AVITA Medical (RCEL) Q4 2025 earnings summary

Executive summary

• Achieved 11% year-over-year revenue growth in 2025, reaching $71.6 million, with Q4 revenue of $17.6 million, reflecting stabilization and improved account utilization despite reimbursement headwinds.

• Refined commercial focus on core burn and trauma centers, improved cash visibility, and removed reimbursement and balance sheet constraints.

• Advanced multi-product platform strategy, with RECELL as the foundation and growing integration of Cohealyx and PermeaDerm; clinical programs for both are progressing with data expected in 2026.

• Entered 2026 with a stronger capital structure, supported by debt refinancing and a new $60 million credit facility.

Financial highlights

• Full-year 2025 revenue was $71.6 million, up 11% from 2024; Q4 revenue was $17.6 million, down from $18.4 million in Q4 2024.

• Full-year gross margin was 82.1%, with Q4 gross margin at 81.2%, both impacted by product mix and inventory reserves.

• Net loss for 2025 improved to $48.6 million from $61.8 million in 2024; Q4 net loss was $11.6 million.

• Q4 operating expenses were $24.7 million, down 5% year-over-year; full-year operating expenses totaled $101.4 million, down 9%.

• Cash and marketable securities at year-end were $18.2 million, with net cash use improving for the third consecutive quarter.

Outlook and guidance

• 2026 revenue guidance is $80–$85 million, representing 12–19% growth over 2025, driven by normalization of RECELL utilization and expanded use of Cohealyx and PermeaDerm.

• Expect gradual acceleration in revenue throughout 2026, with growth primarily from increased utilization within existing accounts.

• Financial priorities for 2026 include disciplined cost control, scalable cost structure, and continued cash efficiency.

• Company expects improved operating profit as product mix shifts and operating expenses remain stable.