When they struck the deal with Stedical they agreed to take 3.1M in product from Mckesson, the 2nd or 3rd distributor to own the rights. They are the largest health care distributor in US. Why didn't they keep it? Meanwhile they procured another 2.6M of product with another 2.4M this year by contract. So far they sold under .5M of Permeaderm. To realize their "guaranteed" 50% gross margin they have to sell over 12M of Permeaderm in next two quarters. Meanwhile Stedical has our money in the bank. Quite a deal. And anyone who wants to quibble with that go read our Japan and Europe contracts and tell me how much those distributors are paying Avita upfront for product. Sales for both are minimal.
Finally the cost of sales for that 5.7M of product isn't part of the cost of sales or included in gross margin calculation for Q1 or Q2. WTF.
Ann: Financial Results for Quarter Ending 30 June 2024, page-19
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