Avita Medical is a clinical and commercial company developing and marketing a range of regenerative medicine products. The first regenerative medicine product brought to the market by Avita Medical was ReCell spray-on skin for the treatment of burns.3 It was founded by Fiona Wood.1 Its shares trade on Nasdaq under the symbol RCEL.1Wikipedia text CC BY-SA 4.0
Avita Medical is a clinical and commercial company developing and marketing a range of regenerative medicine products. The first regenerative medicine product brought to the market by Avita Medical was ReCell spray-on skin for the treatment of burns. The two latest products are PermeaDerm, a transparent, biosynthetic bilayer wound matrix used for temporary wound coverage (temporization) after surgical excision of burns or trauma, and Cohealyx, a bovine-derived collagen dermal matrix used by burn and trauma surgeons to treat severe wounds and full-thickness burns by accelerating blood vessel formation in order to prepare damaged wound beds for skin autografts.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Cost of revenueResearch and developmentOther costs
Cost of revenue18¢$12.8M
Research and development29¢$20.8M
Other costs46¢$33.0M
Interest7¢$5.0M
Income tax0¢$11.0K
Out of $71.6M in revenue.9 The company lost money this year.
Financial statements
Revenue111213149$71.6M in 2025+1208% since 2019Gross profit111213149$58.8M in 2025+1299% since 2019Operating income111213149-$42.5M in 2025+67% since 2019Net income111213149-$48.6M in 2025+94% since 2019
Revenue1510$21.7M in Q2 FY2026+13% since Q1 FY2026Gross profit1510$17.8M in Q2 FY2026+13% since Q1 FY2026Operating income1510-$6.9M in Q2 FY2026−22% since Q1 FY2026Net income1510-$7.7M in Q2 FY2026−28% since Q1 FY2026
Every line of the income statement as filed: the last 2 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
Sales revenue
$70.9M
$63.9M
Lease revenue
$731.0K
$358.0K
Total revenues
$71.6M
$64.3M
Cost of sales
-$12.8M
-$9.1M
Gross profit
$58.8M
$55.2M
Sales and marketing
-$53.1M
-$58.2M
General and administrative
-$27.4M
-$33.2M
Research and development
-$20.8M
-$20.4M
Total operating expenses
-$101.3M
-$111.8M
Operating loss
-$42.5M
-$56.6M
Interest expense
-$5.0M
-$5.4M
Other (expense) income, net
-$1.0M
$163.0K
Loss before income taxes
-$48.6M
-$61.8M
Income tax expense
-$11.0K
-$54.0K
Net loss
-$48.6M
-$61.8M
Basic
-$1.74
-$2.39
Diluted
-$1.74
-$2.39
Basic
27.9M shares
25.9M shares
Diluted
27.9M shares
25.9M shares
No quarter-by-quarter statement was filed.
Total assets16111213149$56.4M in 2025+119% since 2019Total liabilities16111213149$73.0M in 2025+1375% since 2019Shareholders’ equity111213149-$16.6M in 2025Cash16111213149$10.2M in 2025−49% since 2019Long-term debt149$0 in 2025
Total assets1510$47.8M in Q2 FY2026−15% since Q1 FY2025Total liabilities1510$75.6M in Q2 FY2026+4% since Q1 FY2025Shareholders’ equity1510-$27.8M in Q2 FY2026+67% since Q1 FY2025Cash1510$9.1M in Q2 FY2026−11% since Q1 FY2025
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.9
Non-qualified deferred compensation plan share awards
$0
$244.0K
Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 30,571,662 and 26,354,042, shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively
$3.0K
$3.0K
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding at December 31, 2025 and December 31, 2024
$0
$0
Company common stock held by the non-qualified deferred compensation plan
-$1.3M
-$1.3M
Additional paid-in capital
$394.4M
$367.6M
Accumulated other comprehensive loss
-$1.4M
-$1.9M
Accumulated deficit
-$408.4M
-$359.8M
Total stockholders' equity (deficit)
-$16.6M
$4.5M
$49.1M
Total liabilities, non-qualified deferred compensation plan share awards and stockholders' equity (deficit)
Non-qualified deferred compensation plan share awards
$0
$244.0K
Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 30,571,662 and 26,354,042, shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively
$3.0K
$3.0K
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding at December 31, 2025 and December 31, 2024
$0
$0
Company common stock held by the non-qualified deferred compensation plan
-$1.3M
-$1.3M
Additional paid-in capital
$394.4M
$367.6M
Accumulated other comprehensive loss
-$1.4M
-$1.9M
Accumulated deficit
-$408.4M
-$359.8M
Total stockholders' equity (deficit)
-$16.6M
$4.5M
$49.1M
Total liabilities, non-qualified deferred compensation plan share awards and stockholders' equity (deficit)
$56.4M
$79.7M
Common stock par value
$0.00
$0.00
Common stock shares authorized
200.0M shares
200.0M shares
Common stock shares issued
30.6M shares
26.4M shares
Common stock shares outstanding
30.6M shares
26.4M shares
Preferred stock par value
$0.00
$0.00
Preferred stock shares authorized
10.0M shares
10.0M shares
Preferred stock shares issued
0 shares
0 shares
Preferred stock shares outstanding
0 shares
0 shares
Cash from operations1112131410-$31.2M in 2025+62% since 2019Capital spending111213149$1.0M in 2025−2% since 2019Free cash flow1112131410-$32.2M in 2025+59% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
Net loss
-$48.6M
-$61.8M
Fair value of common stock issued related to loan amendment
$2.2M
Change in fair value of long-term debt
$1.3M
$2.5M
Change in fair value of warrant liability
-$2.2M
$274.0K
Depreciation and amortization
$2.3M
$1.1M
Stock-based compensation
$9.5M
$13.5M
Non-cash lease expense
$890.0K
$843.0K
Loss on fixed asset disposal
$595.0K
$107.0K
Loss on patent disposal
$11.0K
$16.0K
Remeasurement and foreign currency transaction loss
$17.0K
$21.0K
Excess and obsolete inventory related charges
$810.0K
$487.0K
Provision for credit losses
-$10.0K
$23.0K
Amortization of premium of marketable securities
-$308.0K
-$1.7M
Non-cash changes in the fair value of NQDC plan
-$1.2M
$402.0K
Trade and other receivables
$3.6M
-$4.1M
Prepaids and other current assets
$766.0K
-$371.0K
Inventory
-$468.0K
-$2.2M
Operating lease liability
-$905.0K
-$906.0K
"Corporate-owned life insurance (""COLI"") asset"
$406.0K
-$271.0K
Other long-term assets
-$65.0K
-$191.0K
Accounts payable and accrued expenses
$2.7M
$340.0K
Accrued wages and fringe benefits
-$2.6M
$2.5M
Current non-qualified deferred compensation liability
-$1.8M
$1.8M
Other current liabilities
-$81.0K
$122.0K
Non-qualified deferred compensation plan liability
$1.9M
-$1.3M
Contract liabilities
-$33.0K
-$33.0K
Net cash used in operating activities
-$31.2M
-$48.9M
Purchase of marketable securities
-$13.3M
-$24.5M
Maturities of marketable securities
$27.5M
$71.2M
Purchase of plant and equipment
-$1.0M
-$9.2M
Capitalized software development costs
-$635.0K
$0
Patent filing fees
-$99.0K
-$162.0K
Net cash provided by investing activities
$12.5M
$37.4M
Proceeds from private placement of common stock
$14.8M
Issuance costs associated with private placement
-$1.1M
Proceeds from exercise of stock options
$407.0K
$2.1M
"Employee stock purchase plan (""ESPP"") purchases"
$795.0K
$1.4M
Net cash provided by financing activities
$14.9M
$3.5M
Net decrease in cash and cash equivalents
-$3.8M
-$8.1M
Income taxes paid during the period
$15.0K
$41.0K
Interest paid during the period
$5.0M
$5.4M
Intangible asset purchase not yet paid
$5.0M
Capital expenditures not yet paid
$17.0K
$115.0K
Right-of-use-asset obtained in exchange for lease liabilities
Avita Medical sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Avita Medical
VANGUARD GROUP INCFiled SCHEDULE 13G/A on Avita Medical, latest Jan 30, 2026 (4 filings since Feb 9, 2022)
BlackRockFiled SCHEDULE 13G/A on Avita Medical, latest Oct 17, 2025 (4 filings since Feb 4, 2022)
Avita MedicalValencia, CA, California, United States
AVITA Medical Americas, LLC Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Avita Medical reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our principal corporate office is located at 28159 Avenue Stanford, Suite 220, Valencia, California 91355. We lease the 17,500 square foot facility under a lease agreement that expires on October 31, 2026. Our production plant in Ventura, California is a 27,840 square foot facility that we lease through September 30, 2030. We also lease a 3,360 square foot storage facility adjacent to our existing production plant in Ventura under a lease agreement that expires on September 30, 2030. The Company also has an administrative office lease in Irvine, California of approximately 10,700 square feet that is currently leased through the end of July 2028. We do not own any real property. We believe that leased facilities are adequate to meet current needs and that additional facilities will, if required, be available for lease to meet future needs.
Originally named "Clinical Cell Culture" and listed on the ASX under the symbol "C3", the company restructured under the name "Avita Medical" in June 2008. In 2015, the company conducted a strategic divestment of its respiratory business, including the Breath-a-Tech and Funhaler products, to support focus on its regenerative products.
Avita Medical is traded both on the Australian stock market under the ticker symbol AVH and on the NASDAQ Capital Market under the ticker symbol RCEL.
Feb 13, 2025Reported quarterly or annual results53
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
248 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 80 major events, 106 insider forms, 9 large holders, 33 other. The latest 20:
38 open-market trades by officers, directors and large owners since October 2021: 32 buys and 6 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 73. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 12, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks Avita Medical names in Item 1A of its 10-K filed Feb 12, 2026: 39 risks under these headings, as written.17
Risks Related to Our Business Operations
We have experienced significant losses, expect losses to continue for the foreseeable future and may never achieve or maintain profitability.
Servicing our debt requires a significant amount of cash and we are subject to a number of restrictive covenants relating to our indebtedness, which may restrict our business and financing activities.
We may require additional financing in the future to continue the development and commercialization of our current and future products, which may cause dilution to our existing stockholders. If additional financing is not available, we may have to postpone, reduce or cease operations.
The markets in which we operate are highly competitive and innovative. Our competitors may develop products that render our products less attractive or obsolete and our business may deteriorate.
Our success depends, in part, on our relationships with, and the efforts of, third-party distributors.
Certain of our products are dependent on specialized sources of supply potentially subject to disruption which could have a material, adverse impact on our business.
We rely on third parties to conduct, supervise, and monitor our clinical trials. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, we may not be able to obtain or maintain regulatory approval for or commercialize our products and our business could be substantially harmed.
We may encounter substantial delays in further clinical studies necessary to support regulatory applications for additional commercial applications of our technology.
Product development is an expensive, uncertain and lengthy process.
Development and commercialization of our products require successful completion of the regulatory approval process and may suffer delays or fail.
We are highly dependent on our regulatory approval in the United States and failure to maintain that approval would materially impact our business and prospects.
The other 28 risks
Obtaining and maintaining regulatory approval for a product in one jurisdiction does not mean that we will be successful in obtaining regulatory approval for that product in other jurisdictions.
Product recalls or inventory losses caused by unforeseen events may adversely affect our operating results and financial condition.
We face manufacturing risks that may adversely affect our ability to manufacture products and could reduce our gross margins and negatively affect our business and operating results.
Compliance with environmental, health and safety requirements is costly and, if not achieved, could result in material financial fines, costly litigation, and a material adverse impact on the business.
We may be subject to civil fines and/or criminal penalties if the FDA determines that we have marketed or promoted our products for off-label usage.
We rely on information technology systems for critical business functions and the operations of our business.
A cyber security incident could be disruptive to our business, compromise confidential data, cause reputation harm, and subject us to litigation and federal and state governmental inquiries.
Tariffs and Changes in Trade Policy Could Adversely Affect Our Business, Financial Condition, and Results of Operations
Risks Relating to our Industry and Technology
We face competition from the existing standard of care and any future potential changes in medical practice and technology and the possibility that our competitors may develop products, treatments or procedures that are similar, more advanced, safer or more effective than ours.
If we are unable to effectively protect our intellectual property, we may not be able to operate our business and third parties may be able to use and profit from our technology, both of which would impair our ability to be competitive.
We may find it difficult to protect our intellectual property rights throughout the world.
If third parties make claims of intellectual property infringement against us, or otherwise seek to establish their intellectual property rights equal or superior to ours, we may have to spend time and money in response and potentially discontinue certain of our operations.
We may incur substantial costs as a result of litigation or other proceedings relating to patent and other intellectual property rights and we may be unable to protect our rights to, or use of, our technology.
We could be subject to product liability lawsuits, which could result in costly and time-consuming litigation and significant liabilities.
The continued successful commercialization of our products for FDA approved and pending indications, will depend in part on the extent to which government authorities and healthcare insurers establish adequate reimbursement levels and pricing policies.
We may be unsuccessful in commercializing our current products or other future products due to unfavorable pricing regulations or third-party coverage or reimbursement policies.
Our current and future relationships with regulators, HCPs, third-party payors, customers, and consultants will be subject to applicable healthcare laws and regulations, as well as to other laws and regulations addressing fraud and abuse, and failure to comply with such laws could expose us to penalties.
Macroeconomic and Social Risks
Adverse changes in general economic conditions or uncertainty about future economic conditions, could adversely affect us.
Risks Relating to Our Common Stock and CDIs
We have never paid a dividend on our common stock and CDIs and do not intend to do so in the foreseeable future, and consequently, investors’ only opportunity to realize a return on their investment in the Company is through the appreciation in the price of our common stock and CDIs.
As long as we remain subject to the rules of the Australian Securities Exchange (“ASX”) and of Nasdaq, we will be unable to access equity capital without stockholder approval if such equity capital sales would result in an equity issuance above regulatory thresholds, and consequently, we may be unable to obtain financing sufficient to sustain our business if we are unsuccessful in soliciting requisite stockholder approvals.
There has been relatively limited trading volume in the markets for our common stock and CDIs, and more active, liquid trading markets for such securities may never develop.
The market price and trading volume of our common stock and CDIs may be volatile and may be affected by variability in our performance from period to period and economic conditions beyond management’s control.
If research analysts publish unfavorable commentary or downgrade our common stock or CDIs, it could adversely affect our share price and trading volume.
The requirements of being a public company in the United States and listed on the ASX may strain our resources and divert management’s attention.
We are a “smaller reporting company”, under federal securities laws, and the reduced disclosure requirements applicable to such companies may make our common stock less attractive to investors.
General Risk Factors
The Company's cash, cash equivalents and marketable securities could be adversely affected by bank failures or other events affecting financial institutions and could adversely affect our liquidity and financial performance.
If we fail to manage our growth effectively, our business could be disrupted.
Our growth and success depend on our ability to attract and retain additional highly qualified and skilled sales and marketing, research and development, operational, managerial, legal, and finance personnel.
Legal proceedings
We are currently not aware of any material pending legal proceedings to which we are a party or of which any of our property is the subject, nor are we aware of any such proceedings that are contemplated by any governmental authority. From time to time, as an operating business, we are involved in routine disputes (both formal and informal) with customers, partners and employees.
