RCEL · AVITA Medical, Inc.
AVITA Medical, Inc., together with its subsidiaries, operates as a therapeutic acute wound care company in the United States, Japan, the European Union, Australia, and the United Kingdom. The company's lead product is the RECELL System, a cell harvesting device used for the treatment of thermal burn wounds and full-thickness skin defects, as well as for repigmentation of stable depigmented vitiligo lesions. It also provides RECALL autologous cell harvesting device, which can treat areas of up to 1,920 cm2; RECELL autologous cell harvesting device with ease-of-use, an enhanced ease-of-use device that can treat areas of up to 1,920 cm²; and RECELL GO mini autologous cell harvesting device, a line extension of the RECELL GO system to treat smaller wounds up to 480 cm2, as well as RECELL GO autologous cell harvesting device consisting of RECELL GO processing device, which controls and manages the pressure applied to disaggregate the donor skin cells and controls the incubation time of the RECELL Enzyme to optimize cell yield and promote cell viability; and RECELL GO preparation kit, which can treat areas up to 1,920 cm2. In addition, the company sells and distributes PermeaDerm, a biosynthetic wound matrix and Cohealyx, a collagen-based dermal matrix. It serves hospitals, treatment centers, and distributors. The company was formerly known as AVITA Therapeutics, Inc. and changed its name to AVITA Medical, Inc. in December 2020. AVITA Medical, Inc. is headquartered in Valencia, California.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $4.34 |
| SO | 30.8M |
| Options | 5.0M |
| Warrants | 0.4M |
| FD SO | 36.2M |
| MC | $157.2M |
| Cash | $8.3M |
| Total debt | $46.1M ⚠ |
| EV | $195.0M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 2.7x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 17.2% |
| Insiders | 1.5% |
| # Institutions | 104 |
| Analysts | 2 |
| Consensus | Buy |
| Avg target | $9.02 |
| Short % float | 8.3% |
| Days to cover | 7.70 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-11. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Debt figure uncertain — $16.6M of liabilities are neither recognized debt nor a named non-debt item. Verify against the filing before relying on EV.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 19.25 | 17.61 | 17.06 | 18.42 |
| Revenue YoY % | 4.0% | (4.3%) | (12.7%) | 21.2% |
| Cost of Revenue | 3.52 | 3.30 | 3.19 | 3.47 |
| Gross Profit | 15.73 | 14.31 | 13.88 | 14.95 |
| Gross Profit YoY % | 0.3% | (11.3%) | (15.2%) | 14.3% |
| Gross Margin % | 81.7% | 81.2% | 81.3% | 81.2% |
| SG&A | 18.90 | 19.03 | 19.28 | 20.98 |
| R&D | 5.63 | 5.69 | 3.75 | 5.12 |
| Operating Expense | 24.53 | 24.72 | 23.03 | 26.10 |
| Operating Income | (8.80) | (10.41) | (9.15) | (11.15) |
| Operating Income YoY % | 25.6% | (4.5%) | 33.7% | 28.6% |
| Operating Margin % | (45.7%) | (59.1%) | (53.6%) | (60.5%) |
| EBITDA | (8.18) | (9.71) | (8.58) | (10.60) |
| EBITDA Margin % | (42.5%) | (55.1%) | (50.3%) | (57.5%) |
| Interest Expense | 1.42 | 1.25 | 1.27 | 1.25 |
| Other Income / (Expense) | — | — | (2.75) | 2.48 |
| Pretax Income | (10.62) | (11.64) | (13.17) | (9.92) |
| Tax Provision | (0.01) | (0.02) | 0.01 | 0.00 |
| Net Income | (10.61) | (11.62) | (13.19) | (9.92) |
| Net Margin % | (55.1%) | (66.0%) | (77.3%) | (53.9%) |
| Diluted EPS | -$0.35 | -$0.37 | -$0.46 | -$0.38 |
| Basic EPS | -$0.35 | -$0.37 | -$0.46 | -$0.38 |
| Diluted Avg Shares | 30.5 | — | 28.4 | 26.4 |
| Basic Avg Shares | 30.5 | — | 28.4 | 26.4 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 72.35 | 71.61 | 64.25 | 50.14 | 34.42 |
| Revenue YoY % | 1.0% | 11.5% | 28.1% | 45.7% | — |
| Cost of Revenue | 13.48 | 12.79 | 9.09 | 7.78 | 6.04 |
| Gross Profit | 58.86 | 58.82 | 55.16 | 42.36 | 28.38 |
| Gross Profit YoY % | 0.1% | 6.6% | 30.2% | 49.3% | — |
| Gross Margin % | 81.4% | 82.1% | 85.8% | 84.5% | 82.4% |
| SG&A | 78.19 | 80.51 | 91.39 | 65.62 | 45.24 |
| R&D | 20.18 | 20.84 | 20.36 | 20.82 | 13.86 |
| Operating Expense | 98.38 | 101.35 | 111.75 | 85.02 | 55.88 |
| Operating Income | (39.51) | (42.53) | (56.59) | (42.66) | (27.50) |
| Operating Income YoY % | 7.1% | 24.8% | (32.7%) | (55.1%) | — |
| Operating Margin % | (54.6%) | (59.4%) | (88.1%) | (85.1%) | (79.9%) |
| EBITDA | (37.06) | (40.19) | (55.47) | (42.02) | (26.94) |
| EBITDA Margin % | (51.2%) | (56.1%) | (86.3%) | (83.8%) | (78.3%) |
| Interest Expense | 5.19 | 5.00 | 5.36 | 1.14 | 0.02 |
| Other Income / (Expense) | (0.64) | (1.04) | — | 8.48 | 0.89 |
| Pretax Income | (45.35) | (48.58) | (61.79) | (35.31) | (26.63) |
| Tax Provision | (0.01) | 0.01 | 0.05 | 0.07 | 0.04 |
| Net Income | (45.34) | (48.59) | (61.84) | (35.38) | (26.66) |
| Net Margin % | (62.7%) | (67.8%) | (96.3%) | (70.6%) | (77.5%) |
| Diluted EPS | -$1.56 | -$1.74 | -$2.39 | -$1.40 | -$1.07 |
| Basic EPS | -$1.56 | -$1.74 | -$2.39 | -$1.40 | -$1.07 |
| Diluted Avg Shares | 30.5 | 27.9 | 25.9 | 25.3 | 25.0 |
| Basic Avg Shares | 30.5 | 27.9 | 25.9 | 25.3 | 25.0 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 8.31 | 10.24 | 15.42 | 12.22 |
| Short-term Investments | 5.95 | 7.94 | 7.89 | 3.47 |
| Receivables | 9.88 | 9.09 | 9.01 | 11.34 |
| Inventory | 6.12 | 6.93 | 7.24 | 7.54 |
| Other Current Assets | 1.38 | 1.29 | 1.80 | 1.68 |
| Total Current Assets | 31.65 | 35.49 | 41.37 | 36.25 |
| Net PPE | 8.21 | 8.63 | 9.88 | 9.69 |
| Operating Lease ROU | 2.67 | 2.90 | 3.13 | 3.13 |
| Intangible Assets | 5.44 | 5.64 | 5.20 | 5.31 |
| Other Assets | 3.58 | 3.73 | 4.14 | 3.75 |
| Total Assets | 51.54 | 56.39 | 63.73 | 58.13 |
| Current Debt | 46.14 | 42.98 | 42.45 | — |
| Current Lease Liabilities | — | 0.93 | — | — |
| Other Current Liabilities | 20.53 | 18.76 | 19.38 | 62.60 |
| Total Current Liabilities | 66.67 | 62.68 | 61.83 | 62.60 |
| Long-term Debt | — | 0.00 | 0.00 | — |
| Long-term Lease Liabilities | 1.98 | 2.13 | 2.32 | 2.37 |
| Other Liabilities | 6.06 | 8.23 | 6.24 | 6.01 |
| Total Liabilities | 74.71 | 73.04 | 70.39 | 70.98 |
| Retained Earnings | (419.01) | (408.40) | (396.78) | (383.59) |
| Total Equity | (23.17) | (16.65) | (6.67) | (12.89) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 8.31 | 10.24 | 14.05 | 22.12 | 18.16 |
| Short-term Investments | 5.95 | 7.94 | 21.84 | 66.94 | 61.18 |
| Receivables | 9.88 | 9.09 | 11.79 | 7.66 | 3.52 |
| Inventory | 6.12 | 6.93 | 7.27 | 5.60 | 2.12 |
| Other Current Assets | 1.38 | 1.29 | 2.06 | 1.69 | 2.48 |
| Total Current Assets | 31.65 | 35.49 | 57.00 | 104.01 | 87.46 |
| Net PPE | 8.21 | 8.63 | 10.02 | 1.88 | 1.20 |
| Operating Lease ROU | 2.67 | 2.90 | 3.57 | 2.44 | 0.85 |
| Intangible Assets | 5.44 | 5.64 | 5.57 | 0.49 | 0.47 |
| Long-term Investments | — | — | — | — | 6.93 |
| Other Assets | 3.58 | 3.73 | 3.55 | 2.83 | 1.36 |
| Total Assets | 51.54 | 56.39 | 79.71 | 111.64 | 98.26 |
| Current Debt | 46.14 | 42.98 | 0.00 | — | — |
| Current Lease Liabilities | — | 0.93 | 0.90 | 0.90 | 0.61 |
| Other Current Liabilities | 20.53 | 18.76 | 19.26 | 12.30 | 10.08 |
| Total Current Liabilities | 66.67 | 62.68 | 20.16 | 13.20 | 10.69 |
| Long-term Debt | — | 0.00 | 0.00 | 39.81 | — |
| Long-term Lease Liabilities | 1.98 | 2.13 | 2.84 | 1.70 | 0.31 |
| Other Liabilities | 6.06 | 8.23 | 51.97 | 7.18 | 1.97 |
| Total Liabilities | 74.71 | 73.04 | 74.97 | 61.89 | 12.97 |
| Retained Earnings | (419.01) | (408.40) | (359.81) | (297.97) | (262.59) |
| Total Equity | (23.17) | (16.65) | 4.50 | 49.06 | 84.74 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (10.61) | (11.62) | (13.19) | (9.92) |
| D&A | 0.63 | 0.70 | 0.57 | 0.55 |
| Stock-Based Comp | 1.10 | 1.37 | 2.78 | 2.67 |
| Δ Working Cap & Other | (1.19) | 4.11 | 4.62 | (3.54) |
| Operating Cash Flow | (10.07) | (5.44) | (5.22) | (10.23) |
| CapEx | (0.02) | 0.67 | (0.93) | (0.52) |
| Other Investing | 2.06 | (0.66) | (4.41) | 7.54 |
| Investing Cash Flow | 2.04 | 0.01 | (5.34) | 7.02 |
| Stock Issuance | — | 0.00 | — | — |
| Other Financing | 6.10 | — | 13.77 | 0.56 |
| Financing Cash Flow | 6.10 | 0.25 | 13.77 | 0.56 |
| Free Cash Flow | (10.09) | (4.76) | (6.15) | (10.75) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (45.34) | (48.59) | (61.84) | (35.38) | (26.66) |
| D&A | 2.45 | 2.35 | 1.13 | 0.63 | 0.57 |
| Stock-Based Comp | 7.93 | 9.52 | 13.50 | 8.38 | 7.00 |
| Δ Working Cap & Other | 4.00 | 5.53 | (1.72) | (11.65) | 0.01 |
| Operating Cash Flow | (30.96) | (31.20) | (48.94) | (38.01) | (19.09) |
| CapEx | (0.80) | (1.00) | (9.17) | (1.38) | (0.45) |
| Other Investing | 4.53 | 13.46 | 46.53 | 2.99 | (18.88) |
| Investing Cash Flow | 3.73 | 12.45 | 37.36 | 1.61 | (19.33) |
| Debt Issuance | — | — | — | 38.76 | — |
| Stock Issuance | — | 14.79 | — | — | — |
| Other Financing | 20.67 | — | 3.51 | 1.61 | 0.90 |
| Financing Cash Flow | 20.67 | 14.94 | 3.51 | 40.37 | 0.90 |
| Effect of FX on Cash | — | — | — | (0.02) | (0.03) |
| Free Cash Flow | (31.76) | (32.20) | (58.11) | (39.39) | (19.54) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 0.47 | 0.57 | 0.67 | 0.58 |
| Quick Ratio | 0.38 | 0.46 | 0.55 | 0.46 |
| Debt / Equity | -3.22 | -4.39 | -10.56 | -5.51 |
| EBITDA Margin % | (42.5%) | (55.1%) | (50.3%) | (57.5%) |
| Working Capital | (35.02) | (27.19) | (20.46) | (26.35) |
| Net Debt | — | (10.24) | (15.42) | — |
| ROE % | 45.8% | 69.8% | 197.8% | 76.9% |
| ROA % | (20.6%) | (20.6%) | (20.7%) | (17.1%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 0.47 | 0.57 | 2.83 | 7.88 | 8.18 |
| Quick Ratio | 0.38 | 0.46 | 2.47 | 7.46 | 7.98 |
| Debt / Equity | -3.22 | -4.39 | 16.66 | 1.26 | 0.15 |
| EBITDA Margin % | (51.2%) | (56.1%) | (86.3%) | (83.8%) | (78.3%) |
| Working Capital | (35.02) | (27.19) | 36.84 | 90.81 | 76.77 |
| Net Debt | — | (10.24) | (14.05) | 17.69 | — |
| ROE % | 195.7% | 291.8% | (1374.6%) | (72.1%) | (31.5%) |
| ROA % | (88.0%) | (86.2%) | (77.6%) | (31.7%) | (27.1%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-06-03 | Woody Joseph Fralin | Director | 2026-06-02 | P | 5,000 | $4.18 | $20,901 |
| 2026-06-03 | Woody Joseph Fralin | Director | 2026-06-02 | P | 5,000 | $4.21 | $21,035 |
| 2026-06-03 | Woody Joseph Fralin | Director | 2026-06-01 | P | 5,000 | $4.34 | $21,700 |
| 2026-06-03 | Woody Joseph Fralin | Director | 2026-06-01 | P | 5,000 | $4.26 | $21,300 |
| 2026-06-01 | O'Toole David D | Officer (CFO) | 2026-05-29 | A | 5,000 | $3.05 | $15,258 |
| 2026-06-01 | Vance Cary Guy | Director, Officer (President and CEO) | 2026-05-29 | A | 5,000 | $3.05 | $15,258 |
| 2026-05-20 | O'Toole David D | Officer (CFO) | 2026-05-20 | P | 2,000 | $4.26 | $8,520 |
| 2026-05-19 | O'Toole David D | Officer (CFO) | 2026-05-19 | P | 2,000 | $4.24 | $8,480 |
| 2026-03-11 | O'Toole David D | Officer (CFO) | 2026-03-11 | P | 1,800 | $4.78 | $8,604 |
| 2026-02-23 | O'Toole David D | Officer (CFO) | 2026-02-19 | P | 3,000 | $4.15 | $12,450 |
| 2026-02-19 | O'Toole David D | Officer (CFO) | 2026-02-18 | A | 105,470 | — | $0 |
| 2026-02-19 | O'Toole David D | Officer (CFO) | 2026-02-18 | A | 155,510 | — | $0 |
| 2026-02-19 | KELSEY NICOLE | Officer (Chief Legal Officer) | 2026-02-18 | A | 98,390 | — | $0 |
| 2026-02-19 | KELSEY NICOLE | Officer (Chief Legal Officer) | 2026-02-18 | A | 145,060 | — | $0 |
| 2025-08-29 | McNamara Robert | Director | 2025-08-28 | P | 10,000 | $4.50 | $45,000 |
| 2025-08-26 | O'Toole David D | Officer (CFO) | 2025-08-26 | P | 2,000 | $4.52 | $9,040 |
| 2025-08-20 | McNamara Robert | Director | 2025-08-19 | P | 10,000 | $5.00 | $50,000 |
| 2025-08-12 | O'Toole David D | Officer (CFO) | 2025-08-12 | P | 2,000 | $4.81 | $9,620 |
| 2025-06-05 | Vance Cary Guy | Director | 2025-01-21 | A | 10,022 | — | $0 |
| 2025-06-05 | Vance Cary Guy | Director | 2025-01-21 | A | 4,295 | — | $0 |
| 2025-06-05 | REED JAN STERN | Director | 2025-01-21 | A | 10,022 | — | $0 |
| 2025-06-05 | REED JAN STERN | Director | 2025-01-21 | A | 4,295 | — | $0 |
| 2025-06-05 | McNamara Robert | Director | 2025-01-21 | A | 10,022 | — | $0 |
| 2025-06-05 | McNamara Robert | Director | 2025-01-21 | A | 4,295 | — | $0 |
| 2025-06-05 | COOK JEREMY CURNOCK | Director | 2025-01-21 | A | 10,022 | — | $0 |
| 2025-06-05 | COOK JEREMY CURNOCK | Director | 2025-01-21 | A | 4,295 | — | $0 |
| 2025-06-05 | Crowe Suzanne | Director | 2025-01-21 | A | 10,022 | — | $0 |
| 2025-06-05 | Crowe Suzanne | Director | 2025-01-21 | A | 4,295 | — | $0 |
| 2025-06-05 | Panaccio Lou | Director | 2025-01-21 | A | 10,022 | — | $0 |
| 2025-06-05 | Panaccio Lou | Director | 2025-01-21 | A | 4,295 | — | $0 |
| 2025-06-05 | CORBETT JAMES | Director, Officer (CEO) | 2025-01-21 | A | 520,000 | — | $0 |
| 2025-06-02 | O'Toole David D | Officer (CFO) | 2025-05-30 | A | 1,923 | $4.78 | $9,186 |
| 2025-03-10 | McNamara Robert | Director | 2025-03-06 | P | 11,000 | $8.30 | $91,300 |
| 2025-02-20 | McNamara Robert | Director | 2025-02-20 | P | 10,000 | $10.09 | $100,900 |
| 2025-02-20 | O'Toole David D | Officer (CFO) | 2025-02-20 | P | 1,000 | $9.90 | $9,900 |
| 2025-02-19 | O'Toole David D | Officer (CFO) | 2025-02-19 | P | 1,000 | $10.25 | $10,250 |
| 2025-01-29 | Crowe Suzanne | Director | 2024-12-09 | P | 486 | $13.15 | $6,391 |
| 2025-01-22 | O'Toole David D | Officer (CFO) | 2025-01-21 | A | 150,000 | — | $0 |
| 2025-01-22 | KELSEY NICOLE | Officer (Chief Legal Officer) | 2025-01-21 | A | 65,000 | — | $0 |
| 2024-12-05 | O'Toole David D | Officer (CFO) | 2024-12-05 | P | 475 | $12.53 | $5,952 |
| 2024-12-05 | O'Toole David D | Officer (CFO) | 2024-12-05 | P | 500 | $12.40 | $6,200 |
| 2024-12-05 | O'Toole David D | Officer (CFO) | 2024-11-29 | A | 785 | $7.83 | $6,147 |
| 2024-08-20 | McNamara Robert | Director | 2024-08-19 | A | 10,000 | $9.00 | $90,000 |
| 2024-06-06 | Panaccio Lou | Director | 2024-06-05 | A | 9,200 | — | $0 |
| 2024-06-06 | Panaccio Lou | Director | 2024-06-05 | A | 3,943 | — | $0 |
| 2024-06-06 | Crowe Suzanne | Director | 2024-06-05 | A | 9,200 | — | $0 |
| 2024-06-06 | Crowe Suzanne | Director | 2024-06-05 | A | 3,943 | — | $0 |
| 2024-06-06 | COOK JEREMY CURNOCK | Director | 2024-06-05 | A | 9,200 | — | $0 |
| 2024-06-06 | COOK JEREMY CURNOCK | Director | 2024-06-05 | A | 3,943 | — | $0 |
| 2024-06-06 | REED JAN STERN | Director | 2024-06-05 | A | 9,200 | — | $0 |
| 2024-06-06 | REED JAN STERN | Director | 2024-06-05 | A | 3,943 | — | $0 |
| 2024-06-06 | McNamara Robert | Director | 2024-06-05 | A | 9,200 | — | $0 |
| 2024-06-06 | McNamara Robert | Director | 2024-06-05 | A | 3,943 | — | $0 |
| 2024-06-06 | Vance Cary Guy | Director | 2024-06-05 | A | 9,200 | — | $0 |
| 2024-06-06 | Vance Cary Guy | Director | 2024-06-05 | A | 3,943 | — | $0 |
| 2024-06-06 | CORBETT JAMES | Director, Officer (CEO) | 2024-06-05 | A | 350,000 | — | $0 |