Avita Medical reports Q3 EPS (46c), consensus (45c)

Reports Q3 revenue $17.06M, consensus $27.7M. Cary Vance, new Interim Chief Executive Officer of AVITA Medical (RCEL), commented: “My focus will be on execution – building the use of RECELL(R), 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 $1.3 billion. Our quarterly results reflected the impact of delayed clinician reimbursement transitions for RECELL, the pace of hospital VAC reviews for Cohealyx – which naturally take time – and the evolution of our commercial organization. As these factors normalize, we are well positioned to strengthen execution and advance our mission to make AVITA’s products the standard in acute wound care.”