Excellent call. Guidance for the first quarter commercial sales was met at the midpoint at $10.5 million revenue, above the $10.33 million expected. Total revenue was around $10.6 million including BARDA revenue. Cash burn was expected to increase with soft tissue, vitiligo, Recell GO, and international rollout. Company will be cashflow breakeven with Burns and Soft Tissue by January 2025 according to Q1 earnings call, but Vitiligo and international rollout will still eat into cash burn at that time. Without vitiligo and international rollout, $30 million was expected to be left over in liquidity by Q1 '25 at the time of said breakeven. So anyone scaring you with cash burn is telling you something that is already expected. Most importantly, those FDA approvals are still on track for June, and July 1 sales is still a go. Guidance QoQ increased again for Q2 to $10.7-11.7 million, and company is still on track for $49-51 million guidance for 2023. Great call. Well done Avita.
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- Ann: AVITA Medical to Announce First Quarter 2023 Results
Ann: AVITA Medical to Announce First Quarter 2023 Results, page-43
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