Avita Q3 sales 42 per cent higher
Regenerative medicine business Avita Medical reports sales of its lead product, ReCell®, 42 per cent up for the third quarter of its 2016 fiscal year.
The Cambridge UK company specialises in the treatment of wounds and skin defects. Asia Pacific increased sales 54 per cent year-over-year; China and Australasia sales were up 155 per cent and 450 per cent, respectively, while EMEA sales were 31 per cent higher. UK sales increased 46 per cent.
Owing to the sale of the respiratory business in early February, resulting in only one month of sales from these products, and transition to the distributor model, the company’s receipts from customers were 37 per cent lower than the previous quarter.
For the nine-month period ending March 31, total ReCell sales increased 23 per cent. CEO Adam Kelliher said Avita’s fiscal 2016 third quarter provided a great start for the calendar year. Importantly, the company completed patient recruitment of its pivotal US trial of ReCell for use in the treatment of acute burns.
The company remains engaged in dialogue with the FDA on how the timeline may be improved. Avita also continued to strengthen its leadership team with three new board members that add commercialisation expertise, especially in the US market as the company works toward approval.
During the quarter, the company bolstered its opportunity to expand its market share in Asia by signing agreements with distributors in Japan and South Korea as well as the largest healthcare group in China.
Kelliher said: “We continued to execute our strategic initiatives during the quarter to focus the company and streamline our operations. We are working to create a business that has the potential for long-term revenue growth through our pipeline of regenerative products and believe we are positioning ourselves to achieve our goals.
“We have already begun to see results of our efforts, with the first inflow of revenue from our contract with BARDA, which totalled over $1 million and further supports our pivotal trial for ReCell in the US. There is a significant need in the US for our technology and we continue to hear from potential patients on a regular basis regarding their interest and need for our products.
“We also look forward to growing our global business and helping patients who suffer from serious ailments with our novel technology.”