AVITA Medical Q1 2025 Earnings Report

AVITA Medical EPS Results

• Actual EPS: -$0.53
• Consensus EPS: -$0.39
• Beat/Miss: Missed by -$0.14
• One Year Ago EPS: N/A

AVITA Medical Revenue Results

• Actual Revenue: $18.51 million
• Expected Revenue: $33.15 million
• Beat/Miss: Missed by -$14.64 million
• YoY Revenue Growth: N/A

AVITA Medical Announcement Details

• Quarter: Q1 2025
• Date: 5/8/2025
• Time: After Market Closes
• Conference Call Date: Thursday, May 8, 2025
• Conference Call Time: 4:30PM ET

AVITA Medical (NASDAQ:RCEL), together with its subsidiaries, operates as a regenerative medicine company in the United States and internationally. The company's lead product is the RECELL System, a cell harvesting device used for the treatment of thermal burn wounds, full-thickness skin defects, and repigmentation of stable depigmented vitiligo lesions. It develops RECELL GO to control the manual process of disaggregation, filtration, and soak time. The company was formerly known as AVITA Therapeutics, Inc. AVITA Medical, Inc. was incorporated in 2020 and is headquartered in Valencia, California.

AVITA Medical Q1 2025 Earnings Call Transcript

Key Takeaways

• Multi‐product platform: Avita has evolved from a single‐product burn company to a fully integrated acute wound care platform, expanding its US addressable market from $500 million to over $3.5 billion annually.
• Q1 2025 revenue jumped 67% year‐over‐year to $18.5 million, driven by adoption of ReCell Go and early deployment of new products, with a gross profit margin of 84.7%.
• Product launches: ReCell Go Mini (Feb) targets ~270,000 annual trauma cases with a smaller‐wound cartridge, and nationwide launch of Co Helix (Apr) delivered 7-day graft readiness and reduced hospital stays in early clinical use.
• Commercial transformation: consolidated sales regions (12 to 9), cut field headcount by 24%, and redeployed clinical specialists into selling roles, yielding $2.5 million in quarterly operating expense savings and boosting selling capacity.
• Financial outlook: Committed to free cash flow in H2 2025 and GAAP profitability in Q4, with full‐year revenue guidance of $100 million–$106 million (+55% to +65%), while de-prioritizing vitiligo pending reimbursement clarity.

Presentation

[Operator]

Good day and thank you for standing by. Welcome to the Medical First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please note that today's conference is being recorded.

[Operator]

I will now hand the conference over to your first speaker for today, Jessica Eckberg. Please go ahead.

[Jessica Ekeberg, Investor Relations Executive at AVITA Medical]

Thank you, operator. Welcome to Avita Medical's first quarter twenty twenty five earnings call. Joining me on today's call are Jim Corbett, chief executive officer, and David O'Toole, chief financial officer. Today's earnings release and presentation are available on our website, www.evitamedical.com, under the Investor Relations section. Before we begin, I'd like to remind you that this call includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

[Jessica Ekeberg, Investor Relations Executive at AVITA Medical]

These statements are neither promises nor guarantees and involve known and unknown risks and uncertainties that could cause actual results to differ materially from any expectations expressed or implied by the forward looking statements. Please review our most recent filings with the SEC for a comprehensive description of the risk factors. Any forward looking statements provided during this call are based on management's expectations as of today. I will now turn the call over to Jim for his comments.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

Thank you, Jessica. Good afternoon to those joining us here in The US, and good morning to our colleagues and investors in Australia. We entered 2025 stronger, sharper, and more strategically prepared than ever before. There's more to do, but the foundation we've built gives us the opportunity to accelerate and deliver against the full potential of our expanded platform. Let's turn to slide three.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

We are no longer a single product for an only company. Today, we are a fully integrated multi product platform position to lead in therapeutic acute wound care. With this transformation, our US addressable market has expanded from roughly $500,000,000 to more than $3,500,000,000 annually. That's a seven fold increase that materially reshapes our long term growth trajectory. Revenue for the first quarter increased 67% over the first quarter of the prior year.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

It's a strong indicator of the traction we're gaining. We see the quarter as a launch readiness phase gearing up to fully reignite our growth in Q2 and beyond, powered by a portfolio is now fully ready to scale. Let me walk you through how our expanded portfolio has come together and how we're positioning the organization to capitalize on it effectively. In February, we launched resell go mini, a targeted innovation designed specifically for trauma centers, treating smaller wounds. Let me step back for a moment and explain why we created it.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

Our original resell system was developed to treat large burns covering up to 10% total body surface area, or about nineteen twenty square centimeters. However, data from our pivotal trial to support our premarket approval of full thickness skin defects for trauma and early market observations made it clear. Most traumatic wounds are significantly smaller, typically, well under four eighty square centimeters, or less than 2.5% total body surface area that is treated by we so go mini. In fact, during our PMA trial for non thermal skin defects, the wound area treated was less than 2.5% total body surface area. What that told us is that outside of burn centers in trauma and surgical settings, wounds requiring grafting are predominantly smaller.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

Yet our standard resell kit was optimized for much larger wounds. Enter resell go many. Same resell go multi use processing device, same procedural consistency, same clinical benefits, but with a disposable cartridge optimized for trauma cases covering wounds up to four eighty square centimeters. It is a purpose built solution informed directly by real world clinical needs and designed for optimal integration into trauma workflows. We sell go mini unlocks the trauma market of approximately two hundred and seventy thousand cases annually in The United States.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

The early feedback has been encouraging, and we're already seeing adoption. We also launched Co Helix, our collagen based dermal matrix nationwide on 04/01/2025 in all sizes, following a successful limited release during Q1. For those new to the story last quarter, we shared a standout case that took place at the Ohio State University Wexner Medical Center. In that case, a 67 year old woman with a third degree burn was treated under physician direction using Co Helix as part of the treatment protocol. By day seven, her wound had progressed to a point the physician deemed ready for grafting.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

She was discharged within ten days. According to one of her clinicians, had she been treated with an alternative dermal matrix for hospital stay would likely have extended to a month. Her treating physician also noted that Co Helix not only reduced the time the patient spent in the hospital, but he believes it could allow physicians to treat more patients due to how easy it was to use in the Operating Room. In fact, the surgical team described Co Helix as a welcome addition to their toolkit and emphasized its compatibility with their existing protocols. These initial experiences reflect the kind of clinical feedback we're hearing as adoption expands.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

And it's exactly the type of outcome other centers are looking for as they evaluate integration into their protocols. Co Helix is now available in multiple sheet sizes, including a large format 700 square centimeter sheet. Importantly, three large format sheets cover the treatment area of a typical resell burn case of 1,920 square centimeters, enabling full coverage of the woman. To facilitate adoption and stocking, we're deploying Co Helix through an RFID enabled consignment model that streamlines hospital inventory management and ensures traceability to address important financial and regulatory considerations. In parallel, we have fully implemented the manufacturing of permederm, our biosynthetic dressing under our roof at our state of the art facility in Ventura, California.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

Alongside this, we have amended our distribution agreement with Stethical Scientific. This strategic move delivers cost efficiencies, scale, and a larger revenue share of the average selling price. 60% of the revenue goes to a Vita up from 50%. With these additions, our commercial lineup now includes resell ease of use, resell go, resell go mini, co helix, and permuderm. This is the first time we've had such a broad spectrum of products available to support both burn and trauma centers.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

One broad integrated portfolio targeted at the same hospital, same doctor, the same patient and the same wound. This matters because hospitals are looking for integrated, scalable wound care solutions that solve more and more of their wound care needs. Aveda Medical provides that now. Slide four shows what that means in terms of potential revenue per case. As hospitals adopt across our portfolio, we expect the realized average selling price per case to rise meaningfully.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

Now, to support our portfolio transformation, we needed to evolve our commercial model to match. This required a significant shift in our commercial approach. Historically, our reps provided heavy service oriented case based procedural support, meaning our clinical special staff or sales reps will be physically present for many resell cases. That model served us well, during the initial introduction of this first in category product. When we were a burn only single product company With the launch of multiple products and a more complex call point, we need to evolve our sales model.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

Robin Vandenberg, who joined us last August, led a full evaluation of our commercial organization. Under her leadership, we've redesigned the model, shifting from a service oriented case based support structure to a more focused selling oriented approach. Our reps still cover pay cases, But within a standard two stage workflow for a full thickness case, typically around 10% total body service area, they're now actively selling at multiple points throughout the two procedures. In stage one, they're introducing and selling the dermal matrix. Then in stage two, they're selling resell with split thickness skin graft and closing graft with perimeter.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

Here's an overview of the changes we've made. We consolidated from 12 regions to nine regions. We reduced our total field headcount from 108 to 82. We have transitioned most clinical specialists into commercial roles, preserving critical product knowledge while expanding our commercial reach. We didn't lose expertise.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

We redeployed our expertise. Now, sales reps are spending more time on conversations that drive adoption across the entire portfolio, while still covering cases. We've realigned incentives accordingly. We will continue to have a small single digit number of clinical specialists generally assigned to our largest customers. As part of this evolution, we evaluated every program and company created meaningful efficiencies.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

Overall, we expect to save 2,500,000 per quarter in operating expenses and improve operating margin, all while increasing our selling capacity of that approximately 1,300,000.0 comes from the commercial transformation with the remainder from G and A and R and D savings. We also strengthen leadership in the process. Laura Ackerman has stepped into one of our two area vice president of sales roles, reporting directly to Robin. It's the right team at the right time to meet the moment. Meanwhile, we're seeing reimbursement support continue to build.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

Earlier this month, CMS proposed a new technology add on payment known as NTAP for resell. If approved, the policy could take effect on October 1. We're optimistic, and we're actively engaged in the public comment process. As for vitiligo, our clinical studies were accepted for publication in March and results met our expectations. That said, the reimbursement landscape remains highly uncertain.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

As a consequence, we are stepping back from further commercial investment in the vitiligo indication at this time. Our focus remains squarely on acute wound care, where we see the greatest and clearest opportunity. Let me end by looking ahead. We've come a long way. Two years ago, we were focused solely on burns addressing a $500,000,000 market opportunity today with a broad acute wound care portfolio, our addressable market is in excess of 3,500,000,000.0 in The US alone, backed by a scalable commercial model, integrated operations and expanding reimbursement support.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

Our future is bright. On May 13, we'll bring this story to life at the Aveda Medical Acute Wound Care Showcase twenty twenty five. We'll share clinical results by some of our treating physicians, economic insights, and we will hear how our products have changed patients lives. You'll be hearing directly from the physicians and patients whose lives they've helped heal. I hope you'll join us.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

You can register by visiting our website, clicking the Investor Relations tab and selecting the events section. With that, I'll turn it over to David to walk through our financial results.

[David O'Toole, CFO at AVITA Medical]

Thank you, Jim. For the three months ended 03/31/2025, our commercial revenue was 18,500,000.0, representing a 67% increase compared to the same period in 2024. This growth was driven primarily by the continued deployment and ongoing adoption of ReCell Go within existing burn centers, as well as expansion of new accounts targeting trauma centers. We acknowledge that we have had two quarters where our revenue has been flat. However, as slide five shows, over the last five years, our growth has been impressive with approximately 47% compound annual growth rate through the end of twenty twenty five, assuming the midpoint of our revenue guidance for this year.

[David O'Toole, CFO at AVITA Medical]

As Jim indicated, we are on the precipice of recharging this historical growth rate in the coming quarters. Early indicators from the February launch of ReCell Go Mini and April launch of Co Helix continue to suggest that these products will meaningfully contribute to revenue growth throughout 2025, alongside the increasing momentum from PREMIODERM sales. Gross profit margin for the first quarter was 84.7%, down from 86.4% during the same period of 2024. Note that the gross margin for resell products only was 86.4% for the quarter, which we believe will remain in this range for future quarters. The decrease in the overall gross margin percentage from the prior year was primarily caused by volume discounts, a higher inventory reserve and product mix.

[David O'Toole, CFO at AVITA Medical]

As the percentage of our revenue derived from new products increases, we will continue to see a small degradation of our overall gross margin percentage, while increasing our gross margin dollars and operating dollars. As we have disclosed, we share the average sales price for Co Helix at 50% and for Permeoderm at 60%. These distribution arrangements are highly beneficial to us. However, it is inevitable because of the revenue sharing nature that our overall gross margin percentage will decrease from historical levels. Total operating expenses for the quarter totaled 27,500,000 compared to $26,800,000 in the same period of 2024.

[David O'Toole, CFO at AVITA Medical]

This increase stemmed from a $2,200,000 rise in sales and marketing expenses due to employee related costs, including increases in salaries and benefits and commissions, partially offset by a decrease in professional fees. G and A expenses decreased significantly by $2,600,000 or 29%, driven by lower salaries and benefits, deferred compensation, professional fees, and corporate expenses. R and D expenses increased by $1,100,000 as a result of higher salaries and benefits, stock based compensation, partially offset by lower outside professional fees and other expenses. Notably, due to our recent commercial field transformation and additional operational efficiencies we have implemented, we expect to reduce our operating expenses by approximately $2,500,000 per quarter on a go forward basis. We expected total operating expenses to increase in the first quarter compared to total operating expenses of $26,100,000 in the fourth quarter of twenty twenty four due to the reset of payroll taxes, benefits, and other typical first quarter expenses.

[David O'Toole, CFO at AVITA Medical]

The twenty seven point five million dollars of operating expenses in the first quarter include non cash expenses of approximately 2,700,000.0 of stock based compensation expense and approximately $400,000 of depreciation and amortization. Other income expense increased by $700,000 to $800,000 of expense for the quarter, consisting of non cash charges totaling $1,100,000 related to changes in fair value of debt and $500,000 of associated debt costs, partially offset by a $400,000 non cash gain from the change in fair value of warrant liabilities and $400,000 in investment income. Net loss for the first quarter was 13,900,000.0 or a loss of $0.53 per basic and diluted share, improving from a net loss of $18,700,000 or a loss of $0.73 per basic and diluted share in the same period in 2024. As of March 31, we had cash and marketable securities of $25,800,000 compared to $35,900,000 at 12/31/2024. Although we expected our cash usage to increase in the first quarter due to payment of bonuses and commissions, as well as the reset of payroll taxes and benefits, the $10,100,000 use of cash was higher than we had anticipated.

[David O'Toole, CFO at AVITA Medical]

As discussed earlier, we have taken the necessary steps to reduce our use of cash in the coming quarters by eliminating approximately $2,500,000 of operating expenses per quarter. We remain confident that our current cash balance will allow us to achieve our plan, which includes generating free cash flow in the second half of the year and achieving GAAP profitability in Q4 of this year. Turning to our OrbiMed credit facility. At the March, we secured a waiver of our first quarter trailing twelve month revenue covenant, which had been set at 73,000,000 To obtain this waiver, we paid a fee to OrbiMed. Revenue covenants for future quarters remain intact, with the second quarter twenty twenty five trailing twelve month revenue covenant set at 78,000,000 It is worth highlighting that we have assessed potential implications of current tariff policies and can state the current slate of tariffs will not have a material impact on our business.

[David O'Toole, CFO at AVITA Medical]

Looking ahead, we reiterate our full year 2025 commercial revenue guidance of $100,000,000 to $106,000,000 representing growth of approximately 55% to 65% compared to 2024. Additionally, we continue to expect to generate free cash flow in the second half of the year and achieve GAAP profitability during Q4 of twenty twenty five, supported by our operating efficiencies, as well as the broader scaling of our commercial portfolio. We remain confident in the success of ReSell Go, the full commercial launch of Co Helix, the rollout of ReCell Go Mini, and the growing adoption of Premier Derm. These strategic initiatives position us to deliver strong results this year and drive significant shareholder value. Lastly, as a reminder, our annual meeting of stockholders will be held on June 4.

[David O'Toole, CFO at AVITA Medical]

We encourage all stockholders to participate and cast their votes. With that, I will turn the call back to the operator for your questions.

[Operator]

Thank you. Our first question coming from the line of Brooks O'Neil with Lake Street Capital Markets. Your line is now open.

[Brooks O'Neil, Senior Research Analyst at Lake Street Capital Markets, LLC]

Good afternoon, everyone. Guess I'll start. I have a sense that you've said a limited commercial launch of Co Helix occurred in q one. Can you share anecdotally any response, impressions, performance you've witnessed of that product and says to you about the pending full launch that's occurring now?

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

Sure can, Brooks. Thanks for the question. So first of all, you may recall that the preclinical work demonstrated a graft readiness at seven days, which is almost seven to fourteen days faster than other dermal matrixes that we studied in that same preclinical work. What we experienced in the limited market release was really us gathering case data to help support commercialization April 1, is we actually validated that experience. And there was a case that's in the news put out by Ohio State where they had a seven day graft ready experience with Co Helix.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

And that is consistent with a couple dozen cases that we did during Q1. In Q1, we didn't have a broad, full SKU array of sizes, so we were limited to treat certain size of cases. On April 1, we were fully stocked, including the 700 square centimeter sheets. So we're fully ready to go. So the third thing is CoHelix I, our post market study, is in the majority ready to enroll.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

They've been through IRB, and right now they're screening patients and preparing to enroll. So during the year, we'll get access to that data as well. So since that time, we've had a number of early commercial adoption cases where they've been through VAC already, shorter than we were experiencing, frankly, with resell go times. So we're really excited about how CoHelix is going. The organization is trained.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

And as you heard, we reconfigured the sales organization as well. Because of course Co Helix gets sold at the first stage of a two stage procedure. And we want our reps there as well as when resell resell go mini is being used with a split skin graft. So a lot of info. So sorry about that. But there's a lot to say about FoBiLix.

[Brooks O'Neil, Senior Research Analyst at Lake Street Capital Markets, LLC]

Great. That was very helpful, Jim. So the other question I want to ask is just obviously resell go mini and the expansion of the product into the level one and level two trauma centers. I'm curious if you could give us just any sense for whether that's working, the response is.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

So first of all, we had our although the product was approved at the December, our first inventory was in early February. So that was our first promotion time. We've had a fair, I would say, good response from existing VAC approved accounts that were in the trauma area that we had converted last year who've taken in inventory for Resell Go Mini. It's a real important distinction that those patients are way in the majority under that 2.5% total body surface area that Resell Gold Mini covers, which is four eighty square centimeters. So the response is good.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

And you know what else we've noticed is with the portfolio as we now have it, with Permeoderm and Co Helix and ReCellCo Mini, there's more opportunities to provide value to the trauma surgeon. So it is making a difference on our selling activity.

[Operator]

Our next question coming from the line of Josh Jennings with T. C. Cowen. Your line is now open.

[Analyst]

Hi. This is Eric on for Josh. Thank you guys for taking the question. Thank you for all the commentary It's very helpful and it sounds like that rollout is off to a nice start.

[Analyst]

I was hoping we could talk about any potential revenue contributions from that launch that we should be assuming within the guidance for '25. And maybe beyond that, just wondering if you have any target attachment rates that you're working towards where folks are using Co Helix in concert with the resell platform.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

That is a good question. We're not quite ready to give guidance on that mix. I will tell you, it is expected by us to be a material contributor. We think, in fact, it is likely that by Q3 that we'll be breaking out the non resale sales as a consequence, just to give you some directional guidance, if that if that's helpful.

[Analyst]

That is. Yeah. Thank you for sharing that. And maybe secondly, just thinking about the Salesforce here, just looking at where revenues need to be by the end of this year to reach guidance. I was just wondering if if you think you have the sales force in place now to to reach those targets or if that's something that needs to be to be looked at at some point here.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

No. Actually, we we feel very good about our staffing level. We we reconfigured. Because if you recall, structurally, we had, I think, 59 sales positions and 29 clinical specialist positions. And those clinical specialist positions were attached to two reps.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

And the model very much was heavily a sales service model. And in a two stage procedure, the sales rep I mean, the clinical specialist, not the sales rep, would be present. And of course, during the initial stage, there was no explicit reason why our rep would be present. So what we did is we have a number of very large accounts where we kept the clinical specialist model. We converted the roles clinical specialists into essentially a sales associate level, we call them market development specialists, but they have a sales role.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

And so now our sales coverage is about approximately 70. And their goal is to be a selling team that is in stage one of the procedure when a dermal matrix is potentially used. And then to also be there when the split thickness skin graft is used with ReCell, and be there when the dressing that could be Permuderm would be applied. So it's a much more selling oriented model. And we trained on that during the first quarter and early in April.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

So that is something that we've been preparing with this portfolio expansion.

[Analyst]

Understood. That makes sense. And if I could squeeze one last question, maybe for David here. Just thinking about the cadence of revenues through the rest of this year, should we be expecting to steady sequential increases through 2Q, 3Q, 4Q? Or is this going be more heavily weighted towards those end of the year quarters as some of the new offerings from the pipeline begin to contribute?

[David O'Toole, CFO at AVITA Medical]

Yes. I think that thank you for the question. I appreciate that. The way we modeled it is there's more just sequential growth every quarter with some weighted towards the back end. You can imagine that as we get more back approvals, especially for Co Helix, which is going to be a major contributor for us for this year and into next year.

[David O'Toole, CFO at AVITA Medical]

So as we get more back approvals with Co Helix, that will be towards the back end of the year that that will take off. But overall, kind of an even sequential growth is what we're looking to do for the rest of the year.

[Analyst]

Okay. That's very helpful. Thank you for all the questions.

[Operator]

Thank you. Our next question coming from the line of Chris Callis with MSD Access. Your line is now open.

[Analyst]

Thank you for taking my call. Hi, Jim. I just wanted to ask to some clarifying point on the vitiligo initiative. So could you just maybe just clarify where exactly that stands at the moment in terms of pursuing reimbursement?

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

Yes, Chris, I can. Good hear from you. So what we've done is we have made a decision to pause spending on vitiligo because of the uncertainty of achieving reimbursement in the it's called the office based lab setting, which is a physician's office. That's where the market desire to treat is, and resell is not reimbursed for vitiligo there, only in the hospital. And as a consequence of our expanded opportunity in therapeutic acute wound care, and the opportunity we have there, we've decided that the best use of our resources is to build that market.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

So as of now, we don't have a plan to that we can define for solving for solving Jetiligo. And we so we don't have a plan that we can define. And, therefore, we've suspended spending as a consequence until we identify a path.

[Analyst]

Agencies?

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

I'm sorry?

[Analyst]

That would include ongoing discussions that have now been suspended reimbursement agencies?

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

Since we talked with them on other reimbursement matters, we'll be talking to them about this. So it's not an absolute zero. But I'd say that there should be no revenue dependence in any future estimates for the company on vitiligo until we come forth with some defined plan.

[Analyst]

Understood. Thanks for that. Thanks for clarifying. Thanks, Jim.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

Okay. Thanks, Chris.

[Operator]

Thank you. And I'm showing no further questions in the Q and A queue at this time. I will now turn the call back over to Mr. Jim Corbett for any closing remarks.

[Jim Corbett, CEO, President & Executive Director at AVITA Medical]

Thank you, operator, and thanks to those of you listening. We really appreciate your interest in Aveda Medical. I hope you have the time to join the Aveda showcase, reminding you that you can go to our website, click on the Investor tab, and register for it, which is scheduled for next Tuesday, US Time. And we hope to see you there. We think we've got a really interesting program for you, and thank you very much.

[Operator]

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

Participants

Executives

• Jessica Ekeberg, Investor Relations Executive
• Jim Corbett, CEO, President & Executive Director
• David O'Toole, CFO

Analysts

• Brooks O'Neil, Senior Research Analyst at Lake Street Capital Markets, LLC
• Analyst