Another insightful investor briefing this morning which I think should provide investors (who watch it) with added confidence in the Company delivering on, or exceeding, their guidance and goals.
Key Takeaways:
- By the end of 2024, they anticipate they'll be approved in ~200 new trauma centres. 15 or so expected to be approved every month. Targeted trauma centres with highest skin graft rates first (high volume centres);
- Feedback for surgeons: willing to use in the broader indication; intend to use on smaller wounds (<5%TBSA) which is a reason for RECELL mini development;
- RECELL mini: has breakthrough device designation (180-day review). Currently doing same testing as was done with RECELL GO. Expect to submit in June and receive FDA approval by the end of the year (2024);
- Aiming to commence production of RECELL GO by April 1 (for May 31 launch);
- PermeaDerm revenue is not included in FY24 guidance. Launching in mid-March;
- PermeaDerm revenue example: For a 10% tbsa wound treated with PermeaDerm ~ Product selling price would be $2100-$2200 x50% (gross margin) = $1050-$1100 additional revenue/procedure (for minimal additional costs). PermeaDerm has more eligible procedures (more competition? sounding like a superior product) than RECELL does
- Addition of dermal scaffold product to portfolio: currently animal testing with multiple products to find the most suitable. Expect co-development program in 2024;
- Revenue is expected to grow in excess of 50% for 4-5 years from U.S. burns and FTSD;
- Cash burn is expected to decrease over the next ~6 quarters to profitability in 2025;
- No further significant non-cash items in 2024;
- CFO sounded quietly confident of not requiring the 2x$25 tranches, and might not need to tap into the $40M which is currently earning over 5% interest;
- Business is recession resistant due non-elective surgeries;
- Upgrading manufacturing facility capacity to ~80,000 kits/year. Upgrade scheduled for completion mid 2024.
- Vitiligo results from TONE and health economics studies won't be released prior to them being published to avoid outside influence;
- Vitiligo expansion expected to be funded by excess cash made during the profitable phase.
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- Ann: AVITA Medical Q4 2023 Investor Presentation
Ann: AVITA Medical Q4 2023 Investor Presentation, page-2
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