RCEL earnings analysis
What we found in RCEL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
AVITA Medical reported Q1 2026 results with revenue of approximately $19.3 million, a 4% increase year-over-year, albeit falling short of analyst expectations of $24.3 million. EPS for the quarter was at -$0.35 compared to the estimate of -$0.38, reflecting a potential improvement in earnings despite the missed revenue. The outlook remains cautious with management reaffirming full-year revenue expectations between $80 million and $85 million, indicating potential growth of 12% to 19% year-over-year.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Increased 4%
- Total revenue rose to $19.25 million in Q1 2026 from $18.51 million in Q1 2025.
- Improved EPS vs. Estimates
- Q1 2026 EPS recorded at -$0.35, outperforming estimates of -$0.38.
- Reduced Operating Expenses
- Total operating expenses decreased by 11%, from $27.5 million in Q1 2025 to $24.5 million in Q1 2026.
- Positive Contributions from New Products
- Growth driven by increased contributions from Cohealyx and RECELL GO mini.
- Credit Facility Secured
- Entered into a $60 million credit facility to address liquidity needs, enhancing capital resources.
- Cash and Cash Equivalents
- As of March 31, 2026, cash and cash equivalents stood at $8.3 million, down from $14.9 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Cash Flow Concerns Persist
- Net cash used in operating activities was $10.1 million, slightly improved from $10.3 million in Q1 2025, indicating ongoing cash burn.
- Substantial Doubt as Going Concern
- Management noted substantial doubt about the company’s ability to continue as a going concern over the next 12 months.
- Revenue Missed Expectations
- Actual revenue of $19.25 million fell short of the analyst expectations of $24.33 million by 21.2%.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.35
- Gross margin
- 81.7%
What they said about what is next.
Management reaffirmed full-year guidance, expecting revenue growth of 12% to 19% compared to 2025.
The filing reads worse than the one before it.
What came before.
- 10-K · February 12, 2026
- AVITA Medical positions RECELL as the core of a growing acute wound-care platform and added two complementary products (Cohealyx launched Apr 1, 2025; PermeaDerm manufacturing agreement in Mar 2025). Product and…
- 10-Q · August 8, 2024
- AVITA reported Q2 total revenues of $15,195,000 and GAAP diluted loss per share of $(0.60). Gross profit remained high at $13,084,000 (86.1% margin) while operating loss widened to $(15,624,000); the company used…
- 10-Q · February 16, 2021
- Avita Medical reported quarterly revenue of $5,103,000 (Q ended Dec 31, 2020), up from $3,259,000 a year earlier, with gross profit rising to $4,282,000. The company narrowed operating loss to $5,631,000 (vs $10,592,000…
- 10-Q · November 10, 2020
- Revenue improved to $5.06M in Q1 FY21 (versus $3.25M a year ago) and gross profit increased to $4.13M. However, operating expenses surged to $14.94M and the company reported a larger net loss of $10.23M (EPS $0.48…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing RCEL makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever