Earnings Summary for AVITA Medical Inc for the Quarter Ended June 30 2024
Intellectia.AI Updated: 1970-01-01
Earnings Summary for AVITA Medical, Inc. for the Quarter Ended June 30, 2024
1. Overview AVITA Medical, Inc. reported its financial results for the quarter ended June 30, 2024.
2. Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change | Consensus Estimate (Q2 2024) |
|---|---|---|---|---|
| Total Revenue | $15.2 million | $11.8 million | +29.3% | $14.73 million |
| Earnings per Share (EPS) | Not provided | Not provided | Not provided | -$0.52 |
| Gross Profit Margin | 86.2% | 81.2% | +5.0% | Not provided |
Financial Performance Interpretation : AVITA Medical experienced a robust increase in total revenue by 29.3% year-over-year, surpassing the consensus estimate of $14.73 million. The company's gross profit margin improved to 86.2%, mainly driven by increased production volumes and higher revenue.
3. Segment Revenue Performance
| Segment | Q2 2024 Revenue | Comparisons to Previous Guidance |
|---|---|---|
| Commercial Revenue | $15.1 million | Not provided |
| BARDA Income | $0 | Not provided |
Segment Performance Interpretation : Commercial revenue showed significant growth, reaching $15.1 million. However, BARDA income dropped to zero due to the ending of reimbursable clinical trials.
4. Stock Price Movement Following the earnings release, AVITA Medical's stock price experienced a marginal decrease of -0.9%.
Conclusion AVITA Medical demonstrated strong quarterly performance with significant revenue growth and improved gross margins. However, the absence of BARDA income and lack of additional operational data or forward guidance may warrant careful monitoring by investors.
