AVITA Medical Inc

NASDAQ:RCELUnited States

Nov 7, 2024

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• AVITA Medical Reports Third Quarter Financial Results, from 4:03PM ET on Thursday Nov 07, 2024 by Dow Jones

  4:03PM ET on Thursday Nov 07, 2024 by Dow Jones
  Companies Mentioned: RCEL
  
  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, 2024 December 31, 2023 -------------------- ------------------- ASSETS Cash and cash equivalents $ 18,639 $ 22,118 Marketable securities 25,766 66,939 Accounts receivable, net 10,288 7,664 BARDA receivables 111 30 Prepaids and other current assets 2,892 1,659 Inventory 6,229 5,596 ---------------- --------------- Total current assets 63,925 104,006 Plant and equipment, net 9,151 1,877 Operating lease right-of-use assets 3,780 2,440 Corporate-owned life insurance ("COLI") asset 3,059 2,475 Intangible assets, net 590 487 Other long-term assets 546 355 ---------------- --------------- Total assets $ 81,051 $ 111,640 ---------------- --------------- LIABILITIES, NON-QUALIFIED DEFERRED COMPENSATION PLAN SHARE AWARDS AND STOCKHOLDERS' EQUITY Accounts payable and accrued liabilities $ 4,187 $ 3,793 Accrued wages and fringe benefits 9,776 7,972 Current non-qualified deferred compensation ("NQDC") liability 1,870 168 Other current liabilities 1,308 1,266 ---------------- --------------- Total current liabilities 17,141 13,199 Long-term debt 42,547 39,812 Non-qualified deferred compensation liability 2,742 3,663 Contract liabilities 332 357 Operating lease liabilities, long term 3,079 1,702 Warrant liability 2,759 3,158 ---------------- --------------- Total liabilities 68,600 61,891 ---------------- --------------- Non-qualified deferred compensation plan share awards 224 693 Commitments and contingencies (Note 11) Stockholders' equity: Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 26,217,629 and 25,682,078, shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 3 3 Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding at September 30, 2024 and December 31, 2023 - - Company common stock held by the non-qualified deferred compensation plan (1,255) (1,130) Additional paid-in capital 363,769 350,039 Accumulated other comprehensive loss (2,065) (1,887) Accumulated deficit (348,225) (297,969) ---------------- --------------- Total stockholders' equity 12,227 49,056 ---------------- --------------- Total liabilities, non-qualified deferred compensation plan share awards and stockholders' equity $ 81,051 $ 111,640 ================ =============== AVITA MEDICAL, INC. Consolidated Statements of Operations (In thousands, except share and per share data) (Unaudited) Three-Months Ended Nine-Months Ended --------------------------- -------------------------- September September 30, September September 30, 2024 2023 30, 2024 30, 2023 ----------- ------------- ----------- ------------ Sales revenue $ 19,394 $ 13,645 $ 45,681 $ 35,948 Lease revenue 152 - 164 - ---------- ------------ ---------- ----------- Total revenues 19,546 13,645 45,845 35,948 Cost of sales (3,190) (2,113) (6,814) (5,984) ---------- ------------ ---------- ----------- Gross profit 16,356 11,532 39,031 29,964 ---------- ------------ ---------- ----------- BARDA income - 212 - 1,369 Operating expenses: Sales and marketing (15,144) (10,532) (44,086) (27,075) General and administrative (9,590) (6,124) (26,071) (20,584) Research and development (5,428) (4,394) (15,510) (14,056) ---------- ------------ ---------- ----------- Total operating expenses (30,162) (21,050) (85,667) (61,715) ---------- ------------ ---------- ----------- Operating loss (13,806) (9,306) (46,636) (30,382) Interest expense (1,359) (10) (4,063) (21) Other (expense) income, net (1,068) 615 478 2,141 ---------- ------------ ---------- ----------- Loss before income taxes (16,233) (8,701) (50,221) (28,262) Income tax benefit (expense) 28 (11) (35) (54) ---------- ------------ ---------- ----------- Net loss $ (16,205) $ (8,712) $ (50,256) $ (28,316) ========== ============ ========== =========== Net loss per common share: Basic and diluted $ (0.62) $ (0.34) $ (1.95) $ (1.12) Weighted-average common shares: Basic and diluted 25,983,929 25,401,754 25,794,690 25,281,920 Investor & Media Contact: Jessica Ekeberg Phone +1-661-904-9269 investor@avitamedical.com media@avitamedical.com