AVITA Medical (RCEL) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $26.114M, up 53% YoY and 20% QoQ; gross margin reached 84.0% and net cash use fell to $0.6M.

• Growth was led by RECELL, with Cohealyx also contributing; FY2026 revenue guidance was raised for a second consecutive quarter.

• Cash flow breakeven remains expected in Q4 2026.

Financial highlights

• Nine-month 2026 revenue was $67.067M, up from $53.995M; nine-month net loss narrowed to $24.5M from $37.0M.

• Q3 gross profit was $21.941M; operating expenses were $24.6M, up 7% YoY and flat QoQ.

• Q3 net loss narrowed to $6.222M, or $0.20 per diluted share, from $13.187M, or $0.46 per share, YoY.

• Net cash use was $0.6M, versus $3.2M in Q2; September 30 cash, cash equivalents and marketable securities totaled $10.5M.

Outlook and guidance

• FY2026 revenue guidance rose to $92M–$94M from $86M–$89M, implying 28%–31% growth over 2025; Q4 revenue guidance is $24.9M–$26.9M.

• Cash flow breakeven remains expected in Q4 2026.

• RECELL gross margin is expected to range from 86% to 90% in coming quarters; product mix may weigh on overall margin while adding gross profit.

• Management expects available cash, the additional $10M credit draw and forecast revenue to fund operations for at least 12 months from issuance of the financial statements.