New operational SEC filings from Avita Therapeutics (ASX:AVH) for the first quarter (1Q) of FY22 show the company made a total of US$5.7m in gross profit for the quarter.
Total net revenues were down 14% year-on-year (YOY) to US$7.5m.
The company's share price has fallen 8% in the first hour of trades as investors likely also note that the company lists an operating loss of US$9.4m.
Looking at 2022 YTD, Avita Therapeutics has lost 53.5% of its value. In the last month alone, it has lost 26%.
With that said, the company's market cap sits at over $110m Australian.
Avita's Q1 revenues this year were made on the back of sales of its flagship regenerative burns product, RECELL System, to hospitals in the US; as well as to BARDA.
The RECELL System is a spray-on-skin solution used to heal flesh wounds on major burns patients.
The tech works by using the patient’s own skin cells as an alternative to graft procedures, or alongside graft procedures.
The RECELL system is Avita’s flagship, and only, product.
Brokers suggest Avita Therapeutics is a buy right now; which could mean the price is trading at a significant discount to where it was this time last year, at over $5 a share.
Whether or not brokers expect the price to reclaim those lofty highs, however, remains unclear.
The company's share price is currently $1.59.
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