Happy reading
Form 8-K for Avita Medical INC filed 10/18/2023
If you start to fall asleep or go cross-eyed, fourdollars numbers look correct to me and my notes are below:
Cash & Credit Facility
- To strengthen balance sheet without significant dilution to shareholders, decided on a debt facility that provided optionality – most shareholder friendly option when the stock isn’t trading at a sufficient level to justify an equity raise
- $60M cash + $40M credit is expected to be more than enough to be profitable and pay down the $40M loan with cash.
- Currently no intention to use the 2x$25M credit options (acting as a contingency in case of unexpected events/delays)
- They say they don’t have a specific need for the $40M and had $60M on the balance sheet as of the end of the third quarter (Q4 cash will be around $89.1M)
- They have a number of initiatives that they’re going to continue, including the TONE study, increasing their commercial footprint for the burns and FTSD in 2024.
- Comfortable with cash level and currently investing the $40M in US treasuries which are earning >5% which reduces the overall cost of capital.
- Credit Agreement Interest Rate: SOFR or 4% (whichever is higher) + 8% = 13.3% (12% minimum)
- OrbiMed Test Dates:
- FY24 revenue guidance: $78.5 to $84.5M
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