Page 1

medical avita transforming lives AVITA Medical Reports First Fiscal Quarter 2022 Financial Results VALENCIA , Calif , November 8 , 2021 and MELBOURNE , Australia , November 9 , 2021 - AVITA Medical , Inc. ( NASDAQ : RCEL , ASX : AVH ) ( the " Company " ) , a regenerative medicine company that is developing and commercializing a technology platform that enables point - of - care autologous skin restoration for multiple unmet needs , today reported financial results for its first fiscal quarter ended September 30 , 2021 . ● First Quarter Fiscal Year 2022 Highlights Total revenue increased 39 % to $ 7.0 million compared to $ 5.1 million in the first fiscal quarter of 2021 Gross profit margin improved 3 % to 85 % compared to the first fiscal quarter of 2021 Total operating expenses decreased 18 % to $ 12.3 million compared to $ 14.9 million in the first fiscal quarter of 2021 Net loss of $ 5.9 million , or $ 0.24 per share compared to a net loss of $ 10.2 million , or $ 0.48 per share in the first fiscal quarter of 2021 As of September 30 , 2021 , the Company had $ 60.4 million in cash and cash equivalents and $ 49.5 million in short - term and long - term marketable securities , and no debt " I am pleased with the progress we made in the overall business this quarter , despite the hospital staffing shortages that impeded RECELL usage in burn procedures , " said Dr. Mike Perry , AVITA Medical Chief Executive Officer . " We saw continued acceleration of enrollment into our soft tissue reconstruction trial , which is now close to completion with 58 of 65 subjects . We look forward to expanding into this $ 450 million serviceable addressable market upon approval , beginning with our existing burn center accounts and leveraging our new TPT code in the outpatient setting . " First Quarter of Fiscal Year 2022 Financial Results Total revenue for the three months ended September 30 , 2021 , was $ 7.0 million , an increase of $ 2.0 million or 39 % over the $ 5.1 million reported for the same period in 2020. The increase was largely driven by broader utilization among our customer base as well as deeper penetration within individual customer accounts . Gross profit margin for the three months ended September 30 , 2021 , was 85 % compared to 82 % reported for the same period in 2020. Higher gross margin was driven by lower shipping costs and increased production at our Ventura facility . Total operating expenses for the three months ended September 30 , 2021 , was $ 12.3 million , a decrease of $ 2.7 million or 18 % over the $ 14.9 million reported for the same period in 2020. The decrease in operating expenses is primarily attributable to lower stock - based compensation and higher costs in the prior year related to the Avita group's redomiciliation to the United States , along with severance costs associated with a former executive . This was partially offset with higher travel costs in the current year due to fewer COVID - 19 related travel restrictions.Net loss for the three months ended September 30 , 2021 was $ 5.9 million , a decrease of $ 4.3 million , or 42 % , over the $ 10.2 million loss recognized during the same period last year . The decrease in net loss was driven by the lower operating expenses described above and the higher revenue during the three months ended September 30 , 2021 . AVITA Medical , Inc. | 28159 Avenue Stanford , Suite 220 Valencia , CA 91355 Page 1