-13.809M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $15.69M ▼ $58.134M ▼ $71.026M ▼ $-12.892M ▼
Q1-2025 $25.818M ▼ $69.556M ▼ $74.127M ▼ $-4.571M ▼
Q4-2024 $35.885M ▼ $79.711M ▼ $75.212M ▲ $4.499M ▼
Q3-2024 $44.405M ▼ $81.051M ▼ $68.824M ▲ $12.227M ▼
Q2-2024 $54.056M $87.826M $63.911M $23.915M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-9.92M ▲ $-10.229M ▲ $7.016M ▼ $559K ▲ $-2.654M ▼ $-10.753M ▼
Q1-2025 $-13.859M ▼ $-10.309M ▼ $10.766M ▲ $363K ▼ $820K ▲ $-10.543M ▼
Q4-2024 $-11.589M ▲ $-8.081M ▼ $2.471M ▼ $1.021M ▲ $-4.589M ▼ $-9.715M ▲
Q3-2024 $-16.205M ▼ $-7.214M ▲ $7.394M ▼ $1.007M ▲ $1.187M ▲ $-11.03M ▲
Q2-2024 $-15.393M $-12.78M $12.432M $849K $501K $-15.433M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Lease Revenue
Lease Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Recell System
Recell System
 $20.00M ▲$0 ▼$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed steadily from a very small base, showing that the core product is gaining commercial traction, but the business is still early in its scale-up phase. Profit margins on the product itself look strong, suggesting attractive unit economics once volume grows. However, operating costs for sales, marketing, and R&D remain much higher than revenue, so the company has reported sizeable losses every year. Those losses widened again in the latest year, and earnings per share remain clearly negative, underlining that financial performance is not yet close to break-even.

Balance Sheet

Balance Sheet The balance sheet has weakened over the past few years. Total assets, and especially cash, have trended down after an earlier build-up, indicating that past funding is being spent without yet reaching self-sufficiency. Debt, which was previously minimal, has become a meaningful source of financing, increasing financial obligations. Equity has eroded sharply and is now very thin, reflecting cumulative losses and leaving a smaller cushion to absorb future setbacks. Overall, the financial foundation is more fragile than it was a few years ago, increasing sensitivity to any operational or funding challenges.

Cash Flow

Cash Flow The business has consistently used, rather than generated, cash from its operations, which confirms that the current level of sales cannot yet support ongoing costs. Free cash flow has also been negative each year. Capital spending is modest, so most of the cash burn stems from operating losses rather than heavy investment in equipment or facilities. That means management has some flexibility to slow the burn by cutting spending, but doing so could also slow growth and innovation. Unless operating performance improves meaningfully, the company is likely to remain dependent on outside capital or partnerships to fund its plans.

Competitive Edge

Competitive Edge AVITA occupies a focused niche in regenerative skin care with RECELL as a clearly differentiated product versus traditional skin grafts. Its key advantages—using the patient’s own cells, reducing donor site trauma, and enabling quick, bedside preparation—offer a strong clinical and economic story. A substantial patent portfolio and specialized know-how provide legal and practical barriers to direct copycats, which strengthens its moat. At the same time, the company is still a small player in a market dominated by large wound care and device companies with deep relationships, broad portfolios, and strong sales channels. Market penetration remains low, so there is ample room to grow but also meaningful execution risk in converting clinical promise into widespread standard-of-care use.

Innovation and R&D

Innovation and R&D Innovation is one of AVITA’s core strengths. The company is not just maintaining its original RECELL device but iterating with more automated versions designed to be easier and faster for clinicians to use. It is also pushing into new indications such as vitiligo repigmentation and soft tissue repair, which, if successful, could significantly expand its addressable market. Additional products like PermeaDerm and Cohealyx broaden its wound care offering. Early-stage work on a gene therapy platform shows ambition to extend the technology much further, though this is high-risk and long-dated. All of this R&D activity supports a compelling long-term story but also helps explain why near-term costs and losses are high.

Summary

AVITA Medical is a classic early-stage commercial healthcare company: strong technology and clinical differentiation, but still small, loss-making, and financially stretched. The RECELL platform and its next-generation versions give the company a unique position in skin regeneration, backed by robust patents and growing clinical and regulatory validation. The main opportunity lies in expanding use within burns and trauma centers and then into additional skin conditions and geographies. The main risks sit on the financial and execution side: persistent operating losses, a thinner balance sheet with added debt, ongoing cash burn, and the challenge of driving adoption in markets dominated by much larger competitors. Future outcomes will depend heavily on the pace of revenue ramp, the company’s ability to control spending, and continued access to capital while it builds scale.

NEWS

November 24, 2025 · 4:15 PM UTC

AVITA Medical to Present at the Piper Sandler 37ᵗʰ Annual Healthcare Conference

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November 3, 2025 · 8:30 AM UTC

Data Presented at the 2025 Southern Region Burn Conference Reinforce RECELL® System as a Standard of Care in Acute Wound Treatment

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October 29, 2025 · 4:15 PM UTC

AVITA Medical to Announce Third Quarter 2025 Financial Results

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October 28, 2025 · 7:45 PM UTC

Rosen Law Firm Encourages AVITA Medical, Inc. Investors to Inquire About Securities Class Action Investigation – RCEL

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October 28, 2025 · 4:30 PM UTC

AVITA Medical Welcomes Support for RECELL® in Burns in Australia

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