Avita Medical quarterly growth soars
Avita Medical, the regenerative medicine company that is developing and commercialising a technology platform that enables point-of-care autologous skin restoration for multiple unmet needs, provided the market with a third-quarter update covering financial and commercial metrics on Friday.
Avita reported RECELL revenue of $8.8 million in the third quarter of 2021, a 126% increase over the same quarter in the prior year. RECELL is the company’s first product, being a device that enables healthcare professionals to produce a suspension of Spray-On Skin Cells using a small sample of the patient’s own skin for the treatment of acute thermal burns. Most of Avita’s RECELL revenues are associated with the U.S. Department of Health and Human Services’ Biomedical Advanced Research and Development Authority (BARDA)
The company made progress in rolling out the product with procedural volumes reaching 492 in the third quarter of 2021, compared with 408 in the same period last year, and 487 in the prior quarter ended December 31, 2020. 6 new burn centre accounts were added in the third quarter 2021 for a total of 99 accounts, or a penetration rate of 73% of the 136 total U.S. burn centres.
Of the approximate 300 total U.S. burn surgeons, 244 surgeons have been trained and certified with RECELL through the third quarter of 2021, for a penetration rate of 81%; while 147 burn surgeons used RECELL for a penetration rate of nearly 50%.
“We made steady progress over the last quarter as we continued to drive RECELL usage in our established hospital burn centre base with an increasing focus on smaller burns, and we continued to expand our physician training and outreach programs. As pandemic headwinds abate, we plan to leverage our highly experienced burns sales force and strong relationships built to date with the burn practitioner community to increase hospital access and to penetrate deeper into our existing accounts, resulting in additional procedures and engaging more burn practitioners,” said Dr. Mike Perry, AVITA Medical Chief Executive Officer.
Fourth Quarter 2021 Revenue Guidance
Avita expects total revenue for the fourth quarter to be in the range of $8.2-$8.6 million, consisting of $5.0-5.3 million of commercial RECELL revenue and $3.2-3.3 million of RECELL revenue associated with BARDA.