AVITA Medical Files 2024 10-K

TL;DR

AVITA Medical dropped its 2024 10-K. Check financials for 2024.

AI Summary

AVITA Medical, Inc. filed its 2024 10-K on February 13, 2025, reporting its financial performance for the fiscal year ending December 31, 2024. The company, formerly known as Avita Therapeutics, Inc., is based in Valencia, CA, and operates in the surgical and medical instruments sector. The filing details its financial position, business operations, and risk factors for investors.

Why It Matters

This filing provides investors with a comprehensive overview of AVITA Medical's financial health and strategic direction for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a medical device company, AVITA Medical faces inherent risks related to product development, regulatory approvals, market adoption, and competition.

Key Numbers

• 2024-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 2025-02-13 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• AVITA Medical, Inc. (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-13 (date) — Filing date
• Valencia, CA (location) — Company headquarters
• Avita Therapeutics, Inc. (company) — Former company name
• Avita Medical, Ltd. (company) — Previous former company name

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share RCEL Nasdaq Capital Marke
• $7.92 — g the closing price on June 28, 2024 of $7.92. The number of shares of the registra
• $579,000 — with STSGs is expensive, costing around $579,000 and 59.4 days in hospital for a patient
• $37,000 — by an average of 26%, or approximately $37,000, for patients with 10% TBSA and approxi
• $150,000 — atients with 10% TBSA and approximately $150,000, for patients with 40% TBSA. For full-t
• $6,000 — treatment cost by 3%, or approximately $6,000 for patients with 10% TBSA and by 42% o
• $243,000 — th 10% TBSA and by 42% or approximately $243,000, for patients with 40% TBSA. These savi
• $39.4 million — otal treatment costs from approximately $39.4 million to $32.6 million, saving 17% or approxi
• $32.6 m — sts from approximately $39.4 million to $32.6 million, saving 17% or approximately $6.8
• $6.8 million — .6 million, saving 17% or approximately $6.8 million per year compared to conventional autog

Filing Documents

• rcel-20241231.htm (10-K) — 4271KB
• rcel-ex10_47.htm (EX-10.47) — 26KB
• rcel-ex10_48.htm (EX-10.48) — 72KB
• rcel-ex10_49.htm (EX-10.49) — 61KB
• rcel-ex19_0.htm (EX-19.0) — 78KB
• rcel-ex21_1.htm (EX-21.1) — 19KB
• rcel-ex23_1.htm (EX-23.1) — 6KB
• rcel-ex31_1.htm (EX-31.1) — 17KB
• rcel-ex31_2.htm (EX-31.2) — 17KB
• rcel-ex32_1.htm (EX-32.1) — 15KB
• img36646160_0.jpg (GRAPHIC) — 15KB
• img36646160_1.jpg (GRAPHIC) — 15KB
• img36646160_2.jpg (GRAPHIC) — 15KB
• img179673300_0.jpg (GRAPHIC) — 58KB
• 0000950170-25-020026.txt ( ) — 17463KB
• rcel-20241231.xsd (EX-101.SCH) — 2263KB
• rcel-20241231_htm.xml (XML) — 3263KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 1 PART 1 2 Item 1.

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 26 Item 1C Cybersecurity 26 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 PART II 29 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6. [Reserved] 29 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 41 Item 9A.

Controls and Procedures

Controls and Procedures 41 Item 9B. Other Information 41 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 41 PART III 42 Item 10. Directors, Executive Officers and Corporate Governance 42 Item 11.

Executive Compensation

Executive Compensation 49 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 54 Item 13. Certain Relationships and Related Party Transactions, and Director Independence 61 Item 14. Principal Accounting Fees and Services 61 PART IV 62 Item 15. Exhibits, Financial Statement and Schedules 62 Item 16. Form 10-K Summary 65

SIGNATURES

SIGNATURES 66 i FORWARD-LOOKIN G STATEMENTS This Annual Report on Form 10-K (this "Annual Report") and our other public filings contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. Forward-looking statements can sometimes, but not always, be identified by words such as "believe," "expect," "anticipate," "contemplate," "continue," "estimate," "goal," "guidance," "forecast," "look forward," "outlook," "predict," "project," "plan," "should," "target," "intend," "may," "will," "would," "potential" and similar expressions to future periods. Forward-looking statements are not based on historical facts but rather represent current expectations and assumptions. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: uncertainties associated with our expectations regarding future revenue, or future growth in revenue, profit, or gross and/or operating margins; the ability to achieve or sustain profitability; contributions to adjusted EBITDA; industry market conditions; increased competition; changes in our production capacity; failure to obtain, maintain and enforce our intellectual property rights, including our expectations regarding the future scope of such rights; failure to obtain and/or maintain regulatory approvals and comply with applicable regulations; the conduct or outcome of pre-clinical or clinical (human) studies; operational and management restructuring activities; our ability to find and maintain partnerships relating to collaborations, strategic arrangements, and licensing arrangements; mergers and acquisitions (and related integration activities); if third parties fail to uphold their contractual duties or meet expected deadlines; our ability to obtain and maintain favorabl

BUSINESS

Item 1. BUSINESS OVERVIEW AVITA Medical is a leading therapeutic acute wound care company delivering transformative solutions. Our technologies are designed to optimize skin restoration procedures, effectively accelerating patient healing and recovery. Our solutions improve the healing outcomes for patients with traumatic injuries and surgical repairs, addressing critical healing needs that arise from unpredictable and life-changing events. Our offerings currently include our core technology platform, RECELL ("RECELL"), as well as PermeaDerm and Cohealyx , each designed to target acute wound care needs. At the forefront of our portfolio is our patented and proprietary RECELL, approved by the United States Food & Drug Administration ("the "FDA") for the treatment of thermal burn wounds and full-thickness skin defects, and for repigmentation of stable depigmented vitiligo lesions. In 2024, we expanded our product offerings to address additional acute wound care needs. In January, we signed an exclusive multi-year distribution agreement with Stedical Scientific, Inc. ("Stedical") to market, sell, and distribute PermeaDerm, a biosynthetic wound matrix in the U.S. In July, we entered into an exclusive multi-year development and distribution agreement with Regenity Biosciences ("Regenity"), granting us exclusive rights to market, sell, and distribute Cohealyx, an AVITA-medical branded collagen-based dermal matrix in the U.S., with potential expansion into the European Union, Australia, and Japan. These agreements strengthen our commitment to offering a comprehensive suite of solutions for acute wounds. CORPORATE HISTORY AVITA Australia, the former parent company of AVITA Medical, was founded in December 1992. On October 1, 2019, AVITA Australia began trading its American Depositary Shares on the Nasdaq Capital Market ("Nasdaq") under the symbol "RCEL". Today, our common stock continues to trade on Nasdaq under "RCEL" and our CHESS Depositary Interests ("CDIs") t

View Full Filing

View this 10-K filing on SEC EDGAR