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…
Earnings analysis · 10-Q
RCEL earnings analysis
Filed May 14, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.35
- Gross margin
- 81.7%
What stood out
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Revenue Increased 4%
Total revenue rose to $19.25 million in Q1 2026 from $18.51 million in Q1 2025.
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Improved EPS vs. Estimates
Q1 2026 EPS recorded at -$0.35, outperforming estimates of -$0.38.
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Reduced Operating Expenses
Total operating expenses decreased by 11%, from $27.5 million in Q1 2025 to $24.5 million in Q1 2026.
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Positive Contributions from New Products
Growth driven by increased contributions from Cohealyx and RECELL GO mini.
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Credit Facility Secured
Entered into a $60 million credit facility to address liquidity needs, enhancing capital resources.
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Cash and Cash Equivalents
As of March 31, 2026, cash and cash equivalents stood at $8.3 million, down from $14.9 million.
What to watch
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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.
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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.
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Revenue Missed Expectations
Actual revenue of $19.25 million fell short of the analyst expectations of $24.33 million by 21.2%.
Management's outlook
Management reaffirmed full-year guidance, expecting revenue growth of 12% to 19% compared to 2025.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.