RCELNasdaqSurgical & Medical Instruments & ApparatusUS GAAP · USD

AVITA Medical, Inc.

AVITA Medical, Inc. develops and commercializes acute wound care products used in burn, trauma, and surgical settings. Its core technology is RECELL, which creates an autologous skin cell suspension from a patient’s own skin to support wound healing at the point of care. The company has expanded beyond RECELL into a broader wound care platform with PermeaDerm and Cohealyx, aiming to cover wound bed preparation through definitive closure. AVITA is a U.S.-based company with manufacturing activity in Ventura, California and an international commercialization footprint through approvals and distributor-led expansion.

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Revenue71.6m USD
+11.5 %y/y
Operating profit (EBIT)-42.5m USD
+24.8 %y/y
EBIT margin-59.4%
+28.7 ppy/y
Net income-48.6m USD
+21.4 %y/y
Free cash flow-32.2m USD
+44.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-100-50050100m USD2020: 3.9 m USD2020: EBIT -13 m USD20202021: 10 m USD2021: EBIT -4.7 m USD20212022: 34 m USD2022: EBIT -28 m USD20222023: 50 m USD2023: EBIT -43 m USD20232024: 64 m USD2024: EBIT -57 m USD20242025: 72 m USD2025: EBIT -43 m USD202572-43
RevenueOperating profit (EBIT)
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Business

Share of revenue
Cellular skin repair systems60 %

Autologous cell-based products used to treat burns and full-thickness skin defects at the point of care.

Dermal and wound matrices25 %

Biosynthetic and collagen-based matrices that support wound bed preparation and graft readiness.

Smaller-wound and portable applications10 %

Miniaturized RECELL configurations designed for smaller burn and trauma wounds.

Services and commercialization support5 %

Manufacturing, distribution, and clinical evidence activities that support product adoption.

Customers

AVITA sells primarily to hospitals, burn centers, trauma centers, and surgical centers that treat acute wounds requiring advanced closure and healing solutions. These customers buy RECELL and related products to improve clinical outcomes, reduce healing time, and support point-of-care treatment workflows. The company also works with distributors in international markets where commercialization is led through local partners after regulatory approval. PermeaDerm and Cohealyx broaden the addressable customer base to clinicians seeking wound bed preparation and grafting support across acute care settings.

U.S. burn centers

Buy RECELL and RECELL GO to treat thermal burns and improve healing outcomes.

Trauma and surgical centers

Use RECELL, PermeaDerm, and Cohealyx for acute wounds and skin defects.

Hospitals and integrated health systems

Purchase through centralized procurement for inpatient wound management and graft preparation.

International distributors

Buy or distribute approved products in Europe, Japan, Australia, and other markets.

Clinicians and wound care specialists

Adopt products based on clinical evidence, workflow fit, and healing outcomes.

Strategy

AVITA is shifting from a single-product story around RECELL to a multi-product acute wound care platform. The company is trying to deepen penetration in U.S. burn centers while expanding RECELL into trauma and surgical wounds, which broadens the clinical use case and market opportunity. It is also building out complementary products such as Cohealyx and PermeaDerm to cover more of the wound care continuum from preparation to closure. Management is focused on scaling commercial revenue, improving operating leverage, and eventually reaching positive cash flow and long-term profitability.

Expand RECELL adoption in U.S. burn centersShort term

Burn centers are the core clinical setting for the company’s flagship product and remain the most important route to scale.

Broaden use into trauma and surgical woundsMedium term

Expanding beyond burns increases the addressable market and reduces dependence on a single indication.

Build a multi-product wound care platformMedium term

Complementary products can improve customer retention and cover more of the wound healing workflow.

Expand internationally through partnersMedium term

Regulatory approvals create optionality for growth without building a large direct sales force in every market.

Reach positive cash flow and profitabilityLong term

The company remains loss-making and needs operating scale to reduce financing dependence.

Geography

Q1/2026

The company is headquartered in the United States and its main commercial and manufacturing base is centered in Ventura, California. The U.S. is the core market because RECELL, PermeaDerm, and Cohealyx are commercialized there and the company is investing heavily in sales and marketing. Internationally, AVITA has approvals or registrations in Europe, Japan, and Australia, and it plans distributor-led expansion after regulatory clearance. Geography matters because the business depends on regulatory approvals, local reimbursement and adoption dynamics, and the ability to scale manufacturing and distribution across multiple markets.

United States96 %
Japan2.3 %
United Kingdom1.0 %
Australia0.2 %

Share of the revenue the company reports by geography.

Risks

AVITA remains exposed to the risk that commercial adoption does not scale fast enough to offset its cost base, and the company has stated it expects losses to continue for the foreseeable future. Manufacturing execution is also critical because the business depends on its Ventura facility and third-party suppliers for product availability, quality, and capacity. Regulatory and compliance risk is material because sales depend on FDA clearance, international approvals, and strict healthcare marketing rules governing interactions with providers. More broadly, the company faces competition from better-funded wound care and medical device peers, as well as cybersecurity, reimbursement, and supply-chain risks that can disrupt operations or slow adoption.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Persistent losses and inability to reach profitability1Manufacturing and supply-chain disruption2Regulatory and healthcare compliance risk3Competitive pressure in wound care4Debt servicing and covenant restrictions5Cybersecurity and data protection incidents6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Persistent losses and inability to reach profitabilityImpact: HighLikelihood: High

    The company has not yet achieved profitability and needs revenue growth to cover operating expenses.

    Exposure: Commercial scale and cost structure

  2. Manufacturing and supply-chain disruptionImpact: HighLikelihood: Medium

    Products depend on Ventura production and third-party suppliers for components and materials.

    ExposureProduct availabilityQualityGross margin
  3. Regulatory and healthcare compliance riskImpact: HighLikelihood: Medium

    Sales depend on FDA approvals, international registrations, and compliance with anti-kickback and promotional rules.

    Exposure: Market access and legal liability

  4. Competitive pressure in wound careImpact: MediumLikelihood: High

    Larger or better-funded competitors may develop superior or lower-cost alternatives.

    ExposureAdoptionPricingMarket share
  5. Debt servicing and covenant restrictionsImpact: MediumLikelihood: High

    The credit facility can constrain financing and operating flexibility if performance weakens.

    Exposure: Liquidity and capital allocation

  6. Cybersecurity and data protection incidentsImpact: MediumLikelihood: Medium

    The company stores sensitive IP and operational data on IT systems that could be attacked or disrupted.

    ExposureOperationsReputationLitigation
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Accounting

Judgemental items
Revenue recognition for product sales

Revenue depends on when control transfers for RECELL, PermeaDerm, and Cohealyx, which can vary by customer and contract.

Impact: Quarterly revenue timing and comparability

Lease revenue for RECELL GO

RECELL GO revenue is split between ASC 606 and ASC 842, making the revenue profile less straightforward.

Impact: Revenue mix and gross margin presentation

Fair value accounting for debt and warrants

Changes in fair value can create gains or losses unrelated to core operations.

Impact: Non-operating earnings volatility

Debt issuance costs and financing accounting

Financing transactions can produce upfront costs and periodic expense recognition.

Impact: Reported net income and cash flow analysis

Inventory and manufacturing cost absorption

Scaling production at Ventura affects cost absorption and gross margin trends.

Impact: Gross margin and operating leverage

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Last updated: 24/09/2026

AVITA Medical, Inc. (RCEL) Revenue, Earnings & Financials 2025 – Clarifo