AVITA Medical (RCEL) Q4 2025 earnings summary

Executive summary

• Achieved 11% year-over-year revenue growth in 2025, reaching $71.6 million, with Q4 revenue of $17.6 million, reflecting stabilization and improved account utilization despite reimbursement headwinds.

• Refined commercial focus on core burn and trauma centers, improved cash visibility, and removed reimbursement and balance sheet constraints.

• Entered 2026 with a more predictable operating model, expanded multi-product platform (RECELL, Cohealyx, PermeaDerm), and stronger capital structure.

• Advanced clinical programs for Cohealyx and PermeaDerm, with data expected in 2026.

• Early clinical presentations demonstrated integrated use of all three products, supporting the multi-product platform strategy.

Financial highlights

• Full-year 2025 revenue: $71.6 million (up 11% from 2024); Q4 revenue: $17.6 million (down 4% year-over-year).

• Full-year gross margin: 82.1% (down from 85.8% in 2024); Q4 gross margin: 81.2% (down from 87.6%).

• Full-year net loss improved to $48.6 million from $61.8 million in 2024; Q4 net loss was $11.6 million.

• Operating expenses for 2025 totaled $101.4 million, down 9% year-over-year; Q4 operating expenses were $24.7 million, including $1.2 million in one-time severance.

• Ended Q4 with $18.2 million in cash and marketable securities; net cash use improved for three consecutive quarters.

Outlook and guidance

• 2026 revenue guidance: $80 million–$85 million, representing 12%–19% growth over 2025.

• Growth expected from normalization of RECELL utilization, expanded use of Cohealyx and PermeaDerm, and a more predictable operating environment.

• Company expects improved operating profit as product mix shifts and operating expenses remain stable.