Ann: Preliminary Fiscal Second Quarter 2021 Results, page-33

Morningstar released this tonight after assessing the above report:
"No-moat Avita managed to hold revenue flat in the second quarter versus the first, despite coronavirus being its most severe in the U.S. The surging pandemic and tightening of restrictions has reduced the incidence of burns due to lower levels of manufacturing and travel. However, U.S.-based RECELL revenue was flat at USD 5 million in the quarter, with procedural volumes decreasing just 2% sequentially to 485, suggesting ongoing market share gains. We continue to expect Avita to sustain an estimated quarterly run-rate of 770 RECELL units and maintain our full-year fiscal 2021 unit sales and revenue forecasts of 3,060 and USD 20 million, respectively. We decrease our fair value estimate to AUD 17.40 from AUD 18.00 to reflect the latest USD/AUD exchange rate of 0.77 from 0.72 prior, but shares continue to screen as materially undervalued."