Ann: AVITA Medical Q1 2024 Earnings Slides, page-6

From Morningstar analysis after the previous downbeat sales report. 71 active submissions compared to 73 new accounts added since launching RECELL. So the momentum is there. It will just take a bit more time. I bought into the beat up AVH yesterday on this basis.

Avita’s downgrade was attributed to the value analysis committee, or VAC, processes taking longer than anticipated, slowing the uptake of RECELL for its recent label expansion for full-thickness skin defects. While longer hospital approval timelines will affect Avita’s top line in the near term, we do not see this hurting Avita’s long-term opportunity. Importantly, 71 active submissions remain in the evaluation or decision stage of the VAC process as of March 31, 2024. This compares with Avita’s 73 new accounts added since launching RECELL for full-thickness skin defects in June 2023, including 22 new accounts in first quarter 2024. We think the pending submissions highlight Avita potentially doubling its customer accounts for this indication in the near future.