Based on my experience having invested in a number of medical...

Based on my experience having invested in a number of medical devices businesses trying to grow from a zero base, Avita has one the biggest budgets, and one of the highest cash burn rates. In terms of $ spent vs $ of revenue generated, it is amongst one of the worst.

That is my biggest concern. They are spending a lot of cash to generate not that much in growth (zero growth in the last quarter actually). Given their high cash burn rate, I would have expected much better sales growth, but it's not happening.

What raised eyebrows before was the huge amount of cash raised... I was wondering if they really needed that much money - but given the dismal results, I can see why. Growth is not coming easy and it is super expensive.

I still think the opportunity to invest in AVH is there, but at these prices and with their record so far, there are much better risk/reward propositions out there.