AVITA revenue rises 53% to $26.1M, lifts 2026 guidance to $92–94M, going-concern warning removed

 

AVITA Medical Q3 revenue rises 53% to $26.1M, lifts 2026 guidance to $92–94M, going-concern warning removed

• Q3 revenue $26.1M, up 53% YoY and 20% sequentially, driven by continued strength in RECELL.
• Full-year 2026 revenue guidance raised to $92–94M from $86–89M, marking the second consecutive increase.
• Gross margin improved to 84%, supported by 88.4% RECELL margin and manufacturing efficiency gains.
• Cash use fell to approximately $0.6M, and management reaffirmed its Q4 cash flow break-even target.
• Operating expenses were flat sequentially at $24.6M, reflecting meaningful operating leverage in the quarter.
• RECELL U.S. volume rose 21% sequentially to 3,196 units, while CoHelix revenue increased 21% QoQ.
• Management estimates about $1M of Q3 revenue benefited from summer burn seasonality.
• Company drew remaining $10M Perceptive credit tranche in Q3; auditors removed prior going-concern qualification and debt is long term.
• CMS finalized Medicare valuations, RVUs and new four-code CPT framework for RECELL autograft procedures, effective January 1, 2027, a tailwind.
• Key risk is sustaining elevated growth and portfolio adoption as burn seasonality normalizes and newer products scale and mix shifts.
• Management characterized the quarter as strong, citing accelerating RECELL adoption, broader portfolio contributions and strict cost discipline reducing cash burn.

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