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AVITA Medical Inc Chess Depository Interest (AVHHL+7.74%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details AVITA's financial performance, showing total revenues of $64.3 million, an increase of 28% from the previous year. This growth was primarily driven by increased sales of the RECELL System and the launch of new products.
Cost of sales for the year was $9.1 million, resulting in a gross profit of $55.2 million, compared to $42.4 million in the prior year. The gross profit margin improved to 85.8% from 84.5% in the previous year.
Operating expenses increased to $111.8 million, up from $86.4 million the previous year, primarily due to higher sales and marketing expenses, which rose by 56% to $58.2 million.
Net loss for the year was $61.8 million, compared to a net loss of $35.4 million in the previous year. The increase in net loss was attributed to higher operating expenses and lower other income.
Cash and cash equivalents at the end of the year were $14.1 million, with an additional $21.8 million in marketable securities. The company used $48.9 million in cash for operations during the year.
AVITA Medical's product portfolio includes the RECELL System, which is approved by the FDA for various skin treatments, and new products like PermeaDerm and Cohealyx, which were launched to expand the company's market reach.
The company continues to focus on expanding its market presence in the U.S. and internationally, with strategic partnerships and distribution agreements in place to support growth.
AVITA Medical has a credit agreement with OrbiMed Advisors, LLC, providing a senior secured credit facility with a principal amount of $40.0 million borrowed as of the filing date.
The filing also addresses the company's compliance with financial covenants and outlines its strategy to achieve commercial revenue growth and operating profitability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AVITA Medical Inc Chess Depository Interest annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.