Avita Medical lowers FY23 revenue view to $49.5M -$50.5M from prior $51M -$53M

Consensus $52.03M” Jim Corbett, Chief Executive Officer of AVITA Medical. “With a wider range of potential uses, more clinicians within the hospital are engaged in the VAC process, leading to longer hospital approval timelines. Although the VAC processes are taking longer than anticipated, we expect that once completed, the process will yield positive approvals and an expanded market opportunity. The broader clinical involvement validates the substantial market opportunity this expanded label represents, which is greater than 10 times the size of the burn market.” As a result of these dynamics, the Company is revising its expected full year 2023 commercial revenue from the previously disclosed range of $51M to $53M to a range of approximately $49.5M to $50.5 M, with lower and upper bounds reflecting growth rates of approximately 45% and 48%, respectively, over the same period in 2022.